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Home My WebLink AboutLangson Street Vac - Appraisal CITY GF RENTOi� p�'� 2 � 2017 Lan ston 14 LLC �ECEIVE�J g � ClTy C!ERK'S OFFIGE 610 Market Street,Suite 100 Kirkland,Washington 98033-5451 Apri121,2017 City of Renton City Council C/O: Amanda Askren—Mapping Supervisor 1055 South Grady Way Renton, WA 98057 Re: Street Vacation- SW Langston Road Appraisal of Vacation Area To Whom it May Concern: On behalf of Langston 14, LLC, I submit the attached appraisal. This appraisal was requested by Council for the purposes of review and consideration regarding the vacation of ROW fronting SW I;angston Road. If you have any questions or need additional information,please contact me. Respect lly, Mark B. Shark 206-851-8516(C) Va I brid e g PROPERTY ADVISORS Consulting Assignment Langston 14, LLC Right-of-Way—City of Renton Strip along SW Langston Renton, WA FOR Mr. James R. Ihnot 610 Marl<et Street, Suite 1000 Kirkland, WA 98033 �� • • ' + ��!�' . 4 f. • . + . • • ' • � •- i � • � • ��• Valbridge Job No.: 17-0103 . . • Corporate Office � �� Srnith Tt�wer ��27 Coi�y Ru�anue 1�372�3�othe!!'�Jay PJE �i 9 L�erkaley Avenue � 50ki 2nd Rvenue SuiTe'i QO Suit�B Si�ite A a':�0 Suite 1{7t�1 ��v�rHti,WA 932�f E3��theli,N�A 98t�11 �rcrest,WA�SAF,E3 '"?'�'�. PROPERTY ADVIS�RS >�� r • �� _ <. �eattie,NtA�&1 f�4 41.�-��# >6�t ptu�ne 425-��0 4O40 ph�;�zp 253-174-t"}0 39 ph��r�e AIle�tE31'r�Ck8tt5hedd 2(}t�-2Q�-:��?9f�plt�rt�3 4?��i-'2a2-121(?fi�tx 425-#i#3fi-1819fi�X 425-688-1819'!'�x MeCauiay&Associates �25-�8€3-1219 f<ix U21 bt iC#LJ�'.00111 April 18, 2017 Mr.lames R. Ihnot 610 Market Street, Suite 1000 Kirkland, WA 98033 RE: LAND VALUE RELATING TO RIGHT-OF-WAY ON SW LANGSTON STREET IN RENTON WASHINGTON (Our File#17-0103) Dear Mr. Ihnot: At your request, I have completed a review of land sales to determine the value of residentiai sites in the subject area and to determine the value of an irregular-shaped strip that is 6 feet of loss that runs through Lots 4-15 of the Town and Country Club Bungalow sites. This study is consistent with the Uniform Standards of Professional Appraisal Practice (USPAP) under Appraisal Practice "which are valuation services performed by an individual acting as an appraiser, including but not limited to Appraisal and Appraisal Review." Definition of the Appraisal Issue I will provide an estimate of value based on a square foot basis of comparison. This may be applied to the individual lots. Client and Intended User The intended user is the client, Langston 14, LLC and adjacent property owners impacted by the right-of-way and their designated agents or representatives. Intended Use of this Review The purpose of this assignment is to provide an opinion of the value of land impacted by the removal of a right-of-way.The report is intended to comply with the City of Renton procedures. 17-0103bc.doc—Copyright �02017 - Valbridge RIGHT-OF-WAY-CITY OF RENTON aRoa��rr anv,sQRs CONSULTING ASSIGNMENT 41'.en E3rackrdl50ecld "+1aca:i+��v 6<�sscciai<'�s Market Value Market value is defined as:� The most probable price which a property should bring in a competitive and open market under a(( conditions requisite to a fair sale, the buyer and seller each acting prudently and know(edgeably, and assuming the price is not affected by undue stimu(us. Imp(icit in this definition �s the consummation of a sa(e as of a specified date and the passing of tit(e from seller to buyer under conditions whereby.• 1. buyer and seller are typical(y motivoted,� 2. both parties are we((-informed or we(l-advised and acting in what they consider their best interests; 3. a reasonab(e time is a(lowed for exposure in the open market,• 4. payment is made in terms of cash in United States dollars or in terms of financia( arrangements comparable thereto;and 5. the price represents the norma( consideration for the property so(d unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Scope of the Work In preparing this study the appraiser completed the following: • Reviewed the Axis survey and mapping • Reviewed aerial photographs of the right-of-way. • Inspected the subject property. . Reviewed King County Data. Land Value The following sales most clearly reflect the potential of the subject: . � . . � • . 1 210 Lind Avenue SW Listing 4,530 $79,975 $17.65 1037952 2 407 SW Langston Listing 6,309 $150,000 $23.77 1085260 - Listing is high 3 xxxx Aberdeen Sold - 12/16 14,549 $125,000 $8.59 1051943 - Superior area 4 12411 Renton Avenue S. Sold - 04/16 9,008 $80,000 $8.50 901734 - Seattle South 5 51xx Augusta Street Sold - 05/16 8,102 $103,000 $12.71 869631 - Seattie South 6 8225 S. 128th Street Listing 11,979 $90,000 $7.51 1067161 - Seattle South 7 8560 5. 115th Street Sold - 10/16 9,016 $58,800 $6.52 919068 - Seattle South The comparable sales reviewed included properties in the immediate area, easterly sales in a somewhat superior area, and sales south of Seattle with home values very similar to the subject � From The Appraisal of Rea!Estate, Fourteenth Edition, 2013,Appraisal Institute, page 59. Valbridge Property Advisors � Allen Brackett Shedd Page 2 17-0103bc.doc-Copyright �O 2017 - Valbridge RIGHT-OF-WAY-CITY OF RENTON a�rrr��Rrv ar�viscRs CONSULTING ASSIGNMENT atie�n�i acflel l,srrn:<Ia �1r3C��Jtav h/�SSGCi-�:"v1i:`S properties. The sales ranged in price per square foot from $6.52 to $23.77. Properties 1 and 2 are locationally most relevant with Properties 3, 4, 5, 6, and 7 having comparable residential values. Two of the subject properties had lots that ranged in size at 7,125 square feet, 315 and 401 SW Langston Road.They were generally typically-sized lots. My concluded value will reflect a price per square foot, which then can be applied to individual lots which have varying right-of-way sizes. Considering location, site size, and construction characteristics, I believe a typical 7,500-square-foot lot would have a value of $90,000, or $12.00 per square foot. The King County Assessor has also valued these lots at $90,000. Considering the right-of-way implication, the discount could be considered somewhat similar to an easement. I believe an appropriate value is 20% of fee, or $2.40 per square fod�This factor could be applied to individual lot based on the total area for each site. Should you have any questions, please feel free to contact me. Sincerely, VALBRIDGE PROPERTY ADVISORS � ALLEN BRACKETT SHEDD ,�7 /�%�"�� Robert W. Chamberlin, Senior Associate kr Enclosures �I • ' l� -- �1''�G�� t 7C - a�c'�.-� ��C�-��-�1� � ��':� � �� x � �� /� � �Z Z�R'i� T � � �, �� o� � A-l� �� a��.�1 ��- � � - r �� Valbridge Property Advisors �Allen Brackett Shedd Page 3 17-0103bc.doc-Copyright O 2017 Valbridge RIGHT-OF-WAY-CITY OF RENTON PROPER7Y ADVtSOR5 ,�ue�ar��r.P-�sneau CERTIFICATION OF VALUE r-/l.�t:d'J{dV&/�SSOCi^�ic':'. CERTIFICATION - ROBERT CHAMBERLIN, SENIOR ASSOCIATE I 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 performed no (or the specified) services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 5. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. 9. I have made a personal inspection of the property that is the subject of this report. (If more than one person signs this certification, the certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraised property.) 10. No one provided significant real property appraisal assistance to the person signing this certification, unless otherwise noted. 11. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 12. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 13. As of the date of this report, I have completed the Standards and Ethics Education Requirements for Practicing Affiliates of the Appraisal Institute. 14. As of the date of this report, I have not completed the continuing education program for Practicing Affiliates of the Appraisal Institute. � /�� Robert Chamberlin, Senior Appraiser State Cert.#27017-1701254 Valbridge Property Advisors �Allen Brackett Shedd Page 4 17-0103bc.doc-Copyright �O 2017 . Valbridge RIGHT-OF-WAY-CITY OF RENTON `''''��, a�as�E�rv aav,sc�s ,�,�<��,�nF=�s„�,�,� ADDENDA fAacaaiay h Assrci�ates ADDENDA Valbridge Property Advisors �Allen Brackett Shedd 17-01036c.doc-Copyright O 2017 - Valbridge RIGHT-OF-WAY-CITY OF RENTON .,.... PROPE�27Y ADViSC34�S Af�cn t%t�<«eft Sh�at. ADDENDA hdacatitay&.1s'sCci�?e�� Qualifications of Robert W. Chamberlin Senior Appraiser Valbridge Property Advisors � Allen Brackett Shedd Ex�erience Real Estate Appraisals: Full spectrum of individual residential appraisals up to $80,000,000. Property Tax Analysis: Preliminary value consultation, appraisals, and Board of Equalization/State Board presentations for tax appeals. Litigation: Preliminary consulting, appraisal, court testimony. H i stOry 1983-Present: Senior Associate with Valbridge Property Advisors � A((en Brackett Shedd(former(y Al(en Brackett Shedd) 1979 to 1983: Associate with Eastman &Allen, Real Estate Appraisers 1968-1994: Owner, Regional Service Company; evaluation of residential rea) estate for insurance companies. 1967: Underwriter, Allstate Insurance Company; underwriter of homeowner's policies. 1966: High School Teacher; Grandview, Washington Education University of Washington, B.A. degree in Political Science/Education (1965) Court Testimonv Qualified as Expert Witness: Park Avenue v. Buchan Construction Superior Court Testimony: King, Snohomish, Pierce, Clallam, and Mason Counties Additional Jurisdictions: United States Bankruptcy Court Washington State Board of Tax Appeals King County Board of Equalization Pierce County Board of Equalization Okanogan Board of Equalization Client List Ahlers &Cressman Green &Yalowitz Port of Seattle City of Seattle, Attorney's Office City of Bellevue Rodgers Deutsch &Turner City of Sammamish Skellenger Bender Short Cressman Burgess Danielson, Harrigan &Tollefson Tousley Brain Stephens Trust for Public Lands Hanson Baker K& L Gates King County Prosecutors Office Weyerhaeuser Company Weyerhaeuser Real Estate Corp. Methow Conservancy Fee appraising for individuals Pierce County Prosecutor's Office Inslee Best Doezier& Ryder, P.S. Pregg O'Donnell &Gillett Peterson Russell Kelly Pivotal Law Group Wood Smith Henning & Berman Riddell Williams Mill Myers Swartling Valbridge Property Advisors �Allen Brackett Shedd 17-0103bc.doc-Copyright O 2017 � Valbridge RIGHT-OF-WAY-CITY OF RENTON ';ti':}. PRt7pERTY Al?V`:�iUR.i ,;Iien i3rmt.ka�Rf's"hcl.qd ADDENDA Maca.a;ay F:155ac�iafr s ROBERT W. CHAMBERLIN (cont.) Attorneys/Litigation/Mediation/Consultation Sherri Anderson Bud Fallon Christopher Brain, Tous(ey Brain Stephens Adrienne Finnell Bart Freedman, Preston Gates& E((is Janet George Linda Ebberson, Lasher Holzapfe(Sperry&Ebberson William Gibbs Earl Lasher, Lasher Ho(zapfel Sperry&Ebberson Larry Glosser Cassandra Newell, King County Prosecutor's Office Timothy Graham Mike Rodgers, Rodgers Deutsche & Turner Geof Grindeland Isabel R. Safora, Port of Seattle Amber Hardwick Kelly J. Sweeney, Liberty Mutua( Michelle Hilger Stephen Todd, Todd& Wakefie(d Elizabeth Hershman-Green Brian Armsbury Dirk Holt Barbara Bollero David Law Justin Bolster Mark Leen Earl Bravo Lorri Lopez Guzzo Alice Brown Rose McGillis Mark Brown George Mix Kimberly Burrows Janet Nelson John Butler Lars Neste Chris Carletti Caleb M. Oken-Berg Bryan J. Case Robert Ordal Matt Davis Stella Pitts Mike DeLeo David Poore Natalie de Maar Timothy Repass Sean Small Whitney Smith Kim Stephens Christopher Thayer Gregg Ursich John Wiegenstein Ken Yalowitz Major Projects Review Appraiser. Port of Seattle—SeaTac 3�d Runway Acquisition - 700 Property Acquisitions State Certification No.— Residential: 27017-1701254 Expiration: 02/22/18 (Revised 03/01/16) Valbridge Property Advisors �Allen Brackett Shedd 17-0103bc.doc-Copyright �O 2017