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LTC 091-2004 2620 Biarritz Drive - Appraisal Report CITY OF MIAMI BEACH Office of the City Manager Letter to Commission No. 091-2004 m From: Mayor David Dermer and Members of the City Commission / Jorge M. Gonzalez ~ ~ City Manager U · U 2620 BIARRITZ DRIVE - APPRAISAL REPORT Date: April 22, 2004 To: Subject: Attached is a copy of an Appraisal Report procured by the City of Miami Beach for the vacant land located at 2620 Biarritz Drive. The report was prepared by Integra Realty Resources and determines the market value of the city-owned bayfront parcel as a single family lot is $870,000 as of April 8, 2004. On May 5, 2004, the Administration will refer an item to the Finance & Citywide Projects Committee to discuss the process by which the property will be publicly bid and other applicable minimum requirements. If you have any questions, please contact me. JMG\CMC\rar F:\cmgr\$ALL\L TC-04\2620 Biarritz Drive - AppraisaI.CMC.rar.doc c: Christina M. Cuervo, Assistant City Manager Robert C. Middaugh, Assistant City Manager Joe Damien, Asset Manager CITY OF MIAMI BEACH Office of the City Manager Letter to Commission No. 091-2004 m From: Mayor David Dermer and Members of the City Commission / Jorge M. Gonzalez ~ ~ City Manager U' U 2620 BIARRITZ DRIVE - APPRAISAL REPORT Date: April 22, 2004 To: Subject: Attached is a copy of an Appraisal Report procured by the City of Miami Beach for the vacant land located at 2620 Biarritz Drive. The report was prepared by Integra Realty Resources and determines the market value of the city-owned bayfront parcel as a single family lot is $870,000 as of April 8, 2004. On May 5, 2004, the Administration will refer an item to the Finance & Citywide Projects Committee to discuss the process by which the property will be publicly bid and other applicable minimum requirements. If you have any questions, please contact me. JMG\CMC\rar F:\crngr\$ALL\L TC-04\2620 Biarritz Drive - AppralsaI.CMC.rar.doc c: Christina M. Cuervo, Assistant City Manager Robert C. Middaugh, Assistant City Manager Joe Oamien, Asset Manager LAND APPRAISAL REPORT Census Tract 39.050 File No. 0004143 Map Reference 53-42-03 County Miami-Dade State FL Zip Code 33141 Property Rights Appraised ~ Fee 0 Leasehold 0 De Minimis PUD Other sales concessions NI A yrs. Appraiser F,ank L. Ma,min Urban Suburban Rural Good Avg. Fair Poor C8J Over 75% o 25% to 75% o Under 25% Employment Stability C ~ C 0 o Fully Dev. o Rapid C8J Steady o Slow Convenience to Employment C ~ D C C8J Increasing o Stable o Declining Convenience to Shopping 0 ~ C 0 o Shortage C8J In Balance o Oversupply Convenience to Schools C ~ 0 [J o Under 3 Mos. C8J 4-6 Mos. o Over 6 Mos. Adequacy of Public Transportation 0 ~ C 0 80% 1 Family _% 2-4 Family --1Q% Apts. ~% Condo ~% Commercial Recreational Facilities C ~ 0 [J _% Industrial % Vacant _% Adequacy of Utiiities C ~ C [J Change in Present Land Use C8J Not Likely o Likely (*j o Taking Place (*) Property Compatibility [J ~ 0 [J (*j From To Protection from Detrimental Conditions 0 ~ [J D Predominant Occupancy C8J Owner o Tenant _% Vacant Poiice and Fire Protection 0 ~ C 0 Single Family Price Range $ 300,000 to $ 1.5Mil+ Predominant Value $ 300,000's General Appearance of Properties ,- ~ C D '--' Single Family Age New yrs.to~yrs. Predominant Age 50's yrs. Appeal to Market [J ~ D 0 Comer Lot o do not conform to zoning regulations CNo~Yes -100000 o -180000 280 000 870,000 vacant ,esidentialland. to be $ 870 000 C8J Did Not Physically Inspect Property Integra Realty Resources - South Florida Form LND - "TOTAL for Windows' appraisal software by a la mode, inc. - 1-800-ALAMODE --- LAND APPRAISAL REPORT MARKET DATA ANALYSIS COMPARABLE NO.4 708 88 St,eet Surfside 14-2235-005_4020 1.70 miles COMPARABLE NO.5 xxxx Biscaya D,;ve Surfside 14-2234-003-0210 1.44 miles File No. 0004143 COMPARABLE NO.6 Integra Realty Resources. Soutl1 Florida Form LND.(AC) - "TOTAL for Windows" appraisal software by a la mode, inc. -1-800-ALAMODE Borrower/Client N/A Pronertv Address 2620 Biarritz D,ive Citv Miami Beach Countv Miami-Dade State FL ZinCode 33141 Lender Citv of Miami Beach Supplemental Addendum File No 0004143 Purpose, Property Rights and Effective Date The purpose of the appraisal is to develop an opinion of the market value of the Fee Simple interest in the property as of the effective date of the appraisal, April 8, 2004. Unless otherwise stated, all factors pertinent to a determination of value have been considered as of this date. Intended Use and Intended User This appraisal report has been prepared for the City of Miami Beach, Office of Asset Management, for use in the decision making process for possibly selling the property. It is not intended for any other use or user. Site Description According to a survey dated May 31, 1990 and revised on January 22, 1993 (see attached), the subject site has 79.47::i: feet of road frontage, 72.73::i: feet of water frontage, and depths of up to 189.99::i: feet. The computed area of the site approximates 12,795 square feet, according to the survey provided. The site is level and to grade The site is situated on Biscayne Bay and has a westerly wide bay view. Market Analysis There is and has been a diminishing availability of vacant bay front parcels in the Greater Miami/Miami Beach area, especially larger parcels and sites located in secured waterfront neighborhoods. Integra - South Florida researched public records for sale of either vacant lots/parcel or improved lots/parcels. In some instances, buyers have factored (in their respective purchases) the inherent land value as a major contributory component, which may have been given a greater weight over the contributory value of the improvement(s). Buyers in this price class usually do not give value toward interior and in some cases exterior features (unless historically significant), and tend to demolish or renovate to their personal taste and desire. Therefore, the value contribution to the total sales price has been heavily weighted in the underlying land value, with a lesser value contribution given to the improvements. Due to the lack of available waterfront parcels, the trend in this market is to buy older residences that have outlived their effective life and demolish them in order to build new homes more suitable for today's standards. In some instances buyers are acquiring adjacent properties to increase their estates overall site size. Five (5) transactions of residential waterfront lots were analyzed for the purpose of concluding with an opinion of value for the subject site. One of the sales utilized is located on Normandy Isle, three in Surfside and one on Belle Meade island. Additional areas, which were considered competitive with the subject site were also analyzed, but not included in this report. The five (5) sales analyzed took place over a period from January 2003 through April 2004. Lot sizes ranged between 9,250::i: and 13,395::i: square feet with water frontage ranging between 50::i: and 108::i: front feet. The subject site contains 12,795::i: square feet according to the survey provided and has approximately 72::i: feet of water frontage. Comparable sale 1 had minimal improvements, which were later tom down. When considering sales which took place in excess of six months ago, a time adjustment was necessary. A resale analysis of land sales indicate a compounded annual rate of appreciation between 7% to 34%. Since it is evident through the available market data that there has been an increase in values, a time adjustment was warranted to comparable sales over six months old. The appraisers were unable to extract a monthly rate of appreciation from the available data; however, these sales were given a time adjustment based on an annual appreciation rate of 10%. A major consideration buyers are willing to pay premiums for is site size and waterfront footage. The comparable sales were adjusted at rate of $20.00 per square foot and $5,000 per wateIfront foot which would reflect the differences in site size and water frontage respectively. , Form TADD - "TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE Borrower/Client N/A Pronertv Address 2620 Biarritz O,ive City Miami Beach Countv Miami-Dade State FL ZinCode 33141 Lender City of Miami Beach Supplemental Addendum File No 0004143 Comparable sale 1 has a superior wide bay and city skyline view. This sale was adjusted at $4,000 per waterfront foot for its superior view amenity. Comparable sale 2 has an inferior waterway (canal) view and was adjusted at $4,000 per waterfront foot. Comparables sales 4 and 5 were deemed to have comparable views. Based upon the analysis of the five (5) comparable lot transactions, the concluded value of the subject site is $870,000. The preceding value conclusion is subject to the following Hypothetical Conditions: 1. That the property has been legally subdivided and is zoned RS-3, Single Family, by the City of Miami Beach. 2. That the subject has no restrictions from DERM. 3. That the site has utilities (water, electrical, gas, etc.) to the street. 4. That the site is clear from any environmental conditions which may have existed due to its prevIOUS use. Form TADD - "TOTAL for Windows' appraisai software by a la mode, inc. -1.800.ALAMODE DEFINITION OF MARKET VALUE: The most probable price which a property should bring In a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions' granted by anyone associated with lt1e sale. . Adjustments to lt1e comparables must be made for special 0' creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since lt1e seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender lt1at is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification lt1at appears in the appraisal report is subject to the foliowing conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect eilt1er lt1e property being appraised or the Ime to it. The appraiser assumes that the titie is good and marketable and, therefo,e, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined lt1e available flood maps lt1at are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated lt1e value of lt1e land in the cost approach at its highest and best use and the improvements at their contributory vaiue. These separate valuations of the land and improvements must not be used in conjunction with any olt1er appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisai report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in lt1e appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) lt1at would make lt1e property more or less valuable, and has assumed lt1at there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because lt1e appraiser is not an expert in lt1e field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources lt1at he or she considers to be reliable and believes lt1em to be true and correct. The appraiser does not assume responsibility for the accuracy of such items lt1at were fumished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal lt1at is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before lt1e lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or lt1e firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisai organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of lt1e United States or any state or lt1e District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) wilt10ut having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public reiations, news, sales, or olt1er media. Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-93 Integra Realty Resources - South Florida Form ACR - "TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for conside,ation in the sales comparison analysis and have made a dollar adjustment when appropriate to refiect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negafive adjustment to reduce the adjusted sales price of the comparabie and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market vaiue in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. I have no present or prospective interest in the property that is the subject to this report, and i have no present or prospective personal interest or bias with respect to the participants in the transaction. i did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present or contemplated future interest In the subject property, and neither my current or future employment nor my compensation for periorming this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the vaiue estimate, the attainment of a specific resuit, or the occurrence of a subsequent event in order to receive my compensation and/or employment for periorming the appraisal. I did not base the appraisai report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. I periormed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as com parables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which i am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the reai estate that were set forth in the appraisal report. if I relied on significant professional assistance from any individual or individuals in the periormance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks periormed by them In the reconciliation section of this appraisal report. I certify that any individual so named is qualified to periorm the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 2620 Biarritz O,ive, Miami Beach, FL 33141 APPRAI~ Signature: Name: F. nk L Marrnin Date Si ned: Ap,i1 15, 2004 State Certification #: or State License #: RI1083 St. ReQistered REA State: FL Expiration Date of Certification or License: 11/30/2004 ure: Name: Ma,k A. Cannon ASA Date Signed: Ap,il 15, 2004 State Certification #: RD1799 St. Cert. Res. REA or State License #: State: FL Expiration Date of Certification or License: 11/30/2004 D Did IS] Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93 Form ACR - "TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE Borrower/Client Nt A Pronertv Address 2620 Biarritz Drive Citv Miami Beach Countv Miami-Dade State FL Zin Code 33141 Lender Citv of Miami Beach Survey Map C '!O'I-::VJ::. rJI,. ~r- iii t~ Pi ;,~ IIlr .....l '":~,~~ ,.._ 9. ;0" n~ . ~~ ! ;:'~YNE ~ BAy ~% ,. t1:i ~ ~l- " . ", A~'7' ~"$ <. 111 -< " ~ ": N, O' ~~ .. - Ql oE .. ~ ~ .. 1<. t;' - UI -:\ r- ~JOl> 3 :'0 ..0 \l' "'~:- ~.." ". Il!- - -~ :} - ~ -!-b,>'''. ~ I ~:f:~ ~.~;!llli[~li ~ JtJi fi~!(i<!li~l! t frl~ JSi!~J~hgbii ~ ~IEr llf~~f~i~l~a L':il · f IIB;:I. flr~.f!il ~ ~f!t Jfi!llJ.1-fl1JR, \I' If!~. :R,f~ Utf fii f tQ p~tftll iBil[~ ~~l~ t~!;ffgl~llt ~ mlli f~a,.r[t! a,i ~h~ fiUlill~rilg fU t ~ ~f~J a,llUi8. l;; IfJ.f JI~llllilif!Ji ~~r r r[r.R,f.i[~ "'s s"- t::l c: '~d iliI ii.a, Ire '~l~ ~ea! l.i[~Qlf~itB ~p' IhJr~h ~lr~ iil if!fi'li!!r! ~~I l~~I~J.~lfiff ~.~ !~.~=rrllpll ~H f~rt:ar-hil [ ~~ ~~ _t'- ~- ; ':" ~ Illi! ~. '" '" I i J I-I 0 . Imm',~ i l.'fillll 6 ~ ; ~fli Iii i 'F o : hI" I ~ ) I " ~ I ~ ): () :;: () - -t < ISiS CA, '- fHE; BA. )- ll''%- 01:1 ~,. ~~ 1l~ ~... ":t- o .,. ft -r- -~.."........ ~ '.'~" ",l:: Form MAP.Survey - 'TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE Borrower/Client Nt A Prollllrtv Address 2620 Biarritz Drive Ci1v Miami Beach Countv Miami-Dade State FL Zin Code 33141 Lender City of Miami Beach Legal Description r"''Dl''P.I. L ,.pn.,. ~'fII'nON! . Cn......eDcc 11 !he NadInn:It c:onICI' ofTrac:t 46A., NORMANDY GOLF COURSE SUBDIVISION, KCOI'diDa to the plat thereof rocardod ill PIll Bool44. III Pap 62, Public RccorcI5 of Dade. CowIly, PIorida, said poiDlllso bowD IS die Northwal COf1lCl" 01 Lot 18, aubdMIioa of TncI 46A., of tIIc NORMANDY 0011 COURSE SUBDMSJON, fill Book 5S, Pap 9S, ~ Rccards of Dido Coualy, Florida; dace from dae NortberIy iDe 01 Tract 4M deflectia& 19-36'34" to tile left to the laDpDl of . c:ircuIar ClII;9ll ~ to tile Eut, .... . CCDIraluale ~52'32" .. . radius ol222S. .00 fed ad I'1I1II aIoDa tile are of &aid ~ few . IIJF.- 01500.00 feot to die POINT Of BEGINNING. IUd paiDt bcia& the Soulhwca COI'IICI' of Lot 1, Block 65, NORMANDY 0011 COURSE SUBDIVISION, PIll Boot 44, ... 62, Pubtic Records rl Dade Couty, fIorida; 1heac:e nm Nardl.16.3O'OlI" BIll, ... die IOI6IiDc rl aid Lot 1 b . .......ce ol182.Sl9 fOOl to a poiDt; dace I'lIII SoutIa 24~44" Well b . &t....... ol79m feet toa poiDt; 1heac:e nm aIao& a compouacl cune, CODCI\'e to tbc Southeast, .... a CCDtrIl . ol OS.12'33" aDd a radi. 01 S44.n feet for .. arc cfist.- ol30.S1 feet to . poiDt; tbeacc ruB South 85"12'32" West, for . dlstl- 0I1S2.11 feet to. paiDl; theaaI raa.... circular ~ ~ to die SoaIa-st. Uvio& a caaIraI..p olOI.52'23"j ud a radiua ol222S.oo feet for .. arc &.t._ of 72.73 fOOl to die POINT OP BEGINNING; said lands Jocwo.d,1:yiJII aDd bciag ill the City of Miami Beach, Florida UMl coata.iDiDa 12, 79S IqUMe feet more or leu. I HEREBY CEIlTIPY: dill tbc attadlcd SJCETCH OF SURVEY of tile IboYc d~ibcd property. true UMl corred to the best 0I1Dj bowIcdp IDd bdicf .. rcc:catI)r ~ aDd platted UDder my directioD, also that there arc IKl vWbJe eac:roacbmeuts waJcu aboML TIais IUnOJ mcots tbc MiDimIl/ll TvJuolcaJ Sl~ set by tile FLORIDA BOARD OF lAND SURVEYORS . .. forth ia,Sbaptcr 47U1Z7 cP.5.) lUIlCI Oaapter 21 HH 6 of the Florida AclmiDistrativc Code. Form MAP.Survey- 'TOTAL lor Wlndows' appraisal software by a la mode, inc. -1-80Q-ALAMODE Location Map Borrower/Client N/A ProDertv Address 2620 Biarritz Drive Citv Miami Beach Countv Miami-Dade State FL ZiD Code 33141 Lender City of Miami Beach Form MAP.LOC - "TOTAL for Windows. appraisal software by a la mode, inc. -1-BOO-ALAMODE Borrower/Client N/A ProDertv Address 2620 Biarritz Drive Citv Miami Beach County Miami-Dade State FL ZiD Code 33141 Lender Citv of Miami Beach Integra Realty Resources - South Florida Subject Photograph Addendum Subject Rear Subject Front Southwest View Subject Street Northwesterly View Westerly View Form PICSIX _ "TOTAL for Windows" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page Borrower/Client N/A ProDertv Address 2620 Biarritz Drive Citv Miami Beach Countv Miami-Dade State FL ZiD Code 33141 Lender Citv of Miami Beach Comparable 1 1800 Bay Drive Prox. to SUbject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Comparable 2 90xx Bay Drive Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 0.64 miles 900,000 Normandy Isle 10,200 Sq. Feet 1.73 miles 520,000 Surfside 9,250 Sq. Feet Comparable 3 1162 Belle Meade Island Drive Prox. to Subject 1.95 miles Sale Price 1,150,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PICPIX.CR - "TOTAL for Windows. appraisal software by a la mode, inc. -1-800-ALAMODE Belle Meade Island 13,395 Sq. Feet r .. , Comparable Photo Page Borrower/Client N/A ProDertv Address 2620 Biarritz Drive City Miami Beach County Miami-Dade State FL ZiD Code 33141 Lender Citv of Miami Beach Comparable 4 708 88 Street Prox. to SUbject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 1.70 miles 655,000 Surfside 10,050 Sq. Feet Comparable 5 xxxx Biscaya Drive Prox. to Subject 1.44 miles Sale Price 630,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Surfside 10,000 Sq. Feet Comparable 6 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PICPIX.CR - .TOTAL for Windows. appraisal software by a la mode, inc. -1-800-ALAMODE "-