HomeMy WebLinkAbout96-02959
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MICHAEL A. SERLUCO. Appellent
COURT OF COMMON PLEAS
OF CUMBERLANO COUNTY. PENNSYLVANIA
CIVIL ACTION - LAW
NO.qlt .,Y152IVIL ~. \
VS.
CUMBERLAND COUNTY
BOARD OF ASSESSMENT. Appellee
APPEAL
PRELIMINARY OECREE
AND NOW. this ~ dey of ~ ~ . 1996.ln conslderetlon of the within Petltlo~
r /. ~ harall', "alarlQl_ (11 tI.;t::~~ppesl t& the-CourHe pefmltled ."d th~,!, the u....661 shell proc~d
~.~ in conformity with the Pennsylvenls Rules of Civil Proceduro; (2) thet within ~eys from ~
Pr.IlMI".r. 911:11. Appellsnt shell serve e copy of the Petition iA4tha Pr.IiI1.I..u., ~ 18 upon Appellee.
the Boerd of Commissioners of Cumberland County. Board of Commissioners of Hempden Township snd
the School Board of Cumberlend Valley School Distrl t; 3) that the tSlllng euthoritles sforesaid ere hereby
t...... , I- , .... v.,1.I'....v\ ~ ......... t.t......
S~~:I~:srty sr;lpellees; (41 t - It>hlldll''t IIv"DMi CeWlt-A<<",I"illtretor Mr
V\A'. ,IS2 ~\.,.. 0_< . ~~ {/(,f.,J.-- vtr../ r.'U~ IX.
Qf.a~llI Idllvau..pan of-,eeoro.-
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8. The prior owner leesed the thirty-eight (381 townhouses end did not .elleny portion 0' the
townhousee to en owner-occupent or eny third perty (except Appellent).
9. Appellent continues to le8le ell of the townhouses to tenents and there hive bien no
townhouses within Stenford Court Condominium I .old to owner occupent..
10. Stenford Court Condominium I Is not e project thet is epproved for Federel Netlonll
Mortllege Assocletlon or Federel Home Loen Mortgege Corporetlon financing. Neither Appellant nor the
prior owner have ever flied en epplicetion for approvel of Sten'ord Court Condominium I for .uch
epprovels. In order to obteln epprovels from thoee progrems It Is necessery thet et leest sev.nty (70%1
percent of the condominium units be owned end occupied by unit owners, Without the requisitlepproval.
the unite cennot be flnenced through Federel Netlonel Mortgege AlIsocietlon or Federel Homl Loen
Mortgege Corporetlon lendars,
11. Appallee's Decision wes besed on "comparable seles" end did not take Into consideration
the cost reduction or replacement (less daprecletlon end ell form. of obsolescencel or the income
epproech.
12. Appellant respectfully request thet the metter be presented to the Court in I non-Jury triel
and thet the Court determine the current felr merket velue of the thirty-eight (3BI townhousee by a
combination of cost reduction or replecament (less deprecietlon end other 'orms 0' obsolescencel.
compereble seles end income epproech.
THEREFORf. Appellant eppeals from the Decision of the Appellee end respectfully request. thet
you!' Honoreble Court grent e non-jury heerlng end determine the current marklt velul' of thl properties
for the tex veer in question in eccordence with the epplicable law.
Ic I A. Sarluco
400 North Front Street
Wormleysburg. PA 17043
(7171761-3558
EXHIBIT "A"
D.C1810N OF THE CUMBERLAND COUNTY BOARD OF A88E88MENT
DATED APRIL 28.1998
.
'lropell'cy Location 'a!rcel NWllbe.. Harlcet Value
L01 St.an~or:d Court LO-18-l333-054-U20-B-1 $'IS ,000
103 Stanfo1:-d Court 10-l8-1333-054-U19-B-], $'IS,OOO
LOS Stanto~'d Court LO-18-t323-054-Ul8-B-l $75,000
107 Stanford Court 10'lB-132J-054-U17-B-1 $75,000
L09 Stantord Court LO"lB-133J-054-U16-B-1 $'15,000
Lll Stan~<H'd Court 10-\81323-0S4-UtS-B-l ,97S, 000
113 Stan~ord Court LO-1H-13~3-054-U14-B-l $'IS,OOO
U5 Stantor.o Court 1.0,18 -1323 -054 -un -8-1 $75,000
U7 Stanrot"d Court to-18-l323-0S4-U12-B-1 $'15,000
L19 Stantord COUJ:'t LO "18-1333-054-Ul1-B-1 $75,000
La Stanford Court 10-18-1J2J-054'U10-A-l $75,000
123 Stanford Court to-18-1323-0~4-U9--A-l $'15,000
L25 StanfoJ:'d Court LO-18-1323-054-UB--A-l $75,000
127 Stanfo1:'d CouJ:'t 10-18-1323-054-U7--A-l $75,000
129 Stanford Court 10-18-1323-054-U6--A-l $75,000
L31 SLanl:ur:c..l CeJu,'L 10-18-1J23-054-U5--A-1 .$75,000
L33 Stanrot-d Court lO-lS-1323-054-U4--A-l $'15,000
135 St.ntoro CouJ:'t 10-10-1323-054-UJ--A-1 $75,000
l.l7 Stanford Court 10-tS-t323-054-U2--A-1 $75,000
139 Stanford Court to-18-1323-054-Ul--A-1 $75,000
h216 St.nJ:ord Court LO-1A-1J23-054-UJO-C-1 $75,000
li218 Stanfo1:-d Court 10-18-1323-054-U29-C-l $75,000
1;220 St.ntord Court: 10-l8-1323-054-U20-C-l $'75,000
li22;1 Stanf.ord Court 10-18-1323-C54-U27-C-l $75,000
(i224 Stanford Court 10-lS-132J-054-U26-C-l $75,000
6226 Stanford Court LO-18-132J-054-U;l5-C-1 $75,000
li2U Stanfot'd Court 10-18-1323-054-U24-C-1 $75,000
h230 Stanford Court 10-18-t323-054-U2)-C-1 $75,000
Ii 2)2 Stanford CO',lrt lO-lS-1323-054-U22-C-l $75,000
(i 234 Stanto~'c\ Court LO-1O-1J2J-054-U21-C-l $75,000
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IN THE COURT 010' COMMON PLEAS
OF CUMB(o:RLAND COUNTY,
PENNSYI, VANIA
NO. lJ6.29.59 CIVIL TERM
MICHAEL A. SERLUCO,
Appellant
CUMBERLAND COUNTY BOARD
OF ASSESSMENT,
Appellee
CIVIL ACTION . LAW
REPLY
AND NOW, the Respondent, Cumberland County Board of Assessment Appeals, and the
County of Cumberland, by Stephen D, Tiley, Esquire, its Assistant Solicitor, comes and files this
Reply to the Petitioner's Petition for Allowance of Appeal from Decision of Cumberland County
Board of Assessment, of which the following is a statement:
I , Admitted,
2, Admitted,
3, Admitted, By way of further reply, Appellant, MichaelA, Serlucois theownerof38
condominium townhouse units,
4, Admitted,
5, Admitted,
6, Admitted,
7, Admitted.
8, Denied. Your Respondent, Appellee. Is without sufficient information to verify the
truth or accuracy of the averments contained in paragraph 8 of the Petition as the owner of the
property is in sole possession of the documents, materials and information necessary to fully
disprove said avennents, Strict proof at trial is demanded,
9, Denied, Your Respondent, Appellee, is without sufficient information to verify the
truth or accuracy of the averments contained in paragraph 9 of the Petition as the owner of the
property is in sole possession of the documents. materials and information necessary to fully
disprove said avennents, Strict proof at trial is demanded,
10, Denied, Your Respondent, Appellee, is without sufticient information to verify the
truth or accuracy of the averments contained in paragraph 10 of the Petition as the owner of the
MICHAEL A. SERLUCO,
Appellant,
vs.
IN THE COURT or COMMON PLEAS or
CUMBERLAND COUNTY, PENNSYLVANIA
No. 96-2959 CIVIL TERM
REAL ESTATE TAX ASSESSMENT
APPEAL
CUMBERLAND COUNTY BOARD
OF ASSESSMENT,
Appellee
PRAECIPE TO ENTER APPEARANCE
TOe Prothonotary of Cumberland County
Please enter and note the appearance of the undersigned as
attorneys for Cumberland Valley School District and Township of
Hampden in the above captioned matter.
EMAN, p.e.
By
chard e. Snel aker
44 West Main Street
Mechanicsburg, PA 17055-0318
(717) 697-8528
Date: July
10
, 1996
CERTIFICATE OF SERVICE
I hereby certify that I am this date serving a true and
correct copy of the within Praecipe to Enter Appearance upon the
following attorneys by sending the same by first-class mail
postage paid addressed as tollows:
Michael L. Bangs, Esquire
302 South 18th Street
Camp Hill, PA 17011
(Attorney for Appellant)
Stephen D. Tiley, Esquire
Frey , Tiley
5 South Hanover street
Carlisle, PA 17013
(Attorney for Appellee)
chard C. Sne baker
SNELBAKER , BRENNEMAN, P.C.
Attorneys for Cumberland Valley
School District and Township ot
Hampden
Dated: July 10
, 1996
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MITHOD FOR DEVELOPING
FACTOR TO ALLOCATE
NEW ASSESSMENT TO
INDNIDUAL UNITS
.
... AcId the ~.I'" Mtlm.... of 1I,lndlvldual condo unltl: .
so X 17',000 . 11,110,000
..J X ",,000 ...I...IUJIAI
sa Unltl · '2,112,000
I. DevelOP ratio for "',000 unit bV dividing 71.000 bV 2,"2,000 · ,02tOl4
a. DeveloP ratio tor 171,000 unit bY dlYldlng7l,OOO b1 2,"2,000 · .027.12
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.4. MultiPly ...paatlvt "", the oom",on 1..,,1 ratio "ul the ..tim." of
market value, ,.g.
for 171,000 unit: .02eOM X .on X 11,7'0,000 · 11,)6Ue
tor ","000 unit: .027.12 X .on X '1,710,000. 11,121.11
7'~CX:O~ c02boJ.yx. I, 1{"<.J,(c<.J- 4~g02..)y)l.ol~ 320'.'/r'
7- ? CXtJ tU1ii . 02 f ,-/1 L x ~ 16 q f'(;(J : lj ~ (4 r- I ~ X . D t ~ 3311: 1(,
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APPRAISAL REPORT
of
Fee simple estate of
the real estate of
Stanford Court, Phase I
Hampden Township,
Cumberland County, PA
As of April 22, 1996
prepared for
Mich!lel A. Serluco
Consolidated Properties
400 North Front Street
Wormleysburg, PA 17043
by
Egbert J, A, LangendlJk, MAl
Orberg-LangendlJk Appraisals
34 Rlvervlew Drive
Enola, PA 17025-2645
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Orberg-Langendijk Appraisals
3" RIVERVIEW ORI\'[
ENOLA. "ENNISYLVANIA 1702&
1717.732-8880
"AX 1717' 732'11870
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September 23, 1996
Mr, Michael A. Serluco
Consolidated Properties
400 N, Front Street
Wormleysburg, PA 17043
Subject:
Appraisal Service: Stanford Court, Phase I, Hampden Township,
Cumberland County, PA
Our file: 9607702
Dear Mr, Serluco:
At your request I have completed my research necessary to estimate the market value of
the fee simple Interest in the captioned property in its "as is" condition, as of the appraisal
date of April 22, 1996, This appraisal is presented as a complete self-contained
appraisal,
This complete self-contained appraisal report is prepared In compliance with the
Standards of Professional Practice and the Code of Ethics of the Appraisal Institute,
which include the Uniform Standards of Professional Appraisal Practice (USPAP),
In the process of gathering my preliminary findings, I have inspected the subject property,
the neighborhood and comparable sales, In addition, I have analyzed other pertinent
market data relevant to estimating the market value of the subject property as described,
With consideration of the preceding and the attached report, and subject to the
assumptions and limiting conditions therein, it is my opinion that the market value of the
fee simple Interest in the real estate of the subject property, as it physically and legally
exists, effective April 22, 1996 Is $1,760,000,
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Mr, Sertuco
.2.
September 23, 1996
In the course of preparing this appraisal report, I found no Indications that the subject
property had any significant natural 1 cultural, recreational or scientific value,
Compensation for the appraisal service Is not contingent upon the reporting of a
predetermined value or direction In value that favors the client.
Considering the highest and best use conclusion upon which this value estimate Is based,
a marketing time for the sale of 38 units to one buyer Is projected to range from 6 to 9
months,
Attached hereto please find my complete appraisal report In self-contained format. This
report should be read In Its entirety as It presents the pertinent data gathered, as well as
the logic and conclusions used In this value analysis,
Respectfully submitted,
Egb~~j;j/:1AF("f-
Pennsylvania Celtlfied General Real Estate Appraiser
General Certificate GA-000296-L
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DA TA SOURCES AND ACKNOWLEDGEMENTS
Several persons and/or offices have been contacted for Information and a
number of sources were used to obtain the required Information,
Direct quotations of definitions and their sources have been disclosed
where used,
Following Is a list of persons or offices which have provided Information
which was utilized In this appraisal report:
1, Dauphin County Assessment Office
2, Dauphin County Recorder of Deeds
3. Cumberland County Assessment Office
4, Cumberland County Recorder of Deeds
5, Cumberland County Tax Claim Bureau
6, Trl-County Planning Commission
7, PA Department of Labor and Industry
8, PA Department of Transportation
9, PA Department of Environmental Resources
10, Hampden Township Municipal Office
11, Hampden Township Tax Collector
12, West Shore Chamber of Commerce
13, Central Penn Multi-list, Inc,
14, State Equalization Board
15, U, S, Bureau of Census
In addition to these, several real estate offices have provided Information,
These listed sources and others, which Inadvertently may not have been
listed by name, are believed to be reliable, however, no liability for the
accuracy of the Information provided can be assumed by the appraiser,
The data obtained from the listed and unlisted sources was subject to
Interpretation and judgement. For this, the appraiser assumes
responsibility,
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TABLE OF CONTENTS
Introduction
Title Page
LeUer of TransmlUal
Data Sources and Acknowledgements
Photographs of Property
Table of Contents
1rill2!iuctorv Data
Executive Summary , . , . , , . , , , , , , , , ,'. . , I ,1
Appraisal Process . , , , , , , , , , , ; . . , , ,', , , , 2
Assumptions and Limiting Conditions, , ; , , , . , , , , . 5
Purpose of the Appraisal , , , , , , , , , , , . . , , . , , . II
Definition of Market Value "."" ,'""", ,,: 8
Property Rights Appraised , , , , , , , , , , , , . . ". 9
Effective Date of the Appraisal , , , , . . , , , , .. , . . 9
Date of Appraisal Report , , , , . , , , , , , , . : . . , . 9
Function of the Appraisal , , , , , , , , . , , , ,', , , , , 9
Idllntlflcatlon , , , , , , , , 9 '
History of Ownership . . , , , , , , , , , , , , . , , , , , 10
Statement of Competency , ,. , . , , , , , . , . , , , , 10
Scope of Appraisal ." , , , . , , , , . , , , , . , , , 10
Descrlotlon, Analvses and Conclusions
Greater Harrisburg Area Analysis , , , , , , , , , , , , , 13
Neighborhood Analysis, , , , . , , , , , . , , , , , , , , 21
Site Analysis , . , . , . , , , , , , , , . " , , , , , : . 26
Improvements .""".""", 30
Reall:state Tax and Assessment Analysis , , 34
Highest and Best Use Analysis , , , , , , , , 36
Valuation
Valuation , , , , , , , , , . , , , , , , , , , , , , , , , , 42
Cost Approach , , . , , , , , . , . , , , , , , , , , , , , " 42
Sales Comparison Approach. , , . 43
Income Capitalization Approach , , , , , , , ,', .' , , , 65
Reconciliation , , , , , , . , , , , , , , , , , , , ' , , , ' 74
Certification, , , , . , , , , , , , , , , , , , , , , , , , , 76
Addenda
A. Zonh19 Regulation
B. Legal Description
C. Appraiser's Qualifications
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EXECUTIVE SUMMARY
LOCA liON
Stanford Court, Phase I, Hampden Township,
Cumberland County, Pennsylvania
OWNER OF RECORD
SITE DATA
Michael A. Serluco,
Area
Shape
Zoning:
.:t 2,61 acres
Irregular
PRO
IMPROVEMENTS
Three buildings containing 10 town house style apartment
units and one building containing 8 town house style
apartment units, One 12' X 13' wooden utility shed,
DATE OF APPRAISAL
RIGHTS APPRAISED
April 22, 1996
Unencumbered fee simple estate, subject to condominium
declaration,
HIGHEST AND BEST USE
Thirty-eight town house dwellings for s31e to owner.
occupants
VALUE ESTIMATES
BY SUBDIVISION
DEVELOPMENT METHOD
BY MARKET APPROACH
$1,760,000
$1,600,000 (AS RENTAL COMPLEX)
BY INCOME CAPITALIZATION $1,580,000 (AS RENTAL COMPLEX)
APPROACH
FINAL VALUE ESTIMATE
OF REAL ESTATE
$1,760,000
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APPRAISAL PROCESS
The appraisal process Is a systematic procedure employed to provide the answer to a
valuation problem, The appraisal process should Include the following components:
1, Definition of the problem;
2, Formation of an appraisal plan, outlining the various activities to
be undertaken, such as property Inspection 1 adequate research, as
well as property and market analyses;
3, Gathering of data;
4, Area and neighborhood analysis;
5, Site and Improvements analysis;
6, Real estate tax and assessment analysis;
7, Highest and best use analysis;
8, Value analysis through:
Cost Approach
Sales Comparison Approach
Income Capitalization Approach;
9, Reconciliation of the approaches to value;
10, Final estimate of value;
11, Certification of value conclusion,
1, In connection with this appraisal assignment, the definition of the problem is to
estimate the market value of the real estate of the subject property as of the
effective date of the appraisal,
2, Prepare an outline or required data to solve for the problem outlined In #1
above, This Includes gathering sufficient data to prepare a comprehensive area
and neighborhood analysis, as well as site, Improvements and highest and best
use analyses. The appraisal is reported in complete, selt~contained format.
3, Gather data and make appropriate inspections,
4, Prepare area and neighborhood analysis,
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5, Prepare site and building analyses,
6, Prepare real estate tax and assessment analysis,
7, Prepare a highest and best use analysis,
8, In the valuation process, three basic approaches are usually employed, namely,
the Cost Approach, the Sales Comparison Approach and the Income
Capitalization Approach, When one or more of these approaches Islare not
applicable In the appraisal process, full Justification for the omission must be
provided, Following is a brief definition of each approach:
Cost Approach
"A set of procedures through which a value indication is derived for the fee
simple interest in a property by estimating the current cost to construct a
reproduction of, or a replacement for, the existing structure; deducting accrued
rJepreclation from the reproduction or replacement cost; and adding the
estimated land value plus an entrepreneurial profil. Adjustments may then be
made to the Indicated fee simple value of the subject property to reflect the value
of the property Interest being appraised'"
Sales Comparison Approach
lOA set of procedures in which a value indication is derived by comparing the
property being appraised to similar properties that have been sold recently,
applying appropriate units of comparison, and making adjustments to the sale
price!> of the comparables based on the elements of comparison. The Sales
Comparison Approach may be used to value Improved properties, vacant land,
or land being considered as though 'Jacant: it Is the most common and preferred
method of land valuation when comparlilble sales data are available,'"
, Appralsallnstllute, The Dictionary of Real Estate ADDralsal. Third Edition (1993)
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Income Clpltallzatlon Approach
"A set of procedures through which an appraiser derives a value Indication for
an Income-producing property by converting lis anticipated benefits (cash flows
and reversion) Into property value, This conversion can be accomplished In two
wa~'s, One year's Income expectancy can be capitalized at a market-derived
capitalization rate or a capitalization rate Ihat reflects a specified Income pattern,
return on Investment, and change In value of the Investment. Alternatively, the
annual cash flows for the holding period and the reversion can be discounted at
a specified yield rate,'"
7, In the process of reconciliation, the appraiser reviews and explains the validity
and logic of tho applied approaches to value,
8, Based on the reconciliation, the appraiser can arrive at a final value conclusion,
9, In the certification of the value conclusion, the appraiser certifies that he Is a
disinterested third party to the appraised property; he has Inspected the property
and prepared the conclusion and opinions concerning the property; and he has
appraised the property according to currently applicable professional standards,
This appraiser further certifies that he has met the requirements of the
continuing education program of the Appraisal Institute,
1 Appralsallnstltule, The Dlctlonarv of Real Estate ADDralsal. Third Ed!\lQn (1993)
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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 legal description on record, a copy of which is Included in the addenda to the
report, Is assumed to describe the property accurately,
2,
The appraiser assumes no liability for matters of a legal nature affecting the
property appraised or the title thereto, nor does the appraiser render an opinion as
to title, which Is assumed to be good and marketable,
3,
Title III assumed to be held In fee simple, It is further assumed that the title Is good,
marketable and insurable by reputable title Insurance companies at prevailing
rates,
4,
The property is assumed to be free and clear of all liens and encumbrances,
unless specifically enumerated In this report,
5,
No survey of the property has been made by the appraiser and no responsibility Is
assumed in connection with such matters,
6,
Any sketches In the report may show approximate dimensions and are included to
assist the reader In visualizing the property,
7,
Informatlon, estimates and opinions furnished to the appraiser and contained in
the report were obtained from sources considered reliable and are believed to be
true and correct. However, no responsibility for accuracy of such items provided to
the appraiser can be assumed by the appraiser,
8,
Neither all, nor any part of the content of this appraisal report, or copy thereof,
shall be used for any purposes by anyone but the client specified In this report,
without the previous written consent of the appraiser; nor shall It be conveyed by
anyone to be public through advertising, public relations, news, sales, or other
media, without the written consent and approval of the appraiser.
9,
Disclosure of the contents of the appraisal report is governed by the By-laws and
Regulations of the Appraisal Institute of which the appraiser is a member holding
the MAl designation,
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10, The appraiser is not required to give testimony or appear In court with reference to
the appraisal of the property in question, unless arrangements have been
previously made therefor.
11, The appraiser assumes that there are no hidden or unapparent conditions of the
property. subsoil, or structures, which would render the property more or less
valuable, The appraiser assumes no responsibility for such conditions, or for
engineering which might be required to discover such factors,
12, Unless otherwise stated In this report, the existence of hazardous material, which
mayor may not be present on the property, was not observed by the appraiser,
The appraiser has no knowledge of the existence of such materials on or in the
property, The appraiser, however, Is not qualified to detect hazardous substances,
The presence of substances such as asbestos, urea-formaldehyde foam insula-
tion, or other potentially hazardous materials may affect the value of the property,
The value estimate is predicated on the assumption that there is no such material
on or in the property that would cause a loss of value, No responsibility is as-
sumed for any such conditions, or for any expertise or engineering knowledge
required to discover them, The client Is urged to retain an expert In this field, If so
desired,
13, Location of the subject site, or a portion thereof in a delineated wetland area may
affect the value of the property, The appraiser assumes that the property is not
located in a delineated wetland area. However, the appraiser is not qualified to
determine whether a site or portion thereof ;s located in a delineated wetland area,
The client is urged to retain an expert in this field, If so desired, This value
estimate is predicated on the assumption that no part of the property is located In a
delineated wetland area,
14, The value estimate Is based on appropriate research and applicable appraisal
techniques and approaches, However, by Its very nature the appraisal of real
estate is not an exact science, The end product is a professional conclusion of
value with which others may differ. For this reason, the appraiser makes no
guarantee, written or implied, that the subject property will sell for the value stated
herein,
15, Any distribution of the total valuation in this report between land and improvements
applies only under the existing program of utilization which is thought to represent
the highest and best use of the property, The separate valuations for land and
buildings must not be used in conjunction with any other appraisal and are Invalid if
so used,
16, The value estimates in this appraisal report assume responsible ownership and
competent management.
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17, The appraiser assumes that all required licenses I permits, certificates of
occupancy, consen:s or other legislative or administrative authorizations from any
governmental or private entity or organization have been or can be obtained for
useG on which the value estimates contained In this report are based,
18, The size of the buildings was determined by measuring the exterior perimeter,
However, any change in building area determined by a qualified professional could
alter the value conclusions derlvtld,
19, The Americans with Disabilities Act ("ADA") became effective January 26, 1 &92,
The appraiser has not made a specific compliance survey and analysis of the
property to determine whether or not it is in conformity with the various detailed
requirements of the ADA, It Is possible that a compliance survey of the property,
together with a detailed analysis of the requirements of the ADA could reveal
that the property is not In compliance with one or more of the requirements of the
Act. If so, this fact could have a negative Impact upon the value of the property.
Since the appraiser has no direct evidence relating to this issue, he did not
consider possible non-compliance with the requirements of ADA when estimating
the value of the property, except where stated In the report,
20, The appraiser has not made a specific compliance survey and analysis of this
property to determine whether or not it Is in conformity with tile various detailed
seismic requirements by the mlJnlclpality or county, It Is possible that a survey
could reveal that the property does not meet the governmental seismic
requirements, If so, this fact could have a negative effect upon the value of the
property, Since the appraiser has no direct evidence relating to this issue, he did
not consider possible non-compliance when estimating the value of the property,
21. The value conclusions in this appraisal report are subject to these and any other
assumptions set forth in the body of this report, but which may have been omitted
in this statement of assumptions and limiting conditions,
22, Acceptance and/or use of this appraisal report constitlltes acceptance of the
for~golng assumptions and limiting conditions,
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PURPOSE OF THE APPRAISAL
The purpose of the appraisal Is to estimate the market value of the unencumbered fee
simple estate in the subject property as specifically described in this report, subject to the
condominium declaration,
DEFINITION OF MARKET VALUE
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 and knowledgeably, and assuming the price Is not affected by undue
stimulus, Implicit in this definition is the consummation of a sale as of a specific 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 acting in
what th'3Y consider their best interests;
3, a reasonable time Is allowed for exposure In the open market;
4, payment Is made in terms of cash in United States 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 the sale,l
As defined by the Court, market value is:
"the price which a purchaser, willing but not obliged to buy, would pay an owner,
willing but not obliged to sell, taking Into consideration all uses to which the
property is adapted and might In reason be applled,"2
1 Appraisal Standards Board, Uniform Standards of Profassional Allllraisal Practice fUSPAPJ. 1996
, Pennsylvania Bar Institute, Asse,5s!1WlLLaw and Procedure in Pennsvlvania, 1994 edition:
Buhl Foundation v. Board 0/ Assessment Appeals and Review
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PROPERTY RIGHTS
The real property rights appraised in this report represent the unencumbered fee simple
estate in the subject property,
Fee simple estate Is defined as:
"Absolute ownership unencumbered by any other Interest or estate, subject only to the
limitations Imposed by the governmental powers of taxation, eminent domain, police
power and escheat."3
EFFECTIVE DATE OF APPRAISAL
April 22, 1996
DATE OF APPRAISAL REPORT
September 23,1996
FUNCTION OF THE APPRAISAL
This appraisal report has been prepared to estimate the market value for assessment
purposes,
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IDENTIFICATION
The subject is located at the northeast corner of Stephens Crossing and Stanford Court In
the northern section of the Village of Westover in Hampden Township, Cumberland
County, Pennsylvania, This area Is located in the Harrisburg-lebanon-Carlisle MSA
#3240, In census tract 0113. It is known as Phase I of Stanford Court Condominiums, a
3 Appralsallnsbtute, The Dictlonarv 0' Real Estate ADDraisat, Third Edition, 1993
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for rent town house complex, The property Is also Identified on Cumberland County Tax
Map 10-18-1323 as parcel 54,
HISTORY OF OWNERSHIP
According to the Office of the Recorder of Deeds for Cumberland County I the subject
property was acqulrad by Michael A. Serluco on October 5, 1987 from W, R. and Ann L.
Keeley for a stated consideration of $1,900,000, Since that date, there has been no
change in ownership of the property.
STATEMENT OF COMPETENCY
The appraiser has appraised farms, vacant land as well as residential and commercial
subdivisions In his appraisal career, As a lender's representative, he haG been Involved In
the development of residential subdivisions for both single-family detached dwellings and
for medium-density town houses, In addition, he has acquired the necessary knowledge
and skill to satisfactorily complete this assignment through the educational programs and
courses provided by the Appraisal Institute, the American Institute of Real Estate
Appraisers and the Society of Real Estate Appraisers,
SCOPE OF THE APPRAISAL
Standard Rule 2-2 of the Uniform Standards of Professional Appraisal Practice and the
Standards of Professional Practice of the Appraisal Institute require that the extent of the
process of collecting, confirming and reporting data be described, This requirement Is
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designed to protect third parties whose reliance on an appraisal report may be affected by
the extent of the appraiser's investigation,
The necessary research and analysis conducted by the appraiser Includes the following:
1. The appraiser made a physical Inspection of the property on August 18, 1996,
The Inspection consisted of walking the site, taking photographs and Inspecting
the interior of the building, The appraiser did not make a detailed roof Inspection,
He Inspected one town house dwelling unit In each of the four buildings, He also
Inspected the basement portion of building C.
2, Regional, City and Neighborhood data were based on information obtained from
the Tri-county Planning Commission, the Pennsylvania Departments of Trans-
portation, Labor and Industry and Commerce, the US Census Bureau, the West
Shore Chamber of Commerce and the Capital Region Chamber of Commerce,
The appraiser has Inspected the neighborhood and has made himself familiar with
the area.
3, The subject property data are based on the legal description recorded In the
Recorder of Deeds Office in the Cumberland County Court House, the
Cumberland County Assessment Office and personal Inspection, The appraiser
met with the zoning officer of Hampden Township in order to learn aboulthe
permitted uses for the subject property, Detailed information gained from the
zoning department is Included In the site analysis and In addendum "A" of this
report,
11
4. The estimate of highest and best use for the property involved consideration of the
physical aspects of tho property. legally permissible uses and neighborhood
trends,
5. In developing the approaches to value. the Cost, Sales Comparison and Income
Capitalization Approaches to value were considered.
The appraiser considered several sales of multi-family residential land with similar
characteristics and approvals to estimate the market value of the land, Cost data
were obtained from the Marshall Valuation Service, The information on which the
Sales Comparison is based was obtained from the appralser's data file, the Central
Penn Multi-list, Inc, and the Cumberland County Assessment Office,
Since a property such as the subject is a rental housing complex, the historical
income and expense data were analyzed, In order to obtain a defensible estimate
of the Net Operating Income (NOI),
After analyzing the available data and applicability of the various approaches to
value, a final estimate of market value was made.
In closing, the appraiser certifies that he has inspected the premises, prepared the
appraisal, and that the fee for the appraisal assignment is not contingent on the value
reported,
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GREATER HARRISBURG AREA ANALYSIS
Potential demand for and supply of real estate property Is the result of growth and
stability of the environment In which a property Is located, In the process of identifying
the demand and supply for real estate properties, it Is particularly appropriate that rela-
tive to the appraisal of the subject property, the economic and demographic forces
affecting the area be considered,
REGIONAL DATA
The Harrisburg Metropolitan Statistical Area (HMSA), as defined by the U,S, Census
Bureau, consists of four counties: Cumberland, Dauphin, Perry and Lebanon, The
most heavily-developed and densely populated area is located In southwestern
Dauphin and eastern Cumberland counties.
The area Is strategically located In south central Pennsylvania, Harrisburg, the state
capital, located on the east bank of the Susquehanna River, is centrally located, It lies
approximately 205 miles east of Pittsburgh, the major city in western Pennsylvania and
105 miles west of Philadelphia, the major city in eastern Pennsylvania, Harrisburg is
approximately 80 miles northwest of Baltimore and 115 miles to the north of
. Washington, DC,
The area is traversed by major national highways, Interstate #81, a national north-south
highway and Interstate #76, the Pennsylvania Turnpike (a toll road), intersect just east
of the town of Carlisle. Further eastward 1.76 Intersects with U,S, 15 and 1-83, As a
result, the areas surrounding those intersections have experienced dramatic growth in
the past 15 years, In addition to the interstate road system, the area Is served by U,S.
Routes 11, 15, 22, 322 and 422, as well as PA Roule 283 which are all considered to
be major traffic arteries.
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As a result of the easy accessibility, as well as the location of major government,
commercial and employment centers, the area continues to be allractlve to buslneSl
and the local population,
DEMOGRAPHICS
Based on population data published by the U,S, Census Bureau for 1970, 1980 and
1990, and a population estimate published by the Pennsylvania State Data Center, thll
following comparative tabulation of the population In the four counties which are
Included In the HMSA Is presented:
Area 1970 %ditl, 1980 %ditl. 1990 % diif -m'4
Pennsylvania 11800766 + .5% 11864720 8%-- 11764434" +26%. -"12'0729 0
Cumberland Co. 158177 +136% 179625 + 8.1% lfl4166 '53% 204400
Dauphin Co. 223834 + 3.8% 232317 + 15% 235707 +33% 243~00
Lebanon Co, 99665 +102% 109829 .. 3,31XJ 113471 ')0% 117600
Per Co, 26615 +248% 35718 +151% 41101 +06% 43800
___ _____._._____.u _.__..__,_ ._._.__._.___.
According to these data, the area has experienced positive growth during the past
decade, though Pennsylvania (not unlike other states In the northeastern part of the
country) experienced negative population growth, In view of this apparent stote-wlde
population decrease, the population growth in the area can be Interpreted as a positive
sign, Strongest growth In number of people has been experienced In Cumberland
County, Most of this growth took place in the eastern portion of that county,
ECONOMIC AND EMPLOYMENT TRENDS
The economic composition of the area is somewhat complex In that, In addition to
government and service-related industries, the area also has a Sizable manufacturing
sector, The Commonwealth of Pennsylvania, Department of Labor and Industry
indicates that 28% of the total nonagrioultural employment is involved in goods-
producing industries, The remaining 78% is employed In th" service Industries, The
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following two tables prepared by the Department of Labor and Industry clearly
demonstrate the diversification of Industries In the area:
NONAGRICULTURAL WAGE AND SALARY EMPLOYMENT
GOODS-PRODUCING INDUSTRIES
Total NonAgricultural Employment
GOODS-PRODUCING INDUSTRIES
Mining & Contract Construction
All Manufacturing Industries
Durable Goods Industries
Lumber, Wood, Furniture Products
Primary & Fabricated Metals
Machinery Industries
Transportation Equipment
Nondurable Goods Industries
Food & Kindred Products
Textile Mill Products
Apparel & Related Products
Paper Products
Printing & Publishing
Rubber, Plas~lc & Leather Products
Other Nondurable Goods
January
1996
328600
56800
11000
45800
21800
1700
5500
11600
1000
240900
10700
2500
1500
1700
4600
2400
600
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January
1995
327100
59800
12600
47200
22300
1900
5400
11100
1300
24900
11300
2300
1900
1800
4400
2600
600
JElnuary
1994
318300
58100
11600
46500
2.1600
1800
5400
10700
1300
24900
11700
2100
2000
1700
4100
2600
700
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.. According to a survey conducted by the Patriot News Research Department and published in 8/91,
NONAGRICULTURAL WAGE AND SALARY EMPLOYMENT
SERVICE-PRODUCING INDUSTRIES
January January January
1996 1995 1904
SERVICE-PRODUCING INDUSTRIES 271800 26"300 260200
Transportation & Public Utilities 22400 22500 21700
Total Trade 72800 72300 69800
Wl10lesale Trade 18400 17800 17400
Wholesale-Durable Goods 10200 10300 9800
Wholesale-Nondurable Goods 8200 7500 7600
Retail Trade 54400 54500 52400
Automotive Dealers 5900 5600 5600
Eating & Drinking Places 15700 15400 14500
Financing, Insurance & Real Estate 24200 22600 22600
Insurance Carriers 14500 13200 13100
Services 85200 80100 77100
Hotels & Other Lodging Places 4200 4100 3800
Personal Services 2700 2900 3000
Business Services 16300 14200 12300
Auto & Misc, Repair Services 2800 2800 2700
Amusements & Recreation Services 3100 3400 2900
Health Services 23300 23300 23200
Hospitals 9800 9900 10300
Legal Services 2000 2100 2000
Educational Services (nonpublic) 5500 5400 5800
Social Services 6800 6600 6300
Membership Organizations 9000 8700 8600
Engineering & Management Services 5200 5000 4900
Total Government 69700 69800 69000
Federal Government 12300 12100 12700
State Government 35000 35100 34800
Local Government 22500 22600 21500
Local Education 13500 13700 13100
Other Local Government 9000 8900 8400
......--~----_. --.-....-.--.
U 8/92 and 8/93, the following are considered to be the major employers in the area, The respective
number of employees Il'lthe surveys are juxtaposed:
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Name 01 Employer Product/Function 6/1991 8ii992 6/1993
Commonwealth Government 24964 24946 27569
Blue Shield Health Insurance 6247 6663 6585
Hershey Foods Food Processing 6150 6aoo 8500
Navy SPCC Federal Government 7350 5700 4900
M,S, Hershey Mud, Center Health Care 4100 5231 5500
Amp Inc, Eleclronlcs 4796 5149 4500
Herco Enle/1.alnment/Lodglng 4646 4365 4151
Delense Dlstr, Region East Federal Government 5161 4303 4138
Capital Health System Health Care 2692 3900 2337
Kinney Shoes Shoes 2865 2700 2600
Giant Foods Food Retailing 1720 2449 2316
Polvcltnlc Mad, Center Health Cara 2491 2350 2422
Capital Blue Cross Health Insurance 1412 1800 ,1800
Holy $plrlt Hospital Health Care 1669 1720 1652
Army War Collega Education 1601 1845 1440
UPS Parcel Delivery 1580 1829 1530
Rite Aid Corp, Drugs 1578 1626 1650
Bethlehem Steel Metal 2000 1600 1500
United Telephone Co, Communications 1043 1572 1093
IBM Business Machlnas 1700 1485 1465
Hbg, Post Office Post Office 1487 1447 1430
C,D, School District Education 1400 1400 1450
Wels Markets Food Relalllng 1400 1400 1412
Dauphin Deposit Bank Bank 1350 1357 1804
Conrail Transportation 1435 1345 1325
Masland Carpeting 1300 1300 1300
Roadway Express Transportation 1200 1240 1240
Harrisburg School District Education 1206 1200 1275
GPU Nucleer Public Utility 1095 1100 1100
Davenport's, Inc, Food Sarvlce 1100 1000 900
Carlisle Hospllal Health Care . . 1100
EDS Electronics 1015 975 1300
Carolina Freight Transportation 1100 965 995
West Shore School District Education 1000 949 961
Dupont Electronics 1000 675 675
Book 01 the Month Club Books 1000 600 762
Tolal 103872 104466 104715
The Patriot News has discontinued this type of survey, Hence, more recent data is not
available, Because of the change in health care management, the number of
employees in various hospitals has changed, The economic stability of the area can be
credited In part to the healthy diversification of employment facilities which Is amply
demonstrated, As a result of this diversification, the area has enjoyed a stable
employment history, This Is best indicated by a recital of recent state and area un-
employment statistics:
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fle Ion 9/1l<1 119/j 7/05 10105 1/06 3/06
U,S.A. 5,6% 6,2% 5.9% 5.2% 63% 5,8%
PA 6,1% 6,el% /),8% 4,8% 6,8% 5,9%
~Ibg, MSA 4.4% 4.8% 4,3% 3.5% 4,9% 3,9%
L.nceller MSA 4,1% 4,8% 4,1% 3.5% ~,1% 3,3%
York MSA 4,5% 5,0% 4,9% 3,9% 5.7% 4.7%
Cumberl.nd Co, 3.6% 4,0% 4.2% 3.1% 4,0% 3.2%
O.uphln Co, 5,1% 5,1% 4,2% 3.6% 4,9% 3,9%
L.b.non Co, 4.3% 5,7% 4,1% 3.8% 5.8% 4,7%
Perry Co, 4,5% 5,9% 5,3% 4,1% 7.2% 5.6%
Consistently, the unemployment statistics for the area are well below the state and
national average,
HOUSEHOLD INCOME
One meaningful benchmark for the regional economy is the median household and the
per capita Income, In order to present this Information In a relevant context, the
following data taken from the 1994 Survey of Buying Power, conducted by the Sales &
Marketing Management Magazine is presented in table format to show the Effective
Buying Income (EBI) per household effective 1.1.94 of the relevant sections of the
subject area,
Locetlon Medlen Household EBI A B C 0
H.rrllburg MSA $37,938 13,7% 23,7% 22.2% 32,5%
Cumberl.nd Co, $41,642 11,0% 22.4% 22.2% 311,1%
O.uphln Co, $37,125 14,2% 23,1% 21.6% 31,7%
Leb.non Co, $34,333 16.0% 26,1% 22,11% 26,0%
Perry Co, $36.530 13,11% 26.1% 24.6% 26,2%
Lencelter MSA $39,447 12,9% 22.11% 23.4% 34,0%
York MSA 539,401 13,1% 22.7% 23.0% 34.2%
"A" reft.cts percenlage of households with EBlin the $10,000-$19,999 renge
"B" reftects percentage of households with EBlin the $20,000.$34,999 renge
"C" reftects percentage of households with EBlin tloe $35,000-$40,999 range
"0' refteets percentage of households with EBlin tha $50,000 & over renge
The Indicated EBI compares favorably with other comparable MSA's,
TRANSPORT A liON
Capital Area Transit (CAT) provides bus transportation in Harrisburg and the
surrounding area, In addition, intercity bus transportation is provided by such bus lines
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as Capitol Trallways and Greyhound, Freight and passenger rail services are available
at the transportation terminal In Harrisburg, Passenger train service Is Infrequent and Is
not considered a popular method of transportation, Typically, people In the area rely on
private automobile as primary means of transportation. Harrisburg International Airport
(HIA), located to the southeast of Harrisburg, Is the third busiest airport in the state, A
four-lane divided highway offers easy access to the airport. A new terminal is providing
attractive facilities for both passenger and freight service, American Airlines, United
Airlines, U,S, Air, Delta are the main carriers which offer regularly scheduled service,
RESIDENTIAL REAL ESTATE
The residential growth in the area has varied from strong to moderate to strong, This
cvclical variation typically follows the general economic cycles, Following Is a
presentation of recent residential real estate performance based on statistics gathered
by Central Penn Multi-list, Inc" a multiple listing service In the described area, At
present, the pace of activity In the local residential real estate market appears to have
slowed down according to Information received from residential real estate
professionals, Comparison of single-family residential real estate sales activities during
the past few years (1990, 1991, 1992, 1993, 1994 and #1995) complied by Central
Penn Multi-list Inc, Indicates the following:
Year Total Annual % of Listing Average Average Sale Median Sale
Slngle-Farn, Price received Markel Exposure Price Price
Sales da s
1990 5,014 96.53 81,19 $92,941 $84,000
1991 4,676 96,12 87,38 $95,313 $85,400
1992 5,243 96.60 90,22 $97,979 $88,900
1993 5,908 97.14 88.35 $101,718 $91,000
1994 5,501 97,23 82,05 $104,585 $93,400
1995 5,184 97,20 86,fl9 $106,992 $95,000
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From the preceding data It can be concluded that the area Is strategically located and Is
served by an excellent highway network which places the area within comfortable
distance to most population centers on the northeastern seaboard, The area has a
diversified economic base representing manufacturing, service and government
enterprises, As a result of the combination of strategic location and diversified
economic base, continued steady growth Is forecasted,
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NEIGHBORHOOD ANALYSIS
This analysis serves to Indicate whether a discernible pattern of growth In the
neighborhood In which the subject property Is located Is present. The Dictionary of Real
Estate Appraisal, Third Edition 1993, published by the Appraisal Institute defines a
neighborhood as "A group of complimentary land uses; a congruous grouping of
Inhabitants, buildings or business enterprises"
Location
The subject property is lucated in the Village of Westover in Hampden Township,
Cumberland County, The neighborhood can be generally identified as the area between
the Carlisle Pike (US Route #11) to the south, the Conodoguinet Creek to the north, PA
Route 581 Connector to the east and Lambs Gap Road to the west.
Accessibility
The neighborhood Is readily accessible via US Route #11, a five-lane road, the fifth lane
serving mostly as a turning lane. This road is the major east-west traffic artery on the
West Shore section of the greater Harrisburg area, A new interchange of PA Route #581,
the new four-lane, limited access, divided highway connecting Interstate Route #81 and
Interstate Route #83, and US Route 11 is located to the east of the neighborhood, Route
1-81 Is a major national north-south road which connects to 1-83 and 1-76 the
Pennsylvania Turnpike, According to 1993 traffic flow estimates prepared by the
Pennsylvania Department of Transportation, the following information is presented:
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Location
US Route 11, west of PA Route #581
US Route 11, east of PA Route #581
Route 1-81, east of PA Route #581
Route \.81, west of PA Route #581
# Average Dally Count of Vehicles
36,000
29,600
42,000
35,200
Since the last traffic survey, the completion of the PA #581 connector route has been
cOlnpleted which appears to have brought additional traffic to the neighborhood, As a
result of the completion of the PA #581 connector route I a beltway around the Greater
Harrisburg area has been completed facilitating access to the various commercial and
employment centers,
Land Use
The neighborhood Is characterized by highway commercial uses along both sides of the
Carlisle Pike, These uses include automobile dealerships, gas stations, automobile repair
facilities, restaurants, motels, retail facilities, and a strip shopping center, The former
Capitol Products Industrial plant on the south side of the Carlisle Pike has been razed and
Is being developed as a shopping center.
To the north of the commercial uses along the Carlisle Pike, various residential
subdivisions have been developed, These Include the Village of Westover, Good Hope
Farms and Noll Acres, The typical price range In the neighborhood are between $85,000
and $95,000 in Noll Acres, between $150,000 and $240,000 in Good Hope Farms and
between $70,000 and $220,000 in the Village of Westover. The Village of Westover
contains a large section of single-family detached dwellings, as well as attached town
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house dwellings, The price of the laller type dwellings are in the low end of the presented
range,
The western section of the neighborhood contains vacant land which 15 zoned A-O
Apartment Office and, along the Carlisle Pike, Commercial General, Development plans
for a section of this vacant land are currently being prepared,
Municipal Services
Hampden Township provides municipal police protection, Fire protection is provided by
volunteer fire companies, The township has building and zoning ordinances which are
enforced, Through the township municipal authority, public sewer is provided to the more
densely-populated sections of the township, Inciudlng the neighborhood in which the
subject Is located,
Amenltlos
Primary and secondary school students are transported to the appropriate schools In the
Cumberland Valley School District. This school district enjoys a good reputation,
The Gateway Square, located to the east of the delineated neighborhood, Is a strip
shopping center that provides for the needs of the local population, Other major shopping
centers are within 15 minutes driving time of the neighborhood,
Transportltlon
The popular method of transportation Is the private automobile. CapitOl Area Transit
(CAT) provides bus transportation between the neighborhood and employment and
commercial centers on both the west and east shores of the Susquehanna River,
23
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At Harrisburg International Airport In Middletown, southeast of Harrisburg, regularly
scheduled passenger airline service Is offered by several national airlines,
Development Trends
The neighborhood Is :!:75% built up, It Is estimated that 55% of the neighborhood Is
residential, most of which consists of single-family residential dwellings, There are few
apartment dwellings, To the east of the neighborhood a new single-family residential
subdivision Is being developed, The undeveloped portion In the western section of the
neighborhood Is zoned A-Q and will likely be developed for uses permitted In that zoning
district. A new shopping center Is proposed to be constructed to the south of the
neighborhood and an Ice skating rink Is proposed to be constructed In the western section
of the neighborhood, In order to Illustrate the development In Hampden Township, the
appraiser presents the following tables which state the number of building permits for new
construction which have been Issued in Hampden and the surrounding townships,
Ham den Townshl
Year Slngle- Town ,~partment Mobile Home Commercial Industrtal
Famll House
1995 92 62 0 0 4 0
1994 102 59 0 0 10 1
1993 130 53 0 2 4 1
1992 152 56 0 1 4 2
1991 108 54 0 0 2 1
1990 131 24 36 1 0 6
East Pennsboro Townshl
Year Slngle- Town Apartment Mobile Home Commercial Industrtal
Famll House
1995 68 5 0 0 3 1
1994 104 103 0 0 0 0
1993 105 46 0 0 2 0
1992 92 0 25 0 0 0
1991 85 6 0 0 0 0
1990 92 3 0 0 0 0
Lower Allen Townshl
Year Slngle- Town Apartment Mobile Home Commercial Industrial
Famll House
1995 10 14 0 0 0 0
1994 11 6 0 0 2 0
1993 20 26 8 0 5 0
1992 16 37 4 0 1 0
1991 23 12 94 0 5 0
1990 32 69 84 0 13 0
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19915 0 0 11 0
1994 0 0 15 0
1ge3 0 2 18 0
1992 0 0 14 1
1991 0 0 1 0
1990 0 0 7 0
The juxtaposition of the above data clearly Indicates that Hampden Township (where the
subject is located) has experienced the most overall growth in terms of new construction,
In order to Illustrate the historical population growth relative to the surrounding area, the
appraiser presents the total population according to the U,S, Census Bureau
Township 1960 %t. 1970 %t. 1980 ok' 1990
Hampden 6,1558 81% 11,847 50% 17,732 15% 20,384
E. Pennsboro 8,977 39% 12,440 12% 13,931 9% 15,185
L.Allen 11,614 18% 13,690 3% 14,077 8% 15,254
Sliver Sprln 4,044 56% 6,324 13% 7,148 17% 8,369
This table clearly demonstrates that the population growth In Hampden Township has
been and continues to be fairly strong,
Conclusion
The neighborhood is mostly residential in character, with a commercial core along the
Carlisle Pike, The neighborhood has been competitive and properties generally have
retained their value, Improved accessibility, moderate tax rates and a sought after
school district will likely continue to render the neighborhood competitive In the
foreseeable future,
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SITE ANALYSIS
According to the legal description, the subject consists of a Irregularly-shaped lot. A copy
of the plot plan, based on the legal description has been depicted on the facing page.
Following Is salient Information based on the appralser's observation:
Size:
2,81 acres,
Topography:
Gently roiling topography, generally at grade with the private street
serving the condominium apartment complex, An earthen berm
provides some privacy between buildings "A" and "B" on the one side
and buildings "C" and "0" on the other.
Accees:
The site Is accessible from and has frontage on Stephens Crossing,
a collector road for the Village of Westover, Stephens Crossing
provides access to Skyport Road which intersects with the Carlsle
Pike at a signaled Intersection, The Carlisle Pike Intersects with PA
Route #581 which connects to 1-81 and 1-83, and forms part of a
beltway system around Harrisburg, The distance from Stanford
Court to the intersection with PA Route #581 is approximately 1.3
miles,
Surrounding
Land Uses:
South: Stephens Crossing, a tree-lined street with mostly two-story
detached dwellings,
West: Single-family detached dwellings fronting on Pamela's Lane,
North: Phase II of Stanford Condominium units,
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East: Section of Stanford Condominiums Phase II and vacant land,
Floodplain:
According to the National Flood Insurance Program's nood Insurance
rate map for community number 421565A, effective date June 15,
1976, the subject property Is located In Zone "C", This designation Is
explained as "areas of minimal noodlng,"
Utilities:
Public utilities available to the site Include municipal sanitary sewer,
public water and electricity which Is distributed underground by
PP&L,
Soil:
No soli analysis was made available to the appraiser, According to
Information of the soli survey prepared by the U,S. Department of
Agriculture Soli Conservation Service, the predominant soli types on
the subject site are classified as MnB and MnC, Monongahela slit
loam, 3 to 8 percent slopes and 6 to 15% slopes respectively, This
soli has severe limitations for homesltes, onslte waste disposal and
many nonfarm uses because of the seasonal high water table and
moderately slow permeability,
Site
Improvements:
The observable site improvements consisted of:
Concrete curbing along the interior streets and parking areas,
Concrete sidewalks along the Interior streets and parking areas
and leading to the apartment entrances,
Asphalt street with two cul.de.sacs.
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Landecaplng, consisting of lawns, foundation shrubs, some
deciduous trees and an earthen berm providing privacy.
According to the current (August 1996) and previous zoning
ordinance, the subject site is located in an P-R-D, Planned
Residential Development District.
The purpose of the Planned
Residential Development Is:
1, To encourage innovations in residential development and renewal so that the
orowing demand for housing may be met with greater variety in type, design and
layout of dwellings and by the conservation and more efficient use of open space
ancillary to said dwellings.
2, To provide, through innovations, greater opportunities for belter housing and
recreation for existing and potential residents of the community.
3, To encourage a more efficient use of land and public services and to renect
changes in the technology of land development 50 that the economics secured may
Inure to the benefit of those who need homes.
4, To encourage more nexible land development which will respect and conserve
natural resources such as streams, lakes, noodplalns, groundwater, wooded areas,
steeply-sloped areas and areas or unusual beauty or importance to the natural
eccosystem,
5. In aid to those purposes, to provide a procedure which can relate the type,
design and layout of residential development to the particular site a~d the particular
demand for housing existing at the time of development in a mannflr consistent with
the preservation of the property values within existing residential areas and to
assure that the increased nexiblllty of the regulations over land development
established hereby is carried out pursuant to sound, expeditious and fair
administrative standards and procedures.
The permitted uses Include the following:
1 , Residential
Single-family detached; Single-family semi-detached: Single. family
attached (townhouses); two-family detached; two-family semi-detached:
multi-family; group and hlghrlse apartments,
2, Non-residential
Retail stores and shoos: CONVENIENCE STORES; restaurants AND
delicatessen and cocktaillounces: pharmacies or drugstores, stationery,
book, tobacco and news media surveyors PURVEYORS: self-service
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laundry and dry cleaning and pickup atatlons; barber shops and beauty
shops; business and professional offices; banks and financial Institutions;
garden center and flower shops; theater and auditoriums; !!!9.tels and
l12t!llt automobile service stations; churches AND SYNAGOGUES;
recreation lacllltles; AND FAMILY DAY CARE HOME, GROUP DAY CARE
HOME, CHILD DAY CARE CENTER, PRIVATE NURSERY OR
KINDERGARTEN.
Not.: Underlined Items have been deleted; Capitalized Item have been
added.
A copy of the applicable section of the zoning ordinance is included
in addendum "A" of this appraisal report,
Wetlands:
The appraiser observed no indication of the presence of wetland on
the site, However, this appraiser does not have the expertise to
make a determination on whether a portion of the site Is located In a
delineated weiland area, Based on this, the appraiser estimated the
value of the subject property as if there were no detrimental wetland
conditions,
Easements:
No unusual easements which would adversely affect the value of the
property were observed, The apparent presence of utility easements
near the perimeter were observed, The presence of such
easements is typical for the neighborhood and is not thought to
affect the value of the property,
Environmental
Conditions:
No report of an environmental assessment was provided to the
appraiser, The appraiser is not aware of any negative environmental
conditions,
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Conclusion
The site Is located In tho northwestern portion of the Village of Westover, a Planned
Residential Development which contains single-family detached dwellings as well as town
house style attached dwellings and condominiums, The site serves to support four
buildings which contain a total of 38 for rent town house dwellings, The landscaping
appeared adequately maintained, Other than moisture In the small basement area,
probably caused by the seasonally high water tables, no adverse site conditions were
observed, The site is sufficiently large to meet the parking requirements of the current
use,
Because of the physical characteristics and legal limitations, the subject site could be
used for a number of alternate uses, This will be further demonstrated In the Highest and
Best Use Analysis section of this appraisal report,
IMPROVEMENTS
At the time of the Inspections, the site was Improved with four two-story frame buildings,'
three of which contained 10 town house style apartment unlts, the fourth contained an 8
town house style apartment building, The town house style apartment units In the 10 unit
buildings (Buildings A, Band C) contain a dining area which also serves a foyer, living
room, kitchen and powder room on the first floor and two bedrooms and one bathroom on
the second floor, These units have a gross living area of 1,080 square feet. The town
hOlJse style apartment units in the 8 unit building (Buildings D) contain a Galley-style
kitchen, a great room and a powder room on the first floor and two bedrooms and one
bathroom on the second floor, These units have a gross living area of 1,170 square feet.
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At one end of the buildings are basement areas (approximately 540 square feet In size),
which are only accessible via an extorlor metal Bllco door, These basF,lment areas
provide storage space for the tenants of the respective buildings, As indicated previously,
the basement areas are damp, which is likely attributable to the seasonally high water
table,
Based on his observations, the appraiser presents the following description of the
improvements:
Date of Construction:
.:t1982 - 1984
Foundation:
Poured concrete
Basement:
None, poured concrete slab first floors, assumed to have
vapor barriers and perimeter Insulation,
Particle board lap siding, vinyl siding and aluminum siding
accented with brick veneer,
Exterior walls:
Interior walls:
Painted Gypsum wallboard
Roof:
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Medium-pitched, .:t 4/12, gable-style roof, Asphalt shingles
over underlayment on 3/8" plywood sheathing,
Gutters and downspouts: Aluminum gutters and downspouts,
Ceiling:
Painted Gypsum wallboard In lown-house-style units,
Kitchen areas have suspended tile ceilings with inlaid
fluorescent light fixtures,
Doors:
Hollow core Interior doors; metal closet doors, The older
units, (buildings "A", "B" and "e") have sliding glass doors
providing access to the respectivfl patios, The newer units
have a six panel Insulated metal door providing access to the
patio,
Fenestration:
The wood double-hung windows have Insulated glass and
screens, The wooden window frames are not clad and
require periodic painting maintenance, The older units have
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triple-pane sliding glass door assemblies leading onto the
patios, Most of the front windows have decorative shutters,
Floor covering:
The older units have oak tile floors on the flrst floor, however,
the kitchen and powder room have linoleum floors, The
bathroom has a resilient floor covering,
The units In building 0 have ceramic tile as floor cover for
the kitchen, foyer and powder room. The second floor has
wall-to-wall carpeting, The second floor bathroom has
resilient floor covering,
HVAC:
Each unit has its own electric heat pump heating and cooling
system. The bathroom and the dryer are vented Into the
attic, As a result of the excess moisture, the economic life of
the roof is substantially reduced,
Electrical:
Each apartment has a single-phase, three-wire 200 amp,
120/208 voit electrical service, Each unit has its own electric
meter,
Lighting:
Fluorescent light fixtures in kitchen/ dining area, Other rooms
have Incandescent light.
Plumbing:
The units have individual water meters and sewer
connections, The plumbing core is centrally located in the
units, The second floor bathroom has three fixtures Including
a fiberglass shower over tub with glass sliding doors, a vanity
and a porcelain commode, An apartment size washer and
dryer are hooked up on the second floor, The kitchen has a
stainless steel sink with garbage disposal unit and hot and
cold water faucets, The kitchen also has a built-in
dishwasher. The powder room on the first floor contains a
porcelain commode and a vanity, None of the bathrooms
were considered accessible to handicapped persons,
Hot water Is provided by an electric hot water healer,
Insulation:
The town house buildings are reported to be insulated, having
wall and ceiling Insulation, The insulation factors were not
known.
Appliances:
The appliances in the town house apartment units include a
four burner electric oven and range with hood, a microwave
oven, a dishwasher, a 14,3 cubic foot refrigerator, a
dishwasher, a trash compactor and an apartment size washer
and dryer,
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Mlacellaneoua:
Each apartment unit has a hard-wired smoke alarm system,
The kitchens In buildings "A", "B" and "C" have oak overhead
and base cabinets, The base cabinets are covered with
Formica countertops with back splash, The kitchens In
building "0" have European-style painted overhead and base
cabinets with flush doors, The base cabinets are covered with
Formica countertops with back splas! I,
Each unit has a private patio consisting of a 1: 12' X 14'
concrete slab and wooden privacy screens,
A 12' X 13' wooden storage shed is located on the property
for storage of ground maintenance equipment.
Concluelon
The traffic pattElrn In the town house style apartments appeared to be functional,
Maintenance appeared to be adequate, Because of the 3/8" plywood sheathing and the
moisture built up in the attics, six roofs were replaced last year, This year another 6 roofs
will be replaced, The replacement necessitates replacement of the roof cover as well as
the sheathing, Because of the wet basements, the quality of the storage capacity Is
Impeded. Based on observed conditions, the effEtetive age is thought to be slightly
higher than the actual age, The effective age is estimated at 17 years, The economic life
of the subject Is estimated at 50 years, Thus, the remaining economic life of the
Improvements Is estimated to be 33 years,
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REAL ESTATE TAX AND ASSESSMENT ANALYSIS
Real estate taxes In Hampden Townshlp, Cumberland County, are based on an
assessment of 25% of the market value as of the last county-wide reassessment,
effective 1974, the base year, The subject property Is assessed as 38 separate parcels,
as follows:
Percel Lend Bldg. 'rol8l Percel Land Bldg. Total
18.1323-54-1A 450 4480 4930 18-1323-54-11B 450 4480 4930
18-1323-54-2A 470 4460 4930 18-1323.54-12B 470 4460 4930
18-1323-54-3A 470 4460 4930 18-1323.54-13B 470 4460 4930
18.1323-54-4A 470 4480 4930 18-1323-54-14B 470 4460 4930
18-1323-54-5A 470 4480 4930 18-1323-54-15B 470 4460 4930
18-1323-54-6A 470 4480 4930 16.1323-54-16B 470 4460 4930
18-1323-54-7A 470 4460 4930 18.1323-54-17B 470 4460 4930
18-1323-54-6A 470 4460 4930 18-1323-54-18B 470 4460 4930
18-1323-54-9A 470 4460 4930 18-1323-54-19B 470 4460 4930
18-1323-54-10A 450 4480 4930 18.1323-54-20B 450 4480 4930
Parcel Land Bldg, Tol8l Parcel Land Bldg. Total
18-1323-54-21C 450 4460 4930 18-1323-54-310 450 4780 5230
18-1323-54-22C 470 4460 4930 18-1323-54-320 470 4760 5230
18-1323-54-23C 470 4460 4930 18-1323-54-330 470 4760 5230
18-1323-54-24C 470 4460 4930 18-1323-54-340 470 4760 5230
16-1323-54-25C 470 4460 4930 18-1323-54-350 470 4760 5230
10-1323-54-26C 470 4460 4930 18-1323-54-360 470 4760 5230
18-1323-54-27C 470 4460 4930 18.1323-54-370 470 4760 5230
18-1323-54-28C 470 4460 4930 18.132:i-54-380 450 4780 5230
18-1323-54-29C 470 4460 4930
18-1323-54-30C 450 4460 4930
Total Assessment: Land $17,700
Building $172,040 Total $189,740
The Pennsylvania State Tax Equalization Board gathers data on all real estate transfers
of all counties in Pennsylvania, It selects all arm's length real estate transfers on a
county-wide basis and develops a common level ratio which Is intended to be indicative of
the rate of appreciation of real estate properties 111 the county, Based on the current
common level ratio of ,073, the fair market value as estimated for taxing purposes Is:
$189.740 = $2,599,178.08
,073
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The estimate of fair market value for taxing purposes Is substantially above the supported
market value conclusion presented In this appraisal report,
The three taxing authorities which levy real estate taxes on the subject property are
Cumberland County, Hampden Township and the Cumberland Valley School District. The
current mlllages affecting the subject property and their resultant tax liabilities at face
value are:
County Tax
Municipal Tax
School Tax
,0230
,0045
J.1QQ
Total tax liability
,1425 X $189,740 = $27,037,95
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HIGHEST AND BEST USE ANALYSIS
The Appraisal of Real Estate, Tenth Edition, published by the Appraisal Institute in
1992, defines the highest and best use as:
"The reasonably probable and legal use of vacant land or an Improved property,
which is physically possible, appropriately supported, financially feasible, and that
results in the highest value,"
Implied In this definition Is that the determination of highest and best use takes into
account the contribution of a specific use to the community and community
development goals, as well as the benefits of that use to Individual property
owners, Hance, In certain situations, the highest and best use of land may be for
parks, greenbelts, preservation, conservation, wildlife habitats and the like,
The definition immediately above applies specifically to (he highest and best use of
land, It must be recognized that In cases where a site has existing improvements,
the highest and best use may very well be determined to be different from the
existing use, The existing use will continue, however, unless and until land value
in Its highest and best use exceeds the total value of the property in its existing
use,
Also implied is that the determination of highest and best use results from the
appraiser's judgement and analytical skills, i,e, that the use determined from
analysis represents an opinion, not a fact to be found, In appraisal practice, the
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concept of highest and best use represents the premise upon which value Is
based, In the context of the most probable selling price (market value) another
appropriate term to reflect highest and best use would be "probable use,"
The highest and bes~ use of a parcel of real estate does not depend on a
subjective analysis by the seller I buyer, developer or appraiser; It is shaped by the
competitive forces In the market where the property is located,
Land as though vacant Is a fundamental concept of valuation theory and Ipe basis
of the Cost Approach, The highest and best use of a property as though vacant
assumes that a parcel Is or can be made vacant by demolishing any
improvements,
In compliance with the Uniform Standards of Professional Appraisal Practice 1-3(b)
the appraiser must "recognize that land must be appraised as though vacant and
available for development to its highest and best use and that the appraisal of
Improvements is based on their actual contribution to the site,'"
The highest and best use of land or a site as though vacant is defined as:
"Among all reasonable, alternative uses, the use that yields the highest
present land value, after payments are made for labor, capital, and
coordination, The use of a property based on the assumption that the parcel
of land Is vacant or can be made vacant by demolishing any
Improvements,2
, Standards of Professional Appraisal Praclice, published by the Appraisal Foundallon
2 Appraisal Institute, The Dictionary of Real Es/alf/ ADDraisal, Third Edllion, 1993
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In the process of determining the highest and best use of the site as if vacant and
available to be put to Its highest and best use, the appraiser gave particular
consideration to the effects on use and value of the alternative uses which would
be physically possible, reasonable, and legally permissible, adequately supported
and financially feasible,
The site has numerous physical attributes, It has a gently roiling topography and
availability of utilities. The main physical limitation of the site Is Its size. Otherwise,
the site would be suitable for most of the uses which are legally permissible, The
legal alternatives permitted by right have been summarized In the site analysis
section of this report, In summary, these uses may Include residential and/or
commercial uses, Becallse of the location away from the major traffic flow,
commercial development was not deemed supported by the general development
of the Village of Westover. Because of the configuration of the lot, the
development Into residential lots for single-family detached dwellings will not
maximize the utility of the site, Furthermore, because of the presence of town
houses In Phase I, the principle of conformity may be violated by developing the
site for single-family detached dwelllng(s), Based on this, a residential use with
greater density Is better supported. Such a use for town house style or semi-
detached dwellings would be better supported by the already present Phase I of
Stanford Court, consisting of town house style condominium units. Since the
subject site Is part of a planned residential development, the potential maximum
density would need to be negotiated with the municipality,
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Based on the foregoing, the appraiser concl\Jdes that the highest and best use of
the subject sl~e .... If v.c.nt" Is for development Into a 38 unit townhouse
complex,
The highest and best use of the property .s Improved Is defined as:
"The use that should be made of a property as It exists, An existing
property should be renovated or retained as Is so long as It continues to
contribute to the total market value of the property, or until the return from a
new Improvement would more than offset the cost of demolishing the
existing building and constructing a new one,"3
In order to form an opinion about the highest and best use of the property as
Improved, the appraiser considered the physical condition of the property and Its
adaptability to other legally permitted uses, He reviewed which uses would be
adequately supported and analyzed which use from the possible, legally permitted
uses would result in the highest value as of the date of the appraisal.
The current improvements consisting of a 38 urlttownhouse apartment complex
has an estimated effective age of 17 years .,nd an estimated remaining economic
life of 33 years, It is anticipated that the improvements will contribute to the
property value well in excess of the land value. For this reason, the appraiser
concludes that the current improvements represent the highest and best use of the
property. Since the 38 town house condominium units are not suited for owner-
occupancy by a single owner, the greatest value of the property could be achieved
by either renting the units or by selling the units to individual owner-occupants,
3 Appraisallnstitule, The Dictionarv of Real Estate ADDraisal, Third Edition", 1993
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In order to determine which of these two options would result In the highest value
as of the effective date of the appraisal, the appraiser will analyze both scenarios,
(1) He will estimate the value of the subject property as a 36 unit town house
rental complex. In this analysis, the appraiser will estimate the stabilized income
and expenses for the subject property, Then, after arriving at a defensible
estimate of the net operating Income (NOI), the appraiser will capitalize the NOI
into present value based on a capitalization rate which is based on typical
financing available and typical Investor requirements.
(2) He will apply the Subdivision Development Method in order to estimate the
value of the 38 units as if they were sold to the owner-occupant users, The
Subdivision Development Method is defined as:
"A method of estimating land value when subdivision and development are
the highest and best use of the parcel of land being appraised. All direct
and indirect costs and entrepreneurial profit are deducted from an estimate
of the anticipated gross sales price of the finished lots; the resultant net
sales proceeds are then discounted at a market derived rate over the
development and absorption period to indicate the value of the raw land:
The appraiser considers the condominium units as finished "air lots" which will be
sold, The gross income to be derived from the sale of these "air lots" is then
adjusted for sales and holding expenses as well as developer's profit. The
resultant net sales proceeds are then discounted to obtain an indication of the
market value of the property, subject to the assumptions and limiting conditions in
this report as of the date of this appraisal,
· Appraisal Institute, The Dictionarv of Real Estate Aooraisal, third Edition, 1993
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The application of the approaches to value will be demonstrated In the valuation
section of this report, Based on the reconciliation of the applied approaches to
value, the appraiser concludes that the highest and best use for the subject
property is for selling the individual condominium units to owner-occupants I since
that use would result In the highest value as of the effective date of the appraisal.
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VALUA liON
As Indicated in the highest and best use analysis, the appraiser will estimate the market
value of the property as a for rent town house apartment complex and os a 38 unit
condominium complex to be sold to owner-occupants, Whichever use would result In the
higher value indication would represent the highest and best use,
In the appraisal process the appraiser considered the application of the traditional three
approaches to value,
COST APPROACH
The Cost Approach to value is particularly applicable when the Improvements are
relatively new and have minimal depreciation and when there is adequate Informatioll on
land sales, Th'3 Cost Approach Is also particularly applicable when the subject property
serves a special use, Proper application of the Cost Approach requires the following
procedures:
1, Estimate the value of the site as If vacant and available to be put to Its highest and
best use as of the date of the appraisal.
2, Estimate the reproduction costs new of the Improvements,
3, Estimate all elements of accrued depreciation Including physical depreciation as
well as functional and economic obsolescence,
4, Subtract total accrued depreciation from the reproduction cost new of the
Improvements,
5, Estimate the contributory value of the site improvements.
6, Add the estimated contributory value of the depreciated site improvements and the
estimate of the reproduction costs, less depreciation, to the estimated value of the
site,
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Since the units are existing, the typical builder would not be motivated by the cost to
replace the complex, the Cost Approach to value was nol deemed applicable,
Furthermore, In the local market, the market rent levels have not kept pace with the
Increase In replacement cost and development fees, For this reason, few moderate
Income apartment complexes have been developed In recent years In the area, As a
result of the construction costs, Impact fees and land costs, the net operating income is
insufficient to satisfy the market requirements for typical financing and investor's return on
Investment. The apartment complexes that have been built in recent years are either
financed with special, subsidized financing, or by builder/developers who have owned the
land and who develop, usually, small apartment complexes for their own investment
portfolio, These participants In the market are not considered typical, because their land
cost Is different from market value at the time of development and their expectations for
return on their investment differ from those of typical investors in quality apartment
complexes,
Based on the foregoing, the Cost Approach to value was not deemed applicable,
SALES COMPARISON APPROACH
In this approach the appraiser attempts to prepare an analysis in which he compares
properties which have been sold recently, to the subject property and makes adjustments
to the sale prices of the comparable sales for various differences, if any, These
differences may consist of such Items as property rights, special financing, condition of
sale, market conditions, physical characteristics, location and size,
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The appraiser searched the market thoroughly for Information on sales of similar
complexes, No sales of comparable condominium complexes to one owner were found,
For this reason, the Sales Comparison Approach was not deemed applicable In the
valuation of the subject property as If sold to one buyer, However, the Sales Comparison
Approach was applied In es\imating the market value of the Individual condominium units,
The application of the Sales Comparison Approach of the Individual units will be
presented in the Subdivision Development Method section of the appraisal report,
In order to estimate the market value of the property as a rental apartment complex, the
appraiser searched for sales of comparable residential rental properties which have been
sold recently, Those few sales which were found were compared to the subject property
and adjustments were made to the sales prices of the comparable sales for various
differences, If any,
In order to facilitate the comparative analysis, the appraiser attempts to obtain the
appropriate unlt(s) of comparison, Units of comparison are "The components Into which
a property may be divided for the purposes of comparison, e,g" price per square foot,
front foot, cubic foot, room, bed, seat, apartment unit'" In the process of appraising
apartment complexes, possible useful units of comparison would include the price per
apartment unit, obtained by dividing the number of units Into the sale price; the price per
room, obtained by dividing the number of rooms into the sales price; and the sales price
per square foot of total floor area, which is achieved by dividing the number of square feet
1 Appraisallnslitute, The Dictionarv of Real Estate ADora/sol, Third Edition
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of gross floor area into the sales price; and the Gross Income Multiplier (GIM), which
expresses the relationship between the sales price and the gross rent which the property
can produce,
An even more meaningful unit of comparison Is the overall rate which expresses the
relationship of the Net Operating Income (NOI) and the sale price of a property, The
latter Indicator, if adequately supported by sufficient market data, is better applied in the
Income Capitalization Approach section of this appraisal report. In this analysis the
appraiser selected the price per unit as appropriate units of comparison,
The Sales Comparison Approach can only be applied justly when an adequate number of
comparable sales can be analyzed to abstract meaningful data,
In order to determine whether there Is adequate comparable data the appraiser needs to
set certain requirements, These should minimally Included the following characteristics:
1, Reasonably recent date of sale
2, Reasonably comparable location
3, Comparable units size and mix
4, Comparable amenities
5, Comparable gross and net Income potenllal
In order to find comparables which would meet these requirements, the appraiser
searched for sales of comparable apartment complexes In Cumberland and Dauphin
Counties, Because of the limited sales activity for apartment complexes, the appraiser
had to extend his market research over a larger area, It Is recognized that there are
substantial differences in the various sections of the area researched, Adjustments for
such differences needed to be made where appropriate,
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As a result of his research, the following data on sales of apartment complexes Is
presented, It Is recognized that the comparable sales scarcely meet all the criteria set at
the beginning of tl'e research project. However, this presentation Includes the only
apartment complex sales found In the area, Since Investors of apartments typically use
the price per unit as a valid benchmalk, the appraiser selected the price per unit as the
most appropriate unit of comparison,
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SUMMARY OF MARKET DATA
S81e Address oateot Sale S,P,/ S,P/
1/ Sale Price unit s .ft.
1 Roth Lane, MechanicsburR. 04/25194 $700,000 $38,889 $42.09
2 L1ndham Crt., Mechanicsburg 02/01193 $3,700,000 $38,541 $46 20
3 Soclely Hill, Mechanicsburg 01112193 $4,400,000 $40,741 $33.99
4 105 E, Allen SI., Mechanlcsburg 12/30194 $2,340,000 $39,000 $39,51
5 1400 Hillcrest Crt., Mechanicsbur 03/31195 $5,000,000 $52,063 $5208
The five listed sales will be compared to the subject. Adjustments will be made where
necessary, Following Is further discussion of the comparable sales as it pertains to the
selected units of comparables,
The property rights involved with the subject is the fee simple estate, subject to the
condominium declaration, However, since all units are owned by one owner, said owner
determines the expense Items. In that manner, the ownership rights of the subject and
the comparable rental apartment complexes are similar, No adjustments were necessary,
The appraiser discovered no unusual financing conditions which would Indicate
something different from typically available market financing, For this reason, no
adjustments were made for this category,
There was insufficient data available to directly abstract the differences of market
conditions. However, the appraiser has obtained Information pertaining to the changes In
income and expenses, The increase in expenses has been approximately 2.5% per year,
The increase in operating expenses has been approximately 3,5% per year, Based on a
25% expense ratio, this would support and annual Increase In value of approximately 2%
per year, Adjustments for market conditions, based on thiS premise have been made,
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Following Is a comparative description of the selected comparable sales:
~J, This building was builtin 1989, The ulilltles serving this complex are similar to
those serving the subject. The location Is considered Inferior to that of the subject as the
subject Is more readily accessible to commercial and employment centers than the
comparable,
Sale #2, The Improvements In this property were started in 1989. Tenants pay for their
own gas, electricity and water. The location Is Judged generally similar to the subject. At
the time of the sale, there was a higher than typical vacancy ratio which was reportedly
attributable to management. When new management took over, a more stabilized
occupancy resulted, A positive adjustment was made to the price per unit of this sale to
compensate for this condition.
Sale #3, The buildings of this complex were started In 1988, At the time of the sale,
approximately 12 units were not yet ready for occupancy, Decorating including wall-to-
wall carpeting and installation of appliances needed to be done, The location of this
complex Is considered superior to the subject. The complex has a swimming pool.
Sale #4 The buildings were constructed In 1991. The units were In good condition at the
time of the sale, The location is judged comparable to that of the subject; however, the
condition of the units was superior to the subject.
Sale #5 The location of this complex Is deemed superior to that of the subject. This
complex is considered one of the premier apartment complexes on the West Shore, The
units are considered superior to those of the subject property,
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In order to be able to obtain a reasonable Indication of value, proper adjustments need to
be made I preferably pertaining to the earning of Income, Following Is a presentation of
the adjustment process selected by the appraiser,
If adequate income data were available, an adjustment factor could be developed based
on the average gross Income per unit of the subject complex and the gross Income per
unit of the comparable complexes. When reviewing the value Indications per unit of the
comparable sales, It can be concluded that the Indicated range Is reasonlilbly close, The
higher value indication of sale #3 and #5 Is attributed to the presence of a swimming pool
and ready access to U,S, Route #15, The comparable sales are all located in a suburban
setting with ready access to the major employment centers in the Greater Harrisburg
Area,
Based on the foregoing, adjustments are made as follows:
Item Sale#1 Sale #2 Sale #3 Sale #4 Sale #5
Sale Price/unit $38,889 $38,541 $40,741 $39,000 $52,083
Adjustments tor;
Properly rights 0 0 0 0 0
Financing 0 0 0 0 0
Market conditions +4% +6% +6% +2% +2%
Condition 0' sale 0 0 0 0 0
Adjusted $40,445 $40,853 $43185 $39,780 $53,125
Location +5% 0 -5% 0 -5%
Physical condition -2% -2% +3% -2% -12%
Management 0 +5% 0 0 0
Net adjustment +3% +3% -2% -2% -17%
Adjusted value
Indication $41,658 $42,079 $43,321 $38,9134 $44,093
Based on these data, the value range for the subject Is between $1,480,000 and
$1,675,000. An estimate of $1,600,000, in the middle of the range, reasonably renects a
point value for the subject property as a rental complex,
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INCOME CAPITALIZATION APPROACH
The Income Capitalization Approach to value Is based on estimating the present worth of
future benefits resulting from ownership of a property,
The Income Capitalization Appruach Is defined as II A set of procedures through which an
appraiser derives a value indication for an income-producing property by converting its
anticipated benefits (cash flow and reversion) into property value. This conversion can be
accomplished In two ways. One year's income expectancy can be capitalized at a market
derived capitalization rate, or at a capitalization rate that reflects a specified Income
pattern, return on investment, and change in the value of the investment. Alternatively,
the annual cash flows for the holding period and the reversion can be discounted at a
specified yield rate,2
The Income Capitalization Approach is generally considered the most reliable Indicator of
value for income-producing properties, because prospective purchasers are buyirlg an-
ticlpated future income benefits,
The Income Capitalization Approach to value consists of the
following four steps:
1, Estimate gross Income - obtain the rental schedule and percentage of
occupancy for the subject property, if possible, and for comparable
properties for the current and past years. This information provides rental
data and the trend in rentals and occupancy, This data is then rel!lted and
adjusted to obtain an estimate of gross income applicable to the subject
property,
2 Appralsallnstllute, The Diclionarv of Real Eslate Aooraisal, Third Edition,
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2. Stabilize typical expenses . obtain expense data on the subject and
comparable propertl~s to develop a reconstructed Income and expense
statement applicable to the subject property.
3, Arrive at a net operath,g Income and select the proper method and rate of
capitalization,
4, Capitalize the net operating Income of the subject property Into an Indication
of value,
1.. Estimate oross Income
Since the subject property has been operated as a for rent town house complex, the
appraiser analyzed the Income and expense data for the most recent two years, Based
on this Information, as well as other operating data for rental apartment complexes, the
appraiser prepared a stabilized operating statement.
On the following page Is a
presentation of the historical income and expenses and an estimate of the stabilized
Income and expenses prepared by the appraiser, An explanation of the Income and
expense estimates will follow,
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ODeratlnll Statement Historic Stabilized
Stenrord Court II 1994 1995 AP Est.
GroSlllncome $276,360 $282,900 $287.400
Vacancy Allowance $14,370 5%
Miscellaneous Income $288 $438 $350
Less:
Bad Debt $549 51,337 5650
Security Deposit Interest $387 $225 $325
Effective Gross Income $275,732 100.0% $281,776 100.0% $272.405 100,0%
Expense Analysis
Fixed Expenses
R.E. Taxe6 $28,798 10.4% $29,502 10.5% $- 0.0%
Insurance $4,666 1.7% $4,437 1.6% $4,500 1.7%
Subtotal $33.4tl4 12.1% $33,939 12.0% $4,500 1.7%
Variable Expenses
Electricity $1,255 0.5% $973 0.3% $1,125 0.4%
Sewer Rental $1,140 04% $1.421 0,5% $1,450 0,5%
Water $719 0,3% $1,139 04% $1,200 0.4%
Trash Removal $585 0,2% $295 0.1% $500 0,2%
Lawn care $4,576 1,7% $4,065 14% $4,500 1.7%
Snow Removal $1,557 0.6% $1,210 04% $1,600 0,6%
Advertising $. 0,0% $. 0,0% $2,724 1,0%
Legal & Accounting $. 0.0% $- 0.0% $1,360 0,5%
Small Tool Expense $286 0.1% $262 0.0% $300 0,1%
Maintenance/Repairs $15,525 5,6% $22,532 8,0% $15,000 5,5%
Painting/Decorating $- 0,0% $- 0.0% $3,500 1,3%
HVAC Repairs $2,162 0.8% $1,035 04% $1,500 0,6%
Miscellaneous $- 0,0% $- 0.0% $2,750 1.0%
Management $6,065 2.2% $9,673 34% $10,896 4.0%
Payroll $. 0,0% $- 0.0% $10,624 3.9%
Subtotal $33,870 12.3% $42,605 15.1% $59,029 21,7%
Reserves
Short-lived Building Items $- 0.0% $- 0.0% $6,257 2,3%
Appliances $- 0.0% $. 0.0% $3,547 1.3%
Mechanical $- 0.0% $- 0.0% $2,850 1.0%
Subtotal $- 0.0% $- 0.0% $12,654 4.6%
Total Expenses $87,334 244% $76,544 27.2% $76,183 28.0%
Net Operating Income $208,398 75.6% $205,232 72.8% $196,222 72.0%
The Income and expenses for 1994 and 1995 are based on information provided by the
owner of the complex. The gross income estimate prepared by the appraiser is based on
a monthly rent of $625 for the 30 and $650 for the 8 larger units, The tenants pay for
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their own utilities, Including water and sewer, Following are comparable 2 bedroom
apartment rent data:
1# Com lex Monthl rent T e
1 Wesley Park $595-$615 2 Br., 15 bath
2 Mountain View $595 2 Br" 1 ,5 bath
3 Oelbrook Ap~ $540-$560 2 Br" 1 bath
4 Llndham Court $605 2 Br., 1 bath
5 Oxford Manor $500 2 Br., 1 bath
6 Long Meadows $530 2 Br" 1 bath
7 Socle Hili $681 + 2 Br., 2 baths
Based on the foregoing, the rent In the subject complex Is considered to be
representative of market rents, Thus, the gross income estimate of $287,400, Is thought
to be well supported, The Information did not Include a provision for vacancy allowance,
In his estimate the appraiser provided for a vacancy allowance of 5%, This rate basically
reflects the vacancy which may occur when tenants move and when units are being
prepared for the next tenant. At the time of the inspection, one unit was vacant and
tenants were moving into another vacant apartment. This is a relatively typical scenario,
Based on this, the 5% vacancy allowance is reasonable,
g. Estimate Stabilized Ooeratina Exoenses
This Effective Gross Income needs to be adjusted to reflect the fixed and variable
operating expenses which will typically be incurred during the year in operation and
management of the apartment complex. In order to obtain a defensible estimate of these
expenses, the appralstlr has reviewed the 1994 and 1995 operating statements for the
sUbJer.:t. When analyzing the operating expenses for the subject, the appraiser consulted
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with apartment managers of other complexes, as well as a 1994 Income and expense
survey prepared by IREM, the Institute of Real Estate Managers,
Following Is a discussion about the various expense categories:
Real Estate TIJ~ Since the purpose of this appraisal Is to estimate the market value of
the suhject property for the purpose of ad valorem assessment, the appraiser built the
provision for real estate tax liability Into the capitalization rate, The product of the tax rate
(the sum of the applicable real estate tax millage rates) and the applicable common level
ratio Is added to the after real estate tax capitalization rate,
Insurance, The appraiser based his estimate on the historical Insurance expenses,
Manaaement. There was historical data for management expense. Based on market
conditions, the management fee was estimated at 4%,
Salarv and Pavroll Taxes. There were no historical payroll data, The appraiser made an
allowance for this based on 3,9% of the effective gross Income,
Water and Sewer, The tenants pay for their own water and sewer, The expenses to the
complex are based on historical data,
Utilities, The tenants pay for their own utilities, The utility expenses to the complex are
based on historical data,
ReDalrs and Maintenance. The maintenance expense has been decreased with regard to
the historical expenses, The historical operating statements did not include a provision
for reserve for replacements of short-lived building Items, Since the reserve category
provides for replacement, there Is no need to also Include this in the maintenance
category, hence the downward adjustment.
Reserves
The category of expenses includes the costs necessary to maintain the income produced
by the building, Typically these expenses consist of replacement of worn out appliances,
carpeting, short-lived structural components such as boilers and roofs, The provisions for
reserve for replacements are based on the following:
Roof cover replacement (580 X 1,35 X 38)/25 yrs, =
Floor cover replacement (1000 X 2,00 X 38)/15 yrs,=
Appliance replacement (1400 X 38)/15 yrs,=
HVAC replacement (1500 X 38)/20 yrs,=
$1,190
5,087
3,547
2,850
$12,654
Total reserves for replacement
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~ Estimate NOI and DeveloD CaDltallzatlon Rate
Based on the foregoing I the stabilized net operating Income Is estimated at $196,222,
In order to obtain an Indication of value via the Income Approach, the Net Operating
Income (NO I) must be converted Into value, This process Is called capitalization, When
the stabilized NOI of one year Is capitalized into value, direct capitalization Is used,
There are several methods to develop a direct capitalization rate, Of these, the following
two were considered In this appraisal assignment:
(1) Direct capitalization rate which Is based on the typically available mortgage
financing and debt coverage requirement.
(2) Direct capitalization rate which Is based on prevailing mortgage financing and
equity dividend rates, This capitalization rate Is developed via the band of
investment technique,
In order to achieve an acceptable degree of confidence In the results of the application of
the Income Approach, several valid methods of developing capitalization rates are
considered, These rates retlectthe typically available financing and targeted return on
comparable investments, In order to retlectthe typical available financing and targeted
Investment returns as of the date of the appraisal, the appraiser provides the following
data:
Based on the Korpacz Real Estate Investor Survey, the following salient Information
pertaining to national apartment investments for the 1st quarter of 1996 Is presented:
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KEY INDICATORS CURRENT LAST YEAR AGO
QUARTER QUARTER
Freel leer Eqully IRR
RANGE 10.00% -13.00% 10,00% - 13.00% 10.00% . 13.50%
AVERAGE 11.38% 11. 80"10 11.68"10
CHANGE (b..11 polnll) .12 .30
Free I Clear Equity Cap Rate
RANGE 7.80"10 - 1080"10 7,80"10 - 10,80"10 7,50% - 9.50%
AVERAGE 8.97% 8.90"10 8.91"10
CHANGE (balll polnll) -2 +6
Markel Renl Change Rale3
RANGE 0.00% . 5.00% 0.00% - 7.00% 0.00% - 5.00%
AVERAGE 2.74% 2,93"10 2,25%
CHANGE (belli pOlntlA -19 +49
E~P8n.e Chlnge Rlla
RANGE 2,50% - 5.00% 2,80% - 5,00% 2.00% - 5,00%
AVERAGE 3.79% 3.84% 4.10%
CHANGE (bal'l polnls) -5 -31
Residual ClP Rile
RANGE 8.00% - 11.00% 8,00% - 11.00% 7,50% - 10,00%
AVERAGE 9,29% 9.31% 9,30%
CHANGE blsls olnls -2 -I
In order to obtain an Indication of typical mortgage and equity requirements for a property
such as the subject, the appraiser also Interviewed several local lenders. The results of
this survey are presented as follows:
Nama of Maximum Maximum Dabl Interest Remarks
Lender Amortization LN Ratio Coverage Rate
Ratio
75% 1.25 8.00-9.00% 5 year fixed
80% 1.20 8,75% 5 year fixed
75%-80% 1,25 8,25-8,75% 5 year fixed
80% 1,20 8-9% 5 year fixed
75% 1.20 8,00-8,50% 3-5 ear fixed
Based on this, a typical financing scenario reflects a mortgage ratio of 75%, an interest
rate of g,OO% amortized over 15 years, a minimum debt coverage ratio of 1.25, and a
maximum term of 5 years, Under these conditions, the mortgage constant would be
12,1712%,
, Initial rate of Change
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(1) The Debt Coverage Ratio (OCR) Is the ralio between Net Operaling Income (NOI) and
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the annual Debt Service, the payment that covers interest on and amortization of the
outstanding principal of the mortgage loan. In order to develop an overall rate via the
OCR formula, the OCR, the Mortgage Constant (Rm) (which is the ralio of annual debt
service to the loan principal), and the Mortgage Ratio (M) (which Is the ratio of the amount
of th~ mortgage to the value), are needed, The OCR and Mortgage Ratio are Indicated to
be 1,25 and 75% respectively, The Mortgage Constant (Rm) is supported at ,121712,
The formula to estimate the Overall Rate (Ro) Is: Ro = OCR X Rm X M
The components of the formula have been described above, They are then entered Into
the formula to obtain the capitalization rate: = 1,25 X ,121712 X ,75 = ,114105,
The product of the tax rate and the common level ratio needs to be added to this to
provide for the payment of the real estate tax liability, I, e,: ,14 X ,073 = ,01022, This then
results In a capitalization rate of ,114105 + ,01022 '" ,124325,
The NOI is then capitalized by the Ro as follows:
196,222 = $1,578,299 rounded to $1,580,000.
,124325
(2) When developing the capitalization rate via the band of Investment technlqu~,
information about the terms of typically available financing for comparable properties and
eq~lty dividend should be known, The typical financing scenario was presented above,
In order to obtain an Indication about the various equity dividend rates, (cash on cash
returns), the appraiser presents the following benchmarks:
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Market Rates
Reserve Bank Disc,
Prime rate
Federal Funds Rate
3-Month Treasury Bills
6-Month Treasury Bills
3-Month CD Rates
Bond Yields
US 5 Yr. Bonds
US 10 Yr, Bonds
US 30 Yr, Bonds
Municipal T E (Aaa)
Municipal T E (A)
Corp, Bonds (Aaa)
Corp, Bonds (A)
Cor . Bonds (B)
5,24%
8,50%
5,56%
5,02%
4.97%
5,39%
5,36%
5,65%
6,05%
5,60%
5.65%
6.86%
7.09%
7.47%
The above rates Indicate the cash on cash returns of Investment alternatives for
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Investments which are considered substantially less risky than Investment In real estate,
In addition, these Investment alternatives are more liquid than the multi-family real estate
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Investment. After allowing for adjustments for risk and Illiquidity, an equity dividend rate of
10% was selected, The targeted equity dividend rate for range for Institutional grade
apartment Investments range from 7.5% to 10,5%, Based on this, a rate of 10% appears
to be well supported,
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The capitalization rate needs to satisfy both the mortgage as well as the equity
requirements, In order to do this, the appraiser multiplies the Mortgage ratio with the
Mortgage Constant and adds to this tl1e product of the rate of equity and the equity
dividend rate, Based on the foregoing market data, the capitalization rate Is:
Mortgage requirement
Equity requirement
Indicated Capitalization Rate
,75 X .121712 = ,091284
,25 X .100000 = ,025000
,116284
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The product of the tax rate and the common level ratio needs to be added to this to
provide for the payment of the real estate tax liability, I. e: ,14 X ,073 = .01022, This then
results In a capitalizlltion rate of ,113784 + ,01022 = .126504,
The NOI is then capitalized by the Ro as follows:
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196.222 = $1,551.113 rounded to $1.550.000,
,126504
Conclusion
Though the direct capitalization using an overall capitalization rate abstracted from the
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market is generally preferable, sufficient supportable data to abstract this rate from the
market is seldom available.. For this reason. the appraiser tested two other methods of
developing capitalization rates, These rates are based on typical lender requirements as
weil as typical current debt and equity return requirements. Whfln reviewing the value
Indications obtained via these two methods. an indicated value range between
$1,550,000 and $1,580,000 was obtained, Based on this, the appraiser concludes that
the market value of $1.600,000, as presented by the Sales Comparison Approach is
reasonably supportable, For this reason, the appraiser selected a point value of
$1,600,000 as representing the market value of the subject property as a rental town
house complex.
The appraiser also tested the market value of the subject consisting of the 38 units to be
sold to owner-occupants. In order to develop a market indication of the 38 units to one
buyer, the appraiser used the Subdivision Development Method, This method is defined
as:
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"A method of estimating land value when subdivision and development
are the highest and best use of the parcel of land being appraised, All
direct and Indirect costs and entrepreneurial profit are deducted from an
estimate of the anticipated gross sales prices of the finished lots; the
resultant net sales proceeds are then discounted to present value at
a market derived rate over the development and absorption period to
indicate the value of the raw land,'"
· Appraisal Institute, The Dictionarv of Reat Estate Aooraisa/, Third Edition
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In order to apply a variation of this method, the appraiser followed these steps:
1, Estimate the market value of the Individual condominium suites ba~ed on
available market data,
2, Estimate the absorption rate of new condominium units In this market.
3, Estimate the costs Involved with ownership and sales expenses,
4, Deduct all expenses from the estimated gross sales prices of the condominium
units,
5, Derive a discount from available market data,
6, Discount the respective cash flows to present values,
7, Add the discounted net cash flows produced by sales of condominium units in
order to find a defensible estimate of market value of the unsold units of the
subject condominium complex,
The following sales of town house condominium units within the subject complex were
considered to form an opinion of market value based on the indicated price per square
foot of gross living area:
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08.03.98
04.19.98
03.02.95
10.19.94
08.27.94
03.01.94
08.17.93
08.03-93
01.13.93
01.05.93
Based on the foregoing, It Is concluded that the rate of appreciation of the town house
condominium units has been nominal at an average annual rate of :t 2,2%, Sales #1
and #2 occurred in early 1996 and are thought to be representative of current market
conditions, These sales are comparable to the B larger units of the subject complex, A
market value of $79,000 per unit appears reasonably supported. The mar~et value of
the smaller units appears to be well supported at $75,000. In older to obtain an
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Indication of the absorption rate for town house dwelling units, the appraiser reviewed
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the rate of absorption of similar dwelling units in various comparable complexes,
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Following tables demonstrate the absorption of new units in the market:
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Villa e of Mooreland, Lower Allen Townshl ,Cumberland Count
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03.24-84
,,1:: \~' 04-05-04
" ',:1 'J 04.15-84
06.23.84
06-28-94
08-26-84
09-29-94
10-24-94
" 11-03-94
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projecting an average annual absorption of 12 dwelling units,
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Town houses on Westwood Drive, E, Pennsboro Township, Cumberland County
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01-26.94
03-01-84
03.28-84
04-20-84
06-13-94
07.19-94
08-03-94
,~5~~,';y 1548
~mOM:'. '; 1536
\'UQ.Q'~~.;"f. 1536
i85~OO' If!\'~li 1536
"847.5. 0 ~~.'.(f\:B ;'ic;~', 1532
:si7~P9i.jjJ 1536
'Ul!ao_;.....J11536
In this subdivision, which Is adjacent to Westwood Village, one of the first Condominium
complexes on the West Shore of the Greater Harrisburg area, 7 units were absorbed
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er Allen Townshi ,Cumberland Count , PA
07-14.83
, 08-02-83
11-01-93
11.03-86
11-05-83
11.23.93
11-24-93
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03-16-94
03-18-94
04.Q8-94
04.Q7 -94
04-20-94
04-25-94
05.Q2-94
05-n-94
08-14-94
,e'oo"'I{~; ~'j' 1414
\0 ''''l'Il, :""
r.,82000: ,il.'!j 1482
1;"P~~i~:.\'.'~.\1 1462
,8240Q~t:':llf'1 1462
e3300 '. I. .',f., 1462
l'e.aoo,::;,; : 1414
110000,: c."f:l. 1462
,'t , . ," 1"'.lt,i'lI
"iJ~OQ I"(tll< 1462
;7,9'.Oll.~ij",t!tj 1462
This subdivision contains approximately 25 units, Within the 10 month period, 16 units
were sold representing an average annual absorption of 19.2 dwelling units.
Laurel Hills, East Pennsboro Townshi ,Cumberland Count , PA
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04-04-94
. rCfe"',,',,'i '\"(j 04-11-94
, CX~,:~.\:'IJ~ti'l:: 05-17-94
05-24-94
06.Q3-94
06-23-94
07.Q5-94
07-21-94
08-01-94
06-19-94
09.Q1-94
11-09-94
02.Q1-95
02.Q1-95
03-29-95
06-23-95
07-19-95
08.Q3-95
09.Q5-95
09-14-95
09-25-95
09-29-95
11-08-95
11-21-95
.B8300 "!~: 1296
'B2900':" 960
B2960,. ".,.: 960
~,e. .OPO 's:,~,'.1.1j 1296
87'00:~ 'I~l 1296
ljQ~lioq~I!~1,~ 1296
::O;7900'IIi,~"'!~'i 960
I, . ,,,'~'~I,.;.;~
.\~.2. ~o,O"II\I. ""'::.' 1296
gi::8290!l~I' "~~~. 960
.,e.,.."" ,5. O,"7.'\!'.'j;!.. ~'.' 1080
~"OBQO ".'Wi, 1296
7,7~\l.0: ,~I'J 960
(8,e9~tl. ~ 1296
,t8.t9!1 '. 1536
'A,~P, . 1536
'e6400 ' 1060
;.~~OPi 960
\898.0,11' ,".' 1296
'6400i,,,,,:;, 1535
'8.'~ ..OO.::l/t,'\~':11 1296
~~op.o,oi4'~:: 1296
,BlI'OP~i!,', L 1535
"8~1I0~lH' '.., 1536
i .oto.O~~ '1060
This Is a large subdivision, In the time span of 21 months, 24 dwelling units were
absorbed, representing an average annual absorption of 13,7 dwelling units,
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absorbed, representing an average annual absorption of 34,9 dwelling units,
Following Is a summary of the absorption rates of the condominium and town house
projects Included in this absorption analysis
Name
Village of Mooreland
Town houses on Westwood Drive
Shlngus Circle
Laurel Hills
Klttatlnn Drive
Average annual absor tlon rate
12 dwelling units
10,5 dwelling units
19,2 dwelling units
13,7 dwelling units
34,9 dwelling units
With the exception of Kittatinny Drive, the average annual absorption rates are between
10 and 20 units, The larger the number of units, the greater the impact and typically,
the greater the absorption, Since the subject property is limited In size and does not
have the novelty of a new development, the annual absorption is estimated to be In the
lower end of the Indicated average absorption rates. Based on this, the appraiser
estimates a sell out period of 3 years, which reflects an average annual absorption of
approxlmately12 units,
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3. Estimate the costs involved with ownership and sales expenses.
When the 38 town house dwelling units are going to be offered for sale, certain
expenses will continue to be Incurred. These Include real estate taxes, fire, hazard and
liability Insurance, maintenance, particularly exterior maintenance, such as snow
removal, lawn care and utilities for sample units. In addition, the owner will Incur sales
expenses.
In order to make a provision for the real estate taxes, the appraiser used the product of
the current tax rate and the common level ratio and included that in the discount rate.
He used the current insurance expenses. Likewise the current estimate for lawn care
and snow removal is used as an expense which will be incurred during the selling
phase. The annual operating costs will be further adjusted for units sold (when
respective owners pay condominium fees) and Increases will be based on an annual
rate of 3.8%.
The sales expenses are estimated based on a sales commission rate of 7%, including
1 % for sale transfer tax.
. The legal expenses for preparation of documents, etc. is estimated at 1 % of the gross
revenue from sales.
Since the town house dwellings have been occupied, the units will need to be readied
for sale. In addition, the condominium reserves for replacements of improvement'S' to
common elements need to be established. An allowance of $2,000 per unit has been
made for these Items.
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In order to arrive at the market value of the property, the developers profit needs 10 be
deducted. Profit margins on development projects range considerably and are difficult
to abstract. Based on comparative real estate yield rates and based on the perceived
risk, an allowance for developers profit was based on 15% of the gross revenue from
sales of units.
In order to obtain an indication of present value, an appropriate discount rate needs to
be selected. Based on current conditions. a rate of 200 basis points over the nationally
published Prime Rate is deemed reasonable. However, since no allowance has been
made for the real estate tp.'<es, the discount rate is adjusted upward to include the tax
rate. The build up of the discount rate Is presented as follows:
National Prime Rate ,0850
Plus 200 basis points ,02000
Plus lax rale (.14 X .073 =) ,01022
Discount Rate ,11522
A discounted cash flow analysis based on the anticipated sale of condominium units
which have an estimated Initial sale price of $79,000 per unit for the 8 larger units and
$75,000 per unit for the 30 other units. The sale prices are anticipated to increase at a
rate of 2.2% per year. Based on this and the foregoing conditions and assumptions, a
spreadsheet presenting the discounted cash flow analysis is depicted on the following
page:
71
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-~ c. ,- 01 ~~ > e: .~ '" ~~
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Based on the foregoing, the market value of the 36 town house units as If offered for
sale to owner-occupants Is $1,760,000,
RECONCILlA liON
In this value analysis, the appraiser tested the market value indications of the subject
property as If it were a rental apartment complex, and as If it were a complex in which
the respective dwelling units would be offered for sale to Individual owner-occupants.
In the process of estimating the market value of the subject as a rental complex, the
appraiser applied the Sales Comparison Approach and the Income Capitalization
Approach. Reasonably adequate data were obtained to present a defensible value
range, Based on this, he concluded that his estimate of the market value of the subject
property as a residential rental complex was $1,600,000,
The appraiser did not apply the Cost Approach to value, because participants in the
residential rental market are currently less motivated by replacement cost, than by the
opportunity to acquire a complex. Furthermore, the sum of the replacement cost new
and land cost tends to be too high to offer the would-be investor an adequate return on
his/her Investment.
In order to obtain a defensible indication of the market value of the subject property as if
offered for sale to Individual owner-occupants, the appraiser selected the Subdivision
Development Method, This method treats the complex as an inventory of dwelling units
to be sold over time. The appraiser estimated the market value of the individual units
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and the anticipated holding and sales costs, He also estimated the likely absorption
rllte for the units. He analyzed the sales history of several comparable town house or
condominium complexes, Based on this information and the fact that the subject Is an
existing complex of moderate size, the appraiser concluded that the 38 units could be
sold within 3 years, Based on his as~umptions supported by market data, the Indicated
value for the subject property as If offered for sale to Individual owner-occupants was
concluded to be $1,760,000,
Based on the foregoing, it Is the opinion of this appraiser that the market value of the
subject property as of the effective date of this appraisal and subject to the assumptions
and limiting conditions of this appraisal report Is best estimated at $1,760,000,
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CERllFICA liON
The appraiser certifies and agrees that:
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 his personal,
unbiased professional analyses, opinions and conclusions;
3. He has no present or prospective interest In the property that is the
subject of this report, and that he has no personal interest or bias with
respect to the parties Involved; ,
4. His employment and compensation are not contingent upon the reporting
of a predetermined value or direction in value that favors the cause of the
client, the amount of the value estimate, the attainment of a stipulated
result, or the occurrence of a subsequent event. Specifically, it was not
conditioned on the appraisal producing a specific value, a value within a
given range, or the approval of a loan;
5, His reported analyses, opinions and conclusions were developed, and
this report has been prepared, in conformity with the Uniform Standards of
Professional Appraisal Practice;
6. He has madA a personal Inspection of the property that Is the subject of
this report. He has also made an exterior Inspection of the comparable
sale and lease properties;
7. All conclusions and opinions concerning the real estate which are set
forth In the appraisal report were prepared by the appraiser whose
signature appears on the appraisal report. No change of any Item In the
appraisal shall be made by anyone other than the appraiser, and the
appraiser shall have no responsibility for any such unauthorized change,
No one provided significant professional assistance to the person signing
this report;
8, As of the date of this report, Egbert J, A, Langendijk, MAl has met the
requirements of the continuing education program of the Appraisal
Institute;
9 The use of this report is subject to the requirements of the Appraisal
Institute relating to review by its duly authorized representatives;
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10, The appraisal assignment was not based on a requested minimum
valuation, specific valuation, or the approval of a loan.
The undersigned certifies that his estimate of the market value of the fee simple estate
in the subject property, in Its "as Is" condition, subject to the condominium declaration of
record, effective April 22, 1996, and subject to the assumptions and limiting conditions
of this appraisal, is:
One Million Seven Hundred Sixty Thousand Dollars,
($1,760,000)
This value estimate also Includes the contributory value of the non real state Items such
as the freezers and washer and dryer units. The contributory value of the personal
property Is estimated at $20,000.
Respectfully submitted,
E,be u. LaijljlJ~1-
Pennsylvania Certified General Real Estate Appraiser
Certificate GA 000296 L
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ADDENDUM A
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P....t 15
P-R-D
Planned Residential ,Develo;:ment
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51501.
Pu..nose.
1. To encou..age innovations in residential development and renewal
80 that the g..owing demand fo.. houeing may be m~t with g..eatu: variety
in type, design and layout ,ot dwelling. and by thu conn..vation ILnd
more efticient use of o5'en space ancillary to said d'~ellin'ils.
2. To provide, th:ou'i/h the IIbove innov~tions, greater opportunities
for better housing anc recreation for existing Ilnd potential residents
of the municipality.
3. To e:'\cou..age ,(r::ore officient Use (1! b,nc! IInc o~ 'public ""rvices
and to ..eflect chan'iles in the t.echnology ot lane! develoliment 60 t.h'Lt.
the economics secured may inu..e to the benefit of t.hose who need
homes.
4. To encou..age mo..e fle:<ible land development which will respect
anc conserve natur.l resources $uch as.streL~S, lakes, flccc~lains,
9:ounc!'~ater, wooc!ed arus steeply uloped areas and areu 0: unusual'
beauty or im5'ort~nca to the natural ecosystem.
5; In aid of those purpcses, to p..ovide a prccedure which car. ralats
the type, design and layout ot residential development to the
particular site and t.ha pa:ticular demand ,fo: h,o~sing .:cistir:g at the
ti~e ot t.veloFme~~ in a mLnne: consistent with tho ~r~se=vaticn c~ the
p:c~.=ty values w~~hin .:(istin~ resicentlal a:eas anc to ass~=e t~a~
the increased fle:cibility ot the regulLticns c"e: lar.d c!evelopmer.t
established herll!:ly is car..ied out pursuant to sound, e:<pscitious Lt'.d
fai: a~~iniB~ra~iv. standa~cs anc procecu:es.
(O:d. 84-2, 3/29/15a4, 51500)
Sl~02. !!~a=li!~~e~t o~ a Ois~=~ct. ~ ?la~~e~ ~esice~~i~l
D.v.lo~m.nt may te establishec by the seve~~l~g cocy i~ accc~ca~ce ~i~~
the p=ccecu:e to: reclassitication o! a :c~inq cis~=ict. (o=~. e4-2,
~;2~/l;~~, Sl~~l)
51503. . Titnt.at:.!.ve RlW.!....... and i\':)':):'"oval.
1. Prior to the issuance ot a Planned Reaidential O.v.lo~~en~ Per~it
by the zoning Officer, a plan mus~ l:e "o',iewed by the Harns:den Tcwnshill
Plannin'il commission and the C~e=land County Plllnnin'il Cc~mi..ion and
approved by the Hampden Township Boa..d ot co~rnissioner.. The county
Pl~nnin9 Cammission shall be re~ired to ..eport to the Hampden TC'Jnlhip
within t.hirty days or tor~eit t.he ri'ilht to :eview. Tha Township
Planning co~mission, as p:epa:atory to raview, shall hold at least one
public hearing pu..suant to public notice snd may hold addi~ional public
hearings upon such notice as it shall datermine advisable. Upon reviaw
, .'
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of the plan and recommcndationo by the cumberland County Plannin~
co~mission, the Township Planning commission shall present to the
Township Board of commi..tonero their reco~.endation. and explanatory
materials. 'Before approving, the plan, tpe Eoard of co~mi.sioners ~ay
continue the hearing frem time to time and may refer the matte::- back to
the Township Planning co~misoion fo::- the re~ort provided, howeve::-,
that, in any event, the public hearings shall be concluded within
sixty days afte::- the date of the first public h~aring. The Board of
co~~issioners, within thirty days following the conclusion of the
public hea::-ing, shall, by official written co~munication'to the
landowner, eithe~:
~. Grant tentative approval of the development plan as
submitted.
B. G~ant ten~ativc approval, subject to specified cc~citic..s ~O~
included in the develoFment plan as submitted; 0::-
c. Deny, tentative approval of the d~velofment pia".'
(1) Failure to so act within sa!.d period shall be dee;;-.ed to
be a grant of'tentative approval of the development plan aa submitted.
In the event, howeve::-, that tentative approval is granted subject to
cond~tions, the landowner may, within th!.::-ty days after receiving a
c~py of the offie:ial written communication of the Board of
co~missioners, notify auch Board of his refusal to accept all said
conditions, in which case, the Board shall be deemed to have denied
,tent..tive appro.tal' ,of the develos:ment pi..". Ir. the event the la~.do'~r.er
does not, within said'period,.notify the ~ove::-nin~ body of his refusal
to"'acce'pt 'all' said "conditio'n's,'..tel1:tative app::-oval' of 'the develop",ent "
plan, with all said conditions, shall stand as g::-anted. '
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2. "The"'qranting 0::- denial of tentative ap:;:::-oval,by official w=!.tten
cc~municat!.on shall include no~ only e:onclusions but also fincing of
f&c~ related to the specific p:o~osal'and shall se~ fo:~h the raasonz
fo~ the s:ant, with C~ without ccn~itiens, 0= fer.thQ te~ial, .~~ sa~d
cC~wunication shall 5a~ fo~th with pa:tic~larly in what res~ec~s ~he
c!e-relo!rr:'.e:'1t ple.:'\ ',olculd 0:- woc.lc not'.ce in t-he l=l..:.blic: in-:e:es':. i:-:.cl\:c.!..:.;
~~~ not limitec to findinqs o~ fact a~c cc~cl~sic~s c~ t~e ~cllc~i~~:
^_ In ~hoBe res~ects i~ which the cevel~~mcnt pla~ is Q= ia
~":~..B~..':::~a': wi;:~ t:...u c::.;:.::~\:':".cr.s~"/o ~~~-:: !:l:' t.t~.i 'c'i!';'al::~:,:,.er": c:.~ ~~-.-n
r;.I..:.::.!.ci.~ality;
r.c':
B. The e:<tent, to which tho de.telo:;:m..nt pla:\ de"arts frc:':". :on!.::9
and/or subdivis!.on regulations othe~~ise applicable to the subjec~
property including, but no\: limited to, 'density, bull< and use a::d thll
reasons why, such d,epartu~~ is or is not, dspmed to be in the pub lic
interest; , ", '
c. The purpose, location and amount of the common open space i:\
the "planned residential dllvel.opment,' the reliability of the proposals
fOI: maintenance and conservation of ,the common open .pace and the
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adequacy of the ~~o~nt and purpose o~ the cc~~on open spa~e as related
to the proposed density and type of residential development.
D. The physicBl doo,i..n of the developrr.ellt .plan and the r::a~ner
in which oaid design doe. or does not make adequate provision fo~
p~blic ser\'ices, provides ...de~ate control over vehicuhr traffic ane,
turthe=, the amenities of light and eir, recreation and visual
enjoyr::ent.
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E. The relationship, beneficial or adverse, of the proposed
planned r~sidential development to the neighaorhood in which it is
propoud ,to be uta!:llis~ec!. '
, '
i. 1n the case 'of a develop~ent plan with proposed development
ove= a period o~ years, ,the sufficiency of the terms arid 'conditions
intended to protect the interes~ of the public 'and of the reside~ts of
the planned,residential development in the:integ=ity of the development
pla.n.. ' .-....i.:. ....'.i~.. :'1 ,.... ~ :!".."c . ...-,'i_.....~ ,"
,', .. .,.......1.
3. In the event a 'development plan i. granted tentative approval,
with or without conditions, an application for final approval of the
development shall be filed not lata= than si~ (6) months. In the case
of a development plan which provides for development over a pe=icd o~
yea=s, applications for final approval of each part of the plan .hall,
be filed within twelve t12) months of the' previous application for ' .
final appro7al o~ a portion of the development.
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4. The oflici&l w~itt.n ccr.~unication p~ovid&c fo~ i~ this a=ticle
shall be certified by the Sec=eta=y of the Township and ahall ce filed
in the office of the Tcwnship and a certified copy shall be mailed to
the landowner. Whe=e tentative approval has ceen 9=anted, this shall'
be reco::ced on A 'I'c'"u~lSh!.~ milt?
5. Tant~tive a?pro~al c~ a develo~~ent plan shall not ~ali~y & plot
o~ the pll~n.d :eftic.~tLtl ~evQlo~rne~~ tc:: recc=di~; no: authc:!:e
c.e....elo;::rnent c: t:"e iS3~..:-.ce o! &:':.j' :Cu! lc.!.~:; :;,e=;:\!.";.,s. i\ c.a'relo;S::':8:".t
-p'!.e.:':. '",h!.ch has bee:-. t;i'/un. te~'tative e.::?=cve.l as su=m.ll:~ed 0= which ha5
, , .. te--a""'ooo ....---.-1.1 ."t'''''''' C.....C'...I..:-S .,'..1..'- ..... '-.e- a--e--."
cae:"'. 'i-"" ..-...-. r'~""" -...... -" -..-..... -..-...... I.... - .. ........ Z"" -
~~ t~. la~ccw~&=, .~~ll ~ot te ~c~i~Lgd C~ re~c~a~ ~c= c~~e=~~se
i~:?a.i=lId by action o:! the 'Ic'.ns~"\ip s:e~cin'ii iU'. a~plica':ior.. c=
p'"Qol.!.cl\t!.nns fo:: lirHLl ..;:;:=0'/201, .....,'..thou~ 'the CC:'\SBr-.":. o! t~e la~:c''''~e=,
.... 1..II',..t --"-0"'0-1 '-1 ""e" .,,1......1_ "'''a -a-""''' .01 -t- - _I~I ,., 1-
i==:'-:_~8- 1.:,)"___ --.. ..... ..-- - --..-.. ....~ 1- __..._ '-.. ..._...~ 8._1.'__.._6_ ....
the c~~ic!.al '..=i;~a~ cc;";,..,,,;,:'~~~ca~~c:". c;:a:-,':'!.hi ';.a::,,;.a.~':"','B ar~=c':a.l.
/,
6. In the event thllt .. develo~ment phn is 9iven tentlltive ll.'?l?=oval
ar.c th.~.lfte=, c~t p::!.o: to ~in4l a~p=o~&l, the la~dc~r.e= uhall elect
to abandon aai~ develoFment plan and shall so notify the Tcwnsh~p i~
w=~ting or in the event the landowner .hall fail to file appli,c..tior. cr
appli~ationa for final approval within the re~ired period of tL~e or
times, a. the case may be, the tentative approval shall be ceerned to cO
revoked and all that portion of the area included in the d~velorment
plan for which final approval has not been given shall be subjee:t to
thoso local ordinance. otherwiae applicable thereto a. they may be
,!
15-3
lIJl\ended
map and
from time ,to ,time
in the records of
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and the Dame .hall be noted on the To'~ship
the ~ecrei:ary ,of the Township.
(Ord. 84-2', 3/29/1984, 51502)
51504. Final ADproval.
1. An application for final approval may be for all the land
included in a' development plan or, to the e~te~t set forth in the
tentative ,approval, fO,r a Beet ion thereof. said apl?licatl.on shall be
made to the 'zoning Officer within the time or times specified by the
official written c:ommunication granting tentative al?proval. The
application shall include any drawings, s;:ecif i.::..tion.. cO'/en..~ts,
easements, performance bcnd and Buch other resuirements as may be
IFecified by the Board ot commissioners a. well as any conditions set
forth in the official written commllnicatl.cn at the tJ.Jne ot tentati'/e
epproval. ,A publi~ hearing on an application for final approval o~ the
development plan, or part thereuf, shall nQt be re~ire~ provided the
develoFment plan, or the part thQreo~ suemitted for final apprcval, is
in compliance with the devel?pment plan theretofore given tentative
approval and with any specified conditions attached thereto.
2.' In the event the application for final approval hes been filed
together with all drawings, apecif,ications and other dccumente in
eupport thereof ,and as,re~ired bY,~he o~~inan~e and the official
written communication of tentative apl?:ovel, Hampden Town.hil? s~all,
within forty-five (45) days of such filing,' grant such develol'fl'.e,..t ple~
final ',appro'/al. (Ord. 86-6) ,
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:3. '":In the, event the development plan a~, submitted ,co~tains
vAriationl frcm ,the develoi'me~t 'plan give:,\' te'nt..tive aps>r.:',al, 'the
governing body may refuse to grant final &?l?roval and shall, within
th::rty (30) da:!s frcm the Hlin.. of the &?l?lic&tion ,fer final ..;:;:ro'/al,
so advise the landowner in writiny of said refusal, setting forth in
.aid notice ~hQ rRa~ons ,why one c: ~cr..c! said vB:iations a:e ~ct i~
the public .interest. :. In ,the e'/er.!:. "of osuc:. ,re!~sal: the lar.dowr.er .:.2.'1
eitherl '," " , ' , ," '
A" Refile hL~ &r~lication fo= ~i~al 'a~;=cval ~itho~t t~e
va=iations objected, or
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e:'. " file'... 'wi:'it~e" "'r'e~e5':; W !..t~' tn~" c;ci\.e":nlr.g. :C't:~y tl".e.',: !. ': hc~c
& pu~lic h.&=i~, C~ nis &PFlic&ticn ~e= ~~~al a?p==~~l. ~~ ~~.
landowner,wiehe. to take either luch alternate action, he may de so a~
any time within which he shall be entitled to a9ply for final a;:?roval
or within thirty (30) additional days if the time for al?plyinq for
final approval ehall havs already passed at the time when the lando'~er
wae advi..d that the develoiment plan was not in eubstantie.l
compliance,',',1n the event,the land,owner shal,l fail to take either 0:
theee alternate actions within said time, he ehall be deemed to have
L"Dandoned the development plan. "Any euch public hearing shall be held
punuant ~o public ,notice within thLrty '(30) day. after the reo;;uut for
the 'hearing is made bY,the landowner and 'the hearing shall be conducted
in the manner prescribed in this article tor public: hearinq. on
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n~?lic:ations for tentative approval. Within thirty (30) days after the
concluaion of the hearing, the governing body shall, by official
written cc~~unication, either grant final approval to the dev~loc~ent
plan or deny final approval. ' -
~. A development plan or any part thereot" which has been given final
approval shall be so certified without delay by the governing body and
shall be filed or recorded forthwith in the office of the recorder of
deeds before any development shall take place in accordance th~re~ith.
Upon filing or re~ording of the develofment plan, the ~oning and
sUbdivilion,r.gulations otherwise applicable to the land included in
Buch plan .ha~l cei...~ toapl'ly ,thereto. ,Pending' completion within ..',
re..sonable,t~m. of la~d,planned residential,de~elopment or of that par.t ,.
thereof, as the ciue lI'.a:/ be; that has been finally apl'rovad, no
",.odification of tho 'provisions of suid de'/elopment plan or p..rt
thereof, as finally approved, shall be m,adl;1 by the To'o<nshil' e:'ce:;>t with
the consent of the lar.down.r.,
. . ...\.. .
s. In the event that I. development plan or a section thereof is
given final al'l'roval and thereafter the lanrlowner shall abandon such
plan or thl;1 section thereof that has been finally apl'roved and shall
10 notify the governing body in writings or, in the event the landowner
shall fail to c:olI'rnence and carry out the planned residenti..l
de~elopment within three years after final approval has been granted,
no development or further development shall tako plac. on the property
included in the dov.lcpment plan until after said prope~ty i.
relubdivid.d and is recl..ssifitld by enactment of an lUt:enc!mer.t to the "
EL~~den Township Ordi~&nce u~less ~~it~e~ re~~est to: ad .~te~sicn of
the time p.riod is granted by the Eoard of cor.~issione~s to the
landowner.
(Ord. 6~-2. 3/2S/196~, 51503; as L~er.ded by O~c, 6e-6. e/5/1966)
51505. Plans fo: Te~tative ^~~=oval. The cevelo~e: shall s~=~i~
fc;-J;..ti.fI'lI by the ?le.:,.r.!.~q Cc:;,::\.!.s.icn .. pla~ w!.~~ to:-.., follc',,:.!.:'\c;
in~o:::;\a.t.!.c;:. :
1. A w=~~te~ s~a~8~e~~ t: the l~~cc~~.r:se~~i~~ ~c=th t~e =.&I=~S
~h1' i~ his e;i~!.c~, L ~la~~_~ =..i~.~~.!.al ee~.Lc~~.~~ wcul~ te i~ thl
Fu~11c i~~.r8st &~C wc~lc t. ~Qn.i3~.nt with t~e cC~~=8henliv. ~l&~ ~c:
t~e develcrment c~ r.a~~~.~ Tcwnshi?
,
~. ~~. lec"~!.c~1 ..!.:a &~~ tc;c~:&~~J :! ~~I I!.~. ~~C ~~a ~L~~=I c!
the landown.r' s int:.e~..t in the land proljlosec\ to 1:. d.....1oped.
~. The ~.n.it~ 0: l&n~ use to ~. allcc&t.~ to pa=ts of the .i~. to
1:. develoS'.d.
4. The location and si:. of the cOlI'mon op.n space and the fc~ of
o~~eni:..tion propos.d to own and maint..in the ccmmon open apac..
5. The ua. and the appro~imat. hei;ht:., bulk and location cf
l:uildin9o and other st:uctures.
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t.he Planned Rllsidon\:.l.Bl Dcvclol'mcnt trnct. (ord. B4.=tL 3/29/1964;
515080) ,
51510. Buildinq Heioht~ ~o building ,.hall ~o erected to'a height
in exce.. of thirty-five (35) teet provided, however, that this height
limit l1Iay be increued one foot for each additl,on.al foot that the width
of each yard e~ceed5 the miniJnum required. (ord. 84-2. 3/29/1964,
51511)
51511. MiniJnum Plot, The l1Iinimum plot for e. Planned Residential
Develol'ment shall ~e not lesS than fifty (50) ncren. (Ord. e4-2,
3/29/1964, 51510)
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51512. Interior ~ards.
1. lnterior yards and/or structure spaci~9 shall be provided i~
accordance with the following schedule,
see Net.
1 Dwelling
unit per
Structure
2 Dwellinq
Units per
structure
12 DWelling
'Units per
struc:ture
,16 Dwelling
units per
structure
over 16 Dwelli~S
Units Per
5trl:cture
F t.o l'
l' to 5
F t.o R
5 t.o R
R t.o R
C t.o C
70'
SO'
70'
30'
15'
la'
70' 70' , 70'
SO' SO' !j5'
70: . ".. ',70' , 70',
30' 30' 35 '
,..., 20' 25 " .. - ,30'
10', 10' 20'
San'.e an lS dw&.
pe:- st:::uctu::e
plus the
requi.:err.e:"Lt:s
in, 51510
"
2. The miniJnum side yard and rea:: ya::d rec;;uirer.'.e:\ts fer ,--..', ,
singl.-family dwsllings shall be as set: to::th in 5701 cf this Chapte~.
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Not:e& r'-'rront~ s - site; R'- Rea~; c - co:ne:.
!l513. vecetati.te Co"er.' A':. ,least ti~ty ,( SO) '"II::CII"':. o~ tt.e \ g::oss
area of the ?la:\ned Residential DeveloFmenl:. shall be maintained with &
ve..etati're material. (Ord. 6~-2. 3/29/195...., ,51513)
-' ","
'51514. Rec::eation Areas.
.'
1. c~. (1) ee::e c~ ?1'1i=~~nd3 c:: ~~~y~LQlds &h~11 be Jrcv1dlld f~::
each cne h~~d::ed (lea) d~o11i~g ~~its cr c~n-tG~th (l/lO) c~ a~ ee::e
tor each tB" (10) d...elling units or less.
2. one (1) ac:re of parlcs shall be provided for each one hl:r.d:ed'
(100) dw.l1ing unit8 or one-tenth (1/10) of an ac:::e for each ten
(10) d....llin9 units or leU. '
(Ord. 64-2. 3/29/1964, 51514)
. ,
15-8
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~..:..-Ecrr"'ercir.l.
1. No ccmmercial .nt~~pril.. shall b. permitted to oFarata except 1n
the areu desillnated for corr.'1\urcial u.... The permitted u.es desillned,
to servo the neighborhood or development may, be constructed providad
that,
1\.
be served
They Bhall bo 10 located as to minimi:e traffic proble~s and
by main acce.B roadB and not primarily residential streets.
S. There shall be no outBide storage or di.?lay of material,
~qui'prnent 0:" rr,e:chancise.
2. 'rhe area for corr.."ercial use Ihall not exceed the follo~in;'
SO to 75 acres 10\ of trl.ct
is to 150 acres 6\ of tract
150 to 250 &c:es 1\ of tract
250 acres anc! up 6\ of t::&ct
At least fifty (50) percent of the residential d'"ellin'.l unit
construction shall to ccrnpleted before any co~~e=cie.l cQnst=~ction ~&y
begin an~ at no time shall the cc~me=cial structu:es 0: uses exceed the
percenta'.le require~ents Bet forth above.
a
3. 'rhe permissible lot co',,,rase of ccrr",ercial buil<!!.::gs in ~he
develof'"ant com:"ercial canter araaa shall not e:cceeo:! 25\.
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~. ~he re~~ired par~inq spaces shall be Bitu~ted on ~he S~.e lot
within not more than t~o hundred (200) feet of the ccrrr.ercial building
to be ur',icec!,
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5. Eu~fl:: ~a=GI - ~~e:"e a cc~~e=cial a:ea a~joi~s a re.l~e~~i&l a~.&
within the plan::e>:!. <!evelOf::\e:\t or in ac!jacent la~.d arcu::c! the :!,e:i".ete:
c~ ~~e ~ev.1Q;~er.t, a t~f~e= ya=~ sh~ll ~e :a~~i=e~ i~ accitic~ to the
~=c~. ya:c r,~~i~.~e~tl. T~e b~~~e= s~a~l b8 c~ a ci~e~s~~~ ~c~ leiS
.", t' e -'-(-u- s'~a 'is.....!: ....e-J,l-e~ ....... t'..,.. -a.'~a.'i" usa ..-~ s'-a'l
>...a:1 ;'!. ",_u_..".. _~ ..... ... '":. -- ""' ........ u; _ .1_1;,;, .... ._ ....... -
=~ C=~9=1~ wi~~ ;==~~~ c=~.= a~~ ~~&~~~~;I as c~~l~~!~ ~~ ~~s G.~.=!~
~.s~l~tic~s c~ ~~~s c~~:~e:.
.~
6. Screen pla~t~n~s shall be rs~~i=ee where c~~~e:cial ~se &~jei~. &
=es.!.c..r.till ca. !.::. t~".e :::'l:".~e~ cs.tele::,:,.B:".': -== !.::. ll:".C a.=BA8 f.e~a.c.:'.~ ~=
t~e ceYele~~e~~ a~c s~ch ~lL~~~::'~s s~al: ce i~ c=::.~o:~i;1 ~~~~ ~~a
requirements of the Ga~er..l Regulations,
~
co::,c!. e~-2, 3/2S-/:'S-:~, 51!.!.':')
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51516. Gone:al Regulations. Any c!evelopment plan .hall ccm:l'ly
with the parking, loading and unloading, hi'.lhway access, st:eL~
~rotection anc! any othe: applicable General Re'.lulation of t~e
Township, lOrd. 64-2, 3/29/1984, 51515)
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~
51517. utilLties. A develofment shall be Har~ed by a se~a~e
ey.tem and treat~ent facLlity and a water eu~ply. All plana ehall be
ft
,subject to review and IIpproval by tho Townihip and the hnnsylvania,
Department of,Environmental Resources. lOrd. 8~-2, 3/29/1984, 51514)
'nt
51518. parlcinq.
. .~.) . .
"
1. 5.. Part 19, Off-Streot Parking, of this chapter.
(Ord. 84-2, 3/29/1984, Sl~17)
2. ,ALL PARKING Sr~L BE LOC~TED AT LE~ST TEN (10) FEET AWA~
FROM AN~'5TREET RIGHT-Or-W~Y LINE. CURBING Sr~L'BE INSTALLED TO
ENFORCE THIS REQUIREMENT.
.
PAAT1S/ZONEOI\D
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ADDENDUM 'B
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DBHD '01 OCT 5 ~N 9 !~
TIDS UfDBNroaB, madl thla Is! day ot (1C./()bt'... , In thl Ylar of our
Lord onl thouund nlnl hundred eightY-liven (1987), by Ind amollf W. a. KIUlLIY and
ANH L. KOLBr, hll wltl, ot Hampden Township, Cumberland County, PIMlYlvanla,
herellllttar ealled -Grantorl- Ind I'tIICIIABL A. SBRLUCO, a .llIfla perlon, of thl BorOlllh
ot Llmoyn., OImberland County, PeM.ylvanla, hereinafter Clalled "Grante.-,
WIT N B S S B T III
That the .ald Grantors, tell' and In conslderallon ot the sum of One Mllllon Nine
Hundred Thou.and ($1,900,000.00) Dolla,., I.wtul money ot tha United Slat.. ot AmerlClI,
unto them well and and truly paid by the sold Grantee at and betore the 'IIUIIf and
delivery ot thCl.e presents, reoelpt whereet I. hereby aClknowledged, have grant.d,
bargall1Cld, .old, aUened, enteotted, releaaod an" Clontlrmed, and by thesl prllentl do
grant, bargain, soli, allen, enteeft, release and eontlr,n unto the .ald Grantao, hll hllrs
and u.llrns,
ALL TIIOSB CBR'rAlN Unit. end the proper ty known, named and Identltlad In thl
Declaration referred to below e. "Stantord Court Condemlnlum I", .ltUlte In the VUI....
ot Westover, Hampden Town.hlp, Olrnberland County, Pennsylvania, which hll heretotora
bun .ubmllled to the provl.loRl ot the l'enn.ylvenfa UnIform Condominium Act, sa
Pa.C.S.A. 553101 et m., by the racordlng In the Oftloo ot the Reoorder of Delcla of
Olmberland Countyota DeelaraUon dated loIay 29, 1987, and recorded Junl 3, 1987, In
\l1.clllaneoUI Book 334, p.... 804, AI thl lime may be amended trom tlml to tlml, balnr '
anl.l dlllrneted In IUch Declaration, AI the toll owing Unit., whloh Aid Unltl arl mora
tUlly dllorlbed In .ald Deolaratlon, torather wIth a proporUOlllt. UtIdlvlded Intlrllt In thl
Common Elemlnll <II d.flned In Aid DeOlaraUon) al herelnln.r ..t torth.
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Percentall" Intere.t
2.570%
2.850'.16
2.850')(,
2.850'/6
2.850'.16
2.850'.16
2.650W.
2.850%
2.850'.16
2. 570'l6
Unit JdlnllMI1I' Numblr
A-I
A-2
A-3
A-4
A-5
A-8
A-7
A-I
A-8
A-tO
.
IIP..K ,/32 PAce 989
11..____.
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~./<Ai~
School DI". c..... Ca., ..
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c...... c:.;. ".
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O.t. I.V.::\::t~ A."~/-fO.'"
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I 8-11 2.ITO'lil
8-11 2.110'16
. 8-13 t...O'16
\ 8-14 2.110'16
! 8-11 1."0'16
8-11 t.:511'16
B-IT I. 10'16
B-U 1.150'16
B-U 2.110'16
B-20 2.170'16
C-Il 2.111'16
C-22 2.850'16
C-23 2.850'16
C-24 2.850'16 .:
C-21 2.850')6
C-21 1.150'16
C-27 2.850')6
C-28 2.150'16
C-28 2,850'16
C-30 2.555'16
0-31 2.155'16
0-32 2.850'16
0-33 , 2.850'16
0-34 2,850',1;
0-35 2.850'16
0-36 2.850'A;
0-37 2.650',\',
0-38 2.555'li1
BIIIfO pirt of the .ame Pl'Iml... whloh PllM'boro Hom.., Ino., b~ It. died deted OCtober
2T, 1110, reoorded Ootober 2T, 1980 In the Ottlce of the Recordar of Deed. of
Ql/nberland CoWlt~ In Deed Book B, Volume 28, Pase 187, rranted end oonve~td Wlto W.
It. K"le~ IIId Ann L. K"le~, hi. wlte, Orantol'l herein, and belnr the .ame Preml...
whloh FwM.boro Homll, Ino., by It. corrective deed dated l.uru.t 21, lUl, recorded
Aucu.t 21, 1881, In the Ottloe ot the Recorder of Deed. of CUmberland County In Deed
Book M, Volume 28, Pase 480, rrante..t and COnveyed unto W. R. Keeley and Ann L.
K..le~, hi. wife, Orantor. herein.
l'OBMBRLl' BEINO part of Stantord Court Condominium, oroated pur'U8nt to Declaration
' deted Auru.t 11, 1881, recorded Auru.t 21, 1881 In the Oltloe of the Recorder ot Deed.
of CUmberland County In MllIceUaneou. Book 268, P.ge 237, II amended by Flret
Amendment ,to Deolaratlon dated December 15, 1811, recorded Decomber II, 1881 In the
OltlCle of the Recorder of Deed. or Cumberland County In 'I11.cellaneou. Dook 212, Palle
448, I/Id rurther emended by Seoond Amendment to Decluatlon dated January 20, 1884,
recorded February 3, 1884 In the Ottlce or the Recorder or Deed. or Cumberland County
In MJaCleUaneou. Dook 282, Page 838, together with Plot. end Plan. _ Site Plan., Stantord
Court Condominium, and emenament. thereto. Said Stantord C.,urt Condominium, oroated
pUflUllnt to the above-dllcrlbed DeClaration, u amended, wa. terminated by Termination
Arr",ement dated May 28, 1987, recorded In the Ottlee of the Recorder ot Deod. of
-
roo;. y 32 PAC( 990
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Cumberland Clunty In MlscoUaneous !look 334, l'uge 8~6. Stanrord Court Condomlnlll/ll I,
being part or the tarmlnuled Stanrord Court Condominium, hu been r..ubmlUed to the
provlalona or the Pennsylvsnla Unitorm Condomlnlwn Act, 68 PI.C.B.A. 553101 !!. !!!I', by
the recordlne or the Deelarltlon, dsled May 28, 1887, described above.
tlNDBR AND SUDJIICT to Iny and III covenant., conditions, rutrletlolll, rlllhu-of-wey,
e.sements and IIlreements ot record, Including, but not Umlted to, thOle contelned In
In.trumenls reeordod In the Otrlce or lhe Rccorder or Deed. ot Cumberlalld County In
Mlacollanuous Dook 248, Page 858, ,111.cellaneous Book 261, Pille 840, M1acellaneou, Book
263, Page 600, and Plan Dook 52, Page 148.
PUllTIIBR UNDBR AND SUDJIlCT to any and all covenanta, condition., restrlotlon"
rlghts-ot-way and easements as .ct rorth on Plat. and Plalll - Sit. Plan, recorded In
Plan Dook 53, Pale 35. Specltleelly .ubJect to a common aooolS euement Ind oft-,treet
parklnll requirements set torth on l'reUmlnlll'Y Final Reaubdlvlslon Plan, Stlntord Court
Condominium, dated l\1aroh 3, 1887, recorded In the Otrlce ot the Recordar of 1leedt of
Cumborland County In Plan Dook 52, Pago 148.
TOOnTUER with aU .Ingular the streets, ways, water, watercourses, rlllhta, Uberties,
prlvl\ellos, Hereditaments end eppurtenances whetsoever thereunto belonlIlne or In any wise
a~ertalnlnll, and the reve..lons and remalndors, rent., Issuea and profits thereof, Ind IU
of the estata rleht, title, Interest, property, claim Ind demand whatsoever of .lld
Orantora, In law, equity or otherwl.e how.oever, of, In and to the lIII\Ie and every part
thereof.
:0
roBTIIBR, Oranlora by this conveyanco, do hereby tran.rer, set over and IIlIIlln unto the
Orantee all of their I.)eetarllllt.' rlghtll pur"14nt to Seetloll 11.3, Declaration, dated May
29, 1987 recorded In the Orrlce of the necorder ot Deede of Cumberllnd County In
"III.cellaneou. Dook 334, "lIle 884, and pursllllnt to Section 3304 of the PeMlylvlnl1
Unlrorm Condominium Act.
TO HAVB AND TO HOLD the said Units above-described Ind the Heredltlmente Ind
I'remlses hereby llranted "r mentlonod Ind Intended so to be, with the appurtenance. unto
the ..Id Orantee, hi. heir. and assign., to Ind ror the only proper Ule Ind behoof Ilf thl
said Orantca, his hairs and aslllgna rorover.
AND tha said Orlnto.., ror themselves and their heirs, auoceuora and IIlIIlP's, do by
these presents covenant, llI'ant and asree to and with the said Orant.., his helra and
1..lgns, that they, the .,Id Orantora, their heirs, .ucoessors and aslllinl, aU and IllIllUlar
Hereditaments and I'remlsu herelnberore described and gr8/\ted, or menUoned and Intended
so to be, with the appurtenances, I8\to 1181d Grantes, his heir. Ind lullP'l, 1Illllllt the
laid 'Oranto.., their heirs, successors and aaaliM, and lIlalnat ell encI every oth.. person
or peraonl wholMoever lawrully claiming or to clllm the l&IIIe or Iny part thereof, by,
from or under them, and Iny of them, Ihlll Ind will, lubJect to the ator...ld"
SPllClALLY WAJUWn' and DUBND.
~ ,/32 PAcr 991
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IN WITKIIlSI WBlRBOr, the uld Orlfttora have caWled th..e pr.entl to be eacut.ed the
d&1 and 1'. tlr.t-abov. written.
WITNESS.
'--
9t. '5(~~fo 'd'- (SEAL)
{!:m ;I Jf~ {!j- (SEAL)
L. K..I'1
OMMONWEALTH OF PBlINSYLVAKIA
COUNTY OF CUMBBRLAND
.
. SSa
.
'On thl., the I ~ da1 ot ~ "'....... ,1887, before me th. wIllenlmod ottlcer,
p.nonally app.ar.d W. R. KIII.y and Ann L. K..ley, hla wit., known to m. (or
1It1.taotorU1 prov.n) to b. the pel'lona whClJ names ere .ublCrlbod to ,th~'tor"oIRl
' .' '. .,
In.uument and lIcknowledied that thuy execut.d the same tor th. pur,Po."s' therein
,. .......,... ,~
contained. , .....~t~-,)~lll, .~..~"~ ., ,
, se b't't ~::l \"
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IN WITNBSS WHBRBOF, I her.unto lit RI1 hand and official lIal"~,' \':."'~":' '.~I...a.:Jlr.~:,
'f ...".:......" ,t" /4,'-' "";'i'
"I.'" ....... ,-""",,, :1,..tl..
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Notery 0. NfI(1<.f11;'
lA, t;oof1l:i~ b~" Doc, . II. 'M
- ~,.~, ,..., 0...... GMW
I do her.b1 ..rl1~ that the preclle r"ld.noe and complete pest office eddr... ot
the withIn named Orant.. I.. 400 North Front Street, Wormleysburi, PA 17043.
Dated. jJel-oJ,ft' [1/9'1
ItiGK /32 'ACE 992
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CERTIFICATB OP COMPLBTION
STANFORD COUllT CONDOMINIUM I
TWS CERTIPICATB OF COMPLBTION, made this /sl day ot (JC~6er. U81,
by Ronald S. IlaUanlperier, a reilstered proteulonal e/lilneer, 0. P. Ratten.parsar
Alloolates, I!nglnaen and Surveyo..., In acoordance with the provision ot SeoUon 3201 (0),
PeM.ylvanla Uniform Oondomlnlwn Act, 88 Pe.C.S..\. 53201(0), hereby o.rtlll.. that the
toUowl/li thlrty"/iht (38) units of Slantord Court Condomlnlwn I bel~ conveyed by the
within Deed, are lubltantlally cQmpleted at ot the date ot thll Certlfloate ot OlmpleUonl
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A-I 8-11 C-21 1>-31
A-2 8-12 0-22 1>-32
A-3 8-13 C-23 1>-33
A-4 8-14 C-24 Ir34
A-5 B-15 0-25 Ir35
A-& 8-16 0-26 Ir36
A-7 8-11 0-27 Ir37
A-8 8-16 0-26 Ir38
A-8 IH9 0-29
A-l0 8-2U 0-30
IN WITNBSS WHBRBOF, Ronald S. Raffenspcrger, a reilatered protlulonal enetntlr,
D. P. Rattlnlperller "'Ioolatll, I!nglneers and SUrveyor., hu heraunto At hll hand and
leal the date Ind Ylar tint-above written.
COMMONWEALTH OF PBNNSYLVANIA
(SBAL)
ss.
COUNTY OF CUMBERLAND
On this, the ,...,.. day ot ()J: I.. '" ,1987, before me the underslilled ottlolr,
p..aonaUy appeued Ronald S. Rattenlperier, P.E., known to me (or aatlstaotorUy proven)
to be the pel'lon whos. name Is IlIblcrlbed to the within Certlfloate ot Complal'OD and
aoknowl~ed that he lXooulad the II&me tor the purpole. therein oontaIge~~,:.:.;;';:;.;'.:~ :~l"
/ .../....'(';\.~...!~'!
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IN WITNBSS WHBRBOF, I hereunto At my hand and oWclal .eal.; ~ i.: " ~ :~. t:i..: ;
. ., , 1')1' ,~ . "". t "
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OWlNlllHO, NOT.lAY........~ " , ..
Io!y ~ &,it. Doc. .. 1\, I.
~~ ClMoe.
lOCK Y 32 PAC~ 993
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... COMMONWEALTH Of PENNSYLVANIA":: ..
~ ~;~;':~::~I'~: ~i9 0 0, 0 oli:
Q na.IUl:' =..,
COMMONWEALTH Of PENNSYLVANIA ::
UEPAKrMENr OF ~R~~EN~leB ~
pr,\UY -- ~' =
I<.IMftR OCl'I'I7 ~ 90 O. 00 =
IMe .' =
Ill.. II.... _
, .. COMMONWEALTH m PENNSVlVANIA = .. COMMONWEALTH Of PENNSYLVANIA ::
.. ::'...,., ~~] " .. "MU...,.. i;~~g
'N N
.. .. Wt,',nv -- ~ ' =
... ::~N"" OC'-III r..,:',~: 90 O',~ 0 ; ... :~~NI'I. ocr ' l'II ~ 9 0_0, 0 0 ~
.. '"
COMMONWEALTH Of PENNS'/LVANI^ ::
;.: ~r~~:TMENr O. K~~;:'EC_' " 'I ~
:: :~~NllIt OCI I'll ~~;:7~: ~~,O~_~ ~
~ COMMONWEALTlt m peNNSYLVANIA ::
: ~::~:TMENr OF ~C-"h) ~
: ::~NllIA OC"\'II ~ ~~ ~
COMMONWEALTH OF P~NNSYLVANIA ? ' N COMMONWEALTH OF PENNSYLVANIA ::
'... ... OEPARTMENr o. REVENUE _,. ::
.. OEPARTME,.T Of ~eB ~ ... P'ALI' ~~o~:=
o. Rr~UV ,~ ::.: .....
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~ COMMONWEALTIi OF PENNSYLVANIA g ....
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.. DEPARTMENT OF KEV(NUE ::: ...
... P!ALI' @B~ -r
.... ;~~""S1t1 OCI"'" :~IIW~ _' ~ ...
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... COMMONWEALTH Of PENNSYLVANIA :: .. COMMONWMLTH Of PENNSYLVANIA =
... DEPARTMENr O. ~E :: ., DEPARrMENr O. HEV"NIJE ::
... If^tr'( ~ . = ... "AUV "-~B=
.... ::~N"" OCI'I'II ~: /9 0 O,_oj ~ .... 1~~1ll1IA ocr ' \'II ~ , 900. 00 ;
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.. ... ~U.II",~ =
fo"l. Y 32 flfl. 994
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QUALIFICATIONS OF EGBERT J. A. LANGENDIJK, MAl
!!!9.r''''onl' Edu!i.!l.!.!lml
P.nn Stlt. Unlv....lty
Cours~s attended and completed:
1,
2,
3,
Real Estilte Principles and Practice
Real Estate Financing
Real Estate Law
4,
5,
6,
Real Estate Management
Real Estate Appraisal
Introduction to Sampling Methods
Socl.ty or R'I' Eltlt' Appraleerl
Courses attended and completed:
Course 101
Sponsor:
Course 201
Sponsor:
Course 202
Sponsor:
Introduction to Appraising Real Properly
Central PA Chapter SREA (2/70)
Principles of Income Properly Valuation
Loyola College, Baltimore, MD (4/73)
Applied Income Properly Valuation
Camden County Community College (11/90)
Seminars attended:
Income Capitalization
Shopping Center Feasibility
Feasibility Analysis
Math-Stat Finance
Energy Considerations in Real Estate Appraising
Condominium AppraiSing
R-41 C and lhe Appraiser
Professional Practice
Market Extractions
Am.rlcan Inatltute or Real Eatate Appraise...
Courses attended and completed:
IA
Sponsor:
II
Sponsor:
VI
Sponsor:
VIII
Sponsor:
Basic Aooraisal Prlnclole$, Methods and TechniQues
AIREA Metro Philadelphia Chapter #9 (12/71)
AooralslnQ Urban Prooertles
AIREA Metro Phllarlelphla Chapter #9 (9172)
Investment Analvsls
Villanova University, Philadelphia, PA (4/78)
SlnQle,Famllv Residential Aooraisal
Villanova University, Philadelphia, PA (12/73)
Seminars attended:
Development Feasibility and Public Impacts
Appralaallnatltute
Effectlva January 1, 1995, the American Instilule of Real Estate Appraisers (AI REA) and the Society of
Real Estate Appraisers (SREA) merged Into the Appralsallnstilule,
Courses attended and completed:
Standards of Professional Aooralsal Practice A & B
Sponsor: Central PA Chapter of the Appraisallnslilute (1991)
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Seminars attended:
International Appraising (7/92) Indapendent Conlractor (7/92)
Low & Moderate Incomtl Housing (7/92) Liligation Valuation (9/92)
Hotel/Motal Valuation (10/92) Federal Banking Agencies (4/93)
The Appraiser's Legal Liabilities (9/93) Ulscounted Cash Flow Analysis (9/93)
Understanding Limited Appraisals (6/94) Subdivision Analysis (9/94)
Appraisal of Retail Properties (4/95) Business Valuation Parts #1 and #2 (9/95)
Easement Valuallon (6/96)
American Society of Appraisers
Seminar attended:
Business Valuation (4/73)
Pennt;ylvenla Bar Inltltute
Seminar attended:
Winning Real Estate Assessment Cases (1/94)
Profe..lanal MemberlhlPI:
Appraisal Institute: 1996 Past President of Cenlral PA Chapter
1995 President of Central PA Chapter
1992-94 Chapter Education Chair
Grealer Harrisburg Association of Realtors
National Association of Realtors (Appraisal Section)
Pennsylvania Appraisal Council
Profeaslonalllcenl8ll, certificates and designations
Appraisallnstitule: MAl designation #09366
Pennsylvania Department of State:
General Real Estate Appraiser Certification: GA,000296,L
Pennsylvania Real Estate Broker License #RB 028 159-L
Employment
1965,70
1970,72
1972-76
1976,84
1984,89
1989,94
1994,present
C, Kirby Fogarty Real Estate, general real estate
First Federal Savings & Loan of Harrlsbur9, PA, field appraiser
K, Jesse Reilenbach Associates, LId" appraiser
Y,F Service Corp" Vice President, commercial real estate lending
Hill Financial, SA, AVP, construction lending & review appraising
Robert R Jones & Assoc" Manager of commercial appraisal dlv,
Orberg-Langendljk Appraisals, sole proprietor
Partial Lilt of Cllentl:
Central Pennsylvania Savings
Fulton Bank
Boyertown National Bank
Dauphin Depo~lt Bank
First Capitol Bank
Bank of Hanover
Mellon Bank
NatlonsBank of VA,
PNC Bank
Pennsylvania State Bank
CoreStates Hamilton Bank
Bank of Boston
Dauphin National Bank
Guaranty Bank
Harris Savings Bank
Meridian Bank
Northwest Savings Bank
York Bank
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Plrtll' Lilt of Cllentl (continued)
York Federal
Coopers & Lybrand
E, Hempfleld Township
Harrisburg Redevelopment Aulh,
Kilburn Young Asset Management
Midland Asset Management, Inc,
PA Housing Finance Agency
Resolution Trust Corporation
Star Enterprise
Susquehanna Township AUlhorlty
Lancaster Airport Authority
Pennsylvania Power & Light Co,
Chrysler First Bus, Credit
Dunkin' Donuts
Greencastie-Antrlm School District
Hershey Trust Company
Metropolitan Edison Company
PA American Water Company
PA National Insurance Company
S, E, Tachnologles, Inc,
Steelton,Hlghsplre School District
Chambersburg Area School District
York County Transportation AUlhorlty
CSX Transportation
Pllrtlllll.t of types of propertle. Ipprellld:
Vacant Land
Slngle-fam, dwellings
Multi-fam, dwellings
Condominiums
Res, Subdivisions
Mixed-use subdivisions
Full servlca motels
Churches
Partial Interests
Nursing homas
Bowling centers
Apartment complexes
Farms
Horse breeding farm
Manufacturing plants
Warehouses
Distribution centers
Service stations
Utility llasements
Truck terminals
Golf courses
Retail facilities
Redevalopment
Office buildings
Restaurants
Schools
Cold Storage
Timberland
Qualified .1 expert wltn... for:
Court of Common Pleas In Dauphin and Cumberland Counties
United States Federal Bankruptcy Court for lhe Middle Olslrlct of Pennsylvania
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APPRAISAL 0..
Stanford Court Cond~iniwa I
Buildinga A, B C and D
Hampdan Town.bip
Cuaberland County
Mecbanic.burg, PA 17055
"AS 0.. DATE"
September 1, 1996
FOR
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Ricbard E. Snelbaker, E.q.
Solicitor for Cuaberland Valley Scbool Di.tr1ct
44 West Main Street
Mechanicsburg, PA 17055
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BY
ITIVlM W. BARRETT, SRPA, IRA, alA, CPB
PA Certified General Appraiser GA-298-L
Certified PA Evaluator AV-34-L
Licensed PA Real Estate Broker RB-26921-L
AND
CAIIAMDRA J. CROCKBTT
PA Certified Residential Real Estate Appraiser RL-001348-L
I'
So W. BARRITT RIAL ESTATE AWD APPRAISAL I.RVIC.I
A PENNSYLVANIA SOLE PROPRIETORSHIP
Copyright 1996
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TABLI or CO.TI.TS
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Letter of Transmittal.
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Summary of Important Data.
Scope of Appraisal-Marketing Time.
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Property Description
Location Analysis.
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Regional Data
Neighborhood Data
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Site Data
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Zoning and Restrictions.
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Recording Data
Assessment Analysis.
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Highest and Beet Use
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Purpose of Appraisal
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Appraisal Process.
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Sales Comparison Approach.
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Income Approach.
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Cost Approach.
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Correlation and Final Value.
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Certification.
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Cer~ification and Statement of Limiting Conditions
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Resumes.
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Photographs.
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Addenda
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S. W. BARRETT REAL ESTATE" APPRAISAL SERVICES
ApPII".al. I 8,ou,... . Cl)unlllJn.
124-126 N, Hanover Street Carlisle, PA 17013.2455
Phon. (7\7) 14),6646 FAX (717) 14).8617
SI.... W, Oamll, SRPA, SIlA. ASA
S'QI. C'''({Ird G,n,,,,' A/IPNls"
c",t/inJ APPN'S'fJ
WIlliam A, Ra".1I
I>lan. Gill
Clllandr. l'rOt.:kett
Sian A, Skowron.k
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AUUf:;llll AppfV;urs
O. HDrt) SJuncr
Donna K, ShullZ
JC'lncue Jenkin.
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August 26, 1996
Mr. Richard E Snslbaker,
Cumberland Valley school
44 West Main Street
Hechanicsburg, PA 17055
solicitor
District
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SUBJICT.
stanford Court Condoainiu.s I
Buildings A, B, C and D
Mechanicsburg,'A 17055
Dear Mr. Snelbaker.
In compliance with your request, I have personally inspected the above
captioned property to estimate its present market value.
The value shown hss been arrived at after careful study of the location and
type of improvements, their present physical condition and their present use.
Therefore, I believe it to reflect a true measure of the present-day market
value "AB 0'" Bepteaber 1, 1996.
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Valuo Reported.
Buildinge A, 8, C - 30 Units
Building D - 8 Units -
Combined Total - 38 Units -
$ n,ooo
$ 76,500
$2,772,000
- Individual Value
Individual Value
Market Valua
I he~eby certify that I have no financial interest, present or contemplated,'
in this pr.operty, and that neither the employment to make the appraisal nor
the compensation therefrom is contingent upon the value reported,
Sincerely, ,
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<~;;~ ' ~,~~~- ~- -/ /
BTIVIM W. BARRITT, SRPA, SRA, ASA, CPE
CERTIFIED GENERAL REAL ESTATE APPRAISER
J ~. (." '..d
(,UJd.t("/1...(, ' , -1,,,.,.)/.....,/('
CAB81U1DRA ". eR
CERTIFIED RESIDENTIAL REAL ~;STATF; APPRAISER
IN
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IUMMIUlY or IMPORTAIIT DATA
Purpose of Appraisal: To determine market value of real estate,
only.
Subject: Stanford Court Condominiuma I
Building. A, B, C and D
Hampden Township
Cumberland County
MechanicDburg, PA 17055
Owner of Record: Miahaal A. S.rluao
Zoning: P-R-D, Planned Residential Development-
Property conforms to existing zoning.
Recording Information: Deed Book 32Y, Page 989
Tax Parcel Information: District 10, Map 18-1323, Parcel 54
Master Tax Card, each individual unit haa
building/unit number after Tax Parcel
Number.
Highest and Best Use: Current usage or usage allowed by zoning.
Property Description:
38 Individual, two story,
condominium units located in
type buildings. Each unit
average condition.
2.806 Acres
townhouse
four row-
being in
Lot Size:
Appraisal Dates:
Certification Date:
Inspection Date:
"AS or DATI"1
September
August
Sapt.lllbar
I, 1996
14, 1996
1, llIt6
Date of Last Transfer:
The property last transferred October I,
1987, for $1,900,000.
Environmental Audit:
'No environmental audit report was
provided to this appraiser. Please aee
the Environmental Disclaimer located in
the Certification and Statement of
Limiting Condition section.
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PROP.RTY III'ICTIOI
The appraisers inspected the interior of onA townhouse unit per
building and the exterior of all 38 units. According to the on-
site property manager/maintenance person, these units were
respective of all 38 units as far as condition and floor plan.
Individual units inspected: "
Building A - 117 Stanford Court, Unit No. lO-A-l
Building B - 121 Stanford Court, Unit No. 12-B-1
Building C - 6216 Stanford Court, Unit No. 30-C-1
Building D - 6208 Stanford Court, Unit No. 34 -D-1
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Individual P~OD.~tv Ad~...
P~Op.~tv Tax ID .".h.~
Building A
101 Stanford Court
103 Stanford Court
105 Stanford Court
107 Stanford Court
109 Stanford Court
111 Stanford Court
113 Stanford Court
115 Stanford Court
117 Stanford Court
119 Stanford Court
Building B
121 Stanford Court
123 Stanford Court
125 Stanford Court
127 Stanford Court
129 Stanford Court
131 Stanford Court
133 Stanford Court
135 Stamford Court
137 Stanford Cour.t
139 Scanford Court
10-18-1323-054-U20-8-1
10-18-1323-054-U19-8-1
10-18-1323-054-U18-8-1
10-18-1323-054-U17-8-1
10-18-1323-054-U16-8-1
10-18-1323-054-U15-8-1
10-18-1323-054-U14-8-1
10-18-1323-054-U13-8-1
10-18-1323-054-U12-8-1
10-18-1323-054-Ull-8-1
10-18-1323-054-U12-8-1
10-18-1323-054-U9--A-1
10-18-1323-054-U8--A-1
10-18-1323-054-U7--A-1
10-18-1323-054-U6--A-1
10-18-1323-054-U5--A-1
10-18-1323-054-U4--A-1
10-18-1323-054-U3--A-1
10-18-1323-054-U2--A-1
10-18-1323-054-U1--A-1
Building C
6216 Stanford Court
6218 Stanford Court
6220 Stanford Court
6222 Stanford Court
6224 Stanford Court
6226 Stanford Court
6228 Stanford Court
6230 Stanford Court
6232 Stanford Court
6234 Stanford Court
10-18-1323-054-U29-C-1
10-18-1323-054-U29-C-1
10-18-1323-054-U28-C-1
10-18-1323-054-U27-C-1
10-18-1323-054-U26-C-1
10-18-1323-054-U25-C-1
10-18-1323-054-U24-C-1
10-18-1323-054-U23-C-1
10-18-1323-054-U22-C-1
10-18-1323-054-U21-C-1
Build1Dg D
6200 Stanford Court
6202 Stanford Court
6204 Stanford Court
6206 Stanford Cour.t
6208 Stanford Court
6210 Stanford Court
6212 Stanford Court
6214 Stanford Court
10-18-1323-054-U38-0-1
10-18-1323-054-U37-0-1
10-18-1323-054-U36-0-1
10-18-1323-054-U35-0-1
10-18-1323-054-U34-0-1
10-18-1323-054-U33-0-1
10-18-1323-054-U32-0-1
10-18-1323-054-U31-0-1
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SCOPI or THI APPRAISAL
Extent of the process in which data are collected, confirmed,
and reported.
The appraisal was completed in accordance with USPAP guidelines
and conforms to all current appraisal standards.
All information was verified through public record or personal
contact or phone interviews with grantors, grantees, brokers or
other indiviC:uals involved within the sales and/or leasing
transactions.
MARKITIKG PIRIOD
1. The time it takes an interest in real property to sellon
the market subsequent to the date of an appraisal.
2. Reasonable marketing time is an estimate of the amount of
time it might take to sell an interest in real property at
its estimated market value during the period immediately
after the effective date of the appraisal; the anticipated
time required to expose the property to a pool of
prospective purchasers and to allow appropriate time for
negotiation, the exercise of due diligence, and the
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consummation of a sale at a price supportable by concurrent
market conditions. Marketing time differs from exposure
time, which is always presumed to precede the effective
date of the appraisal. (Advi.ory Opinion 0-7 of the
Appraisal Standards Board of The Appraisal Foundation and
State.ent on Appraisal Standard. No.6, "Reasonable
Exposure Time in Market Value Estimates" addresses the
determination of reasonable exposure and marketing time.)
Market value estimates imply that an adequate marketing effort
and reasonable time for exposure occurred prior to the effective
date of the appraisal. In the case of disposition value, the
time frame allowed for marketing the property rights is somewhat
limited, but the marketing effort is orderly and adequate. With
liquidation value, the time frame for marketing the property
rights is so severely limited that an adequate marketing program
cannot be implemented (The Report of the Apprai.al Inatitute
Special Ta.k porce on Value nefinition. qualifies marketing time
in terms of the three above mentioned values.)
Subject property falls within normal market time in and for the
County of Cumberland for residential, condominium type property.
The typical marketing time ranges from three months to one year
for individual units.
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DIICRIPTIO. or IMPROVIMI.TI
The subject property conaists of 38 townhouse condominium units.
The units are located in four individual row-type buildings.
Buildings A, B, and C each contain ten condominium units. Each
individual unit contains 1,080 square feet of gross living area.
Building D contains eight condominium units, and each one has
1,170 square feet of gross living area.
Each individual unit consists of a living room; kitchen, dining
room/dining area, half bath located on the first floor. Two
bedrooma and full bath located on the second floor. The layout
in all 38 individual units is virtually the same, except for the
dining room/dining area which vaLies within individual units.
The interio. floor coverings consist of carpet, vinyl or
parquet. The walla and ceilings are drywall. Interior doors
and trim are wood. Standard kitchen equipment includes
range/hood, dishwasher, garbage disposal and most units have a
trash compactor.
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Buildings A and B ere brick and masonite exterior, Building C
and 0 are brick and vinyl. Each of the units are on a concrete
slab foundation, except for one end unit of each building.
These partial basements are used for tenant storage. Access to
the basement of each building is from the exterior.
Heating and air conditioning is provided by electric heat
pump/central air system. The electric service consists of 200
amp service with individual breaker boxes for each unit. Each
unit is serviced by public water, sewer, electricity and
telephone hook ups.
Exterior amenities include two individual parking spaces located
to the front of each unit. Thll property is improved with
sidewalks and curbing. Each of the units has typical shrub-type
landscaping located in the front of each unit. The road that
services the individual units is a private, macadam road and
cartway which is maintained by the developer.
Buildinga A, Band C are approximately 13 years of actual age,
and Building D is approximately 9 years. The overall condition
of all units is considered average and typical for their
life/age.
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LOCATIO. ~ALYII8
RlcnOUL DATA
1990 Census figures show that the Tri-County Harrisburg SMSA--
Standard Metropolitan Statistical Area--or Central Region,
comprising Cumberland, Dauphin and Perry Counties, is now home
to 587,986 people after a growth rate increase of 6% since 1980,
exceeding that of the state as a whole. The hub of the area is
Harrisburg, the state capital, one of the largest cities in
south central Pennsylvania.
, ,
The York SMSA is a two county area, 1,435 square miles,
consiating of York and Adams Counties situated south, southwest
of Harrisburg. York County is fourteenth in size in the state
and from 1980 to 1990 increased in population by 9.6%. The city
of York notes with pride that it was the capital of the United
States for one day during the American Revolutionary War. Adams
County's largest town--Gettysburg--is best remembered for a
decieive Civil War Battle in 1863.
All these counties are ideally situated as a transportation hub
between coastal and interior cities. The area's north/aouth and
east/west highways cross at Harrisburg, affording convenient
commuting for business or pleasure from Central Pennsylvania to
the Philadelphia, New York, Washington, D. C., corridor.
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Baltimore and Philadelphia are close enough that their suburban
populations are now impacting on the south central region of the
state.
Harrisburg continues to be the nucleus of economic strength in
the Central Region offering a widely diveraified economic base
including agricultural--featuring local farm markets, retail and
wholesale trade, manufacturing, warehousing, federal military
installations, as well as being the Dauphin County seat.
One of the key factors to support a diversified economic base is
the extenaive highway network criss-crossing the region.
Interstates 81, 83 and 76--the Pennsylvania Turnpike--and U. S.
Routes 11 and 15, aa well as U. S, Routes 22 and 322 all serve
the Harrisburg area. Other transportation facilitiea include
Harrisburg International Airport served by TWA, American,
United, Northwest and U. S. Air, plus several local commuter
lines. Seven local commercial airports, three major railroads,
Conrail to the north, southwest and west, with Amtrak providing
passenger aervice; and finally numerous trucking terminal
facilities such as Roadway Express, Carolina, Shaffer to name a
few, add to the areas mobility.
Economies such as central Pennsylvania's which have been built
on a goods-producing base are more susceptible to the business
cycle fluctuations and traditionally auffer grea,ter cutbacks
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during receasion. The more severe the recession, and the 1902-
83 recession was as severe as any, the more difficult it is to
reverse the effects of cutbacks. The area, nevortheless, has
bounced back far better than expected becoming a more recession-
resistant economy based on the service-producing industry.
Another indication of the economic health of the region is
exemplified by the relatively low unemployment rate of 4.5\ for
1990 in South Central Pennsylvania. Cumberland County had a low
of 3.6\ with Perry County at 5.8\.
There are various military installations situated in the region
three of which are in Cmnberland County: U. S. Naval Supply
Depot in Mechanicsburg, U. S. Army New Cumberland Depot located
near New Cumberland and U. S. Army War College located in
Carliale. In addition, Fort Indiantown Gap Military
Reservation, Lebanon County, lies within proximity of the
metropoll tan area. It is headquarters of the U. S. Army
pennsylvania National Guard and is utilized for summer training.
It is evident from the above that the largest employer in the
Harrisburg SMSA is government, which provides omployment for
approximately 25\ of the work force.
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COUNTY UNIMPLOYMINT RANKINQ - J~UARY, 1995
eOUlfTY STAT! RATI VOLUMJ: 1989 DIFPIRI.e.
JUUrK-67 RATI
Cumberland 1 3.6 4,000 2.9 0.7
Dau hin 8 5.1 6,700 4.1 0.1
York 7 5.0 9,400 4.1 0.9
Adams 14 5.6 2,400 5.3 1.8
Perry 16 5.8 1,300 4.7 1.1
The 1990 Census also indicates Cumberland County's buying income
per household is $35,540 with the median age of 37.3 years.
Approximately 65% of the households had incomes in excess of
$25,000 and another 44.8% in excess of $35,000.
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HARRIIBURa - LIBARO. - CARLISLE MIA
FIrTY LARallT IMPLOYERS*
.... of ..plov.r
Pennsylvania State Government
(Except Hlgher Education)
United States Government
Hershey Foods Corporation
Pennsylvania Blue Shield
AMP Incorporated
Penn State University (Middletown and
Hershey Medical)
Giant Food Stores, Inc.
Harrisburg Polyclinic Hospital
Harrisburg Hospital
International Busl.ness Machines Corp. (IBM)
HERCO, INC.
Dauphin County Government
Holy Spirit Hospital
Weia Markets, Inc.
Capital Blue CroBS
Central Dauphin School District
Electronic Data Systems Corporation
Roadway Express, Inc.
Harrisburg School District
BH/M-II Inc. (C. H. Masland
Pennsylvania Higher Education (Includes
Shippensburg State University)
Sprint Telephone Company of Pennsylvania
Sears Roebuck & Company
Pizza Hut of America, Inc.
ABF Freight System, Inc,
United Parcel Service, Inc.
Kinney Service Corporation
Dauphin Deposit Bank & Trust Co.
Book-of-the Month Club, Inc.
Cumberland County Government
City of Harrisburg
Lebanon County Government
The Good Samaritan Hospital
Cumberland Valley School District
Exel Logistics - Grocery Services, Inc.
Harrisburg Area Community College
Bell Telephone Company of Pennsylvania
Boscov's Department Store
Carlisle Hospital
Milton Hershey School
Rite Aid Corporation
Capital Area Intermediate Unit (IR-15)
Fry Communications, Inc.
K-Mart Corporation
J F C Temps, Inc.
Nationwide Mutual Insurance Co.
D.part..nt of Labor and Induatry,
Bur.au of R....rch .nd St.tiatica
*Businesses that have closed or moved
out of the area have been removed.
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HOUSIHOLD AIID PIR CAPITA INCOMI rOR un
COUNTY MID I All MID I All MIDIU PIR CAPITA
HOUSIHOLD rAMILY NON-rAMILY IICONl
I NCONl: INCOMI HOUSIHOLD
I NCONl
Cumberland 34,493 40,989 19, 697 15,796
Dauphin 40,985 37,254 18,639 14,890
York 32,605 37,590 17,785 14,544
Adams 30,304 35,225 17,240 14,420
Perry 29,539 32, 776 17,103 11,941
Ill!PARTMIWI' 01' JAilOR ANIl INIlUSlllY
Whatever your interest, you can find it, buy it and enjoy it in
south central pennsylvania. There are a wide variety of
cultural facilities within the Harrisburg Metropolitan area.
These include a State Museum, The Forum--facility to the
Harrisburg Symphony, as well as visiting artists--and the State
Library. 'rhe Hershey complex, only minutes away, includes a
four-star hotel, an arena and the area's flagship amusement park
and zoo. Numerous shopping and outlet malls dot the region.
Harrisburg is home to the Senators baseball team and the Heat
provides soccer entertainment.
Continuing education is available with many private and state
supported colleges, as well as community colleges.
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Cumberland County is located directly west, across the
Susquehanna River from Harrisbur.g in the heart of the eastern
market. Comprised of 550 square miles, it incorporates the
communities of Mechanicsburg, Shiremanstown, Camp Hill, New
Cumberland, Lemoyne, West Fairview, Carlisle, as well as
numerous townships.
Cumberland County has had an increase in population, total
number of houaeholds and average household incomes--ranging from
$21,716 in 1980 to $35,540 in 1990--showing a strong economic
development.
Economic demographic, aocial and physical factors affecting the
future marketability and value trends of real estate in the
subject locale include:
A strong transportation center as a result of
interstate highways and convenience to the
eaetern market.
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New' con9truction of off ice buildings, trucki'1g
terminals, warehouses and industrial buildings,
as well as service-producing facilities.
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Expanding population base, including availability
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of skilled and unskilled workers.
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The Harrisburg SMSA is expected to continue its steady growth in
the future, due in part to its strategic location,
transportation and stable economic base. Growth rates in the
foreseeable future are predicted to exceed that of the overall
state average. Most likely, the Greater Harrisburg Area, as
defined, will experience the slowe~1 rate of growth, while t,e
less densely populated portions of the region are expected to
grow at a more raDid rate. Future growth rates in the subject
Cumberland County area are also predicted to exceed those of the
Greater Harrisburg Area, but be below the less densely populated
portions of the Harrisburg SMSA.
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totAL IIEVEHUE
11..1 Ellllt T....
Ftdllll Aid
SltltAld
LocII n.v.nUI
0,"".1 Governm.nt
ruhlle SI'tlv
Puhlle Wo,kl
Humin Servlr...
TAxES PEII CIIplTA
ASSESSE!) VAllJE"'"0"'T Y
AsSESsMENT MtlO
TAX RAIE IMlllS)
ADJUSIED Mill MtE
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lOlAL UMIS 77,106
Occupltd 73,~52
Vletnl 3,656
. TOTAL OCCUPIED UIIITS
Ptllonllunll at
M,dlln v.fuI/owned 185,000
UPI'll qUII'lIt $"2,000
,. lowI, qUI,III1 $66,200
Mldltn Rlnl '376
UPI'll O,,"UI. '~65
lowII q""l11t $266
TVPE OF S tRUC lURE
. Slnglt unK IUtch 6,570
Slnglt unll dttleh ~7.0~2
Two 01 mo..lbldg 15.0~3
Olhll IVpt 6,~51
I MEDIAN YEIIII BUll T 196
MEDIAN MollllllY COST
Mortgtgtd 1723
Hal mOllgtgld UI~
1I0ME VIICIINCY R/IIE 15%
I neNIIII. VIIC^,lCY RillE 20%
/IIEIl, Public 86,853
W.II 19,587
SEWER, "uhlle 58.758
I S.plle 19,8~0
BUllDINO I'ERMIIS ISSIIED
Tolll Rtlld.nll.' Dldg 1,008
& Vtl"t S9~,842, 159
I Slngl. 'tmllv hn,,". 1.001
& Valu. S9J.367,3~5
Olnet .. 1"0' Bldg II
& V.lu. S5.oe9.80~
sto,.. & Commercial 33
I & Vtl". "4,214,271
'ndUI"II' Bldg. I
& V.I". S8,842,938
59,~~3,649
15,487,968
5,619,047
16, t90,99~
U72,125
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93
716,888
7,3
2480
1,79
-----'---'CUMBERiAND
COl/IIIYSEIII' CIIII,II IYI'E Ml/III, COl/IIIY
IMm MlfA (""nl) MO 2 W/IIEIl IIIlr,1I ("1 kill)' 283
toIlGIll/IIE, ,077288Ueo 1./I"'IIIlE, 140160ft60 rap DENSity, 355
1111,111 SCIIOOI. 11nllllS48,490 COil EnE lllllllJS 10,557 rosr GRADS: 9,819
ClEn/<' WlIlIIIM E IJEIINIS hi 171712408150
ONI CllllRt1lOl/81 80l/Anll, CARlI8IE, "^ 17013,3387
SUIJCITOll 1I0rlACE /I JOIIIIsoN 17171240,8180
OIlE COIlf1ll10l/SE srlllAHF., Cllfll.lSI r;, I'A 17013
,"EASl/HEn JOliN <llmSS 1717)240'8360
FINANCIALS "'''10......",
tOlAl EXpENOITUnE 8~,711,344
Oplllllon & Mllnlonlncl 81,267,132
Otnllll Adrn'nlllllllon 7,128,929
Judlcl., 5,170,607
IlIghwtYI 127,389
Co"tellonl 5,~30, 722
I'''bllc SI,.ly 2,093,108
f1urnln S."le.. 34, t57,~36
llbr.ry t, '63, 786
Conl.N.llon &. UI"llop 1.78S.ee7
Inl.,.., 1.562,201
Clpll.1 E'plndltlllll J,42~,212
ExrENDlIunES I'ER cllrllll 331,42
lOl/ll NElllEOI 515,210,2'~
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01'" Gfn 811111 Pub "urn
M.lnl Adm IIw.y Silty SVCl
Exp.ndltur. An.'y.'.
DEMOGRAP.IICS
fOr f101lSfllllS 7l.M6 10921'01' 201,108
".lIon. per: on. I7Ml Flm.l, 100,763
Two-rour 60,110 M.lt 940474
Flv. .. 5,758 MCE
Mldlln Incoml S34,493 Amllleln Indlln 2/7
PLACE OF WOR/< A.I,n/Plc I. rInd 2,418 1:1":
111 County 70,637 mack 2,675 Jli,;
Onllldl Counlv 29,462 Whitt 180,229 ~II:
Ou',ldt SIIII 08t othe" n I.e. 456 '.'\
IIIS"AIIIC ORIOIN 1.307 '. ,.,
COMMUtiNG MINU IES 17,7 '~ ,',
AOE ' I/,:;
CfllEF INOUlltRIES t 7 & under 42,&68 '" I; d~
A P,of...lon,1 ServIce. 1810 J9 7t ,585
B RtlaM ~O 10 8~ 5U76 1910 t960 lege
C M.nuflcfu,'ng 85 10 7~ IMOl
CIIIEF OCCUPAtiONS 75' 10,637
A Adntlnl.Ir.II'YI MARITAL SI/IIIIS PopU'.UOII Tr.nd
B llbo,.,. M."led 05,40~
C ",o,."lonll N.ver M.,.I,d 22,063
I'~R CAP INCOME $18,706 UI"mcerlfwlrlow 22,237
LIBRARY
CUMBERI.ANDCOUNJY lIBRAny SYStEM, 156 W1!sr IIllll1 ST CAnUSlr;.PA t70132986
mlldol: JOIlEl.lE rnElIIEn rei: 1717)240,8178 FIX: (717)240-77/0
Por SlIvld: 0 101 VOlon"",, ~A06 Tol Clre, 11,075
'0 Incoml' Sl32,283 Tol E'p.nd' Sl35, 12~ S.I & WRO'" 191,860
OFFIciALS
Nlm.
EARl, II. KElI.ER
DOnSEY II, my
IIENIIIEC /lSSOCI/IIES
,IIUI
ClI/llRrEnSON
CIIRM I'UlO COM'"
ENOINEER
J 1'11lh1l1l1
(717)240'8150
(717)737,8822
(7171783.7391
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rorAL REVENUE
Tolll lUls CoU.cl.lJ
Rell fSlal. rtlUtll
Tolal AI:l ~ll TallO!
5111. & fed.fal (hOIlIIl
51.1. thytlwl1V AuJ
COlJf1IV titanls
Will. OIIl,lOul
REVENUF. PEn CAPITA
TAXES PER CAPITA
ASSESSED VALUEIPROP'TY
MARKET VALUEIPROP'TY
TAX RATE IMlll S)
ADJUSTED Mill RAIE
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TOTAL UNIIS
Occupi'cj
V.t1nl
TOTAL OCCUPIED UNITS
P.rsonaJuml
M.dlan vllu,fawned
Uppe, qUIIII.,.
low., qUllltl.
M.dl.n R.nl
Upper qultWe
lower QUIIIII.
IYPE OF STRUCTURE
Slngl. unll a"aeh
Slngl. unil d.laeh
Iwo 0' mo,albldg
Olhor Iyp.
MEDIAN 'TEAn DUlL I
MEDIAN MON filL Y COS I
Mnltgag.d S /04
Nol mO"y.ged S221
flOME VACANCY RA IE 1 3 ',i,
RENTAL VACANCY RAIE 11%
ArER, P"blte 4,040
I W.II 21
SEWER. Pubile 3,981
S.pl,e 86
BUILDING PERMITS ISSUEU
Tol., R.lidln'l.' Bldg
& Value
Sln9" 'amlly house
& V,lll'
Olntl & P,o' 8i1lg
& V.'ue
SIOf" & Commarclal
& V Ilu.
Indullfl.1 Dldgl
.\ Valuo
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3,926
141
I
240
S82,600
S9Y,000
S66,600
SJ18
~.'52
S301
I
618
2,261
1,164
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3,582,882
1,2/9,366
4Jl,124
04J,242
0,1,041
t t 1,651
o
620,006
319
IJ5
29,IJ8
399,161
1600
110
MECHANICSBURG
ClIIJN'Y l,IJMfII:IUMlO
lMHJ AI" ^ lIi'lIlUJ ') Ii
1')U(iIIIJlII~ lJ/lOO"41l11
IlIlllI ~iUlc)(lI (aMUS l,Ii.";
COON I Y ~r:^, Ca'll!lhl
WAIUt MU:A j"" !lltl) U 00
I AIIIIJllt: fI"':lllJIO!)
COlt HiE (iHAU:i t.U 16
IYflE ""UNI 3
puP IlEl4511Y 3.6\/
POS I GIlIIDS 4/\
'iECllEJAlIY SCOITlI EPPlEY 101I/l/}69I,3310
IWI) W 'j IflAWIIElIlIY AI N MAllKF. I, MI'CIIANICSIlIJfIlJ, PA IIU~~
PilE'; COIl/ICII, ,jAMlJEL II UlACK (/I/)69I,J310
511IlCIIIlII WI: IIAM' SUNIlAY 1/1 /)/66,962/
M^NAnHt ~;COf T n EPPlfY ("III)91'3J10
FINANCIALS """"',,.,,,,
IOIAL EXPENlllIlJRE
OperaltlJll & MilJt11ellBllce
\1811.,'01 Adllltllltilrallon
~;illlll"lll)fl & lIeilHh
Puhht: ~i,lll!ly
~;III;!QI'S A 11.IJh......B)'1I
l/llf:'esl
IOIAL CAPIIA' UIHlAY
Health & Sill1llallUIl
PubliC S.'oly
51'001. & Highway.
EXPENllIllJlIE PFR CAPIIA
fOIAL liE I IlHIT
J.~6U48
lI09,~J5
n2,480
1.287,066
160, '.16
:116,652
o
451.81J
211,210
" J,699
1230J2
J/1
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OpI/ G.n Sin / Pub SIItIl
MIIIII Adm tlllh Salty Hw.r
Expenditure An.IYIII
DEMOGRAPHICS
I () J IIOlJSIILlJS .'.'JUI IOOJPOP 3,171
Per lions per OIlQ 1,112 Felllole 4,946
Two.'uur 2,~03 M.lo 4.604
Five t 2/6 RACE
Medlin Income S32,15J Anhulcan ImJuln 18
PLACE Of WORK ASllln/Pac Island 04 t
In COUll'V Blick 23 \.
3,6/5 , ~,....
Oulslde Counly 1.J82 Whll. 9,311 .~ ,,' I..
OutSIde Sllle 61 Olher, II It c 0 ' ~" '-fj~1
COMMUIINO MINIIIF.S 160 IIISP/,NIC ORIOIN 42 " "~iI ,1~
AGF. ' '
.! ! t~ .."
CIIIEF INDUSIRIES 17 & under 2,018 ',~J ,
,.r,,; . ~:.' /
A P,of.ulonll ServIces 181039 3,266
B RII.,I 401084 2,116 1910 1980 1980
C Mlnaglllol Mlo 74 843
CIIIF.F OCClJPA liONS 76. 469
A Ad'IUfllllraUv. MAIlIIAL SrAIIJS PopullUon Trend
0 Profelllonal Marned 4,645
C Llbo,,,. Nllyer M.lflltd 1,040
PER CAP INCUME SI~,312 Ulvorclld/.,..Idow 1,166
LIBRARY
MECtlANICSDURG ARF.A PUULlC LIBRARY, 51 W SIMPSON ST MECtfANICSBURO, PA 17056 6li1
Dlrtelo, CllnlSIINE ME IGALFE III (11 71166,0111 F.. 1/11)/68,0162
Pop Dervftd 18.20) Tol Volumes ~O,98" Tot CIte 293,827
TollnculIllI '.)080/5 1'01 E.IIpemJ SU.....O) Sat & waYlI1 SI6~.e"3
'nl,m Hint'
MF.CIIANIC5IllJlllJ I\IlEI\ ';Il
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SCHOOLS
Mmlulllrllur
un fHJlJEfH II ClJIHlS
hlul\Qnf
(111}691-4500
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'IJ I 'HJO ~'^ llf lNAI. fU:S( llJlU;t: IlUn.1.: r (J1Ur~i. IUt;
fllhlllluwfI. tU Oil")" (lllJII)).tJ 'i~' I
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..IOlIlOIUIOOD DATA
The subj0ct property is located in the central portion,
southwest section of Hampden Township, Cumberland County.
Stanford Court is located in the northweat end of the Village of
Westover. The Village of Westover consists of single family
residential homes and townhouse condominiums. The Village of
Westover is approximately one quarter mile from Route 11,
Carliale Pike. It is a four lane macadam highway providing easy
access to the surrounding area. Access to the subject property
is from a public road known as Stephen's Crossing. Stephen's
Crossing intersects Skyport Road that connects to Route 11. The
direct subj ect neighborhood consists of 70\ residential, 20\
condominium townhouse units and 10\ vacant land.
The subject property is located in an area known as the West
Shore, a major employment center of Cumberland County,
consisting of various boroughs, all within a five mile radius of
the subject site. The West Shore area borders the west bank of
the Susquehanna River and Harrisburg the east bank. There are
four bridges within a seven mile stretch of the Susquehanna
River providing accesa between the West Shore and the City of
Harriaburg.
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Overall, the neighborhood is well established and should remain
a major employment area.
SITE DATA
The size of the subject site is 2.806 acres. The overall
topography of the land is level. There are privacy mound areas
created between Buildings A/B and C/O. The subject is serviced
by a private road network that is maintained by the developer,
Phase two of the subdivision also uses the road network which is
maintained by the Homeowners' Association for their
portion/percentage. This tract is located in a non-flood zone
area, Flood Map No, 420360-A, Effective Date February 15, 1978,
Zone C.
lonina R..trictiona
The subject site is zoned P-R-D, Planned Residential
Development. The property conforms to the existing zoning
ordinance. A copy of the zoning ordinance is in the Addenda of
this appraisal. Any additional uses or improvements are subject
to existing zoning, restrictions, rights of way or easements
that may be recorded in the Recorder of Deeds Office of
Cumberland County.
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Reaol'dlaq Data
The subject is recorded in the Office of the Recorder of Deede
in and for the County of Cumberland in Deed Book 32Y, Page 989.
A copy of the deed for the subject property is in the Addenda of
this report. According to the deed, each individual unit has a
percentage of ownership ranging from 2.555% to 2.650%.
Tax Identification Number is District 10, Map 18-1323, Parcel
54. Each individual unit has a further designation by unit and
building numbers. Theee tax parcel numbers corresponding with
their address are located in the Summary of Important Data of
, '
this report.
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The following is the assessment and tax liability for the subject
property, as determined by the Cumberland County Assessor's Office:
AIIIIIHIlIT
30 Units at 4,490 Per Unit Equals. .. .$147,900.00
8 Units at 5,230 Per Unit Equals. .$ 41.840.00
Total. . . . . . . . .. . . . . . . $109,740.00
MILL RATII
Municipali ty. . . . . " " . . . . . .0030
County. . . . . . . .' . . . . .0245
School. . . . , . . . . . . . . . . .1200
TotaL . . . . . . .1475
T,g LIABILITY
Municipal i ty. . . . . . . I., . . '. .$ 569.22
County. . . . . . . . .' 4,648.63
School. . . . . . . .' . . . . . $ 22.768.80
Total. ' . . . . . . .' . .' . . . '. . . . $ 27,986.65
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Cumberland County Board of Assessment Appeals established 1974 as
the base year for determining market value on any property that was
built prior to that date. 'l'he Asoessment Office considers the
assessment 6S 25% of its 1974 market value.
Tho subject compares equally in assosament with other neighboring
properties. According to the chief assessor, there are no plans
for reassessment in the county or direct subject property that
would effect its estimated value or future marketability.
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D~rI.ITIO. or HIGHIIT AID BIIT UII
The reasonably probable and legal use of vacant land on an
improved property, which is physically possible, appropriat..ly
supported, financially feasible and that results in the
highest value. rhe four criteria the highest and best use
must meet are legal permissibility, physical possibility,
financial feasibility and maximum profitability.
HIGHIIT AID BIIT UI! or LAND OR A SIT! AS THOUGH VAC~T
Among all reasonable, alternative uses, the use that yields the
higheat present land value, after payments are made for labor,
capital and coordination.
The use of a property based on the
asaumption that the parcel of land is vacant or can be made
vacant by demolishing any improvements.
HIGHIIT AID BIST USE or PROPERTY AS IMPROVED
'rhe use that should be made of a property as it exists. An
existing property should be renovated or retained as is so long
as it continues to contribute to the total market value of the
property, or until the return from a new improvement would more
than offset the cost of demolishing the existing building and
constructing a new one.
Talren from The Dictionaty oj Real Estate Aoprui.JaJ. ThUd
Edition, /993, Appraisal /fUtitute , Chicago, 1IIinoi.r,
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HIGHIIT ~D .IIT USI
The highest and best use is that most reasonable use that
supports the highest present value as of the effective date of
the eppraisal. The highest and best use of the land/site, if
vacant and available for use, may be different from the highest
and best use of a property with improvements. The highest and
best use analyais requires the employment of various categories
to conclude that a given use is the highest and best use of the
land. The uses must meet four criteria:
1. Legally Permissible
2. Physically Permissible
3. Financially Feasible
4. Most Profitable
LeGally '.~i..ibl.
The subject property conforms to the current zoning ordinance.
There are no private restrictions, building code limitations or
environmental controls which would restrict the use. This site
currently is improved with a 38 unit townhouse condominium
complex. This use is permissible.
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Pbv.lcally Po..lble
Under the present zoning ordinance, the permitted residential
uses are:
a. Single family detached
b. Slnqle family semi-detached
c. Single family attached townhouses
d. Two family detached
e. Two family semi-detached
f. Multi-family
g. Group
h. High Rise Apartments
The site has been developed into a townhouse condominium project
which is permitted by zoning. The site has sufficient size and
acceptable topography features providing a good location for a
townhouse condominium complex. The shape of the site does not
diminish Hs utility. The allailabiUty of utilities enhances
the property. The site is within c lose proximity of all
thoroughfares and amenities.
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rlnanclall, r.aalbl.
Of the uses which are legally permissible and physically
possible, the uae which is capable of generating a positive cash
flow is conaidered financially feasible. The subject currently
is being used as a rental complex. This complex has 38
individual units. Each unit is rented and generates adequate
market rent to furnish a positive return on the investment.
In conclusion, the subject provides an adequate cash flow and is
considered financially feasible.
Moat ProUtabl.
Of the usea which are considered financially feasible, the use
must provide the highest rate of return over the longest period
of time in order to be considered the highest and best use of
the property. Since each individual unit can be transferred
separately, rented separately or operated as a complex, the
current usage is considered the most profitable usage for the
site as vacant or improved.
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COICLUIIOI or HIGHIIT AID BIIT UII
It should be noted that the determination of the highest and
best use for the subject property is a result of the appraiser's
judgement and analytical skill and represents an opinion, not
fact, and in the appraisal practice the concept of highest and
best use represents the premises upon which value is based.
Implied within these definitions is the recognition of the
contribution of that apecific use to the community development
goals, in addition to wealth maximization of the adjacent
property owners and development trend associated with the
general area. The 38 townhouse condominium units have no
negative affect on the surrounding neighborhood.
For this property, consideration was given to the existing
improvements, its townhouse design concept. Within the subject
property's direct neighborhood, the market area, there are three
r.esidential condominium projects ,with approximately 118
individual units. The present zoning, trends for the
surrounding neighborhood, land use, size, shape and topography
of the property were taken into consideration. Alao coneidered
is the fact that each individual condominium unit can be
transferred separately BS they are included in the Special
Declarant Rights of Stanford Court, recorded in Cumberland
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County of Deeds in the Miscellaneous Book 331, Page 887.
Condominium ownership, ~nlike a multi-family apartment complex
where the entire project must be transferred, can be transfftrred
individually as separate units.
In fact, the subject is located next t.o an adjoining
phase/project of similar styled townhouse condominiums that ar~
bsing sold individually. Road access to phase two is through
the entry road of phase one.
The highest and best use of the subject site, as if vacant,
would be the S6me as improved. Weighing all the aforementioned,
I have concluded that the highsst and best use of the subject
property is the current use aa a townhouse condominium complex,
with the ability for individual units to be sold separately.
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.
PURPOII or APPRAIIAL
The purpose of the appraiaal is to estimate the market value of
the subject property in fee simple title.
PROPIRTY RIGHTS APPRAISED
This is an appraisal of the market value of the unencumbered fee
simple title to the subject property; subject only to easements,
deed restrictions and zoning requirements deacribed for the
subject property. Such title includes both the physical real
estate, Le., the physical land, the appurtenance including
structure affixed thereto and the interests, benefits and righto
inherent in the ownership of the physic~l real estate. Personal
property is not included in this valuation.
DEFINITION or MARKET VALUE
The most probable price which a property should bring in a
competitive and open market, under all conditions requisite to
fair sale, the buyer and the seller, each acting prudently
knowledgeable and asauming the price is not affected by undue
stimulus. Implicit in this definition is the consummation of a
sale aa of a specified data and the passing of title from seller
to buyer under conditions whe~by:
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1.
Buyer and seller are typically motivated;
aoth parties are well informed or well advised, and
each acting in what he considers his own best
interest;
A reasonable time is allowed for exposure in the open
market;
Payment is made in terms of cash in U. S. dollars or
in terms of financial arrangements comparable thereto;
and
The price represents the normal consideration for the
property sold unaffected by special or creative
financing or. sales.
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APPRAIIAL PROCIIS
The purpose of an appraisal is to estimate fair market,value.
The first step is t.o define the problem; the work necessary to
solve the problem is planned; and the data required is acquired,
classified, analyzed and interpreted into an estimate of valun.
Within this process, three basic approachea are used by the
appraiser. They are: Direct Sales Comparison Approach, Income
Approach and Cost Approach.
SALIS COHPARISO. APPROACH is based primarily upon the principle
of substitution. This principlb holds that an informed
purchaser would not pay more than the cost to purchase a
comparable property with similar utility. The major limitation
to this approach is when there is an inactive market and no
valid comparable sales are available, This approach also is
questionable when sales data cannot be verified with principles
to the transaction.
The appraiser selects sales of comparable properties for which
the pertinent data is considered reliable. Adjustments are
developed for characteristic differences between comparables.
Then the sales are adjusted to the subject. The appraiser then
correlates the adjusted comparable sales data into an estimate
of market value by the Direct Sales Comparison Approach.
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I.CONl APPROACH is based upon the principles of substitution,
contribution and anticipation. The principle of substitution
states that an informed buyer would pay no more for a property
than he would for ~ competitive type property with a similar
income stream.
The principle of contribution holds that the value of the
property is meaaured by the contribution of the component parts
to the total economic unit, land and improvements. The
principle of anticipation states that value is the present worth
of future benefits from property ownership.
Capitalization is the process of converting net income into an
indication of value. Since the subject property has 38
individual townhouaes, GIM and/or GRM, known as the Gross Income
or Gross Rental Multipliers. The multiplier is a ratio between
the sale price and gross income that is generated on an
individual rental unit.
The appraiser estimates gross income by analyzing the market for
comparable townhouse rentals. The individual rental amount is
then multiplied by the GIM/GRM ratio to conclude a value by the
Income Approach for the individual rental unit,
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COST APPROACH is based on the principle of substitution. The
principle of aubstitution hold~ that an informed purchaser would
not pay more for a property than the coat to obtain a site and
build a comparable property with similar utility, without undue
delay. One of the major limitations to this approach is
developing an accurate estimate of accrued depreciation from all
sourcea.
The first step in the Cost Approach is to estimate the market
value of the site, as though vacant, and put to its highest and
best use. Site value is abstracted from market comparable land
sales. Then an eatimate of reproduction cost new is developed
for the improvements. Diminished ti lity of accrued
depreciation from physical, functional, or external Cduses ia
then deducted from reproduction cost new. The estimate of
market value by the Cost Approach is the summation of the
depreciated value of the improvements, plus the market value of
the site put to its highest and best use.
COKCLUSIOK or APPRAISAL PROCESI
The last step in the Appraisal Process is the reconciliation of
the three approaches into a single estimate of value.
Reconciliation is a process which considers the dependability
and applicability of the three approaches and reconciles the
three value indicationa into a final estimate of defined value.
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In arriving at this conclusion of the value of the subject
property, your appraiser made a survey of propertieD that have
sold within the general area. AD it was impossible to find an
identical property to that of the subject, since no two
buildings are ever identical, it was necessary to make
adju~tments on each comparable sale as related to the subject
property. Consideration was given and adjustments were made on
each comparable sale as to the time of sale, size, location and
utility, as well as other factors that may effect value.
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The highest and best use of the aubj act property in this
appraiser's opinion is to sell the units individually as each
unit is listed separately in the Special Declarant Rights for
Stanford Court Condominium I. Therefore, to determine the total
market value of the subject property, each unit was valued
individually.
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As stated, there are a total of 38 individual townhouse unite.
Of the 38 units, there are two different styles. The first
style consists of 30 units, which are located in Buildinga A, B
and C. These units contain 1,080 square feet of gross living
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area and range in ~ge from 13 to 15 years. The remaining eight
units are the same' style, but contain 1/110 square' feet of
living area. These units are approximately nine years old.
Therefore, two separate analyses were done for Buildings A, B
and C containing 30 units and Building 0 containing eight units.
The analyses were completed on an individual basis. The
following two grids contain the analysis of each unit.
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N.uto:N l:l)MPAIlINON ANAI.VNIN I
1l11l~,ALl!ulll:
ITEM SUBJECT COMPMIABlE NO 1 COMPAIIABlE NO, 1 COMPARABLE NO I
Ild;,A,B,C/30 Unit' 6215 Stanford Court 6207 Stanford Court 453 C.lanc.y court
A~~r!!' ItAnfo ,~ll\lrt,_,.."..... llecll.nlcltbllrg llel;han,lQ,burg Negllll/l1o'bllrg
~~,o,;.'..':,;,~.c,._I,OS~bJICI ,_........,...-,..,~/..~.....IlDII..Cl1q?:I.~X 78 000 111III, COll1lJ,~X 70 000 ~,HUI. "."j S
p,I"'ll!'~'~lIVA'" s U.67~~i'''''''''6'i':'4~ 1/IIa5.0o'~ I'7Q:Q~ r/tl:u.oo.... ."'..:;"6:33 I~LU.IOO
D.II.nd/o, Inapaction NLS c.t. MI.S Cat. MI.S Cata
~"I"c~lIon ~rc.~ ~14/CIO\ CQIIKtIlQ\I,. IleI;Qrd, COllrtIlOIl" I\9cor~ CQu~holl" ll4Ico,;d.
~~t~Q~4~r.~~~T~ -.--,.P~,~ffl!.r.IQ_~ __,on DESCRIPTION .( J &AdJu1Im~nl IJESCAIPTlON 'lllhll.'!'f'~1 DESCRIPTION, ,! ) IMI.'.II~.'ll
Sal11or Flnlnc:lng Non., Cony Non., Cony Non., COny
Cantu.lon.
~~!~~! ~'I'.l:T1ml
locallon
~~~~..t1,?ldlF.~ ~lmpr~
!II.
fllw
)lIlen .nd ApPll1
~U'!lty 0' C/?nllru,uon
'i'.
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l~!l!'!d._
'oom Count
~~~!~ ~!Vl~g ~.r~~
11.,m.nl' Flnlsh'd
looms BIlow arid.
'!"~~~!' ~IIIUL ,
1!!!!I1I!t;!'Cllllli.. _
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i!.'~g~tf.~!pl?!L_ .
o,cn, P.1I0, DICk,
Irlpl'ClIls),ltc.
In~I..~lt ~I~.
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~l=U_.._.,..___ 6-3-116
G90d
r.. U~l.
Av.rege ,
I141l1al'lt~.~
TOlmh../Att
Aveng,
13-1~ 1'n,
~"'f'~1
101,1 . IkIm. , Htlh.
~ ! ~ ' : 1.~
),,080 Sq, fl
None
GoQd
'M 8i!apl'
Ave"llg.
ll4I,i.;le/lU,l
T01f1lh.,Ultt
Avell;ege
~ 1''''', ,
A99rag.(G09d;
Iflllll Kilf'l': Iklh. :
. :,' ", '1 & '
.. : ,."
1,170 8QfI
Non,
4-H-96
Good
.... Siq>l.
Av,,,ag,
lIa.i<lanthl
TO""h,,/ At t
I\.v.I:IIg,
9 yr.. ,
Av.~ag.(Good:
101,1 : I~(l', : i1'I~1
-~,~oo
-~,~OO
10-U-PS
Good
r.e SlJppl.
Avel'ag,
ll4I.id4/1th:J.
Tolf/III../Att
Avenge
~,Yn, ,
AV'l'llg./Good;
111111 : HilmI; Hath,
;>
-2.~OO
-2.~00
-2,~OO
-2,500
4 : 2
1,140
Non.
: 1,5
8Q fl
4 : ~
1.0n
Non.
: 1,5
8Q fl
::~;~~l~:;;'~p'ICI "'~-J.."~~~.;jS 7,250~~~.~ ~~t,:$j 6,500 ~~.~i~;l':SI 10,000
rComp'"Ill. -------..-......__..lfIt _......n S 71,650tl4ll; 8.U S 73.400 lfIt ,l;L2t S 71,900
omm.nls on Salll Camp.rlson (InclUding ltl, SUbl"l PfOP"ty's t:ompallblllty 10 thl n'IQhburllOod, ,'r,)' All cOIIF.~abl.8 __I;. '~.l,~ ~n
~Yl./~l;~lity to the .~j'Qt property, A $2,~00 adjustment tak.n for ag.; . $2.500 adju'~nt
'~n ~orcondition; a .~5 par .q.r. foot adjustment for gross living ar,a; and a $5,000
~ju.t~nt for II Warag. On Qomparabl. '3, All oth.r items are Qonsid,red .qull~, Th, adju~t'd
.~y. ~.ng, ~. .71.6~0 t9 $73,400, Our value concluaion for an individual unit i, .7~,000,
-~.~!j0
-1.~00
~~f!lg, ^~l<'.!19
Ht f\!!!ll/~ lit fyq>/CA
,'lYI!1111J. Typ~c.:I. :
Off It.Plrkg,Ott St,P'~kg:
Por/pat/mcg Por/p.t/rncg:
!f9M !fon. :
~(m. !fon,
Av.rag.
Ht Puzap/a.
Typio!!J. ,
Off St,hl<'kg'
Por/Pat/rncw,
None
Non.
~Vltrag..
H~ PUZIF/Gl>,
Typ~Q"l, , !
1 Cu O,nge:
O.ck/Courtyd'
N(m.
Non.
-5.g00
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!d.,.. IItl"/o
r~.'mny fa Subj'CI
~I.. PI let
'1I:~~to~. L1v. Alt.
lI.lndlOr
11IIIc'IIoo 60UlClI
U~ ADJU6TliENT6
1111 or Fln,nelng
"lell.lonl
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clllon
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CDMPAIIAOLE NO I
6215 St.nford Court
,CQ!Ut."...,. ,.. Hloll,nio.blllfg
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In.peotion NL8 Data
PlId/CKR CQllrt~OIl.e ~OO~~,
'" "Q~!t'!!e!J,q~.. DESCIUPTlON t ( ) I.AlIJ~'II~~nl
None, Cony
...,_.."...~_...............
t.d~L~.
G9Qd
r.a lI_la
AYluga
P.l114tllthl
TOIfllIl,,/"tt
Averlg.
II ,Yn,
f,Y'''lll'l
hl!'1 i Bdf!11 , 61t~.
4 :2 :1,5
1.nO 5q,f!.
None
COMl'AlIABlE ~O 1
6207 Stanford Court
Hlohanio.b\lrg
7UOO.Il,~.C.~~~lCl
."",..,'.,. I 70, 09 I~
NLS Data
COurtholl.e ~oor~
OE!,r,RIPTlON ,~l' IAGjw!lmllll
None, Cony
COMPAAA6lJ NO I
453 Del.noey oourt
"-Qh.n~o'b\l!:9
l:iHU.. ""1
H.II00 ""..".".." , 1....,U.lOO
I 7&, 3~ I~ a,o.Oo.
NLS Data
CO\l~h~u.. ReQord,.
DE5CAIIIION
None, Cony
I 'j J'~j.~lm~nl_
.-3-96
Goo"
FIIlI S!mph
Averllle
~.i"*'th~
Tollllh"e/"tt
Itverage
P 'Ira,
, ""'~lIge(Goodi
Inlll : Itlllnl: ~Inl .
. i a i 1.~
~.l70 So fl
None
.1
_,on
,
,
4-16-96
Good
r.. S.t.mp~a
Average
~"idanthl
'l'olmll.e/Att
Average
~ Yr", ,
-2, 500 "ve~ag.(Good:
11II11 : lldlll~ : Illthl
4 : 2 : 1,5
l. UO 50 fl.
None
10-U-P5
GOod
re. Ulllpl.
Avn'~
~.idtIlUIl1
1'01lllh1l//l.tt
"",rage,
~ 'In, ,
-2.~00 AVI~alle(GoQd;
11l1~1 ; l!.lml : Hllhl .
-~.IIQQ
u~;;~l:~:'~ P;'CI~~.'~~~1.lll 2, 500 ~r~.~ ~~k Ii 2. ~OO~J.~l~'~t.rlr . II. m
:ompI"bll ...._..,.,.._............ .. .11.':..,..,1,,2.,..1 76.400 IlAt.., 3.U,,! 77. 4001flt~.,',',.at".1 76. "',
~m.nll on 611ts Comparllon (IncludlnQ Ihl Subj.CI p'opllr~'9 compIIUblU1V In lhll nSlghburhoOd. vre,I: All coftF~r~.l... .~. ,~~~~ ".'"
rl~/uti1ity to the auPjeot prQperty, A $2.500 adjuatmsnt taken tor eonditioll; a 425 per
.~. #oot adjuatmant tor llro88 living area; and a $5,000 adjuatmant tor a garage on
lIIparllbl. ",~, All othe1' ,I.te1l18 ue eoneidared "qual, The adjuated valulI range ill 476.4QQ tQ
7,.QQ, Qllr Value oonOlu"ion for an individual unit i. $76.500,
4 : il
1.073
Non.
:L$
5q fl
+2.425
^"'Ull' "",rllll.,
H~ 'YrnP/~ ~~,~~/CA
TypiOll Typioal ,
O'f St,'lr~ Q/f S~.~a1'kgi
Por/pat/mog Por/Pat/Fneg:
"9M ..em.. :
..one "olle i
AVlrage
HtPunp/CA
Typio,,], , ,
Oft Ot,Parkg;
Por/pat/Fneg:
None
None
AY9rlg,
Ht ~UI.IIIp/C,\
Typio,;!., '
1 Gu Garllla:,
neck/Courtyd:
Non.
NOlie
, ,-5.QOO
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BALli COM'ARIBO. CO.CLUIIO.
Each individual style w~s broken down as followal
Market Analysis No. 1 - 30 Units
Market Analysis No. 2 - 8 Units
The same comparables were utilized for each analysis as each
design is similar overall, The only difference being gross
living area and age and condition. Comparable No.3' was also
adjusted for having a one car garage where the subject property
only has on-street parking. Overall, the comparables are
similar with proper adjustments made for difference,
After carefully analyzing each comparable and the subject
property, I have ~rrived at a conclusion per unit.
Market Analysis No.1 - 30 Units - Value per Unit $72,000
Market Analysis No.2 - 8 Units - Value per Unit $76,500
Combined Value Conclusion:
30 Units x $72,000 =
8 Units x $76,500 =
Total Value Concluaion =
$2,160,000
S 612.000
$2,772,000
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In conclusion, the total value per the Sales Comparison Approach
for 38 indivJ.dual townhouse units is $2,772,000. Individually,
th~ per unit value for Buildings A, Band C is $72,000 and for
Building D $76,500.
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I
I_GO'" APPROACH
I~RODVCTIO_ TO I_COMI APPROACH
The value of investment property is strongly influenced by the
amount, quality and derivation of the income, in terms of rent,
which it can generate for its owner. The Income Approach uses
the potential gross rent which the property is capable of
generating in today's market, less expenses and collection for
vacancy and losses, to develop an indication of property's net
income. The income ia then counted into an indication of the
subject property's value by means of capitalization ra~e
considered typical for the market, the type of property being
appraised and the area in which the property is located.
CAPITALIIATIO_
The capitalization process tranalates net operating income into
a present value indication for the property. It assumes a
present worth of expected future benefits. There are numerous
ways to derive a capitalization rate. Since most real estate
inveetors require a mortgage when purchasing real estate, the
Band of Investment Technique is typically used. This method is
developed by uaing mortgage rates provided by the lender or. from
surveys published by various research firms or organizations.
Another method is actually taken from the marketplace. This
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method is considered Direct Capitalization. Doing actual sales
price~ and dividing them into the net operating income of the
actual sale to derive a rate from the marketplace. There must
be adequate market data available to utilize this method.
Typically, Market Data is available to extract a market derived
~apitalization rate. Our findings indicated a rate ranging from
8' to 12' for commercial, industrial and other investment
oriented properties.
The Debt Coverage Form'lla Technique also was considered as
supporting our market estimation of the overall capitalization
rate. This methodology also takes into consideration the loan
to value ratio, a mortgage constraint and debt coverage factor.
Yield Capitalization is applicable in the analysis of properties
with irregular income streams. In this approach an income
stream is projected over a specified holding period, and then
calculating the present worth of the income stream, plus the
present worth of the reversionary interest at the end of the
holding period.
,
The above deecription of the Income Approach was not utilized
for this analysis. The subject property is 38 individual
townhouse condominium units, not an apartment complex. The
Income Approach was analyzed individually not ae a complex.
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Therefore, the Income Capitalization Methodology was found
inappropriate for this analysis.
As clearly stated in this appraiser's Highest and Best Use
analysis and by rights already accrued by legal title, each unit
calt be sold individually creating separate market values per
unit not as a total complex,
The Appraisal Institute, The Dictiona.ry~L Real Estate
Aepraisal. ThiLd Edition, describes the definition of Investment
Value as: "The specific value to a particular investor or
investors based upon individual inveatment requiremental
distinguished from market value, which is impersonal and
detached." See also market value.
Therefore, the Investment Value of the entire project is not
required and not utilized.
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GR088 I_CONI (RI.T) MULTIPLIIR
This methodology is typically used for individual rental units.
The GIM is the relationship--ratio--between sales price and
gross income. This approach is applicable when sufficient
numbers of comparable properties are rented at the time of sale.
The GIM approach is skeptical when few or no comparable
properties are rented in the marketplace. This approach alao is
questionable in market situations in which market rentals and
sale prices do not bear a constant relationship to each other.
Introduotion tg Metho4012i!
The first step is finding market rental comparables within the
subject property's rental market. The second step would be
calculating the GIM from market sales of rental properties and
determining a market GIM. The final step would be arriving at
a conclusion per this methodology.
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MARKST ...TALI
1 6219 Itanford Court, Macbanlcaburg
Townhouse Rental, approximately 1,170 square feet
Tenant pays all utilities
Monthly Rental - $665
2. 6131 Hayaarket way, Mechanlc.burg
Townhouse Rental, approximately 1,240 square feet
Tenant pays all utilities
Located 1/2 mile from subject
Monthly Rental - $675
3. 6167 Hay.arket Way, Mechlnlcaburg
Townhouse Rental, approximately 1,240 square feet
Tenant pays all utilities
Located 1/2 mile from subject
Monthly Rental - $675
6. 501 Allenvlew Drlve, Mechanlc.burg
Townhouse Rental, approximately 1,144 square fe~t
Tenant Pays all utilities
Located 5 miles from subject
Monthly Rental - $735
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unAL X.CO'" SUMMARY
Three rental comparablee were found in the direct neighborhood.
The fourth is from a s~milar townhouse complex. Rental values
range from a low of $665 to a high of $875 for units of similar
overall utility and style. Currently, as reported by the
project manager, rents range from $625 to $650. These rentals
appear to be fair for current market conditions.
The overall project appears stable. According to the project
manager, there are no vacancies within this complex. The
overall general condition of the project appears to be average.
There appears to be a moisture problem at this time in the
basement storage areas at the end of each building.
Thirty townhouse units are between 13 and 15 years old. These
units are slightly smaller in size, but overall have the saMe
utility and appeal as competing rental units. According to the
property manager, these units rent for $625 per month. The
eight newer units are similar to the comparablea and rent for
$650 per month. It is this appraiser's opinion that the current
range of renta--$625 for older, smaller units and $650 for
newer, larger units--representa fair market conditions.
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, CO.~LUIIO. or GIN ANALYSIS
This methodology ia considered on an individual unit, and'then
reconciled into a total composite value.
The projected rent for 30 of the units is $625 per month per
unit. Therefore:
Individual Market Rental $625 x GIM of 120 = $75,000 Per Unit
30 Units x $75,000 = $2,250,000
The projected rent for the remaining eight unita is $650 per
unit per month. Therefore:
Individual Market Rental $650 x GIM of 120 = $78,000 Per Unit
8 Units x $78,000 = $626,000
Conclu.lon of Value.
30 Units @ $75,000 =
8 Units @ $78,000 =
Total Composite Value
$2,250,000
$ 624.000
$2,874,000
48
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CO.CLVIXO. or X.COMI APPROACH
As stated, no value was given to the capitalization method
because the conclusion would be the investment value of the
entire complex.
A secondary method was undertaken. The Gross Income Multiplier
(GIM) method, This method also is skeptical due to the lack of
sufficient rentals/sales. This method does reflect a potential
individual unit value that the investor can consider if
purchasing an individual unit. The composite value for Phase I,
using the GIM method, is $2,876,000,
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COlT APPROACH
I.TRODUCTIO. TO COlT APPROACH
In the Cost Approach to value, the value of the land and the
improvements are estimated separately and then added together to
develop a value indication for the entire property by means of
the Cost Approach.
Land is usually valued as if vacant and available for
development to its highest'and best use. For this process, the
Direct Mark~t Comparison Approach is generally the most
reasonable method of valuation considered applicable. This
method involves comparing similar land sales recently sold or
of.fered for sale with the subject property, as vacant; and a
comparative analysis is made of factors affecting value. A sale
seldom posseases all the various characteristics of the subject
property to the same degree, some judgment must be used in
arriving at a final estimate of value of the land.
The value of the improvements is estimated by the reproduction
cost of the structure and other site improvements, then
depreciated for physical deterioration, functional obsolescence
(curable or incurable); or external obeolescence if applicable
for the subject property.
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LIUID .ALI.
The following direct pages are the site comparables that hav~'
"
been found appropriate for this approach followed by the
analysis and conclusion.
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Ida .0. . 1
Grantor:
Grantee:
AddreBB :
Property Description:
Sale Price:
Sale Date:
Recor.ding Information:
Tax Parcel ID:
Zoning:
Lot Size:
Utilities:
Price Per Square Foot:
Weber, Jay
McKinnon, Carvin and Iylvia
1125 Gunstock Lane
Hampden rownship
Cumberland County
Vacant Residential Lot
$48,000
May 6, 1996
Deed Book 138, Page 955
District 10, Map 17-1209, Parcel 163
R-m, Residential Suburban
.38 Acre (16,553 Square Feet)
Water, Sewer and Gas
$2.90
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Grantor:
Grantee:
Addre88:
property Description:
Sale Price:
Sale Date:
Recording Information:
Tax Parcel 10:
Zoning:
Lot Size:
Utilities:
Price Per Square Foot:
Neelu Enterprises, Inc.
Mc..ugbton Co.pany
5146 Deerfield Avenue
Hampden Township
Cumberland County
Vacant residential lot
$42,900
July 16, 1996
Deed Book 142, Page 519
District 10, Map 19,1602, Paroel 042
R-8, Residential Suburban
.31 Acre (13,504 Square Feet)
Water and Sewer
$3.18
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.a1. .0. 3,
Grantor I
Granteel
AddreBB I
Property Description:
Sale Price:
Sale Date:
Recording Information:
Tax Parcel 10:
Zoning:
Lot Size:
Utilities:
Price Per Square Foot:
Shettle, Gary
Mc.augbton Co.pany
5142 Deerfield Avenue
Hampden Township
Cumberland County
Vacant residential lot
$42,900
July 16, 1996
Deed Book 142, Page 522
District 10, Map 10-1602, Parcel 044,
a-s, Residential Suburban
.31 Acre (13,504 Square Feet)
Water and Sewer
$3.18
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..1. .0. ,
Grantor:
Grantee:
Address :
Property Description:
Sale Price:
Sale Date:
Recording Information:
Tax Parcel ID:
Zoning:
'Lot Size:
Utilities:
Price Per Square Foot:
Victoria Glen
Gandy, Kayna~d and .ally
5033 Inverness Drive
Hampden Township
Cumb~rland County
Vacant Residential Lot
$39,500
May 1, 1996
Deed Book 139, page 756
District 10, Map 16-1060, Parcel 135
R-S, Residential Suburban
.32 Acre (13,939 Square Feet)
Water, Sewer and Gaa
$2.83
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.ale .0. 5
GrantoJ::
Grantee:
Address:
Property Description:
Sale Price:
Sale Date:
Recording Information:
Tax Parcel IO:
Zoning:
Lot Size:
Utilities:
Price Per Square Foot:
Hyser, Jeffrey and Kristin
ChaDoff, Willi..
6206 Edgeware Road
Hampden Township
CumbeJ:land County
Vacant Residential Lot
$37,500
July 2, 1996
Deed Book 142, Page 52
District 10, Map 19-1606, Parcel 170
P-R-D, Planned Residential Development
.25 Acre (10,890 Square Feet)
Water and Sewer
$3.44
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.al. .0. &I
Grantor:
Grantee:
AddreBB :
property Description:
Sale Price:
Sale Date:
Recording Information:
Tax Parcel ID:
Zoning:
Lot Size:
Utilities:
Price Per Acre:
Windsor Homea, Inc.
,
eta.noff, "1111_ '
6257 Billingsgate
Hampden Township
Cumberland County.
Vacant Residential Lot
$37,500
July 1, 1996
Deed Book 140, Page 878
District 10, Map 19-1606, Parcel 164
P-R-D, Planned Residential Development
.35 Acre (15,246 Square Feet)
Water and Sewer
$2.46
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'.la .0. 7
Grantor:
Grantee:
AddreBB:
Property Description:
Sale Price:
Sale Date:
Recording Information:
Tax Parcel rD:
Zoning:
Lot Size:
Utilities:
Price Per Acre:
Chanoff, William and Golda
'loa, Itavan
6192 Haymarket Way
Hampden Township
Cumberland County
Vacant Residential Lot
$36,000
March 17, 1995
Deed Book 119, Page 832
District 10, Map 19-1606, Parcel 155
P-R-D, Planned Residential Development
.33 Acre (15,246 Square Feet)
Water, Sewer and Gas
$2.50
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~D SALIS ~ALYSIS
Sale 110. ~ She Pdele/Sq. rt
1 16,553 Square Feet $2.90
2 13,504 Square Feet $3.18
3 13,504 Square Feet $3.18
4 13,939 Square Feet $2.83
5 10,690 Square Feet $3.44
6 15,246 Square Feet $2.46
7 14,375 Square Feet $2.50
Value estimate range por square foot is $2.46 to $3.44. Land
value is assigned equally to each unit, and they share the
COllUnon ground equally. Thirty-eight units are located on 2.8
acres (121,966 oquare feet). This breaks down to approximately
3,210 square feet per unit. For this analysis, I will use this
figure to determine the land value for one unit. Since each
unit represents 1/36th of the entirety, the same land value is
used for each individual unit.
After analyzing the mean ($2.93) and the standard deviation
($.37) and other factors such as size, location and use, I
conclude the value to be $3.00 per square foot.
Value CODolu.ionl
3,210 Square Feet x $ 3.00 = $9,630
Say $10,000 Per Unit Value
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COlT IITIMATIOII
Your appraiser utilized the Marshall and Swift Residential Cost
Service for the reproduction coot new estimation. We feel that
the subject property falls between average to good quality
construction. The reproduct.ion cost new would range between $36
and $54 per square foot. We have chosen $44 and $46 as our base
dollar amounts. Then, thes~ rates are built up with additional
options, such as flooring, appliances, patios, basement area and
cooling system. These are then added together for a total
cumulative dolls.r amount of $66 and $66. This amount is
multiplied by the regional multiplier of 1.03 and the local
multiplier of 1.00 to arrive at an adjusted dollar amount of
$65.92 and $67.96. Say $66 and $66 as our reproduction cost new
price per square foot amount. This estimation is for new
construction from 1.000 to 1.200 square feet of gross living
area. These estimations are then verified or reviewed with
local contractor estimations.
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~r.ball and Swifl: - Averaq. to G,ood Quality AttaClbed lou.ln,
Style 110. 1, Building A, Band C
30 Units, 1,080 Sq. Ft., BaBe $36.62 to $54.27
Median $45.55 Say $46.00/Square Foot
Base Rate
Basement - 1/36th
Conorete Slab
Central Air
Carpet
Vinyl
Parquet
Appliances
Patio
Extreme Climate
SAY
$46.00
.63
- 1.97
1. 45
2.66
2.5l
7.77
2.32
3.63
1. 29
$66.49
$156.00
$66.00 x 1.03 x 1.00 .. $67.96 IAY.$1II.00
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Mar.ball and Iwift - Avera,e to Good Qualltv AttaClbed Bou.lnG
Ityle 110. 2, Buildlng D
Eight Units, 1,070 Sq. Ft., Base $35.15 to $52.23
Median $44.19 Say $44.00/Square Foot
Base Rate $44.00
Basement - 1/38th .63
Concrete Slab - 1. 97
Central Air 1. 45
Carpet 2.66
Vinyl 2.51
Parquet 7.77
Appliances 2.32
Patio 3.63 "
Extreme Climate 1. 29
$64.49
lAY "..00
$64.00 x 1.03 x 1.00 .. $65.92 SAY $11.00
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DIPRlCIATIOII
The depreciation was determined by uBing the effective age/life
method from Marshall and Swift guidelines. In calculating the
depreciation, two factors are utilizod--the effective age and
the typical life expectancy of the Bubject property. For this
property, I have determined an effective age of eight to nine
years for the newer units and eleven to twelve for the older
buildings. Marshall and Swift indicated the life expectancy for
Attached Housing is 50 yearB. By uBing the Marshall and Swift
depreciation table and taking into consideration the existing
improvements, I have determined the physical depreciation to be
9% and 12%, respectively.
An additional adjustment was taken for functional depreciation
due to the original design of the roof and basement storage
areas. They are located at one end of each building and an
excessive amount of ground moisture from roof run-off appears to
cause continuous condensation within the basements and on the
end unit exterior structural wall. It is the opinion of this
appraiser that 2% functional depreciation would be appropriate.
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COST APPROACH COIICLUSIOII
Style 110. 1. 30 Unit.. luildlna. A. I and C
Finished Area: 1,080 Square Feet @ $68 .
$73,440
DeDreclatlon
Physical 12%
Functional 2~
External 0%
Total Depreciation -10.282
Total Depreciated Value $63,158
Land Value 10.000
Total Value/Cost Approach $73,158
SAY $73,000
stvle 110. 2. 8 Unlta. luildlna D
Finished Area: 1,170 Square Feet @ $66 ..
$77,220
DeDreciatiol\
Physical 9%
Functional 2%
External 0\
Total Depreciation
Total Depreciated Value
Land Value
Total Value/Cost Approach
- 8.494
$68,721
10.000
$78,721
$78,500
SAY
Plnal Value Conolualoft
30 Units x $73,000 = $2,190,000
8 Units x $78,500 = S 628.000
SAY $2,818,000
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CO.CLUSIOII OF COST APPROACH
The total value conclusion per the Cost Approach for the entire
38 units is $2,616,000. Individually, the 30 unite located in
Buildings A, Band Care $73,000 each and 8 units in Building D
are $78,500 each.
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CORRlLATIOII ~D FI.~~ VALUI
All three approaches to value have been used to develop a value
indication for the subject property. These value indicators are
as follows:
30 Unit.
(Per Each
Combined Total
8 Unila _---Yalue
Unit)
Sales Comparison Approach
Income Approach
Cost Approach
$72,000
$75,000
$73,000
$'16,500
$76,000
$76,500
$2,772,000
$2,674,000
$2,816,000
COIICLU8IOII OF SALBS COMPARISOII APPROACH
An estimation of value is developed by comparing similar
properties that have recently sold and are similar in size,
quality, location, utility and other similar factors. An
extensive search was undertaken for comparable properties. All
information waB verified through appropriate sources and
considered accurate. The market sales were then adjusted and
compared to the subject to arrive at a value per this approach.
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CO.CLUSIO. or IIICOMl APPROACH
The Grosll Income (Rent) Mu 1 tiplier was used because each
individual townhouse was required to be analyzed. The
capitalization method was not used because the conclusion would
be the investment value of the entire complex. The GIM method
also is skeptical because market rentals and sale prices do not
bear a constant relationship to each other. This method does
,
reflect a potential individual unit value that the investor can
consider if purchasing an individual unit.
COIICLUSIOII or COST APPROACH
Reproduction cost new derived from a national cost service and
verified through local contractors. Depreciation from all
sources was applied to arrive at a depreciated value of the
improvements. Land/site value, which was derived from market
data, was then added to the depreciated value per the Cost
Approach.
IN COIICLUSIO., considering the purpose of this appraisal and the
type of property being appraised, the Sales Comparison Approach
warranto most emphasis with the Income and Cost Approaches
supporting our value conclusion.
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Therefore, it is the opinion of this appraiser that market value
"AI or" September 1, 1996 is:
lulldlnga A, Band C - 30 Unit. - Individual Value $72,000
lullding D 6 Unit. - Indivldual Value $76,500
Collblned Total Market Value $2,772,000
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CIIl'lllPlCA'IIlON
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I hereby certify that I personally inspected the subject property and that I
have no present or contemplated future interest in the real estate that is
subject of this apPt'aisal report I thst I have no persollal interest or bias
with respect the subject matter of appraisal report or the parties involved,
that the amount of my fee is not contingent upon reporting a predetermined
value or upon the amount of the value enimate, that to the best of my
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knowledge and belief that the statements of fact contained in thie appraisal
report, upon which the analysis. opinion and conclusions expr.essed herein are
based, are true and correct; that this appraisal report sets forth all of the
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assumptions snd limiting conditions (imposed by the ter.ms of the assignment
or by the undersigned affecting the analysis, opinions and conclusions
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contained in this report, that this appraisal has been made in conformity
with and is subject to the requirements of the Code of Ethicu and standards
of Professional Practice and conduct of the American Society of Appraisers
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and the Appraisal Institute; and that no other than the undersigned prepared
the analysis. conclusions and opinions concerning real estate that are set
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forth in this appraisal report.
No change of any item in this appraisal
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report shall be made bY,anyone other than the appraiser, and the appraiser
shall have no responsibility for any such authorized changes.
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Certification Date.
Property Inspection Date.
"A. OP" Date of Appraised Value.
September 1, 1996
August 14, 1996
September 1, 1996
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.'1'IlYIIN N. 1lAlUUl'll'll, IIlPA, IRA, AlA
CERTIFIED GENERAL REAL ESTATE APPRAISER
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~TIPICATIOII ~D STATEMENT OP LIMITING CONDITIONS
CERTIPICATIONI The appraiBer agrees thatl
1. The appraiser has no present or contemplated future
intere6t in the property appraised; and neither the
employment to make the appraisal, nor the compensation for
it, is contingent upon the appraised value of the property.
2. The appraiser ha6 no personal interest in or bias with
respect to the subject matter of the appraisal report or
the participants to the sale. The "estimate of Market
value" in the apprai6al report is not based iri whole or in
part upon the race, color or national origin of the
prospective owners or occupants of the property appraised,
or upon the race, color or national origin of the present
owners or occupants of the properties in the vicinity of
the property appraised.
3. The appraiser has per60nally inspected the property, both
inside and out and haB made an exterior inspection of all
comparable sale6 listed in the report. To the best of the
appraiser's knowledge and belief, all statements and infor-
mation in this report are true and correct, and the apprai-
ser has not knowingly withheld any significant information.
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7.
4.
All contingent and limiting conditions are contained herein
(imposed by the terms of the assignment or by the
undersigned affecting the analyses, opinions and
conclusions contained in the report).
5.
This appraisal report has been made in conformity with and
is subject to the requirements of the Code of Professional
Ethics and Standards of Professional Conduct of the
appraisal organizations with which the appraiser is
affiliated.
6.
All conclusJ.ons and opinions concerning the real estate
that are set forth in the appraisal report were prepared by
the appraiser whose signature appears on the appraisal
report, unless indicated as "Review Appraiser". No changes
of any item in the appraisal report shall be made by anyone
other than the appraiser, and appraiser flhall have no
responsibility for any such unauthorized change.
This appraisal conforms to the Uniform Standards of
Professional Appraisal Practice ("USPAP') adopted by the
Appraisal Standards Board of The Appraisal Foundation,
except that the Departure provision of the USPAP does not
apply.
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8. Their compensation ia not contingent upon the reporting of
a predetermined value or direction in value that favors the
cause of the client, the amount of the value estimate, the
attainment of a stipulated result or the occurrence of a
subsequent event.
9. This appraisal assignment was not based on a requested
minimum valuation, a specific valuation or the approval ?f
a loan.
10. As of the date of this appraiBal, I, the undersigned
appraiser, have completed the requirements of the
Continuing Education Program of the Appraisal Institute and
the American Society of Appraisers.
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COI'IIOIIT AND LIMITIIIG COIIDITIOIS: The cer.tification of the
appraiser appearing in the appraisal report is subject to the
following conditions and to such other specific and limiting
condltions as are set forth by the appraiser in the report.
1. The appraiser assumes no responsibility for matters of a
legal nature affecting the proper~y appraised or the title
thereto, nor does the appraieer render any opinion a~ to
the title, which is assumed to be good and marketable. The
property iB 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 the
reference to the property in question, unless arrangements
have been previously made thereof.
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4.
Any distribution of the valuation in the r&port 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 uBed.
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, and contained in the report, were obtained from
sources cOOlsidered 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 Organiza~ions with which the appraiser is
affiliated.
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8. Neither all, nor any part of the content of the report, or
copy thereof (including conclusions as to the property
value, the identity of the appraiser, professional
designations, reference to any profesBional appraisal
organizations or the firm with which the appraiser is
connected), Bhall be used for any purposes by anyone but
the client specified in the report, the borrower if
appraisal fee paid by same, the mortgagee or its successors
and aSBigns, mortgage insurers, consultants, profesBional
appraisal organizations and 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 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
conclusion are contingent upon completion of the
improvements in a workmanlike manner.
10. Any changes to this report required by the client must be
addressed within 30 days of receipt of written appraisal.
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IWIROIIMIIITAL D I SCLAIMlR I
The value estimated in this report is based on the assumption
that the property is not negatively affected by the existence of
hazardous substances or detrimental environmental conditions.
The appraiser is not all expert in the identif ication of
hazardous substances or detrimental environmental conditions.
The appraiser's routine inspection of the inquiries about the
subject property did not develop any information that indicated
any apparent significant hazardous substanceB or detrimental
environmental conditionB which would affect the property
negatively. It is possible that the tests and inspections made
by a qualified hazardous substance and environmental expert
would reveal the existence of hazardous materials and
environmental conditions on or around the property that would
negatively affect its value.
<t-/6 'Cj{,
Appraiser(s)
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Date
Date (7"- /tA9 b
//.'I . 0/) 1,,/
Appraiser(s) (A,u.AY//.;~~ f::);cejj.t2Tr
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STEVEN W. BARRETT
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PIU)I~!.'lIlIONAl.lJn!N.'lI~~
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Amcrkon Sndli:ly Ill" l\ppnuM:r!t . Ih~lIl PI'.IJlCI'I) l. rllull
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RculloOl NOllllnul !\turkcling InMlIulc
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I{cullil/"h l\pprulhi.1 SCl'lillll
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(1)84.ij(, I)rcliidcnl, Chapler 70, SiX'lcty of RClll h'lliltc AppralM:."l'l
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RClildentiall)emlll1li1nuilll1 Report
InL'On1c/Commerl'ialllcmonstrulinn RCflort
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Unirorm Rnil.!enlilll ^pprUitilll Reporl Scllllnur
Small RClddenliwllnwmc I)rllperty ^ppl'llil'lal Scmtnur
^pprllltilll Ouidelineh In lite h:l.!eml flollle 1111111 Bunk
"'un('tilmul ()hMllt:IK'cIlL'e rllr Rl:dc~chlJlml:nl und lnnllllc
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RCIIJton National Markelin" 'n/llllult:
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AppraifUtlll1lUilUle
Appraihlllof Rctuill'ropcrliel'l
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Carll.I.. PA 171113.24~1
Phon.: 717.243.6646/fAX: 7I7.Z43-116Z7
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1996 . 1993:
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APPRAISAL EDUCATION:
1996: Taklnllll Clu.. Look al II om. Con'lruellon
Grealer Harri,harg Reahurs In'lilutdCamp Hill, PA
1995: Uniform SllIndllrd. of Proh..lonlll Apprlll'lIl Praelle. Up.Dal.
McKi"uck Data SY'lem,1 Mechanicsburg PA
1994: Edueallonlll <.:onf.r.ne.- Nllllonal A..oelallon of Ind.pendenl fee Appral..raJolnt Conference NY.
NJ, PA - Appral.al Board.. Allanlie Cily, NJ
1994: fHAI V A Apprlll..r RO.I.r S.mlnllr
Pulley A.suciale./Harrishurg, PA
1993: Conllnulnll EdurYllon EI.ell~. S.mlnllr
Educatiunal Divisiun uf D, p, Shear':r. Inc./Harrisbarg, PA
1993: Th. N.,. URAR S.mlnar
Cenlral PA Chapler, Appraisalln,lilutel Harrisburg, PA
199Z: InlrodlleUon to <':omm.rcllll Apprlll.lnll
PA Realtors InslituldHarri.,hurg, PA
1991: Uniform Slandllrd. of Profu.lonlll Apprlll.al Prllelle.
Educaliunal Divi,iun uf D, p, Shearer, Inc.iNew Cumh.-rland, PA
1989: Appll.d R..ldrnllal Prop.rly ValulIUon
SucielY uf Real Eslale Apprabers/Hershey, PA
1988: GradulII. of Rut E.IIII. In.tltult 1\
PA Real Eslate Commi."ionlHarri.hurg, PA
1987: (jradual. of Rul E.IIII. In.lIll1l. I
PA Reul Eslale Cummi"iuu/IIi,rri,hurg, PA
1986: Real E,lal. Finane.
PA Real Estalc Cummissionl Carlisle, PA
1986: Inlroduellon 10 Apprlll.lnll R.al Prop.rly
Suciety uf Real Estale Appraisers/Stale College, PA
EDU<.:ATION:
1973: Liberal Arlo D'lIr.., Ouin,igamund Cullege/Worcesler, MA
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Zoning Ordlnam:e )
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I', II - IJ !'Iallllell 1\",,1<10111.1111 lJoveloplllullt
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1. 'fo .ncOl.....ge IIIIIOV..tlOII. III reo ld'IIlt lal dllve lopment ..lid r.lI.w" I
e() th..t the 'lrowlll'l delllallll fOl' hOllslllg lIIay Ue lIIet with 'll'.ater v Ill" lety
III tYl'e, deel'ln and layollt at dwelllll'lli alld hy the conlelvatlon end
1II0re etHclent lIee ot open space ancillary to aald dwelllnge.
1
2. 1'0 p.:ovidlJ, tllt'mhJh l:he ahove illllovatiufHJ, (Jreatel: oppot"tullitlsa
tua: betteR: 1I01181111J ami fl)Cl'uilt.ion fOl' uxl.al,iWJ ..lid potunt:.lllL l'usirlantR
ot tho IIIUlllclpalt.Ly.
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J. '1'0 encouralJe a more effl.c1ent USII ot lalld ..nd of public eervlcee
..nd tll renect changes 111 the techllolo'lY of lall<I developmellt eo that
the ecolloOllce sec:urel\ 'Day Inure to the helleflt of thoae who lIeed
homes.
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4. '1'0 encouratJ8 more flsxlhle land lhtvelopmellt which will respect
and COlls.rve .,at\ar.L resource. BllClt as streanl8, lakeR, floodpLains,
qrC)undwller, wor,Hlecl 81'sas, sleep! y olollatJ AL'saD Bnd areas of UIIUillIolL
beauty or lmr-ortancQ to the naturaL ecooyetern.
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5. In aid of l hnHe purposes, t'.o provide a procedure which can relate
t.he tYl'ft, deuIIJI1 flnd layout of ronlclofll:lal doveloplllftnt to the
part icu 1 ar 0 Lta ilIlll l he pelot icul at" lIemalul tor hOllS lnq ex 1.t lng at the
tillle of development In a manner cons latent with the preeervetlon of the
p"operty values "Ithln existing rElsident1a I areas and to assure that
the Increaled f lexlblllty of the regulations over land development
established hel'ehy Is carried out pursuant to sCllInd, expeditious and
tair administrative stalldards and procedurell.
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l<]~,ic.!I.1.~L 3/29/1964, 81500)
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~~!!L-~~'Oa_l>!!!I~!I,!!I~_'!t._!'.,.!l_~~'O~~c:.~" 1\ Planned lIuldentlal
Usvslul'meul mAV .JB Qolahllnhod hy lho (Jovat"nlne, hOtlV in accorelaflCO ",llh
the procedure tor reclassification of a zonlllg district. jOrd. 84-2,
3/29/l984, Ill501)
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S 150 3. 'renta t .!":,.,,!_!!!,,,!.,!~,!!'d A.l'1'!P.v~l.c
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I. Pl"lor to the lSBudllc:e of A PLanned nesle)eflllal OOY8lopment Pel"mlt
hy the Zoning ottlcer, a plan muat be reviewed hy the lIaml><lell 'fownshlp
PlallnlflCj COIMlieeion and the Cumherlallll L'ollllty Planniny Commieeiun and
approve<1 hy the lIa",pden 'l'ownshlp Board of COIM,lselonere. 1'he County
Planlllng Commission ahall he re'lulrerl to report to the lI.mpden Townlhlp
"Ithln thirty (30) d~ys or fortelt the right to review. The Townlhlp
Planninl} ConvnLselon, as preparator( to ."evlew, shall hold at l...t on..
pU1Jllc hearlng IJUr.uant to public lIotlclI '"l" may hold addltlonal publLc
hearlllfJN upon ouch nolleA liB It uhall dut,onnlnQ allvl_ahle. lJ(Jon l"8vl.w
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118
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of lh.. Ill.11l Rlld 11ll:rJII1lIll:llld.allllllu IIY 1.lln ClllHhul'l.IIld C'lnmty Plilnnlft'J
l.'ollllnltloLoll, Iha 'l'oWlluhll' Plilllllllll' I:Cllllllllll1l1l)1\ flll._Ll (Il'lHUtnt to Ute
'1'I,J~m.hlp HO''''II or L'u",ml..~nllf""" lhlfll' I"UI.nIllI1lI1l111,'l:loI18 IInd I.tKplilullStory
matul"lalu. !tafot'D 8lllJl'llVlfllJ the plilU, '-ha Ihlltrd o( ClJl1\1nluBlonul'B may
1:l)nt:in\lQ the heilrLl\lj from limu to limn <lnd IIll\Y refer the mAtter back to
'-ha '1't)wl1uhLl' Plclllllilltj CUlUllIlsRiull ('ur l.hu ,,'ulIot:l Ill'uvlducl, huwev81:,
that, In allY tivenl, 11I1::t (lllhlle IlflUrll1CJH ullaLL be cuncluded within
sixty (60) dllya uttor lillt dnt.u IJ( lhe tirat puhLic hea.." Lnq. The Hoard
uf l:oUlUllsuluIIOt..tI, within llllt'Lv (JO) dayu folluwllHJ the Cl>IlC1UIloll ur
Lhe puhllc heat'lng, shnll, bV ufficlal w1:itten (~()llUllunLc:ali(1n to the
landow"e,', either.
11. Grant tentative approval of the dovelopment plan ae
eubmltted.
U.
llll: l uded
'it'dlll telltatlve approval ollll)ecl to o(l8(:ltI811 conditLunll not
in tho (levelo!llllent plAn dG B1lhlllLtledl or
c. Deny tentative appnJval of the cJeVttloplllQllt plan.
(1) Failure ttJ 00 act within aald period ehall be deemed to
he a grant of tentat lve appl"Oval ot the development plan ae submitted.
I n tho event, hOWOV81', t.hat tant,llt I VI1 itppt'UVA 1 io C)ranl8tl subject to
c:omHt i01l8, the lalldownel' may, withln thi rly (30) days after rec.:eivLnq
a copy ot lhe official wl"Ltlun COnUIHlI1lcatLon at the Hoard at
CommlslILonerB, lIotLty Huell Board of hLa retuHal to accept all saLd
cunditlono, in which casu, the HO.1L'd DtHtll he deemed to have denied
tontat lve approval ot tho development plan. In the event the landowner
doee not, within eald perlod, notify the govel'nlnq body of hi. retueal
to accept aU eald condltione, tent.atlve approval ot the development
plan, with all bald COIHlltlonD, Ahall Atalld illl IJl'antad.
2. The qrantlnq or denial of t~ntatlve approval by offlcLal wrltten
eUllunull1.cat1.on shall lnclude not only conclusions but aleo tLndlnq of
tact related to the epeclH" propoaal and ehell eel forth the reuon.
tor the grant, wlth or without condltlona, or tOl' the denial, and 1at.1
cOllununlcatLon llhali Bet forth particularly in what r8Bpecte the
development plan would or would not he In the puhllc lnter...t
InclUdlnq, hut not llmlted to, flndln<Je of fact an,\ concluelone ot the
following.
A. In lhose reopecta In which tile devolupment plan 1.s or 1. not
coneletent with the cOlllprehenelve plan tor the development of the
munlelpalltYI
n. 1'he extent to which the d..velopment plan depart. from zoning
and/or Bubdi v L B Ion 1:9<]111 at.ions othel'wine appllcah La to the BubjGct
prOptu't.y incllltllllq, bllt lIol I.1mlted tn, deuRlty, bulk and UDe ami the
1"e860119 why Bucll depart.ure io or La lIot dealllsd tn lie in t.he puhlic
I nte"eet I
c. The purpose, locat Lon and amount of the convnOIl open space 1n
tho planned reeldential development, the rellahUlly ot the pretla.ale
tur malntenanc:e ~lItl cOllservatLon of tho common oIlen space and the
119
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Id.IIUIC:Y or the amount arut lmqu:>.fI at the commou UllttB .pace .. r-.l.t.d
to th. (Jro(1ollltd ttan.lly alHI type of rutlhhtntlal tluvvlCll1l11ent.
~
O. 1'he phys1<:al ,1"sl'JII of the ,Ievelol""ell!. plall a'lIl the manner
in whle:h Da1i1 dttuic.JII dHUH or dl1tJII nnt: IIhlku iutUqllllll' pt'l"lYiuhm tllr
Illlblle ....l"vh:IIU, llt.-o"ldutJ ddttlJlIill_U I:ollt..ol nVIIl" yuh~(;1I1al: lrattl,; dllll,
tlll'l.hu.', Lhu IIl1uJnlt.l"u fit lilJll1. .11I11 all', fUl:ntdtioll dlltl ViUllil
wn)oVlllulIl..
.
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I!;. The l'elalLonuhip, Jlelleticlal oa." advdl'oll, ot t.he 1'l1"olloatul
planns,1 reslullIltlal d..velolllllflflt to thll lIel'JhI>01"l1l'1Od In which It Is
prol'OBllU to he establlehed.
.
l". In the t;aue of 4 c1aveloplllOllt (lldll with IU'l>po8dd dltyulnplIlont
nVill' . period of V..t.s, thtl BlIttLcli1nGV ()f lha term.. I1IHt concILtlon8
inlentlad to pl'olflct thti Inleruul: of tilt! (Hlhl ~c; and of the r"lldant. ot
th" plannlll! resld"nll..l ,1"Vlllc'I""ent III tho Into<jrlly of th" devehlll11Ulflt
plan.
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J. In the ev"nt a ""velopment plan Is gr4l',teu tentative approval,
'11th or w1th,lut condlti.ons, an application for final appo'oval ot th..
development .hall he tlled not lat8l' than ulx (6) lIlont h.. In the cauu
of a ddvslopment plan which provides for dev"lopment over.. I,erlod of
year., .PPlicatlons for final approval of 84<:h part of the plan .hall
be Hlsd within twelvo (12) month. of the prevlou. apI'lIcatlon tor
tlnal approval ot . plJl"tlon of the development.
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4. The official wrlttsn communication provl,I",1 for In this article
.hall be certified by the secretary of the Township a"J shall be fileel
1n UlH nttlcft nt' tllQ 'l'nwnshlp alld a CUI't.ltlod COllY uhdll ho lIlailtld tn
thft I alldo...msr. ~'hel"e tuntat I va dppa:OV8 1 hda huun fJa.-anttld, thllil eha 11
he recorded on a TO\.ollllJhlp map.
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5. Tentatlve appo'oval of a development plan shall n"t '1uallfy a plot
ot Lhe plannset residential devolnpment tor reconlllHJ Il,)f authol'ize
d"vslol'ment or the I esuancs of any hulldlng permlte. A development
plan which ha.. been given tentative approval a. submitted or which has
been qiven tentative apprnval with condlt.iono whil:h haa heen accepted
hy the landowner, ..hall lint he modified 01' l'UV(JI'Qfl nor othdl'wlUIi
ilil[lalrvd by 4c;tlon ot UlfB Township pendlnq An appl1c:atlon 01'
application.. tor final ap(ll"ovitl, without the conuent I'll thu landowne1",
l'rovldsu applications lire flied wlthlll the purlo,! of llme specltled In
the ot t Ie la I wrlttell commlln lcatlon grantlll<J te"tatlvll approva l.
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6. In the event that a development plall Is <Jlvlln t..ntatlve approval
ancl Lhereafter, hut Pl"lor to flnal apl)l'ovaJ, Lhe landowner' ehall ulect
to ahalldoll salu development plan ali<I shall 80 nollfy the TowlIshlp In
>/rltlnlj or In the eve"t the land"wnet' .hall fall to tile al>pllcatlon or
appllcatlon. for tlllal dpproval within thll rS'lIlIl'..,1 l>erlo,1 of tlm" or
time., a. the casll may bll, the t..ntatlve approval shall be deemed to he
revoks'! alld all that portion of Lhll erlld IlIellld",1 III the ullvelopmellt
plan for which tlnal approval hae not been <Jlvell shall be eubjeet to
thOBt! iocal nrdllu.nee. ot.hurwia8 allpllc:allle thereto 8S they may be
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.m.-ndur! , l"IJIQ lllllu to t.lh18 an.' th" _.ma ..hall he note... on the 'fown.h lop
"Hip dnd 1n t.hu r:uf;ul"!lu Ijf t.he thwL"ttl.arv ot th.. IrownehLll.
.
i':.l.!:~,._~1.:~ I. 1/l9/ 1')61, H 15021
6J~!1.1 ~_J!'!~_!_ ^l'l'!'~V~ t.
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I. I\n .I'plle.Unn "n' flnal apP,"wal mav 1>.. for All the IA,"1
Incl",Io..1 In a 'l..v..lnl~lI..nt plan or, to tin. e.tll/lt uet torth in th..
tentative apPo'"val, tor a ...ct Ion tlll.reot. 6a111 apllllcat Ion .hall h.
made to the ?oonln') ottlcA< within the time 00- time. .pecltled hV tho
o/Held wdt.ten cC,"'lIIlinlcatlnn ']rantlnlj tentative approval. The
aPI'llcatlon .hall Inc Iud. anv drawln']a, .pec I t Icatlona, covenant a,
etlll8mentll, lliIJrfol'm4,we hond and .lwh other lOfiHl1lirem..ntl1 .. may he
u[l.c:ltiocl aJV the "netf,1 or Cnmmlslllollunt au wull dS anv CO'llUl;.iOlltl Bet
torth In tha ottlclal wrltten communication at. the time ot tentative
approval. 1\ public he.rlng on an application tor tlnal approval ot tho
dev..lopment plan, 00- part thereat, ahall not I>e required provided the
development plan, or the part thereof lIuumiltetl tor tlnal allprovll, 1.
In cOlllpllan".. with the dovelopll1ent plan ther..tlltore \lIven tentative
approval a,"1 "lth anV epecltled conditions att."h..,1 thereto.
.
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2. 'In tho evont the appllcalinn tOtO filiAL 1IS1l1lroval h.. be..n fil.J
l.oljether with all drawllI')I, epecl tlcat lone and other documente In
eupport thereot an,1 ae re'lulrerl hV th.. ordlnancl! and the otUclal
".Itten commllnlcatlon at tentative aPlll'oval, "ampden Townehlp ehall,
withlll to""V"flv.. (15) <Iavs ot 811Ch tllln'), <J,'allt such dev.lopment (llan
filial apprnval. (0...1. 86-'6)
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J. In the event the duvelopment plan as euhmltted contain.
varlation.. trom t.he ttaveloprnunt. [llan 9lven tUIlt:ativa approval, the
cJoverninl) body may cetllse to C)rant final approval and _hall, with!.n
l.hlrty (30) dave tram the filing at the application tor tlnal approval,
ao advlee th.. lalldowne. In Wrltlll<J ot ealll retlluoll e..ttlng fOl'lh In
uld notl"e the reaBone why 011.. or mllre of eald variations are not In
the public IlIt..r....t. III the event ot euch retu..l, the landowner OlaV
elthe...
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A. Retlle hlu appllt:atloll tor tlnal Oppl'Oval without th..
val'laLionu nhjec!t.oll, ()~
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B. F11" a wrltt...n '-"'Iuest wlLh u", governlllg bod V that It hold
a public hearlnlj on his' application tllr tlnal approval. It the
landowner wluhee to tak.. ..Ither euch alternat.. action, h.. lIIaV do so at
anv tlm.. within which he Ihall be entitl..d to apply tor tlnal approval
or within thlrtv (30) addItional daye It the time tor applvlng tor
tlllal approval uhall hav.. alreadv paue,1 at the time when the Ie,,,'owner
\lIlJO at1vLuttd lhaL Lila <.Jeveloprnent plan WdS not 1n 8uhllt.ntlal
"',mpllance. In th.. ev..nt the landown..r ahal! tall to take either of
theee alternat.. act Inns wlthln said tIme, he shall be deemed to have
ahandoned the developlllent plall. AnV Buch puhlln heAring ehall he held
(lursuant t.o (lIlhlic notlel! within lIllt'ty (10) ,lays aftel' the r8rJue.t for
till:' huarlnfJ 1.11 made hy the landowner anrl the hearing .hall b. conducted
In the mallneo" p'"eecr Illecl In th Is ao-t Ie Ie tor puh lie hear In9. on
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Application. to..' tentativ. .11llrnvol. WLthln t1dL'ly (30) Ilay.. .ftet' the
conr.h..lon ot lho hlIUU.'lf1IJ, t.he (JovenllllcJ hrlily tlllall, hy offlclaL
writt.n eORURunle.Hon, .1the,' '.)rant final approval to the 'Ievelopment
plan Dr deny final approval.
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4. ^ duviUlulllllent piAn 01' JlflV (liU"l I.llI:u'oof whit;h hau heen ()lv..o fanal
approval ahalL 1111 tiC) Cltl't.ltlucl wll:hlHtt dttltty by thu (Juvlu"ni.ng hotly .'HI
IIlIaLL lll, t1.1ud or l:t,;Icul....ud tOL'lhw1.th In thtl ntti.:.:u rH thu rsetH'dsL' of
'I....ds heror.. any develol"n..nt ..hall taku piMa, In ."corllance thsrlllwlth,
IIpon Hlln<J or recor<lIn'J or the development plan. th.. zonln<) and
sulldlvlslon re'.)ulatlon8 otherwl.. appllcabl. to the land Includsd In
.uch plan .hall c.... to apply th.reto. P.ndlng eompl.tion within.
r.a.onable time at said plannell ,'e81dentlal development or at that I,art
thureot, au tho caDO lIIay ba, that ha!l haun flnully 41111a:ovad, no
modlfLcation of the pn.lvlnLnna of sa'" dUvolol'lIlttnt plan Qt' part
tbereor. "a rlnally aplll'ovell, 8hall he made hy Lhe 'rown8hip e.eept with
Lhe con.ent ot lhe l,'ndowl1e....
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5. In the event that a clsv810pmsnt plan a" a .ection ther.ot la
'.liven final approval and thereafter the landowner ehall abandon .uch
plan or the eectlon thereat that has b.en tinaily approv.d and ehall
BO notify th.. CJov..rnlncJ hudy Ln wrLt1.ngl 01", in the event the landowner
.ha II tall to commllncll snd carry out the pi annlld rll..id.nUa I
dovelopment within thr.... ye..'s atter t Inal appl'oval hae Il..en granted,
n<l development or turther development ahall take place on the property
Inciuded in the developmllnt plan until arter 0181<1 property i.
r..sulldlvid..., anll I. reolasslOe,1 by enactment at an amendm.nt to thOll
lIamption Town8hLp OrdinancQ IIn1s8" wrLtten request tor 4n oxtenllon ot
the time periOd Is 'J"anted by the 80ard at Commissioner. to the
I arlllownal".
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JQ!1~,1::-2f, 3/29/1984, S1503/ 88 amended by 2.!:1'-.!!'?-6.L. 8/5/1986)
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~ 1505. P lar!!....!.'?!_'t!n~at1v.!.J!pprova I.,
tor rovlew by the Plannl.nC) Cllnun1.sBLon a
InformatiOll!
The developer .hall .ubmlt
plan with the tollowlng
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1. 1\ \-/rLtten iitat19ment hy the landowner RettLng tOloth the reaBonl
why, Ln hL. opinion, a pLanned [08atdentLdl cI-avalollment would he in the
(lublic lnt.relt ami wOIlld be consistent with t.he G'omprehenlllv8 plan tor
tbe devlllopment ot lIamp,len Township.
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2. The location, alz," and topo'.)raphy at tbe site and the nature of
t.he landowner'. Inte"est In the land proposed to be dev.loped.
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.1. The clennit.y of Innd lloe t.o he nllncated to parts ot the aLtu to
he davlIloped.
4. 'l'he location an(1 uLze of the common open lI(lace and the form at
or<janlz4tion proposed t.o own and malntaLn the common o(1en space.
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5. 'fhe UIIIB and the a[l()r~'}Hlmate hulght, hulk and locat1.on ot
bllLlcHnq8 anrl (}th~r Sll'\wtllrss.
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fi. 'l'he '....Lhl11tV of prCJ(}lu..l>> for lh., d~"lhJ..lllon 1)1 114nlt.rv
WIlUt:.UIJ a 11I1 IIlol.'IIl\.o/allHA.
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1, The ..nlualance of covenants, Cjr41ltll of sa.8m.nt. 01" other
l'e.trir.:tion. pro[l".ed t" he Impoeed lI[1on t.h.. lI.e of the l.nd, hllildinq.
anrl .t:rtu:ture. IncltuUn') prop"BIII. IUIIBement.lJ or IJrant.. for public
II~ lilt I..",
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8, The pro"ieionll tor parkinCj <It vehicl"e and the location and width
at propoeed .treet. and public way.,
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9. In th" calle of de"elopment plane which call for de"elopmant o"er
a pariod ot yeu'e, a achedulot ehowinCj the propoeed time. within which
application. tor tlnal appro"al ot all .eetlone ot the planned
l'...l"enl:lal develolHluult a&'8 lntulldud to he tl1..&I and Lilli echedule mUlt
ba updated annually on the annl"er.ary of llll .ppro"al IIntll the
dll"elopmllnt ie compl.ete.' an.' accepted.
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10. The location, elze and type ot plannln'.! tor butter y.rd..
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11. The location and ei.. of areaa to he eet aeide tor park and
L'ser.atlon.
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1or~~~L J/29/l~84, SI5041
~!,~.Q.h__.!'.!.!!!!!-1'!Lf!!l~L!I[lPE!?_,,!!., The de"eloper .h.ll .ullmlt for
r.."lew by lh.. 1'lannl'lrJ Conunlselon .. plan wll.h the followinlj information.
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1. Tract houndary IInee, ri'.!ht-of,.way Unee of etreete, ....m.nt.
and other riCjhte-of-w.y and property llnee of reeldentlal late and
other situ.. when .ppl ic:ahlu ""ilh tJc.:Clu'at.e dlI118I1uJ.nnll, b...ring_ or
deflection anrJluu, radii, arca dllll t:ulltral t:lIHJ1B8 ()t all CUt"V811.
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2. Name and riQht-ot-way width of each Rtreet or other
ri'.!ht-of-way.
J. (.ocation anrl dlmenlion and purpoae at ..aument..
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4. "umhel" to identity Bitch lot ..ncl/nr HUQ whQrl applicable.
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5. Purpo... tor which elte. other lhan r...ldenti.l .r.. d.dlcated or
ree8rved.
6. Hlnlmum bu11.III1(J eethdck llne on all lute and other elte..
7, Location and rleecrlptlon at .u.."ey mOllument.,
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B. Ilamee (),. ,'eelln' OWllere of a.l)nlnln'J unplatted hn<l.
9. Reference tu ,'ecunlerl .ubdl"ieIClII plal:lI or adjolnlng platt.d land
hy record name, dalu and number.
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lO. r:ertiflcallon hy e..r"eyor or elllJlneer <:ertityln'.! to accuucy of
sur"ey and plat.
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11. C.rt.&.tlc.tf.ou of tH.le .hnwlnrJ thAt. allplhHUlt La ",Iut '.'Hlow.uu',
12, Stottement hy miller dedlcatlng etrllllte, r1'Jhto-of-way and altee
for pubL10 ueeo,
11. "11;1., flc~ale, "")l'th IIL-,'C1W alltl tlJtl:u.
.10r!!,_!!.i:lL .1/291191101, IH~n~)
!!.!~..f!!:!!'lH!!!!..!!!!!!!.
1. Permltted R....ldentlal 11"00' (a) alngle-famlly, detached/
(h) AfillrJlu..tallllly, "oml-duLfwhull, (I:) al.IlJld-tarully, AttAched
(t.:ownhOUHU8), (iI) twn~tallllly, tltJllIC'hed, (u) two-taml,Ly, B8m1.-dutachUtl,
ff) multl...fdllllly, (IJ) C)l"CHIPI (h~ hllJh'"rinu npBl't.IIlQl1la.
2. Pormlt.ted Ilon-Illllid..ntlal lI.e., (al Convenience etore.,
(h) reetauranto and dellcatllo...no/ (cl ph.rmacl..e or drUg etore..
otatlonet'y, book, tobacco and new. 'nEHIl. purveyoro/ (d) .elf-.ervJ.ce
laundry .nd d,'y Cleaning and pickup otatlon./ (..) barber ohope and
h..auty ahop./ (f) hU.ineo. a'lll (>1'Ofeaalon.1 offl".../ (g) lIank.. an,.
flnancl.1 In.t.lluti<lIIU/ (h) '1ard..n c..nte,' an.1 tlower .hoplI/ (I)
allllltorlllfna/ (l) chun'hell .n.1 .yuagOl)u"./ (k) ,...c'....tlon ta"IUtllle/
and (l) Family day core lIomD, Oroup day care homo, Chlld day care
centor" Prl.vate nuruery OL" Icln<ler<)ar-t:en.
1~--,--84-2, 3/29/1984, 515061
!H~g!l.c_.g!!n~HY c
I. 'rhe m.Klmum <Jroas d..n.lty to,' th.. total .""eage wlthln the
pLanned clev&lopmunt (>t"ocJram of /;I upeci fic.: dovelol1er Bhatt not 8xCQlitd
e19ht (8) dwellln9 unlta p..r gro.e .cr...
2. A mlnlmum of thirty percent (30\) of, all dwellln9 unHe shall be
.Ingle-famlly detached dwel11n9 unlt. .nd th..re ahall be a varIety of
types ot dwellln<) lIoit. with. ..Inlmllm ot I.hre.. typue ot <Iw..llin9 IInltll
as "e..lqnaterl III Su"tlon 15rrl. l.
1. ItaKlmum (Iwallin!) IIULt.Q IJer strUC1l:lIl:a not. u)(C:lle~lln9 two
(2) atori.s In hslght .hall be twelve (12).
4. l1aKlmllm d"..llinq unit. per .tructura not eKceedlng three
(3) .torle. In h.19ht ohall be eIghteen (18).
(f.~!c.!:,___~'L~~t. 1/2fJ/llJFH, :il~lll'l)
~!~Q~,1-_~'!~!.>!!.~!!,!~ ^II atrllctllruo aha II hu aet hack tram both
public and prlvate rlght-nf-wey Iln.e not leas then thlrty (301 t..t
and nnt 1... than fifty (501 f.et from all adjacent property 11ns. to
tl,.. l'lanned Re.ldentlal ll..v..lop",ent tract. 19E.!!~._!!'.:lt. 3/29/196,1,
5150801
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!!H_IO, 1I~!!.~!!!'L!!!!~t!!:.~ tlo"u L lolln'J uh..11 1101 e"OIct.e.1 to e hel<jht
III IIMCOU 01 thirty-rive (15) leet. I'r'lvl<lo.l, however. thet. thl. hel9ht
limit mey be Incre...e.1 01111 (II to'lt f.,. ..eeh e.trHtionel foot thet the
wlltth nf Rae:h Vat.'cl dKCtlQrln t.ho minimum nJI,Hlrutl. l&.~.h.)).a.::!t.
3/2')/19114, bl&ll)
!!llli~_tH!I.\~1I1!n..J'!~~c 'l'ho mlnlmulII plut tll'- e Ple""e<l Reel.luntlel
nev..I"p..ent ohAl1 hll "lit leBS t.han /lHy (50) ac,'u.. 19~84-2L
3/29/1984, BI&IO)
111512, 11!.~!.!:!.~)U!r'I~~
1. lnt.urlur Val'.lIt 4fHl/ot.o .tnwltu'. Ipac.:1rltJ _h.l1 b. PLoovlded in
4<:cO,'deIlCle wiLh 1:111. followl,,'j oche"ulel
I llwell I nfJ 2 llwel illll) 12 nwelllng Ifl llwelHnq Over 18 Dwelling
IInlt Per IJnlto re,' IIn it. e Per IInite Per IInlte Per
!ee tlot! lli..'!E.~!!!!... ~~!:!-. Str"ct~ Structure Structure
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F to F 70' 70' 70' 70' SAme n 19 <lw.,
t' to 1/ !;I)I ~O' bO' 55' per etructure
F to II 70' 70' 70' 70' plue the
S to R .10. ~ .lll' .10' .15 ' requ I.,'emente
R to R 15' 20' 25' 30' 111 /l1510
C t.o C 10' 10' 10' 20'
2. The minimum .Ide yerd AmI re.r yerd re<Julrement.e tor
olngle-temlly r1wlllllllfJU nhall he all Bet furt.h III 11707 ot thlQ Cheptar,
!!2!!.!. .' - Frollll S '- lI\del R - Rear, e - (:"""er,
S1513, ve~!.~~~~~ At lent /llt.y plllrcellt (50\) ot the
9ro88 area ot t.he Plenned Reeldllntial lle'/elopment ehell be malntelned
with a vegetative meterlal. lOrd, 84-2L 3/29/1984, 81513)
~.! ~11':___!!!~!'!!t.l~ll_.~~~!~!.
I. Olle (I) acrll ul plaY'Jrnullrlu or playrllll.lo shall hll Ilrovlrlllrl lor
each one hUlulru.1 (1001 .Iwelli",) unltQ or Cllle-t.llnth (1/101 of 111\ ecn
tor each ten 1101 dwelling unite or Ie..,
2. Onfl (I) acre of park. ohall be provide" tor eeeh one hundred
(100) dwelUnq unit. or one-tenth (1/101 of ..n acre tor each ten
(10) dwolllng Ulllt.a ur lOBO,
1~84~L 3/2~/I~04, S1514)
12.5
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!!.!H!:-.-'l21"!".!r~!~J !
1. tlo convnerclal 'IfIterprlses shall he Ilermitted to operate eNcept In
tho ar... de"lquated to I.' COmIl18L"c:I.1 HUBD. Tho IIRt"mlttud 111100 'hll.l(JI\8~1
1;IJ wurv.. t'.It.. flu 1 lJlihCJ&:hooll 'II' development lIIay bu (:ouutnlcteti IU"ovldlh.
that.
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^. Thoy shall I,.. .0 10cat.1I 4S to mllllmlzo t,'aftlc problems .n<l
he ..rv.d by main acco.. ,'oad. and not. "rlmarlly ,'eslll..ntlal .tr....t..
8, Ther. shall he no out.lllo storag.. or dlspl.y of m.t..rl.l,
.'lulpment or morch.ndl....
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2. The 41"011 fo,' COIIllllQ rc 1 a 1 U8e .hall not oxceed tho following,
~o to 75 Ac:rQaI 10\ of tract
'/5 to 150 acres "\ of tract
150 to 250 acroll '1\ of t"act
250 acres and up 6\ of tr.ct
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^t le..t flfty porc..nt. (50\. of the r".ldolltlal dwollloCJ unit
construction .hall he cOlOpluted baront any convn.rc:ial construction may
beqln and at no l !me Hila 11 the convnerc la1 at: l'Uctur.. or ".e. .He.ed the
percenta'J. re'lulromont. .et forth above.
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1. The permll1ulhle lot CO\'el'dge ot cnnunerclal hulldLng8 1n the
d..velopm..nt commorclal center areu shall not eKc..ed twentY-tlvs
perc..nt (25\).
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4. The lOttlllll.rIul l'arklu'J If[lAC88 shall he sltuate,' on the ..me lot
wlthln not more than two hundred (200) f..et of the comn'..rcl.l building
to he MelOY iced.
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5. Buffer Va",t. - Where a conunerclal area adJoin. a resldenthl area
within the planned development or In adjacent hnd around the perimeter
of the developm..nt, a buffer yard .hall hs required In addition to the
ahovs 'lard requlr..mente. The huffer ehall be of a dlmenelon not 1....
t.han tho mtnimuln e~do Yda:d lOO'lulre,t tOt" the t"ouldontlal lIBe .nd eh.ll
tat COvered with ground GOver and plaflttrlCJu IIU outllned ln the C1eneloal
n"CJuhtlon. of this Chapter.
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6. Screen plantlnCJ. ehall be re'luIL'e,1 where conunerelal uee adjoins a
r...ldentlal use In the planned development or In land area, adJac.nt to
the d.velopment end .uch plantlngs shall be In conforml~,y with the
reCJulremente ot the Oeneral ReguLAtions.
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_'9~\!,-~~t. 1/29/19A4, 51514)
~16. (je!l.!~D!(J~!!~!!.!!. ^ny development plan shall comply
wHh t.he I'arkl"'), 10a'Il",) and unloading, highway acc..8S, sl:r.am
prot..ctlon and any other applicable G..neral R"quletlon of th..
Town.hl,? .1 Or<.!!...!!t:::l,. 3/29/1984, 81515)
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91&17. UtlLLt1e.. A ,h'Yltlopn'It"t .hall lie .erye" hy . ...",aq.
.y.tam and trai'i:iii;tii faclllty and a ..ater .IIPl'ly. All plan. .hall be
.ulll.ct to r.YI.w a",1 .Ilpro\lal by tl". 'J'own8hll' """ the Penn.ylyanl..
ll.partm.nt ot IIn\llrollm."tal R.sourc.... 12PJ. tlol",!t J/2911984, 515141
111510. P~1!lmh
1. Se. Part 19, Ott-5t1"l..t Parklnq, ot thl. Chapt.,".
(Ord. 04-2, .1/29/198'1, 11151'/)
2, All parking shall h.
a"y .tr..t rlqht-ut-way Iln...
this r.qulr..m.nt.
locat.,. at l.a"I: ten (101 t.et away from
Curbing .hall be In.tall.d to en tore.
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. . ~
,,". " -!" ---
'a/ "(f 5 '
" ..II? ~I,
'1"UtI I"IWU"-UU'~. 11111I111 IIIi'! Il,/ "IIV III ,f",/"/I,., . III Iho yonr of uur
1.",.1 uun ItI'Jlt~""111 IIllIn IIlllldrl/.1 Itlj(hty'rtI!YUII (111111), lIy 1111,1 11111111I11 W. Il. KUHI.It't anI.)
At... I.. nnul.lty, lIill WillI, 1)1 1111I111"11111 'l'IIwlI'IIIII', l'u/IIhl!rl'lIlll COlllll)', I'.nn.yavlnl.,
hftulnnftnr Gnll.tll -crun'"..." lilli' "'IC'U^,U, ^. tUUII.IICU, " ~llIHllt 1I(1r1on, 01 Ih, Iloruu.h
or 1..moYlld, e.\llUhurl,lml 1'11I11I1)'. l'f'IlIl'I)'hlllll", lu'rl!llInftltr "/lllll.t "Ihlll.eo-.
'Ihnl UIn IInlll 'h'IIllIIII'I, '1)1' 1111I1 In l'IIIl'4I.'I'JI.IJUlI lit IIII' (11111I of OIlU ,',11111011 rUllo
Ihllu"nl' '1IIulI","1I1 UI,tJUU,t111U.IIIJ) IlrIdlnr.., Illwflll 1II1111lt)' of Ihn IIlllh!!. 9tal., of ^1II41lc!l,
untD Ihrm willi nUll utili hilly 1'111.1 hy IlIf1 11/1111 f Irlllllltll lit Itllll helor. tho UIUIlIl 111I1
,Iully.r)' ul IhIHID l,rll:l1l1l11, '1,,'"11'1 whurrtllf h III'fuhy IIlll<lIlIWlol'"oll, have "ulIl.d,
hor.uhw,I, 111.111, nllelllll', ''''111.''1111, rl1Iltn'I.'11 mill .~IJlI'''Illl',I, 111111 by 111"0 Vro,ollll IkJ
",,,..1, hllrlClI'n, ""II, nllnll, flIII',uff, rl~II'II'I' tlllll uIII,lIrlll Ufl(l. till) 111M Onllhta, hi, h,l,.
111111 '''~IIUIl'',
^'.I. '1'11I)f111 l:UU'I'^IU UIIII. 1I11!1 til" Ilrc)III'rly kIlIH~II, IIIIIIII'!I 111111 1"fllll'lel' !n lh,
l)eulernllun rolqrr.,1 h. he low B!I "Hlnnlor,1 1'llIlrl ':flllllllllllllhllU .11, .111"'1. In III. VIII,.".
ur \'IclIhJYl1r, 1I1111llltJcm TfI'NlI1hlp, OlluhflrlulIll f;ollllly, l'I'Il/l'lylvflllla, which hnt herdtulorl
bun IllhllllltolJ to tlio l,rl)vl,I,)wl ul 1118 l'II111nylvltlll" 1IIIIII,rlll ClllUJIJllllnlum ^ct, e.
l'II.t:.R.^. ~'j:lll)1 et 1c.l1jo, hi' llil/ rl!'!IIfllluI{ III UIII IItlll~1I of lit" llocorl)" ul Ihu!I" 01
l.:lJlI~'""ltlllf "-Oulllyuf",. IllJI'lllrnlloll 11"lnll \If1Y 2tJ, 1!1I1", Rill I rr:l!Urdll' JUIII 3, 1981, In
\lIlo.II",utIJu, 'kJnk :JH, 'InU. filii. u IlIn !IIIIlIl' lillii' hlJ 111111'1111,111 fr!J1II time Il) 11m., lJtllli'
! alu' d<<l""llIIloI' In IUl!h IktQlnrotluu. ft1 lho lulluwllllC lJlIlI'I, wlllllh Imltl Ulllh are lIIore
lull)' dOlerlbo.J In ...h. 1)001l1"UOII, IUllftlher with. 11fllllurlllJH,.hl ulldlvldoll llllerut "a the
eo".non P.101II.1I1. III doll".,1 In ..hi Illt.ln,.UolI) n. 1I...I"oUII' ..I '0,111,
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( DEED)
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111'.1111
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MICHAEL A. SERLUCO
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
CIVIL ACTION.LAW
V.
CUMBERLAND COUNTY
BOARD OF ASSESSMENT
96-2959 CIVIL TERM
IN RE: CONSQLIDATED flEA" I;STA1'E 'fAX ASSES$~';NT APPE~1.
OPINION AND ORDER OF COURT
BAYLEY, J" October 2, 19ge:-
Michael A. Sertuco flied this consolidated appeal from separate assessments of
thirty-eight condominium townhouses he owns In Stanford Court Condominium I,
Hampden Township, Cumbertand County. A hearing was conducted on September
26, 1996. Thirty condominium units built In the earty 1980s and located In buildings
A, Band C are assessed at $4,930 each, which Indicates an actual value of each unit
of $70,428. Eight condominium units In building D were built In 1987 and are
assessed at $5,230 each, which Indicates an actual value of each unit of $74,714.
The combined actual valufl of the units as assessed Is $2,n2,000, The common
level ratio Is seven percent.
In 1991 in a prior assessment appeal by Sertuco in this court Involving forty.slx
condominium units, of which thirty-eight were the units In Stanford Court
Condominium I that are the subject of his present appeal, we found that the actual
value of the thirty condominium units In buildings A, Band C were $59,400 each, and
the eight condominium units In building D were $63,000 each for a combined actual
value of the units of $2,286,000. S.rluco v. Cumberlend County Board of
.
96-2959 CIVIL TERM
AI....m.nt, '" Cumberland L.J. 286 (1991).
Serluco Is a developer-Investor. He purchlllled all thlrty.elght condominium
units on October " 1987, for $1,900,000, at an average price of $50,000 for each unit.
Serluco has always rented each of the thirty-eight condominium units. The current
rents of $625 and $650 are consistent with the market. Serluco's company,
Consolidated Properties, manages all of the units, Serluco maintains that the actual
value of his t.hlrty-elght condominium units should be determined as a whole, not
separately.
Egbert Langendljk, MAl, Is the appraiser for the taxpayer. Steven Barrett, a
Certified General Appraiser and broker, Is the appraiser for the taxing districts. Each
appraiser considered the sales comparison approach, Income approach, and cost
approach methods of appraisal. Langendljk, however, did not find a cost approach
method to be applicable. LangendlJk concluded that the actual value of each of the
thirty condominium units separately In buildings A, Band C Wllll $75,000, and each of
the eight condominium units separately In building D was $79,000 for a combined
actual value of $2,882,000. LangendlJk testified that the highest and best use of
Sertuco's property Is "an owner-developer selling all thirty-eight units as a whole at
market price." He then used the subdivision development method of appraisal to
determine the actual value of the thirty-eight condominium units as a whole.
Langendljk concluded that It would take approximately three years for Serluco to
separately sell all thirty-eight condominium units, Describing that time frame as an
-2-
96.2959 CIVIL TERM
absorption period, LangendlJk calculated the estimated costs to sell the units to
Include a six percent realtor's fee, one percent transfer tax, legal expenses of one
percent, and $2,500 per unit in improvements to make them sellable and to fund a
reserve for a condominium assoclation,l Langendljk factored in a developer's profit of
flfte,n percent. He estimated a rate of appreciation until all the units would be sold
and factored In depreciation and an estimate for an increase In holding costs. He
then applied a discount rate to estimate a present actual value of the thirty-eight units
as a whole of $1 ,760,000. LangendlJk testified that $1,760,000 Is the market value an
Investor would pay to purchase all thirty-eight condominium units.
Barrett concluded that the highest and best use of the taxpayer's property was
as condominiums which can be sold separately In fee simple conveyances. Barrett
concluded that the actual value of each of the thirty condominium units separately In
buildings A, Band C was $72,000, and each of the units separately In building 0 was
$76,500 for a combined actuelvalue of $2,772,000.
The Fourth to Eighth Class County Assessment Law, 72 P.S. Section 5453.101
mag., requires a determination of the "actual value" of the taxpayer's property.2 In
County of Monroe v. Plnecreat Development Corp" 96 Pa. Commw. 200 (1966),
the Commonwealth Court stated:
1. Ser1uco has never activated a condominium association to cover expenses
tor common areas because he owns all thirty-eight units in Stanford Court
Condominium I.
2. 72 P.S. ~ 5453.602(a).
.3.
.
96-2959 CIVIL TERM
Pennsylvania case law has consistently held that actual market
value Is that price which a purchaser, willing but not obliged to buy,
would pay an owner, wtlllng but not obliged to sell, tlklng Into
con.ld.rltlon III u... for which the prop.rty I. IdlPt.d Ind might
In r'l.on be Ippll.d. (Emphasis added.)
In F Ie M Schl.ff.r Br.wlng Complny v, L.hlgh County BOlrd of Appell.,
530 Pa. 451 (1992), the Supreme Court of Pennsylvania held ''that a property's use
and Its resulting value-in-use cannot be considered In assessing the fair market value
of property for tax assessment purposes in Pennsylvania." The Supreme Court
stated :
Use value is a concept based on the productivity of an economic
good. Use value is the value a specific property has for a specific
use. . .. Use value may vary, depending on the management of
the property and extemal conditions such as changes in the
business. . .. Real property may have a use value and a market
value.
Because value-in-use represents the value to a specific U$er, the Supreme Court
concluded that It:
[I)s not a reflection of fair market value and is not relevant In tax
assessment cases because only the fair market value (or value-in-
exchange) Is relevant In tax assessment cases.
In concluding that the highest and best use of the subject premises is "an
owner-developer selling all thirty-eight units as a whole at market price," Langendljk
presented a value-In-use appraisal analysis. Even under a subdivision development
method of appraisal, Langendijk acknowledged that once a subdivision was
completed its components would be valued on a separate lot basis. The developer
of Stanford Court Condominium I was W.R. Keeley, not Serluco. Keeley and his wife
-4-
96-2959 CIVIL TERM
sold the thirty-eight condominium units to Serluco on October 1, 1987, subject to a
recorded Declaration under the Pennsylvania Uniform Condominium Act.' Serluco
purchased the condominiums as an Investment and has chosen to operate them as
rental properties. His use of the subject property and Langendljk's appraisal based
on that value-In-use as a whole Is not a reflection of the fair market value of each
condominium. Under Pennsylvania law, a tax assessment requires II determination of
the actual (market) value of the taxpayer's property taklna Into consideration all uses
for which the orooerty Is adaoted and mlQht in reason be aoolled. The highest and
best use of Serluco's property Is as condominiums which are adapted to be sold
separately. The highest and best use Is not, as maintained by Langendljk, "an owner-
developer selling all thirty-eight units as a whole at market price." The fact that
Serluco Is an owner-developer Is not a factor under Pennsylvania Law to be
considered In determining the highest and best use of the property. Therefore,
Serluco Is not entitled to reduce the actual value of his property by what It would cost
to sell all thirty-eight condominiums as a whole merely because he Is an Investor who
chose to purchase the units to produce Income through rentals.
In Deitch Company v. Board of Property AIII..lment, 417 Pa. 213 (1965),
the Supreme Court of Pennsylvania stated:
The proceedings In the trial court are de novo and the propGr
order of proof In cases such as the present one has long been
established. The procedure requires that the taxing authority first
3. 68 Pa.C.S. ~ 3101 m Hg,
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96-2959 CIVIL TERM
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present Its assessment record Into evidence. Such pres8ntatlon makes
out a prima lacle case tor the validity ot the assessment In the sense
that It fixes the time when the burden ot coming forward with evidence
shifts to the taxpayer. It the taxpayer tails to respond with credible,
relevant evidence, then the taxing body prevails. (Footnotes omitted.)
Langendljk's estimate ot the actual values ot the thirty-eight condominium units
separately are higher than the assessments being challenged. In lact, they are higher
than the actual values estimated by Barrett. Since LangendlJk's estimate ot the actual
value of the property as a whole Is based upon a method of appraisal that cannot be
considered In assessing the fair market value ot property for tax assessment purposes
In Pennsylvania, Serluco has lalled to respond to the assessments with credible,
relevant evidence. Theretore, the following order Is entered.
ORDER OF COURI
AND NOW, this t..\ day of October, 1996, the within consolidated appeal,
IS DIl.MISSED,
By the Court, ,;'
.
,
~k.u-//'
Edgar B. Bayley, J.
Michael L. Bangs, Esquire
For Michael A. Serluco
Stephen D. Tiley, Esquire
For Cumberland County Board of Assessment
Richard C. Snelbaker, Esquire
For Cumberland Valley School District and
Hampden Township :saa
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