Description
Please do both assignments separately and follow the attached templates. All materials and info you need is attached.
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2023 CMA ADJUSTMENT GUIDE
The following is a general guide for use in formulating adjustments when comparing comparable properties. This approach is not reliable when comparing noncomparable properties. It should be understood that this is intended only as a guide and not as a specific indicator of contributory values. Rather, it is necessary that
each property and its value influencing components be considered on the basis of their contribution to most probable selling price. It is entirely possible that market
adjustments may fall outside of the parameters indicated below. Additionally, replacement cost alone is not a reliable indicator of value. It is necessary to consider
the impact of improvements within the context of their functional utility and their resulting impact upon marketability.
Approx. Home Value
$250,000
$400,000
$750,000
$1,250,000
$2,500,000
LOCATION & SITE
Busy road
Power lines (within 100′)
Privacy & Cul-de-Sac
Site Area – per acre
Site Area – per 1/2 acre
non-subdividable
non-subdividable
-$5,000
-$3,000
$5,000
$8,000
$4,000
-2.0%
-1.2%
2.0%
3.2%
1.6%
-$13,000
-$6,000
$12,000
$20,000
$10,000
-3.3%
-1.5%
3.0%
5.0%
2.5%
-$30,000
-$11,000
$20,000
$38,000
$19,000
-4.0%
-1.5%
2.7%
5.1%
2.5%
-$72,000
-$38,000
$38,000
$63,000
$31,000
-5.8%
-3.0%
3.0%
5.0%
2.5%
-$142,000
-$76,000
$60,000
$125,000
$63,000
-5.7%
-3.0%
2.4%
5.0%
2.5%
$5,000
2.0%
$12,000
3.0%
$23,000
3.1%
$86,000
6.9%
$150,000
6.0%
IMPROVEMENTS
Quality of Construction
Materials &
workmanship
Age
Condition & Décor
Bathrooms
Renovations
Gross Living Area
Basement
H.V.A.C.
Garage (per car)
Patios, Decks, Porches
Special Energy Items
½ bath
Full bath
Bathroom remodel
Kitchen remodel
Kitchen update
Per-Square-Foot
Full
Partial
Walkout Supplement
Finishing Supplement
Heating – multi zone
Central A.C. – 1 zone
Central A.C. – 2 zone
Attached & built-In
Detached & basement
Patio – Concrete
Patio – Brick/slate
Wood deck
Open porch
Screened porch
Enclosed Porch
Inground pool
Double glazed
windows
Energy systems
Fireplaces
Sales Price X 60% X 0.005 X Effective Age Difference
Adjust for Dollar Cost of Repairs. If Cost Exceeds 1.0% of Home Value Then Adjust for 2 X Cost
$3,000
1.2%
$8,000
2.0%
$13,000
1.7%
$16,000
1.3%
$25,000
$6,000
2.4%
$15,000
3.8%
$24,000
3.2%
$31,000
2.5%
$47,000
$4,000
1.6%
$9,000
2.3%
$14,000
1.9%
$24,000
1.9%
$48,000
$7,000
2.8%
$17,000
4.3%
$27,000
3.6%
$45,000
3.6%
$90,000
$4,000
1.6%
$10,000
2.5%
$16,000
2.1%
$26,000
2.1%
$54,000
$50.00
$80.00
$110.00
$175.00
$200.00
$10,000
4.0%
$20,000
5.0%
$32,000
4.3%
$63,000
5.0% $125,000
$5,000
2.0%
$10,000
2.5%
$16,000
2.1%
$31,000
2.5%
$63,000
$4,000
1.6%
$7,500
1.9%
$12,000
1.6%
$20,000
1.6%
$40,000
$5,000
2.0%
$10,000
2.5%
$16,000
2.1%
$26,000
2.1%
$54,000
$2,000
0.8%
$5,000
1.3%
$8,000
1.1%
$20,000
1.6%
$39,000
$2,000
0.8%
$5,000
1.3%
$8,000
1.1%
$13,000
1.0%
$23,000
$4,000
1.6%
$8,000
2.0%
$13,000
1.7%
$20,000
1.6%
$38,000
$6,000
2.4%
$12,000
3.0%
$20,000
2.7%
$30,000
2.4%
$49,000
$3,000
1.2%
$7,000
1.8%
$11,000
1.5%
$18,000
1.4%
$29,000
$2,000
0.8%
$5,000
1.3%
$8,000
1.1%
$13,000
1.0%
$23,000
$3,000
1.2%
$6,000
1.5%
$9,000
1.2%
$15,000
1.2%
$29,000
$6,000
2.4%
$12,000
3.0%
$20,000
2.7%
$30,000
2.4%
$56,000
$5,000
2.0%
$10,000
2.5%
$16,000
2.1%
$25,000
2.0%
$47,000
$4,000
1.6%
$8,000
2.0%
$13,000
1.7%
$20,000
1.6%
$38,000
$7,000
2.8%
$15,000
3.8%
$24,000
3.2%
$38,000
3.0%
$71,000
$8,000
3.2%
$12,000
3.0%
$20,000
2.7%
$32,000
2.6%
$64,000
5.0%
2.5%
1.6%
2.2%
1.6%
0.9%
1.5%
2.0%
1.2%
0.9%
1.2%
2.2%
1.9%
1.5%
2.8%
2.6%
$5,000
2.0%
$10,000
2.5%
1.9%
$6,000
2.4%
$10,000
Multiply Monthly Savings by 80
2.5%
$16,000
2.1%
$20,000
$16,000
2.1%
$25,000
2.0%
$47,000
1.0%
1.9%
1.9%
3.6%
2.2%
1.6%
$32,000
1.3%
© 2023 Copyright Otteau Group, Inc.
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
USA TAX APPEALS
10 HENRY BEACH COURT
MONTVILLE, NJ 07045
PHONE: 973-945-3880
June 15, 2023
To the Estate of Sylvia S Woodfield:
In accordance with your request, I have inspected the property located on 74 Mercer Street,
also known as Block 354.07, Lot 12, Woodbridge, New Jersey. I have considered all pertinent
data affecting its valuation, and it is my opinion that the “As Is” Market Value of the subject
property as of April 2, 2023 is Three Hundred Seventy Thousand Dollars, ($370,000).
The property rights appraised are fee simple and subject to the underlying assumptions and
limiting conditions. The information that led the appraiser to this conclusion is contained in this
report. An environmental report is not necessary in the opinion of the appraiser.
Respectfully submitted,
Ryan R. Smith, MAI, SRA, CTA
License #42RG00214900
1
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
Contents
SCOPE OF THE APPRAISAL ……………………………………………… 3
APPRAISAL REPORT – DEFINITION ……………………………………….. 4
PURPOSE OF THE APPRAISAL ……………………………………………. 7
HIGHEST AND BEST USE ……………………………………………….. 9
TAX INFORMATION …………………………………………………… 11
SUBJECT PHOTOS ……………………………………………………. 12
APPRAISAL PROCESS …………………………………………………. 18
VALUATION ANALYSIS ………………………………………………… 20
CERTIFICATION VALUE ……………………………………………….. 27
UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS ……………………….. 28
2
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
SCOPE OF THE APPRAISAL
The appraisal assignment is to submit a written report estimating the market value of the
subject property. Included in the report is a description of the area, site, and improvements.
Market value is defined and a highest and best use analysis is performed. A market study is
researched to determine land, market, and rental values.
If appropriate, the three accepted
approaches to value (cost, market, and income) are fully detailed to support the final estimate of
value.
No opinion is rendered as to the structural soundness of the improvements, the condition of
the soil, or the title of the property and the opinion is subject to the underlying assumptions and
limiting conditions found in the report.
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74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
APPRAISAL REPORT – DEFINITION
This is an Appraisal Report which is intended to comply with the reporting requirements
set forth under Standards Rule 2-2(a) of the Uniform Standards of Professional Practice for an
Appraisal Report. As such, it presents only summary discussions of the data, reasoning and
analyses that were used in the appraisal process to develop the appraiser’s opinion of value.
Supporting documentation concerning the data, reasoning and analyses is retained in the
appraiser’s file. The depth of discussion contained in this report is specific to the needs of the
client and for the intended use stated below. The appraiser is not responsible for unauthorized use
of this report.
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74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
EXTRAORDINARY ASSUMPTIONS
The Appraisal Foundation defines extraordinary assumption as “an assumption directly
related to a specific assignment, as of the effective date of the assignment results, which, if found
to be false, could alter the appraiser’s opinions or conclusions.”
The appraisal is under the extra ordinary assumption that the comparable sales and rental
are accurate as the appraiser relied on 3rd party data and did not inspect the interior of these
sales/rentals. The transactions and contracts of the sales/rentals took place before the appraiser
was able to inspect the exterior of the properties and research the properties.
The appraisal took place after the effective date of the appraisal. It is assumed that the
subject was in similar condition and appeal as of the effective date of the appraisal.
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74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
HYPOTHETICAL CONDITIONS
The Appraisal Foundation defines hypothetical condition as “a condition, directly related
to a specific assignment, which is contrary to what is known to the appraiser to exist on the
effective date of the assignment results, but is used for the purpose analysis.”
There are no hypothetical conditions applicable in this appraisal.
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74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
PURPOSE OF THE APPRAISAL
The purpose of the appraisal is to estimate the Fair Market Value of the property located
on 74 Mercer Street; also known as Block 354.07, Lot 12, Woodbridge, New Jersey. The subject
has a mailing address of Metuchen but is part of the municipality of Woodbridge.
INTENDED USE/USER OF THE APPRIASAL
The Estate of Sylvia S Woodfield requested the appraisal for estate purposes.
executor(s) and administrator(s) of the estate are the intended users.
EFFECTIVE DATE OF THE APPRAISAL
The effective date is April 2, 2023.
INSPECTION DATE OF THE APPRAISAL
The effective date is June 2, 2023.
DATE OF THE APPRAISAL REPORT
The date of the appraisal report is June 15, 2023.
7
The
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
DEFINITION: FAIR MARKET VALUE
The most probable price which a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller, each acting prudently,
knowledgeably and assuming the price is not affected by undue stimulus.
Implicit in this
definition is the consummation of a sale as of a specified date on the passing of title from seller to
buyer under conditions whereby; (1) buyers and seller are typically motivated; (2) both parties are
well-informed or well-advised, and each acting in what he considers his own best interest; (3) a
reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash
in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price
represents the normal consideration for the property sold unaffected by special or creative
financing or sale concessions granted by anyone associated with this sale.
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74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
HIGHEST AND BEST USE
The highest and best use is that reasonable and probable use which will support the
highest present value as of the date of the appraisal. The appraiser determined what is legally
permissible, physically possible, economically feasible, and results in the maximum value. The
highest and best use is determined both as if vacant and as improved.
Legally permissible is restricted by zoning laws that are established by the municipality.
Zoning takes into consideration particular uses which is allowed and measuring requirements (ie:
minimum lot size, maximum height, setbacks etc). Many buildings have been constructed before
zoning laws went into effect, as the property does not fall into the requirements of the certain
zone. These buildings are grandfathered and are allowed to stay as the current use. When
analyzing the study of “as if vacant” and “as improved”, there is a chance that a vacant parcel
would not allow for the current “as improved” state, and would yield a different solution.
Therefore, the “as improved” use is more common, unless the appraisal involves tearing down
more than 50% of the current building.
Physically possible simply tests if the proposed use could be used with the location and
site of the property. Certain topography, climate, accessibility, etc. may restrict the structure to be
built. The property may not allow certain utilities for the site as well. The highest and best uses
“as if vacant” and “as improved” are generally similar with this particular test.
Economically feasible directly analyzes the financial numbers required for the intended
use. If the project produces a positive net present value, then the use is economically feasible and
passes this part of the test. The final cost must be greater than the cost of the land and the
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74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
improvements. The “as if vacant” is a different approach as there is no cost for demolition and
taking into effect the current improvements on the site. The “as improved” study examines the
current improvements and the cost to change/demolish and complete the intended use. The
economically feasible test weighs heavier on the “as improved” approach as an investment cannot
ignore the value of the improvements and cost for demolition.
Maximally productive is the final step in the process of highest and best use. After all the
other steps answer “yes”, then the maximally productive use finds the most profitable venture to
this property. There are four factors of production which must be taken into consideration. These
factors are the following: labor, capital, management, and land. After calculating the cost of
every proposed use, the most profitable method would ultimately be the highest and best use.
The highest and best use “as vacant” is to build a single family home based on the R-5
zoning requirements of the Woodbridge zoning department.
The highest and best use “as improved” is analyzed in this property as there is currently a
structure on the property. After performing these tests the highest and best use “as improved” of
the subject property as it’s present use as a single family home.
10
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
TAX INFORMATION
Legal Description:
Block 354.07, Lot 12
Woodbridge, New Jersey
ASSESSMENT:
Land:
$
20,400
Improvement:
$
48,000
Total:
$
68,400
2022 Tax Rate:
$11.096
2022 Taxes:
$7,589.66
2023 Ratio:
22.38%
Based on the equalization ratio, Woodbridge values the subject to be about $305,630. The
2023 tax rate was not established as of the date of the appraisal. Therefore, the 2022 tax rate was
used.
11
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
SUBJECT PHOTOS
FRONT
REAR
STREET VIEW
FURNACE
BASEMENT
GARAGE
12
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
KITCHEN
DINING ROOM
LIVING ROOM
BATHROOM
BEDROOM
BEDROOM
13
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
BEDROOM
ATTIC
14
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
SITE MAP
15
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
FLOOD MAP
16
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
AERIAL VIEW
17
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
APPRAISAL PROCESS
An appraisal is an estimate of value determined by the appraiser after he has thoroughly
investigated the property and all the market factors that influence its value. There are three
approaches traditionally considered by the appraiser and they are the Cost Approach, Market Data
Approach and the Income Approach. These methods of evaluation are separate analyses yet are
interrelated by their supporting data.
THE COST APPROACH – estimates what it would cost to reproduce or replace the
improvements minus all forms of depreciation (physical, functional, economic). It then adds a
land value that is determined from other sales of vacant land.
THE MARKET DATA APPROACH – analyzes recent sales of similar properties from the
immediate or surrounding areas and compares them with the subject property. Adjustments are
made for differences to equate them to the property being appraised.
THE INCOME APPROACH – typifies what a prospective purchaser would pay for the property
after analyzing it as an investment alternative. Market income and expenses are estimated based
on the history of the property and a comparison with comparable properties from the area. The
Net Income is then capitalized at a market rate that is paid for competing properties and
investments.
18
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
From these three approaches the best supported estimate of value is determined. In a perfect
market the three approaches should be similar yet various conditions could exist that effect their
outcomes. It is the appraiser’s job to arrive at the best supported estimate of value based on the
market data that is currently available. This final value estimate is a result of this appraisal
process.
19
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
VALUATION ANALYSIS
The subject is a 1,085 +/- ranch style single family home with vinyl siding containing 6
rooms, 3 bedrooms, and 1.0 bathrooms originally built around 1949 with a 1 car garage and rear
deck. The main level has a living room, kitchen, dining room, 3 bedrooms, and 1.0 bathroom.
Stairs lead to a walk up unfinished attic. There is a full basement that is partially finished with a
hot water basement (gas fired) along with an abandoned oil tank. The has 52 feet of frontage
along the Southern side of Mercer St and a depth of 100 feet. In total, the lot measures 5,200 +/sq. ft. (0.12 acre). The site is not located in an active flood zone. There have been limited
renovations or improvements to the subject. Interior and exterior photos are included in the
report. Overall, the subject is noted to be in average condition.
The subject has not been recently purchase or listed for sale.
An adjustment grid was made of comparable sales to the subject. After adjusting each
sale for age, location, lot size, size and amenities, the best supported value is $370,000. Most
weight was put on sale #1 as it is the closest in proximity to the subject. The sales and listings
that were used to make this comparison are described by their Multiple Listing Reports.
20
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
Residential Comparable Adjustments
74 Mercer St
149 Ethel St
Address
Woodbridge
Woodbridge
29 Tracy Dr
Woodbridge
146 Sherry St 315 Campbell St
Woodbridge
Woodbridge
Sold Price
$378,000
$425,000
$346,000
$480,000
Sold Date
12/22/2022
2/6/2023
3/25/2023
1/3/2023
Location
Residential
Residential
Residential
Residential
Residential
Lot size
5,200 sq. ft.
5,300 sq. ft.
-$200
6,000 sq. ft.
-$1,600
5,760 sq. ft.
-$1,200
6,580 sq. ft.
-$2,800
Room Ct
6/3/1.0
7/5/1.1
-$5,000
7/4/2.0
-$10,000
4/2/1.0
6/3/1.0
Sq. Ft.
1,085
1,480
-$19,800
1,560
-$23,800
672
$20,700
1,344
-$13,000
Condition
Average
Average
Average
Average
Superior
-$72,000
Basement
Pt Fin
Pt Fin w bth
-$8,000
Unfinished
$5,000
Pt Fin
Pt Fin w bath
-$8,000
Garage
1 Car Gar
1 Car Gar
1 Car Gar
Driveway
$5,000
1 Car Gar
Amenities
Deck
None
$5,000
Deck
Patio
Patio
Price adj
-$28,000
-$30,400
$24,500
-$95,800
Ind Value
Low
Median
$350,000
$370,000
$350,000 High
$377,350 Mean
$394,600
$394,600
$374,825
$370,500
$384,200
21
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
EXPLANATION OF ADJUSTMENTS
Market Adjustment -The market has stabilized and no adjustment was warranted.
Location –
No adjustments required
Lot Size –
Adjustments were made at $2.00 per sq. ft.
Room Count –
Room counts were measured at total rooms/total bedrooms/total bathrooms.
All these figures included the above grade room count. Adjustments for full bathroom are
$10,000 and ½ bathroom ad $5,000.
Sq. Ft. –
$50.00 adjustment per additional sq. ft.
Condition –
Average / Superior -15% adjustment
Basement –
Pt Finished $5,000 Bathroom $8,000
Parking –
Garage $5,000
Amenities –
Patio / Deck $5,000 each
22
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
MARKET SALE
Location:
149 Ethel Street
Block 351.04, Lot 20
Woodbridge, New Jersey
1,480 sq. ft. single family dwelling built around
1949 on a 53 x 100 lot in average condition
December 22, 2022
$378,000
19154 / 140
Confidential
Kaushal, Navin
Property Description
Date of Sale:
Consideration
Book / Page
Grantor
Grantee
23
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
MARKET SALE
Location:
29 Tracy Drive
Block 339.10, Lot 6
Woodbridge, New Jersey
1,560 sq. ft. single family dwelling built around
1951 on a 60 x 100 lot in average condition
February 6, 2023
$425,000
19150 / 1593
Confidential
Velez, Israel III & Acevedo-Velez, D
Property Description
Date of Sale:
Consideration
Book / Page
Grantor
Grantee
24
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
MARKET SALE
Location:
146 Sherry Street
Block 273, Lot 21
Woodbridge, New Jersey
672 sq. ft. single family dwelling built around
1935 on a 40 x 144 lot in average condition
March 25, 2023
$346,000
19184 / 331
Coen, Leigh B
Christ, Jonathan E & Graham, Erin C
Property Description
Date of Sale:
Consideration
Book / Page
Grantor
Grantee
25
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
MARKET SALE
Location:
315 Campbell Street
Block 409.11 Lot 443.02
Woodbridge, New Jersey
1,344 sq. ft. single family dwelling built around
1954 on a 70 x 94 lot in above average condition
January 3, 2023
$480,000
19137 / 1882
Janowski, John X
Lambiase, Anthony & Patricia J
Property Description
Date of Sale:
Consideration
Book / Page
Grantor
Grantee
26
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
CERTIFICATION VALUE
The appraisal is conforms to Uniform Standards of Professional Appraisal Practice Standards Rule 2-3.
I certify that to the best of my knowledge and belief:
•
The statements of fact contained in this report are true and correct.
•
The report analysis opinions, and conclusions are limited only by the subject of the reported
assumptions and limiting conditions and are my personal, impartial, and unbiased professional
analyses, opinions, and conclusions.
•
I have no present or prospective interest in the property that is the subject of this report and no
personal interest with respect to the parties involved.
•
I have performed no services, as an appraiser or in any other capacity, regarding the property and
is the subject of this report within the three-year period immediately preceding acceptance of this
assignment.
•
I have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
•
My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
•
My compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or directions in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or the occurrence of a
subsequent event directly related to the intended use of this appraisal.
•
My analyses, opinions, and conclusions were developed, and this report has been prepared in
conformity with the Uniform Standards of Professional Appraisal Practice.
•
I have made a personal inspection of the property that is the subject of report.
•
No other person provided significant real property appraisal assistance to the person signing this
certification.
•
The use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
Ryan Smith, MAI, SRA, CTA License # 42RG00214900
27
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS
1. That the legal description furnished me is assumed to be correct.
2. That the title of the property is good, free and clear of any and all liens, encumbrances and
title defects. No responsibility is assumed for matters of legal character affecting the property.
3. No survey was made and, therefore, the size of the lot and the boundaries are taken from
records believed to be reliable. The usual methods of measuring were employed and indicate the
size of the lot and improvements as shown are substantially correct.
4. The information and data supplied to the appraiser by others and which have been considered
in the valuation are from sources believed to be reliable, but no further responsibility is assumed
for its accuracy.
5. That this report is to be used in its entirety and only for the purpose for which it was rendered.
6. That the distribution of final value estimate between land and improvements applies only
under the conditions stated and is not to be used in making a summation appraisal.
7. That no part of this report is to be reproduced or published without the consent of the
appraiser.
8. That the appraiser will not be required to testify in court on matters contained herein, unless
arrangements therefore have been previously made.
9. This appraisal has been made in accordance with the Code of Ethics of the Appraisal Institute.
10. Neither all nor any part of the contents of this report shall be conveyed to the public through
advertising, public relations, news, sales, or other media without the written consent and
approval of the author, particularly as to valuation conclusions, or any references to
the American Institute of Real Estate Appraisers or to any designation held by the appraiser.
11. This is an appraisal as requested by the client.
12. No other person provided significant professional assistance to the persons signing this
report.
13. The appraiser has not appraised or completed any other real estate related activity to the
subject within the past 36 months.
14. The appraisal is under the extraordinary assumption that the subject data is accurate.
28
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
QUALIFICATIONS OF THE APPRAISER – RYAN R. SMITH
Experience
Ryan R. Smith, MAI, SRA has been actively employed as a Real Estate Appraiser since
May, 2002. He has appraised Real Estate throughout the entire state of New Jersey,
covering 16 counties. He has appraised properties for loans, estate planning, divorce,
bankruptcy, estate valuation, eminent domain, tax appeals, and general valuation.
Designations: MAI – Appraisal Institute: March 12, 2015
SRA – Appraisal Institute: November 6, 2015
Employment:
The Real Estate Consulting & Appraisal Group, Clifton, NJ – Executive Vice President
USA Tax Appeals LLC
– Owner and President of the Company
Dean Smith Family Real Estate LLC
– Partner and CFO
– Purchase and manage various properties in Northern New Jersey
Board Member:
President of the Appraisal Institute (Northern NJ Chapter)
(2017-2018)
Board Member of the Appraisal Institute (Northern NJ Chapter) (2014 –
present)
Government Relations Chair (2014 – present)
Education:
Graduated from Pennsylvania State University, State College, PA,
Estate/ Finance Degree.
Completed the Following Real Estate Appraisal Courses:
1) USPAP: Uniform Standards of Professional Appraisal Practices.
29
in 2005 with a Real
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
2) R101: Introduction to Real Estate Appraisal and Uniform Residential Appraisal Report.
3) R102: Appraisal of a Condominium or PUD.
4) R103: Appraising Small Residential Income Properties ( 2- 4 family homes).
5) IPA 30: General Appraiser – Income Property Appraisal.
6) NRW 30: Narrative Report Writing.
7) Business Practice and Ethics (Appraisal Institute)
8) Report Writing and Valuation Analysis (Appraisal Institute)
9) Advanced Applications (Appraisal Institute)
10) Advanced Income Capitalization (Appraisal Institute)
11) Advanced Sales Comparison & Cost Approaches (Appraisal Institute)
12) Property Tax Administration – Part 1 (Rutgers)
Licenses:
New Jersey Real Estate Board of Real Estate Appraiser’s License:
License # FHA/VA 42RG00214900.
New York State Appraiser:
Licence #46000051425
New Jersey Real Estate Sales Agent License: July 2, 2007.
CTA (Certified Tax Assessor) of New Jersey: January 1, 2010
Membership:
Appraisal Institute: Associate member since May, 2007.
Expert Witness
State Tax Court of New Jersey
Bergen County Tax Board
Essex County Tax Board
Hudson County Tax Board
Passaic County Tax Board
Union County Tax Board
Middlesex County Tax Board
Morris County Tax Board
Monmouth County Tax Board
Rockland County Court
Union County Superior Court
Sussex County Tax Board
30
74 Mercer Street
Block 354.07, Lot 12
Woodbridge, NJ
LOCATION MAP
31
OTTEAU Advanced CMA Analysis
INSTRUCTIONS: If a significant item in the Comparable Sale is superior to, or better than, the Subject Property, a minus (-) adjustment is made, thus
reducing the indicated price for the Subject. If a significant item in the Comparable Sale is not as good as, or is inferior to, the Subject property, a plus
(+) adjustment is made, thus increasing the indicated price of the Subject.
SUBJECT
SALE 1
Address
Proximity to Subject
Final List Price
List-to-Sales Ratio
Sales Price
$ per Square Foot
Closing Date
Days-on-Market
Months-of-Supply
Sales Concessions
DESCRIPTION
Neighborhood Appeal
Site Area
Site Appeal
Arch Style/Ext Appeal
Quality of Construction
Actual / Effective Ages
Condition
Int. Appeal/Decor
Bedrooms
Baths
Gross Living Area
Basement Area
Basement Finish
Heating / Cooling
Car Storage
Fireplaces
Outdoor Amenities
Other Features
Other Features
Net Adjustment
Preliminary Adjusted Price
Enter Monthly Change Rate
DESCRIPTION
SALE 2
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
DESCRIPTION
+(-) adjust
years
DESCRIPTION
+(-) adjust
years
Beds
Baths
GLA
Market Change (from contract)
Final Adjusted Price
SALE 3
Beds
Baths
GLA
+(-) adjust
years
Beds
Baths
0 GLA
0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Indicated Market Price $
PREPARED BY:
© 2021 Copyright Otteau Group, Inc.
AFTER TIME ADJUSTMENTS
OTTEAU Advanced CMA Analysis
INSTRUCTIONS: If a significant item in the Comparable Sale is superior to, or better than, the Subject Property, a minus (-) adjustment is made,
thus reducing the indicated price for the Subject. If a significant item in the Comparable Sale is not as good as, or is inferior to, the Subject
property, a plus (+) adjustment is made, thus increasing the indicated price of the Subject.
SUBJECT
Address
Proximity to Subject
Final List Price
List-to-Sales Ratio
Sales Price
$ per Square Foot
Closing Date
Days-on-Market
Months-of-Supply
Sales Concessions
12 Dobson Road
DESCRIPTION
Enter Appropriate $/SF Factor
$110
Enter Monthly Change Rate
1.00%
Neighborhood Appeal
Site Area
Site Appeal
Arch Style/Ext Appeal
Quality of Construction
Actual / Effective Ages (yrs)
Condition
Int. Appeal/Decor
Bedrooms
Baths
Gross Living Area
Basement Area
Basement Finish
Heating / Cooling
Car Storage
Fireplaces
Other Features
Net Adjustment
Preliminary Adjusted Price
good
0.80 acres
average
colonial/good
average
5 / 5
good
good
5
3.5
3,700
full
unfinished
forced air/CAC
2 car attached
1 fireplace
none
Market Change (from contract)
Final Adjusted Price
05/01/23
SALE 1
SALE 2
22 Hunter Court
2 blocks
$747,900
97%
$725,000
$196
11/28/22
59
3
none
0 none
SALE 3
16 Myrtle Road
18 Hillwood Road
1/2 mile
5 blocks
$730,900
$741,900
100%
102%
$730,000
$756,000
$187
$216
01/29/23
05/01/23
30
10
2
1
0 none
0
DESCRIPTION
+(-) adjust
good
0.80 acres
average
colonial/good
average
5
/ 5
good
good
Beds
4
Baths
3.5
GLA
3,700
full
finished
forced air/CAC
2 car attached
1 fireplace
none
DESCRIPTION
good
0.77 acres
average
colonial/good
average
6
/ 6
good
good
Beds
5
Baths
3.5
0 GLA
3,900
full
-16,000 unfinished
forced air/CAC
2 car attached
none
none
-$16,000
$709,000
good
0 0.83 acres
0
cul-de-sac
-20,000
colonial/good
average
0
13
/ 13
18,000
good
good
Beds
5
Baths
2.5
24,000
-22,000 GLA
3,500
22,000
walkout
-12,000
finished
-16,000
forced air/CAC
3 car attached
-20,000
16,000 1 fireplace
none
-$6,000
-$4,000
$724,000
$752,000
09/29/22
51,000 11/29/22
$760,000
37,000 03/31/23
$761,000
CMA Price Indication $
+(-) adjust
DESCRIPTION
+(-) adjust
8,000
$760,000
760,000
© 2023 Copyright Otteau Group, Inc.
Sales Comp Value
Cost Approach
Cost per Square Foot (sq. ft.) from costtobuild
Property Size
Soft Costs @ 10% of Hard costs
Entrepreneurial Profit @10% Hard Costs
Land Cost @ 18% of indicated value
Cost New
Effective Age of Subject Property
Useful Life
Remaining Useful Life
Depreciation Deduction Rate (%)
Accumulated Depreciation
Property Value
-0 sq. ft.
—
75 Years
75 Years
100.0%
—
Sales Comp Value
Cost Approach
Cost per Square Foot (sq. ft.) from costtobuild
Property Size
Soft Costs @ 10% of Hard costs
Entrepreneurial Profit @10% Hard Costs
Land Cost @ 18% of indicated value
Cost New
Effective Age of Subject Property
Useful Life
Remaining Useful Life
Depreciation Deduction Rate (%)
Accumulated Depreciation
Property Value
-0 sq. ft.
—
75 Years
75 Years
100.0%
—
Purchase answer to see full
attachment
