Peter Boot Appraisal Services 441 Water Street File No. 1131-11
APPRAISAL OF
LOCATED AT: 676 Main Land Con15,pt.lt. 46 Stoney Lake, ON
FOR: Alan Wotherspoon 36-300 Franmor Drive Peterborough, Ontario, K9H 7R1
BORROWER: Alan Wotherspoon
AS OF: August 9, 2011
BY: Teresa Hammell, CRA
Boot Appraisal Service
Peterborough, Ontario, K9H 3M2
CLIENT:
SUMMARY APPRAISAL REPORT 1131-11 HOME OWNERSHIP UNITS APPRAISER Teresa Hammell, CRA
Alan Wotherspoon
Complete x Limited ADDRESS OF PROPERTY
ADDRESS: 36-300 Franmor Drive
Boot Appraisal Service ADDRESS: 441 Water Street
Peterborough, Ontario, K9H 7R1 676 Main Land Con15,pt.lt. 46 TEL: ( 705 ) 750-0573 CITY Stoney Lake cottage705-654-3035 PROVINCE ON POSTAL CODE APPLICANT NAME Alan Wotherspoon LEGAL DESCRIPTION Concession 15, part lot 46, RP45R1246 part 1 & 2
Peterborough, Ontario, K9H 3M2 TEL: ( 705 ) 740-2668
MUNICIPALITY or DISTRICT Township of Smith/Ennismore/Lakefield, County of Peterborough, Ontario ASSESSMENT: LAND x IMP x TOTAL 362,250.00 TAXES $ 3,170.97 PURPOSE OF APPRAISAL: To estimate the market value x or INTENDED USE OF APPRAISAL: Financing or for potential marketing PROPERTY RIGHTS APPRAISED: Fee simple x Leasehold Condominium Co-operative OCCUPIED BY: Owner x-cottage Tenant Vacant HIGHEST & BEST USE: x As Improved NOTE: IF HIGHEST & BEST USE IS NOT THE CURRENT USE - SEE COMMENTS NEIGHBOURHOOD DESCRIPTION NATURE OF DISTRICT
x
RESIDENTIAL RURAL MIXED
x
waterfront
TREND OF DISTRICT
CONFORMITY OF SUBJ.
IMPROVING STABLE DETERIORATING TRANSITION
x
DISTANCE ELEMENTARY SCHOOL bus - at marina TO SECONDARY SCHOOL bus at marina SUMMARY:
INFERIOR SIMILAR SUPERIOR
x x
AVG. AGE OF PROPERTIES IN NEIGHBOURHOOD:
new to 70+ AREA BUILT UP
YEAR 2011
Other (Specify)
SUPPLY
YEARS 80 %
PUBLIC TRANSPORTATION nil SHOPPING FACILITIES 1 km+- Kawartha Park Marina DOWNTOWN Peterborough 45 km+-
DEMAND
GOOD FAIR POOR
x
GOOD FAIR POOR
x x
PRICE RANGE IN NEIGHBOURHOOD $ 125,000. to 1,500,000+
including VALUE TRENDS AND ADVERSE INFLUENCES IN AREA, if any (e.g. railroad tracks, commercial/industrial properties, unkempt properties, major traffic arteries, etc.)
The subject is located 40 km+- north of the city of Peterborough in a rural area of single family dwellings, vacant land, cottages, a marina and waterfront homes on Stoney & Clear Lake. The subject property is east of Highway #28, north of Kawartha Park Road, on the northwest section of Stoney Lake in McKenzie Bay. The subject property has no road access although Juniper Point Road is west of the subject site, the owner currently has parking spots and a boat slip at the Kawartha Park Marina. The real estate market has been fairly steady over the last 8 months with values remaining fairly steady. Properties over the $500,000.+ tend to take longer to market SITE DESCRIPTION
SITE DIMENSIONS: 600'± x 296.84" x 175.76" irr SITE AREA: 2.18 acres SOURCE: survey & tax assmt TOPOGRAPHY: slight grade upwards from lake CONFIGURATION: irregular ZONING: LR Lakeshore Residential DOES PRESENT USE CONFORM:
x
YES
LANDSCAPING
x
NO
FAIR POOR NONE
x
SANITARY SEWER SEPTIC STORM SEWER OPEN DITCH
x
lake
DRIVEWAY
UTILITY ACCESS
none
TELEPHONE GAS MUNICIPAL WATER WELL-PRIVATE WELL-COMMUNAL
x
IF NO, SEE COMMENTS.
EASEMENTS
EXCELLENT GOOD AVERAGE
PAVED ROAD GRAVEL ROAD SIDEWALK CURBS STREET LIGHTS CABLEVISION
ELECTRICAL
at PRIVATE marina MUTUAL
SINGLE DOUBLE
CONCRETE ASPHALT
NONE (e.g. regarding conforming of zoning, effects of easements, etc.)
UNDERGROUND OVERHEAD
x
known
COMMENT ON ANY POSITIVE/NEGATIVE FEATURES:
See Attached Addendum
DESCRIPTION OF IMPROVEMENTS - EXTERIOR
ESTIMATED YEAR BUILT: 1948 CONSTRUCTION COMPLETE: yes FLOOR AREA
EFFECTIVE AGE: 20yr+ PERCENTAGE COMPLETE: 100% BASEMENT
SOURCE measured MAIN 1,500 2nd 3rd TOTAL 1,500 x SQ.FT. SQ.M.
DESIGN
x
DETACHED SEMI-DETACHED ROW/TOWNHOUSE APARTMENT
x
WOOD SIDING ALUMINUM VINYL INSULBRICK
EXTERIOR FINISH
YES NO
x
CONSTRUCTION
ONE-STOREY SPLIT-LEVEL 1 1/2 STOREY 2-STOREY
x
ROOFING MATERIAL
BRICK VENEER SOLID BRICK STONE VENEER SOLID STONE STUCCO
frame with screens
x
TYPE OF BUILDING
FULL PARTIAL piers CRAWL SPACE TOTAL AREA SQ.FT. SQ.M.
WINDOW SASH/GLAZING
U.F.F.I. APPARENT
ESTIMATED REMAINING LIFE (Yrs.) 40yr+ HOLDBACK RECOMMENDED:
x
WOOD FRAME BRICK STONE CONCRETE
OVERALL EXT. CONDITION
ASPHALT SHINGLE WOOD SHINGLE TAR & GRAVEL
x
GOOD AVERAGE FAIR POOR
1/5/16y APPROX. AGE
DESCRIPTION OF IMPROVEMENTS - INTERIOR INSULATION
CEILING WALLS BASEMENT CRAWL
nil
x pine
WALLS
W-W CARPET SOFTWOOD HARDWOOD LINOLEUM
x
CEILINGS
SHEET VINYL VINYL TILE CERAMIC
FINISH
PLYWOOD PLASTER GYPSUM BOARD
x
x
wood
cottage
FLOOR PLAN
x
FLOORING
GOOD AVERAGE FAIR POOR
Form#: CSA-USPAP 08/97 Page 1
CLOSETS
x
BEDROOMS(#)
GOOD AVERAGE FAIR POOR
x
3
LARGE AVERAGE SMALL
Form produced using ACI software, 800.234.8727 www.aciweb.com
BATHROOMS(#)
1x
2-Pc. 3-Pc. 4-Pc. 5-Pc.
4F x-
OVERALL INT. CONDITION
GOOD AVERAGE POOR CUSTOM
x
GOOD AVERAGE FAIR POOR
Client Reference No: FOUNDATION WALLS
PLUMBING LINES
POURED CONCRETE CONCRETE BLOCK CONCRETE SLAB BRICK OR STONE
x piers
x x
ELECTRICAL
COPPER PVC OR PLASTIC GALVANIZED
WATER HEATER
FUSES BREAKERS
x
RATED CAPACITY OF MAIN BREAKERS 200+ AMPS
x
GAS ELECTRIC
40 gal
CAPACITY
File No: 1131-11 HEATING SYSTEM
x
ELEC
FORCED AIR BASEBOARD HOT WATER FUEL TYPE
BUILT-IN APPLIANCES/EXTRA FEATURES:
STOVE OVEN DISHWASHER
x
VACUUM GARBAGE DISPOSAL FIREPLACE(S)
x
BASEMENT FINISHES, UTILITY:
CENTRAL AIR AIR CLEANER SECURITY SYSTEM
SAUNA WHIRLPOOL SWIMMING POOL
SOLARIUM x cooks SKYLIGHTS x UV GARAGE OPENER
stove sterilizer
The subject sits on piers
GARAGES/CARPORTS: Boathouse built in the 1980's in average+ condition with a marine lift DECKS, PATIOS, OTHER IMPROVEMENT: There are extensive docks, walkways, decks, a bunkie and a cabin on site COMMENTS: Building, appearance, quality, condition, services including extras: See Attached Addendum
ROOM ALLOCATION
LEVEL: ROOMS: ENTRANCE LIVING DINING KITCHEN FULL BATH PART BATH BEDROOM FAMILY LAUNDRY OTHER(S)
ITEM ADDRESS
MAIN
SECOND
COST APPROACH
THIRD
BSMT.
3 1 1 1 4pc
piers
3 games r utility mud rm screen room
SUBJECT PROPERTY
SOURCE OF COST DATA: MANUAL LOCAL CONTRACTOR OTHER LAND VALUE: 600' ltd serviced & landscaped $ 660,000 ................................ BUILDING COST NEW DEPRECIATED COST COST . . .1,500.00 125.00 $ 187,500 . . . . . . . @$ GARAGE: Boat 30,000 $ . . . . . house . . . . . . . . . . . . . . .$ BASEMENT FINISH: . . . . . . . . . . . . . . $ . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ OTHER EXTRAS . . . . . . . . . . . . . . . . $ $ fireplace, UV, Cookstove $ 15,000 $ ............................ decking, docks, $ 30,000 $ ............................ cabin 60,000 $ . . . . . .&. bunkie . . . . . . . . . . . . . . . . . . . . .$ TOTAL REPLACEMENT COST: . . . . . . . $ 322,500 LESS: ACCRUED DEPRECIATION 24% $ 77,400 $ 245,100 INDICATED VALUE: . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 905,100
VALUE BY THE COST APPROACH (rounded) $ 905,100 DIRECT COMPARISON APPROACH COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 DESCRIPTION $ ADJUST. DESCRIPTION $ ADJUST DESCRIPTION $ ADJUST
676 Main Land Stoney Lake
36 fire route 10C Stoney Lake marketing time 35 days+ DATE OF SALE 12/15/10 SALE PRICE 885,000 SITE SIZE 600' wf 2.18 acres 800' x irr 4.42 acres SIZE L.F.A. 1500 Sq.Ft. superior AGE/CONDITION 63 Yrs. / Avg 25yr+ / Avg+ STYLE frame bungalow 2 storey- frame RMS/BEDS/BATHS 6 / 3 / 4 8 / 3 / 3/3 BASEMENT piers crawl space GARAGE/PARKING boathouse carport/boathouse heat ELEC BB ELEC extras fp/cstv/screned rm 2fp/screen rm/BI app cabine/bunkie cabin access water access private rd/well/septic
2905 Old Burleigh Road Stoney Lake 211 days+ 06/30/11 950,000 1050 wf 1.10 acres inferior 40yr+ / Avg frame 1.5 storey 5 / 2 / 4 piers boathouse FA ELEC fp nil superior Twp rd/lake/septic superior
430 Main Land Stoney Lake 74 days+ 06/03/11 600,000 890' x irr 1.47 acre Inferior 60 yrs+ / Avg frame bungalow 6 / 3 / 2/4 piers boathouse Wood FP/screened rm 2 cabins water acc/lake/septic
similar
ADJUSTED VALUES/NET ADJUSTED TOTALS CONCLUSIONS: See Attached Addendum
VALUE BY THE DIRECT COMPARISON APPROACH (ROUNDED) $ 825,000. to $865,000 FINAL ESTIMATE OF VALUE/COMMENT ON REASONABLE EXPOSURE TIME: Most weight has been placed on the direct comparison
approach to value and the cost approach has been included. A reasonable exposure time of 30 to 150+ days is standard for the area and based on a reasonable list price. COMMENT ON AND ANALYZE ANY KNOWN SALES, LISTING OR OFFER TO PURCHASE ON THE SUBJECT PROPERTY OVER THE PAST YEAR: (Include source of information.)
No known listed over the last few years. The owner informed the appraiser that the property has been in the
family since 1948.
AS A RESULT OF MY APPRAISAL AND ANALYSIS IT IS MY OPINION THAT THE MARKET VALUE OF THE SUBJECT PROPERTY AS OF IS $ 825,000.-$865,000 THIS REPORT WAS COMPLETED ON
X TITLE PAGE
AREA CALCULATIONS MAP ADDENDUM X ENVIRONMENTAL ADDENDUM X CERTIFICATION SKETCH ADDENDUM X PHOTO ADDENDA X SCOPE OF APPRAISAL SCHEDULE A/NARRATIVE COMPS 4-5-6 X NARRATIVE ADDENDUM X USPAP DEPARTURE DISCLOSURE X INVOICE FOR SERVICES DESIGNATION DESIGNATION SIGNATURE CRA SIGNATURE NAME Teresa Hammell, CRA Boot INSPECTED Appraisal PROP. Service (DATE) NAME INSPECTED PROP. (DATE)
Form#: CSA-USPAP 08/97 Page 2
August 9, 2011
SUPERVISOR
REPORT PROFILE TRANSMITTAL LETTER APPRAISER
August 9, 2011 August 17, 2011
Form produced using ACI software, 800.234.8727 www.aciweb.com
Boot Real Estate Appraisals
ADDENDUM Borrower: Alan Wotherspoon Property Address: 676 Main Land Con15,pt.lt. 46 City: Stoney Lake Lender: Alan Wotherspoon
File No.: 1131-11 Case No.: Province: ON
Postal Code:
Site Comments The subject is a large waterfront property with 600+ feet of water frontage on Stoney Lake part of the Trent Severn Waterway System. The water frontage is considered to be average+ for Stoney with large rock croppings, a sandy beach (Granny's beach) and some weeds. There are several areas with docks, a boat house and swimming areas. There is a slight grade upwards from the lake, the lot is well treed and in a natural state with flower gardens and walking trails by the cottage. There is a newer cabin on site, a boat house and a bunkie for outbuildings. The subject is located In a lakeshore residential zoned area, the water supply is from the lake and there are 2 septic systems (cottage and cabin) that the owner states are in average working condition.
Condition of the Improvements THE SUBJECT IS AN OLDER FRAME COTTAGE BUILT IN 1948 WITH SEVERAL ADDITIONS ADDED OVER THE YEARS. THE COTTAGE HAS A LARGE STONE FIREPLACE IN THE LIVING ROOM, AN UPDATED KITCHEN (1990'S) WITH AN ISLAND, PINE CUSTOM CABINETS, BRICK WALL WITH A WORKING COOKSTOVE AND A BUILT IN DISHWASHER. THE SCREENED IN ROOM WAS AN ADDITION AND MEASURES 12' X 18'. THE 4 PIECE BATHROOM IS OLDER AND THERE IS OLDER FLOORING (VINYL), THE COTTAGE IS NOT INSULATED, SOME WINDOWS HAVE BEEN UPDATED OVER THE YEARS, THE ELECTRICAL SERVICE WAS UPGRADED TO BREAKERS, THE ASPHALT ROOF WAS REPLACED IN SECTIONS AND RANGE IN YEARS FROM NEW TO 16 YEARS OLD, THERE ARE PINE PLANK FLOORING THROUGH MOST OF THE ORIGINAL DWELLING. THE WATER SUPPLY COMES FROM THE LAKE AND GOES THROUGH A UV STERILIZER AND FILTER AND THERE IS A SEPTIC TANK FOR THE COTTAGE AND CABIN. THE BUNKIE IS AN OLDER FRAME CONSTRUCTION, MEASURING 14.6" X 12.6 THAT HAS CHIPBOARD WALLS, OPEN CEILING, CARPET AND HAS ONE ELECTRIC BASEBOARD HEATER. THERE IS A WOOD SHED & A FRAME SHED THAT ARE ALSO LOCATED BEHIND THE COTTAGE. THE CABIN WAS BUILT 12 YEARS AGO (1999) AND MEASURES 27.5" X 20.3". IT IS IN GOOD CONDITION WITH A FUNCTIONAL LAYOUT, FRAME EXTERIOR, ASPHALT ROOF, FRAME DOUBLE GLAZED WINDOWS AND HAS BEEN INSULATED. THERE IS A SMALL KITCHENETTE WITH A BUILT IN RANGE AND AN OPEN CONCEPT THAT INCLUDES THE LIVING ROOM, DINING ROOM AND THE BEDROOM, THERE IS A 3 PIECE BATHROOM AND A LARGE WALKIN CLOSET. THIS UNIT IS HEATED BY ELECTRIC HEAT, HAS A 25+- GALLON ELECTRIC HOT WATER TANK , PINE FLOORING AND WALLS . THE WATER SUPPLY IS FROM THE COTTAGE (LAKE) AND HAS ITS OWN SEPTIC SYSTEM WITH A SEWAGE PUMP. THE BOAT HOUSE WAS BUILT IN THE 1980'S AND IS A FRAME CONSTRUCTION WITH A STEEL ROOF IN AVERAGE++ CONDITION WITH A RAMP AND DOOR LIFT. THE SUBJECT IS A LARGE WATERFRONT PROPERTY ON STONEY LAKE WITH PICTURESQUE VIEWS OF STONEY & CLEAR LAKE.. THE SHORELINE IS UNEVEN WITH LARGE ROCK CROPPINGS AND A MIXTURE OF SAND, PEBBLEY AND ROCKY BOTTOM AND SOME WEEDS. THE SUBJECT IS CONSIDERED TO HAVE AVERAGE+ WATER FRONTAGE FOR STONEY LAKE.
Comments on Sales Comparison All of the sales have large water frontages on Stoney lake. Sale #1 was a newer dwelling, superior in dwelling size, condition and lot size with 2 older cabins (no bathrooms), a boathouse, screened room, carport and located off of private road with a drilled well and septic system. The water frontage had approximately 200' of excellent frontage and the remainder was fair (weedy). Sale #2 had a larger water frontage that was inferior in quality (weedier) with good viewS of the lake, it had a frame bungalow inferior in dwelling size, with a boat house and was used in the film "cheaper by the dozen 2". Sale #3 was located close to the subject, previously owned by the Harris's and was superior in water frontage size, inferior in condition with 2 cabins on site (one with a bathroom). This sale also had water access with Juniper Point Road running behind the site similar to the subject property. I have included comps 5, 6 & 7 for your viewing.
Addendum Page 1 of 1
Client Reference No.:
File No.:
1131-11
CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS - PAGE 1
DEFINITION OF MARKET VALUE:
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, with 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 Canadian 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.
CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS CONTINGENT AND LIMITING CONDITIONS:
The certification that appears in the appraisal report is subject
to the following conditions: 1. Because market conditions, including economic, social and political factors change rapidly and, on occasion, without warning, the market value estimate expressed as of the date of this appraisal cannot be relied upon as of any other date except with further advice from the appraiser confirmed in writing. 2. No responsibility is assumed for matters of a legal nature that affect either the property being appraised or the title to it. It has been assumed that the title is good and marketable and, therefore, no opinion is rendered about the title. The subject property must comply with government regulations, including zoning, building code and health regulations and, if it doesn't comply, its non-compliance may affect market value. To be certain of compliance, futher investigation may be necessary. The property is appraised on the basis of it being under responsible ownership. 3. No survey of the property has been made. Any sketch that is provided in the appraisal report shows approximate dimensions and is included only to assist the reader of the report in visualizing the property and understanding the appraiser's interpretation as to its size. 4. This report is completed on the basis that testimony or appearance in court is not required as a result of this appraisal unless specific arrangements to do so have been made beforehand. Such arrangements will include, but not necessarily be limited to, adequate time to review the appraisal report and data related thereto and the provision of appropriate compensation. 5. Unless otherwise stated in the appraisal report, there are no known unapparent or hidden conditions of the property (including but not limited to its soils, physical structure, mechanical and other operating system, its foundation, etc.) or adverse environmental conditions (on it or a neighbouring property, including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable. It has been assumed that there are no such conditions unless they were observed at the time of inspection or became apparent during the normal research involved in completing the appraisal. The attached report should not be construed as an environmental audit or a detailed property condition report, as such reporting is beyond the scope of this report and/or the qualifications of the appraiser. Responsibility is not accepted for any such unapparent or hidden conditions that do exist, or for any research, testing or engineering that might be required to discover whether such conditions exist. 6. Information, estimates, and opinions that have been expressed in the appraisal report are obtained from sources considered to be reliable and they are believed to be true and correct. No responsibility is assumed for the accuracy of such items that were furnished by other parties. 7. The opinions of value and other conclusions contained herein assume satisfactory completion of any work remaining to be completed in a good and workmanlike manner. Further inspection may be required to confirm completion of such work. 8. The contents of this report are considered confidential and will not be disclosed by the appraiser to any party except as provided for in the Uniform Standards of Professional Appraisal Practice, the client, and/or when properly entered into evidence of a duly qualified judicial or quasi-judicial body. 9. The appraiser and supervisory appraiser must provide his/her written consent before all (or any part) of the content of the appraisal report can be used for any purposes by anyone except: the client specified in the report and, where the client is the mortgagee, its insurer and the borrower, if he/she paid the appraisal fee. The author's written consent and approval must also be obtained before the appraisal (or any part of it) can be conveyed by anyone to any other parties, including mortgagees other than the client and the public through prospectus, offering memo, advertising, public relations, news, sales or other media.
Generic Certification Page 1 of 2
Form produced using ACI software, 800.234.8727 www.aciweb.com
Client Reference No.:
File No.:
1131-11
CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS - PAGE 2
APPRAISER'S CERTIFICATION:
The Appraiser certifies and agrees that:
1. The subject market area has been researched and a minimum of three recent sales of properties have been selected that are the most similar and proximate to the subject property for consideration in sales comparison analysis and a dollar adjustment have been made where appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to, or more favourable than, the subject property, a negative adjustment is made to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favourable than the subject property, a positive adjustment is made to increase the adjusted sales price of the comparable. 2. All factors known to the appraiser (and to the extent that the data permits) that have an impact on value have been taken into consideration to the extent felt necessary in rendering a considered opinion of value. No significant information has been knowingly withheld from the appraisal report and it is believed to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. Only my personal, unbiased, and professional analysis, opinions, and conclusions are stated in the appraisal report. Included on this form are all contingent and limiting conditions affecting the analysis, opinions, and conclusions, whether they were imposed by the terms of the assignment or by the appraiser. 4. I have no past, present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest in the property or bias with respect to the parties involved. 5. The opinion of value stated within this report does not result from a requirement to report a predetermined value or direction in value that favours the cause of the client or any related party, the attainment of a specific result, or the occurrence of a subsequent event in order to receive the compensation and/or employment for perfoming the appraisal. The reported value is not based on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 6. This appraisal report, its analyses and all conclusions herein, have been prepared in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice that was adopted by the Appraisal Standards Board of the Appraisal Foundation, with the exception of the departure provision of those Standards, which does not apply. It is acknowledged that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate developed is consistent with the marketing time noted in the appropriate section of this report unless otherwise stated in the reconciliation section 7. The interior and exterior of the subject property were personally inspected on the date shown in the attached report. It is hereby certified that any apparent or known adverse conditions have been noted herein, in the subject improvements, on the subject site, or on any site, within the immediate vicinity of the subject property which were apparent as of the date of inspection and that adjustments have been made for these adverse conditions in the analysis of the property value to the extent that market evidence was available to support them. 8. All conclusions and opinions about the real estate were personally prepared as same are set forth in the appraisal report. If there was reliance on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, such individual(s) have been named herein including the disclosure of specific tasks performed by them. No authorization has been given to anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, no responsibility for such changes is assumed. 9. As of the date of this report, the appraiser and supervisory appraiser have fulfilled the requirements of the recertification program, in accordance with the Bylaws and Regulations of the professional appraisal organization with which they are affiliated and are hereby noted as designated members of such organization.
SUPERVISORY APPRAISER'S CERTIFICATION:
If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: direct supervision of the appraiser who prepared the appraisal report was performed and that the supervisor participated in the development of the estimate of market value in this appraisal report, reviewed the appraisal report, agree with the statements and conclusions of the appraiser, and take full responsibility for the appraisal report.
PROPERTY ADDRESS IDENTIFICATION Address 676 Main Land Con15,pt.lt. 46 Smith Township City Stoney Lake
Pr. ON Postal Code
Legal Description Concession 15, part lot 46, RP45R1246 part 1 & 2 Final Estimated Market Value as of August 9, 2011 (effective date of appraisal)
APPRAISER: Signature: Name: Teresa Hammell, CRA Inspected Property: August 9, 2011 Date Signed: August 17, 2011 Designation: CRA Recertified: Generic Certification Page 2 of 2
is $ 825,000.-$865,000
SUPERVISORY APPRAISER (if applicable): Signature: Boot Appraisal Service Name: Yes: X
No:
Yes: X
No:
Inspected Property: Date Signed: Designation: Recertified:
Form produced using ACI software, 800.234.8727 www.aciweb.com
Boot Real Estate Appraisals
Yes:
No:
Yes:
No:
Client Reference No.:
File No.: 1131-11
SCOPE OF THE APPRAISAL The Scope of the Appraisal contains the necessary research and analysis to prepare a report in accordance with its intended use. The following are comments which describe the extent of the procedures used in the collection, confirmation and reporting of the information involved in preparing this report.
The Subject was inspected on August 9, 2011, as requested by Mr. Alan Wotherspoon for potential marketing purposes. The subject property was measured (measure wheel), pictures taken and the appraiser walked around the dwelling taking note of the general exterior condition. Landscaping, topography, neighbourhood properties and current mls activity in the area. To the best of the appraiser's knowledge this report conforms to the Canadian Uniform Standards of the Appraisal Institute (CUSPAP). The appraiser is competent in this type of appraisal and has appraised this type of property previously. The owner Mr. Wotherspoon picked the appraiser up Kawartha Park Marina and took her to the property and answered questions concerning the property (address, the age of the roof, water supply, insulation, history, improvements, renovations and upgrades completed). The appraiser has assumed that the building complies with the local building codes and the house is structurally sound. Information comes from mpac, propertyline, the multiple listing service (MLS), real estate agents and in house files. Not completed by the appraiser: 1. A title search nor was a Title Sub Search completed an EXTRA ORDINARY LIMITING CONDITION 2. Inspection of Mechanical systems 3. Investigation of the bearing or any other quality of the soil 4. An environmental review 5. An achaelogical study 6. A building survey/site plan 7. A Financial audit & legal arrrangements reported 8. Inspection of the well/septic/municipal services 9. A mould or polluntant test The time and cost to confirm third party information can exceed a reasonable appraisal budget. Consequently the analysis set out in this report relied on written and verbal information obtained from the primary and hearsay sources, some of which I did not confirm. Anyone wishing to rely on this report should confirm with its author the source of any important information within. Third party users should verify on their own any significant conculsions.
Form #: CSA-SCOPE 09/97
Form produced using ACI software, 800.234.8727 www.aciweb.com
Boot Real Estate Appraisals
SUBJECT PROPERTY PHOTO ADDENDUM
Borrower: Alan Wotherspoon Property Address: 676 Main Land Con15,pt.lt. 46 City: Stoney Lake Lender: Alan Wotherspoon
Prov.:
File No.: 1131-11 Case No.: ON P.C.:
FRONT VIEW OF SUBJECT PROPERTY
Appraised Date: August 9, 2011 Appraised Value: $ 825,000.-$865,000
REAR VIEW OF SUBJECT PROPERTY
STREET SCENE
COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: Alan Wotherspoon File No.: 1131-11 Property Address: 676 Main Land Con15,pt.lt. 46 Case No.: City: Stoney Lake Prov.: ON P.C.: Lender: Alan Wotherspoon
COMPARABLE SALE #1
36 fire route 10C Stoney Lake Sale Date: 12/15/10 Sale Price: $ 885,000
COMPARABLE SALE #2
2905 old Buleigh Rd, Stoney lake Stoney Lake Sale Date: 06/30/11 Sale Price: $ 950,000
COMPARABLE SALE #3
430 Main Land Stoney Lake Sale Date: 06/03/11 Sale Price: $ 600,000
COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: Alan Wotherspoon File No.: 1131-11 Property Address: 676 Main Land Con15,pt.lt. 46 Case No.: City: Stoney Lake Prov.: ON P.C.: Lender: Alan Wotherspoon
COMPARABLE SALE #4
171 fire Rt 22 Stoney Lake 708 wft newer log home on 2.99 acres/full bsmt Sale Date: 06/30/11 Sale Price: $ 1,1210,000
COMPARABLE SALE #5
60 Fairy Island/Stoney Lake "Camerons" cottage/boathouse/3 cabins/400 wft Sale Date: 09/01/10 Sale Price: $ 650,000
COMPARABLE SALE #6
426 island 7, Stoney Lake 550 wf+island 1.5 storey,AVG+cond/cabin/tennis ct/suna Sale Date: 07/11/11 Sale Price: $ 705,000
Borrower: Alan Wotherspoon Property Address: 676 Main Land Con15,pt.lt. 46 City: Stoney Lake Lender: Alan Wotherspoon
Prov.:
File No.: 1131-11 Case No.: ON P.C.:
view from main dock
water frontage view
boathouse & additional docks
Borrower: Alan Wotherspoon Property Address: 676 Main Land Con15,pt.lt. 46 City: Stoney Lake Lender: Alan Wotherspoon
Prov.:
File No.: 1131-11 Case No.: ON P.C.:
Cabin
living room is bunkie
3 piece bathroom
Borrower: Alan Wotherspoon Property Address: 676 Main Land Con15,pt.lt. 46 City: Stoney Lake Lender: Alan Wotherspoon
Prov.:
File No.: 1131-11 Case No.: ON P.C.:
living room in main cottage
4 piece bathroom
kitchen