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Borrower Joutn bend boa ra u i ruu i <br />Property Address 1039 LaSalle Ct. <br />City South Bend <br />Legal Description Lot 2 & 33 x 40 ft. & <br />Sale Price $ Date of Sale <br />Actual Real Estate Taxes S (yr) Loan cha <br />Lender/Client South Bend Board of PU <br />Occupant Vacant Appraiser C <br />LAND APPRAISAL REPORT <br />c works Census <br />county St. Joseph State IN <br />Kues ert & Summersis Add <br />Loan Term yrs Property Rights Appraised Fee <br />to be paid by seller S Other sales concessions <br />i c Works Address Count -Ci t Bul di n <br />enter Instructions to Appraiser <br />Refere <br />Zip Code 46616 <br />Leasehofd RDeMinimis PUO <br />utih Bend, IN 46601 <br />Location <br />® Urban <br />❑ Suburban. <br />❑RUral <br />Built up <br />Growth Rate ❑ Fully Dev, <br />® Over 75% <br />❑ Rapid <br />25% to 75% <br />❑ Steady <br />❑ Under 25°�r'°°'i <br />7Employ-entability <br />A•9 <br />Fu <br />P91. <br />Property Values <br />❑ [ncreasin9 <br />Stable❑ <br />® Slow <br />❑ Declining <br />Employment❑ <br />❑ <br />❑ <br />Demand/Supply <br />❑ Shortage <br />( In Balance <br />Over Su I❑ <br />Shopping <br />❑ <br />® <br />❑ <br />❑ <br />Marketing Time <br />❑ Under 3 Mos. <br />❑ 4-6 Mos. <br />pp y <br />QQ Over 6 Mos. <br />onvenience to Schools <br />Adequacy of Public Transportation <br />❑ <br />® <br />❑ <br />❑ <br />Present Land Use_% I Family,% 2_4 Family <br />�% Apts. _% <br />Condo % Commercial <br />Recreational Facifities <br />❑ <br />❑ <br />® <br />❑ <br />❑ <br />® <br />❑ <br />❑ <br />"% Industrial _% Vacant <br />Change inPresent Land Use M Not Likely <br />% <br />Likely {' } <br />y <br />Adequacy of Utilities <br />Property <br />[ i <br />M <br />❑ <br />El❑ <br />❑Taking Place ('} <br />1'1 From <br />To <br />Compatibility <br />❑ <br />® <br />❑ <br />❑ <br />Predominant Occupancy <br />❑ Owner <br />Tenant <br />Protection from Detrimental Conditions❑ <br />j0 <br />❑ <br />❑ <br />Single Family Price Range <br />% Vacant <br />S 10,000 to s 45,000 Predominant Value $0 00 <br />3 0 <br />Police and Fire Protection <br />❑ <br />® <br />❑ <br />❑ <br />Single Family Age <br />60 yrs to <br />-General <br />100 ' <br />yrs Predominant Age 70 <br />Appearance of Properties <br />❑ <br />❑ <br />� <br />❑ <br />yrs I <br />Appeal to Market <br />11 <br />r--t <br />ivi <br />r-i <br />Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise) Sub ect TS located On <br />an alleywhich has verylow traffic volume. Ma -or land use in area is city cemetery. <br />Dimensions 40 x 87 3,480 Sq. Ft, or Acres <br />Zoning classification B-Residential ❑ Corner Lot <br />Present improvements (� do ❑ do not conform to zoning regulations <br />Highest and best use: ❑Present use ;gjOrher (specify) Developed' W OX <br />Public Other (Describe) OFF SITE IMPROVEMENTS Topo Flat <br />Efec. <br />tp1 Street Access: ® Public ❑ Private Size <br />Gas Ave <br />ra e <br />Surface Brick Shape Avera e <br />Water <br />] Maintenance: ® Public ❑ Private View Urban <br />San.Sewer ❑ Storm Sewei ❑ Curb/Gut[er Drainage Average <br />❑Underground Elect. &Tel. Sidewalk Street Lights Is the property located in a HUD Identified Special Flood Hazard Aroa7 ❑No ❑Yes <br />Comments (favorable or unfavorable including any apparent adverse easements, encroachments or other adverse conditions) <br />There appears to be no adverse easements or encroachments affecting subject Propertv. <br />The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The descrip- <br />tion includes a dollar adjustment, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant <br />item in the comparable property is superior to, or more favorable than, the subject property, a minus I-) adjustment is made, thus reducing the indicated value of <br />subject: if a significant item in the comparable is inferior to, or less favorable than, the subject property, a plus N adjustment is made, thus increasing the indica- <br />ted value of the subject. <br />ITEM Subject Property COMPARABLE NO. t <br />COMPARABLE NO, y COMPARABLE NO. 3 <br />Address I039 LaSalle 2600 W. Calvert S. Meade St. between S. Meade St. <br />Calvert & Delaware �t Wabash <br />Proximit to Sub'. <br />Sales Price $ <br />Price <br />Data Source <br />Date of Sale and <br />Time Adjustment <br />_ovation <br />S <br />Assessors "Wins <br />DESCRIPTION <br />Urban <br />S <br />$ <br />e t MLS #103963 <br />DESCRIPTION <br />2 25 94 <br />Urban I <br />3 000 <br />.194 <br />_ <br />Adjustment <br />$ <br />MLS #103962 <br />DESCRIPTION <br />2/25/94 1 <br />Urban <br />.15 <br />Adjustment <br />I <br />$ <br />MLS #11439 <br />DESCRIPTION <br />.19 <br />_ <br />Adjust( <br />2/25/94 <br />Urban <br />I <br />ite/View <br />on <br />/urban <br />B-Residential <br />15 360sf/urban <br />I <br />A -Residential IA-Reside <br />-.06 <br />_ <br />20,480sf/urban 1 <br />-.05 <br />25,830sf/urban <br />-.06 <br />I <br />BRi <br />I <br />Sales or Financing <br />Concessions <br />Net Ad (Total) ❑ Plus; ®Minus �$ .06 [ J Plus; ® Minus IS .05 ❑ Plus; i <br />Indicated Value I — ®Minus S_ .06 <br />of Subject $ 13/sf _'' ��$ 10/sf <br />Comments on Market Data Pro ertieSused as comparabl es were purchased as plota e which increase value <br />per parcel as accumulated. Plota e accumulation ofarcels into one provides more flexible <br />Comments and Conditions of Appraisal: Appr-permitE <br />market on a bid basis by Board of Public Works. <br />Final Reconciliation: Subject permits duplex development, however, area has lower valued h <br />would create negative economical factors which lowers market value of sub.iect. <br />I ESTIMATE THE MARKI/T/ VALZIE/ADEFWE-D, OF SUBJECT PROPERTY AS OF j aly 10 1"J �5 to tie s 350 <br />