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Broker Price Opinion - BPO # 1033891 19824 W Catawba , Cornelius, NC 28031
Loan# Sample Debtor: Sample
Drive-By BPO completed by RAY HERNANDEZ SUMMIT VALUATIONS, 847-826-4465
Completed on: 5/12/2010
Client: UPF Services-Commercial
Broker Price Opinion: Subject Property 19824 W Catawba , Cornelius, NC 28031 Loan #: Sample Debtor: Sample Property Type: Specialized: office
Drive-By BPO completed by RAY HERNANDEZ Completed on: 5/12/2010 Client: UPF Services-Commercial
FC Sale Date: Parcel Number:
OccupancyStatus: Occupied # of Units: 1 Comments: Family Dentistry, office was closed on Sat, could not enter unit
Unit 1 Unit #: Unit 1 Sq. Ft.: Property Secured: Occ Type:
Suggested Pricing Listing Price Selling Price Est. Mkt. Time
As Is $403,750 $332,500 180 days
Repaired $403,750 $332,500 180 days
As Is 30 day Quick sale $261,250 $261,250 30 days
Annual Tax Amount: $5,900 Total # of properties, of the same property type, on marketin the same zip code as subject listed in the MLS: 28 Delinquent tax amount: $0
Type of Financing: Total # of properties, of the same property type, closed in the last three months, in the same zip code as subject: 0Seller Concession:
Property has not been Listed in the last 12 months Property has not been Sold in the last 12 months
Currently Listed: No Original List Price: Sale Date: Sale Price:
List Date: Last List Price: Days On Market:
Days on Market: MLS#: MLS#:
Listing Agent Name: Listing Agent Name:
Agent Phone: Agent Phone:
Property InformationPrimary source of Property Information: MLS Projected Market Rent(Monthly):
Type of Ownership:
Property DescriptionProperty Location Suburban
Property Zoned
Current Use
Approximate Lot Size 1
Year Built 1999
Type of Heating and Cooling
# of Energy Efficient Items
Quality of Construction
Age typical for area? Yes
Architectural Style Other
Style's Market Appeal Good
Style typical for area? Yes
Ext. Bldg. Material Brick,
Garage Type 00 cars
Approximate AboveGrade Living Area
3861 sq.ft.
Total # AboveGrade Rooms
5
Above Grade Rooms Beds / Baths: 0 / 0 . 2
Below grade roomsadding value
Basement Type Sq.ft.: 0 % finished: 0
Other Amenities
ConditionAre there any visible orknown problems?
No problems noted
Marketing Strategy
Estimated days to complete repairs Between and days
Does agent feel there will be a resale problem:
Overall RatingsGeneral condition Good Good looking building
Exterior appeal Good Good looking building
Lot Characteristics Good Rear entry but typical for zoning/area
View Excellent Good corner signage
Location Good WAS a great area, it's a sea of vacancy and for sales now
MarketabilityLocation factors adding tomarketability/value
None noted
Neighborhood value trend: Monthly rate (%) change: # months of trend:
Declining 18 18
Number of competing listings in subject’s zip code that are REO or Corporate owned
None noted
Owner occupied % in zip 75
Location factors detractingmarketability/value
High-tension wires: No Boarded-up homes: No answer Commercial uses: Yes
Market ConditionsMarket area local economy
Somewhat Strong
Market area employment
Stable
Market area property inventory
Over Supply
Property values are
Will new construction in areaaffect resale
Yes
Average marketing time
120
Sale Price range for propertytype in the last 3 months in zip
$0 - $0
List Price range for propertytype in zip
$99,000 - $440,000
Absorption Rate
Comments This area is location A for the submarket of Charlotte, anchored by NASCAR and sole proprietorships. Overbuilt.
Railroad tracks: No Freeway/highway: No Airport/flight path: No Waste facilities: No Vandalism Risk: Low
Located in Slide area: No Flood plain: No Earthquake zone: No
Most likely buyer? End User
New construction affectsmarket ability of subject
Yes
Describe any economic obsolescence None except for high inventory of available sites, buildings and space
Describe any functional obsolescence None except for over built area
Describe in detail subject property, exterior condition and neighborhoodClass A multi-use office/retail brick building, well landscaped and fairly full except for two small vacant office suites. Inventory of available comparative use is high, both exiting, new and to-be-built. Unit B is in the lower back corner with good signage on the building out front. Current use is a Family Dentistry. BPO was received on Fri night and requested completion Monday noon so I am not able to enter unit. Concern/question is would the sale include equipment, my guess that personal property is under seperate financing/lease and will be retrieved. Good parking/access. Current tenants: Patrick McNamara, Daily Grind Cafe and Boutique, Nationwide Insurance, Duncan chiropractic, Dr. Perry, Kadzu graphics, Jay Anderson CLU, Gerry Ahern CFP, misa fabrics. Dr. Rasenberger shares the space with Hager.
Broker Price Opinion: Competitive Listings 19824 W Catawba , Cornelius, NC 28031 Loan #: Sample Debtor: Sample Property Type: Specialized: office
Drive-By BPO completed by RAY HERNANDEZ Completed on: 5/12/2010 Client: UPF Services-Commercial
FC Sale Date: Parcel Number:
Item Subject Listing #1 Listing #2 Listing #3
Address View: Satellite19824 W Catawba Cornelius, NC 28031
19900 W Catawba 204Cornelius, NC 28031
9605 Caldwell BCornelius, NC 28031
19701 Bethel Church 201Cornelius, NC 28031
Estimated / Calculated Proximity to Subject (in miles) .5 / 0.06 .5 / 2.44 .2 / 0.21 Original List Price $263,900 $364,500 $410,000 Current List Price $263,900 $364,500 $410,000 Days Since Last Price Change Primary Property Information Source MLS MLS MLS MLS
Property Type Specialized: office Specialized: mixed use Specialized: office Specialized: office
Property Style Other Other Other Other
Value Adjustments Description +/- Adj
Description +/- Adj
Description +/- Adj
Days on Market 436 0 628 0 77 0
Location Suburban Suburban 0 Suburban 0 Suburban 0
Leasehold/Simple Fee 0 0 0
Lot Size (in acres) 1 1.5 0 1.5 0 2 0
View Excellent 0 0 0
Design Appeal Good Good 0 Good 0 Good 0
Building Material Brick Brick 0 Brick 0 Brick 0
Construction Quality 0 0 0
Year Built 1999 2005 0 2004 0 2002 0
# Above-Grade Rooms 5 5 0 4 0 4 0
Bedrooms/Baths 0 / 0.2 0 / 0.2 0 0 / 0.2 0 0 / 0.2 0
BasementType:Sq.ft.:0% finished:0
Type:Sq.ft.:0% finished:0
0Type:Slab/None Sq.ft.:0% finished:0
0Type:Slab/None Sq.ft.:0% finished:0
0
Approximate Above-Grade Living Area 3861 3007 0 1407 0 2384 0
Functional Utility 0 0 0
Heating/Cooling 0 0 0
Energy Efficient Items 0 0 0
Car Storage Type 0 0 0 0 0 0 0 0 0 0 0
Other amenities 0 0 0
Detracting Factors Commercial uses, Commercial uses, Freeway/highway,
0 Commercial uses, 0 Commercial
uses, 0
Overall Condition Good Good 0 Good 0 Good 0
Total Adjustments 0
0
0
Property is an REO No No No
Description Listing #1Very similar building and location. This building has a more retail presence on first floor and exterior access direct to units than subject. This is a second floor unit approx. 1550 SQFT.
Description Listing #2 Single story four condo building with larger end users. Good landscaping/access and parking. Less dense area with lower inventory.
Description Listing #3 Not on main drag, one off location with lower traffic count and visibility. More office and no retail use.
Subject Property As Is Repaired
Sales Price $332,500 $332,500
Suggested List Price $403,750 $403,750
30 Day Quick Sale $261,250
Broker Price Opinion: Comparable Sales19824 W Catawba , Cornelius, NC 28031 Loan# Sample Debtor: Sample
Drive By BPO completed by RAY HERNANDEZ Completed on: 5/12/2010 Client: UPF Services-Commercial
Item Subject Sale #1 Sale #2 Sale #3
Address View: Satellite19824 W Catawba Cornelius, NC 28031
17039 Kenton DR 102Cornelius, NC 28031
10616 Bailey RD JCornelius, NC 28031
19315 W Catawba 102Cornelius, NC 28031
Estimated / Calculated Proximity to Subject (in miles) 1 / 2.24 1 / 2.67 .5 / 0.54 Original List Price $195,000 $295,000 $400,000 Final List Price N/A $195,000 $295,000 $400,000 Sales Price N/A $189,000 $270,000 $392,200 Under Contract Date N/A 5/27/2008 5/27/2008 1/1/2006
Closing Date N/A 6/9/2008 Exception
7/31/2008 Exception
2/13/2006 Exception
Primary Property Information Source MLS MLS MLS MLS
Property Type Specialized: office Specialized: office Specialized: office Specialized: mixed use
Property Style Other Other Other Other
Value Adjustments Description +/- Adj
Description +/- Adj
Description +/- Adj
Days on Market 113 0 128 0 308 0
Sales/Financing Concessions 0 0 0
Location Suburban Suburban 0 Suburban 0 Suburban 0
Leasehold/Simple Fee 0 0 0
Lot Size (in acres) 1 1.2 0 1.5 0 2 0
View Excellent Good 0 Good 0 Good 0
Design Appeal Good Good 0 Good 0 Good 0
Building Material Brick Brick 0 Brick Stucco 0 Brick 0
Construction Quality 0 0 0
Year Built 1999 2006 0 2000 0 1999 0
# Above-Grade Rooms 5 1 0 1 0 1 0
Bedrooms/Baths 0 / 0.2 0 / 0.2 0 0 / 0.1 0 0 / 0.2 0
BasementType:Sq.ft.:0% finished:0
Type:Slab/None Sq.ft.:0% finished:0
0Type:Slab/None Sq.ft.:0% finished:0
0Type:Slab/None Sq.ft.:0% finished:
0
Approximate Above-Grade Living Area 3861 953 0 2000 0 2170 0
Functional Utility 0 0 0
Heating/Cooling 0 0 0
Energy Efficient Items 0 0 0
Car Storage Type 0 0 0 0 0 0 0 0 0 0 0
Other amenities 0 0 0
Detracting Factors Commercial uses, Commercial uses, 0 Commercial
uses, 0 Commercial uses, 0
Overall Condition Good Good 0 Good 0 Excellent 0
Total Adjustments 0
0
0
Property was an REO Yes No No
Description Sale #1 Upfitted for doctors office, class A office building. More pedestrian area with lower traffic count. Store front unit vs. interior entrance.
Description Sale #2Typical tilt up business park in good area but the with the high traffic and visibility of subject. Subject property is located amongst retail, restaurant, etc. This property is pure business park.
Description Sale #3 Very similar in all ways. Almost exact location/area/building.
Subject Property As Is Repaired
Sales Price $332,500 $332,500
Suggested List Price $403,750 $403,750
30 Day Quick Sale $261,250
Broker Price Opinion: Competitive Listings19824 W Catawba , Cornelius, NC 28031 Square footage: 3861 sq.ft. Suggested List Price: $403,750 Projected Sale Price: $332,500 Estimated market time: 180 days
Listing #1
Comp address: 19900 W Catawba 204Cornelius, NC 28031
Estimated Miles from Subject: .5
Square footage: 3007 sq.ft.
Original List Price: $263,900
Current List Price: $263,900
Days on Market: 436
Listing #2
Comp address: 9605 Caldwell BCornelius, NC 28031
Estimated Miles from Subject: .5
Square footage: 1407 sq.ft.
Original List Price: $364,500
Current List Price: $364,500
Days on Market: 628
Listing #3
Comp address: 19701 Bethel Church 201Cornelius, NC 28031
Estimated Miles from Subject: .2
Square footage: 2384 sq.ft.
Original List Price: $410,000
Current List Price: $410,000
Days on Market: 77
Broker Price Opinion: Comparable Sales19824 W Catawba , Cornelius, NC 28031 Square footage: 3861 sq.ft. Suggested List Price: $403,750 Projected Sale Price: $332,500 Estimated market time: 180 days
Sale #1
Comp address: 17039 Kenton DR 102Cornelius, NC 28031
Estimated Miles from Subject: 1
Square footage: 953 sq.ft.
Original List Price: $195,000
Sales Price: $189,000
Closing Date: 6/9/2008
Days on Market: 113
Sale #2
Comp address: 10616 Bailey RD JCornelius, NC 28031
Estimated Miles from Subject: 1
Square footage: 2000 sq.ft.
Original List Price: $295,000
Sales Price: $270,000
Closing Date: 7/31/2008
Days on Market: 128
Sale #3
Comp address: 19315 W Catawba 102Cornelius, NC 28031
Estimated Miles from Subject: .5
Square footage: 2170 sq.ft.
Original List Price: $400,000
Sales Price: $392,200
Closing Date: 2/13/2006
Days on Market: 308
Broker Price Opinion: MAP View 19824 W Catawba , Cornelius, NC 28031 Loan #: Sample Debtor: Sample Property Type: Specialized: office
Interior BPO completed by RAY HERNANDEZ Completed on: 5/12/2010 Client: UPF Services-Commercial
FC Sale Date: Parcel Number:
Broker Price Opinion: Additional Subject Photos 19824 W Catawba , Cornelius, NC 28031 Loan #: Sample Debtor: Sample Property Type: Specialized: office
Drive-By BPO completed by RAY HERNANDEZ Completed on: 5/12/2010 Client: UPF Services-Commercial
FC Sale Date: Parcel Number:
Address Numbers Closeup Street View
Front facade Opposite St. View
Broker Price Opinion: Summary 19824 W Catawba , Cornelius, NC 28031 Loan #: Sample Debtor: Sample Property Type: Specialized: office
Drive-By BPO completed by RAY HERNANDEZ Completed on: 5/12/2010 Client: UPF Services-Commercial
FC Sale Date: Parcel Number:
Summary of Days On Market #1 #2 #3 Average
Competitive Listings 436 628 77 380.33
Comparable Sales 113 128 308 183.00
Agent's estimated marketing time for subject as is: 180
Summary of Price/Sq.ft. #1 #2 #3 Subject pricing as is
Competitive Listings 87.76 259.06 171.98 104.57 listing price
Comparable Sales 198.32 135.00 180.74 86.12 selling price
Summary of Listing/Sale Prices #1 #2 #3 Average
Competitive Listings 263,900 364,500 410,000 346,133
Comparable Sales 189,000 270,000 392,200 283,733
Agent's estimated selling price for subject as is: 332,500
Exceptions: 6
Competitive Listings#1 #2 #3
None None None
Comparable Sales#1 #2 #3
· Closing Date Exception:Had to go beyond the 6 month parameter to find suitable comps.· Closing Date Exception:Had to go beyond the 6 month parameter to find suitable comps.
· Closing Date Exception:There are no sold properties of this type within the last six months.· Closing Date Exception:There are no sold properties of this type within the last six months.
· Closing Date Exception:There are no sold comparables in this area of this type in the last 6 months.· Closing Date Exception:There are no sold comparables in this area of this type in the last 6 months.
