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A P P R A I S A L R E P O R T
REF/011.05/2019.HASSELL‐EUX‐FCIB
PRINCESS GARDENS, ORANJESTAD, SINT EUSTATIUS, NC.
*
APARTMENT HOUSE @ JOHN SPANNER ROAD #5
CLIENT
*
FIRSTCARIBBEN INTERNATIONAL BANK BROAD ST., BRIDGETOWN, BARBADOS
Ocean Building, 88 Union Road, Colebay, Sint Maarten
Tel 1‐721 542‐2719
design@dma‐architects.com
David Morrison Associates
ARCHITECTS & APPRAISERS
SUBJECT
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POBox 503, Broad Street, Bridgetown, Barbados, WI.
Attn. Zerrie‐Ann Morris, Analyst, Credit Risk Management,
680 m2
Page # Pages
3
4
5
6
7
8 DESCRIPTION
ACCOMMODATION
9 INFRASTRUCTURE
STRUCTURAL
FINISHES
10 DISCUSSION
11 EVALUATION
12 INSURANCE VALUATION
PHOTOGRAPHS 7
2
0
21PAGES TOTAL
ADDENDA
Appraisers : David Morrison assisted by Margit Poulsen & Geraldine Ladera.
INDEX
LIMITING CONDITIONS & DEFINITIONS
KADASTRAL EXTRACT
OBJECTS
Market & quick‐sale (forced sale) values;
Reinstatement value (for insurance).
Sint Eustatius, Holland (Dutch Caribbean)
TITLE
Cadastral description : Mbr. #32/1988
Site area :
FREEHOLD title in name of Fernando L. Hassell and Sharine Hassell
GLOBAL SITUATION
ISLAND DESCRIPTION
FLOOR PLANS
LOCATION PLAN
CIBC FirstCaribbean International Bank
DATE
Effective date & inspection : 8 May 2019
SUBJECT
Apartment house at John Spanner Road #5
LOCATION
REQUIREMENTS & INDEX
CLIENT
'REF/011.05/2019.HASSELL‐EUX‐FCIB
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property and excludes land and movable assets (eg. furniture, fittings, equipment & personal effects). It may be used as a guide for insurance risk & excludes depreciation unless specifically noted.
The information and conclusions provided in this report are time sensitive and should be subject to re‐evaluation from time to time, as circumstances require. Values exclude furniture, fittings, equipment & personal effects.
Where a “replacement value” is provided, this reflects the appraiser’s consideration of the cost to replace the immovable
ARCHITECTS & APPRAISERS
OCEAN BUILDING ‐ UNION ROAD ‐ COLEBAY ‐ SINT MAARTEN
thereof, nor with any other party concerned therewith in regard to the subject property.
The conclusions in this report are not in any way affected by any remuneration received.
Principal has been registered with the Dutch Institute of Architects (BNA) : all work is performed according to the DNR‐2011
assembled, interpreted and prepared with all reasonable diligence by experienced professionals.
and in accordance with all codes, regulatory requirements and general good practices.
the conclusions of this report.
knowledgably, prudently and without compulsion.
If a “quick sale” value is provided in this report, this term should be interpreted as an assessment of the potential value of the asset with minimal market exposure, eg. at auction,: however, it must be understood that auction sales are unpredictable and
property is free from rot, water damage, fungal or insect infestation, or any other defect, current or latent, not immediately
Any legal definitions or ownership statements have been the subject of enquiry at the Island Kadaster (survey and records) Department and are reproduced dependent on same and assumed to be correct.
of the property and that construction (if any) has been executed according to such permissions in a proper workmanlike manner
Market Value is herein defined as the estimated amount for which a property should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where each of the parties have acted
that a lesser value may result in such cases.
David Morrison Associates N.V. is a limited liability company incorporated under the laws of Sint Maarten (1981)
Areas & dimensions quoted are approximate only and should not be used for purpose other than herein utilised.
Furthermore, this report does not warrant the structural integrity of the improvements (buildings & appurtenances) nor that the
purchase, future changes in public access, utilities or facilities in general, nor for future local or global events which may affect
evident upon brief inspection.
LIMITING CONDITIONS & DEFINITIONS
This report is confidential and is for the sole use of the client and his/their professional advisors: the information therein has been
The report, either in whole or in part, may not be reproduced, published or otherwise disseminated in any way without the expre written permission of the authors.
All reasonable care has been taken in the inspection of the property concerned : however, no responsibility is taken by the autho as to its/their precise location(s), conformity to codes, whether or not planning or construction permits have been obtained, nor improvements (if any) conform to such permissions.
It is thus presumed, but not verified, that the applicable planning and construction permits have been issued for any developmen
No investigation (other than in the above paragraphs) has been made into potential public rights‐of‐way, possible compulsory
The appraisers hereby state that they have no undeclared interest whatsoever in the appraised property, nor with the owner
the use and enjoyment of the property as if he or she were the owner. The legal case of property ownership remains with the egal owner. Unless otherwise agreed, the leaseholder may rent and (sub)lease. The 'right in rem', which is leasehold, may be sold, the Market Value thereof reflecting that of freehold. There may be conditions inherent in the leasehold sold.
Dutch leasehold is the real right authorizing the leaseholder to keep and use another's property whereby the leaseholder has
'REF/011.05/2019.HASSELL‐EUX‐FCIB
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ELEVATION
Approx. 93 m (305') above sea level
GLOBAL COORDINATES
17.4814 N
‐62.979 W
GLOBAL SITUATION
LOCATION PLAN ‐ ISLAND CONTEXT
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immediately to the northwest of Saint Kitts, and to the southeast of Saba and Sint Maarten. The island's capital and
only town is Oranjestad, where well preserved remnants of European and Jewish heritage are very visible.
around 2000 ft). At the turn of the last century, Statia's population was recorded as 3,543 inhabitants, with a density
of 169 inhabitants per square kilometre, probably half what it was two hundred years prior .The bulk of the island's
in English. A local English‐based creole is also spoken informally. Travelers to the island by air arrive through
F.D. Roosevelt Airport, accommodating small planes, STOL craft and very small private jets.
Statia became a special municipality within The Netherlands on 10 October 2010. The name “Sint Eustatius”
reported to be uninhabited. As of 1678, the islands of St. Eustatius, Sint Maarten and Saba fell under the direct
command of the Dutch West India Company, with a commander stationed on St. Eustatius to govern all three.
At the time, the island was of some importance for cultivation of tobacco and sugar.
from which the young United States could obtain military stores. The good relationship between St. Eustatius and
the United States resulted in the noted "First Salute".
On November 16, 1776, Captain Isaiah Robinson of the 14‐gun American brig Andrew Doria, sailed into the anchorage
below St. Eustatius' Fort Oranje. Robinson announced his arrival by firing a thirteen gun salute, one gun for each of
the thirteen American colonies in rebellion against Britain. Governor Johannes de Graaff replied with an eleven gun
salute from the cannon of Fort Oranje. Protocol required a lesser salute (‐2) as acknowledgement of a sovereign flag,
Today, Statia is known as an oil storage port (Statia Terminals), and apart from a small tourism industry, little other
population lives in the saddle between the two elevated areas, which forms the center of the island.
The official language is Dutch, but English is the "language of everyday life" on the island and education is solely
The Quill, amidst similar dwellings : access to public services, airport, port, etc., is reasonable.
This Property is located on Sint Eustatius which, combined with the other islands of Curaçao, Bonaire, Saba and
St. Maarten, originally made up the Netherlands Antilles, but is now a special municipality (officially “public body”)
The island lies in the northern Leeward Islands portion of the West Indies, southeast of the Virgin Islands. Statia is
ISLAND DESCRIPTION
is the Dutch name for Saint Eustace (also spelled Eustache), a legendary Christian martyr.
The island was sighted by Christopher Columbus in 1493 and later claimed by many different nations. From the
first settlements in the 17th century until the early 19th century, Statia changed hands and flags 22 times.
In 1636, the chamber of Zeeland of the Dutch West India Company took possession of the island that was then
During the 18th Century, the island sold arms and ammunition to anyone willing to pay. It was one of the few places
of the Netherlands. Sint Eustatius, also known affectionately as Statia, is thus part of the Caribbean Netherlands.
Subject property lies in the well developed subdivision of Princess Gardens close to central Oranjestad on the SW side of
but this became a part of history as the first acknowledgement of the independent American flag.
activity of importance is presently noteworthy.
Statia has an area of 21 square kilometres (>8 sq mi) and is dominated by a dormant volcano known as The Quill (at
'REF/011.05/2019.HASSELL‐EUX‐FCIB
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NEIGHBOURS
NW
NE
SE
LOCATION PLAN
Residential property
Residential property
Residential and unpaved alley
Public road
Part of Oranjestad at Princess Gardens
SW
'REF/011.05/2019.HASSELL‐EUX‐FCIB
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NW SE
Middle class
MARKET APPEAL
Below standard
ORIENTATION
SURVEY DATA
Y
Subject property is located on the NE side of John Spanner Road, an extension of Mansionweg, to the south of the
Y
STREET VIEWS
Residential area
faces the SW over Oranjestad towards the Caribbean Sea
Top class
Lower class
Commercial/residential
LOCATION
kadastral information not available but no evident encroachments
average
Industrial/residential
Undeveloped area
airport and to the east of the port, in the area known as Princess Gardens, on the lower SW slopes of The Quill, a
dormant stratovolcano.
TOPOGRAPHICAL
Surrounding development is mixed single‐ and multi‐family residential, medium density.
gently sloping land
KADASTER
'REF/011.05/2019.HASSELL‐EUX‐FCIB
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INTERNAL SPACE LL 309 m2
COVERED TERRACES LL 20 m2
LAUNDRY AREA COVERED LL 13 m2
CARPORT LL 27 m2
INTERNAL SPACE UL 80 m2
COVERED TERRACES UL 31 m2
480 m2UNCOVERED TERRACES UL 103 m2
3 Bathrooms
2 Porches
External Works
MAIN LEVEL
Plumbing
Overall property
2 Family rooms
Laundry
1 Covered terrace (over carport)
1 Kitchen
Quality construction
DESCRIPTION
Parking facilities
0%
1‐Bedroom apartment
Living rooms
3
TOTAL COVERED SPACE
Millwork & trim
Closet & storage
2
1 Dining room
Electrical
1
side (wooden) terrace of the main house, close to a large diesel generator.
ACCOMMODATION
Condition improvement
Room sizes/lay‐out
To the NW boundary, a block wall protects the property for the most part and to the SE a fence stretches along
right is the carport and steps up to the covered terrace; to the left is the small studio apartment and steps to the
100%
plus 51 m2 covered terraces (of varying type).
50%
A further small self‐contained studio dwelling is located at the W corner of the property, near the main entry,
and on the S corner lies a large car‐port with a tiled covered terrace above.
Bedrooms
the side alley to a gated access to the rear of the property at its E corner.
The gross built area of the dwelling, old and newer parts, totals an estimated 389 m2 of internal habitable space
A wall with entrance gate front the property from the road, affording access via a small paved courtyard; to the
Y
A multiple dwelling house is extant on the property, on three levels, the middle of which is evidently the original
3‐bedroom dwelling, with access via concrete front steps through a small terrace, as well as from a hardstanding
to the rear, again through a covered terrace.
At the N corner of this building, five small apartments have been added, three at the main house level (and
accessible from within same) and two on the upper floor, accessed by an external concrete stair.
2 Studio apartments
'REF/011.05/2019.HASSELL‐EUX‐FCIB
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28 32
2 1‐Bedroom apartment
Estimated remaining life of building (yrs.)
ENVIRONMENTAL CONSTRAINTS
Due to the maritime influence on the island, many properties are subject to the effects of environmental stress
caused by sun, wind and a relatively saline atmosphere, as well as potential (often residual, apparent at a later
Y1 Roof deck
date) damage due to extreme conditions created by hurricanes, tropical storms, seismic and volcanic activity.
plaster, paint; tiled as required; wooden division wall at studio #1
Carport
Kitchen
Windows
mainly concrete, some timberTerrace rails
FINISHES
Air conditioning split systems in bedrooms
tiled floors, walls, showers
wooden cabinetry with hard‐surfaced countertops; tiled countertops in studios apartments
Protection n/a
alum/glass louvre windows, alum/glass sliding windows
Doors
Baths
Ceiling
ceramic tile, vinyl, carpet; bare concrete floors at roof deck (upper level)
exposed rafters; painted concrete soffitts
Floors
patio doors (part glazed) to terraces; alum/glass sliding door to family room and access to
studio #2
Estimated age of existing building (yrs.)
UPPER LEVEL
Public water
INFRASTRUCTURE
Walls
STRUCTURAL
Com sewageCable TV
Electricity
Paved roads
Although no in‐depth information is available, there would appear to be no further environmental conditions
which may be detrimental to subject property, which lies in a residential area, with minimal traffic noise.
ROAD LEVEL
Y
Y
N
TelephoneY
The following utilities are normally available:‐
Y
Y
walling, fencing, hardstanding; iron gates
1 Studio apartment
The building is constructed mainly of concrete and concrete block and appears to be strongly built : roofs are
partly concrete, partly timber‐raftered and decked, topped with profiled galvanised metal sheeting.
Ext. works
'REF/011.05/2019.HASSELL‐EUX‐FCIB
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is MF residential, the CAPITALISED INCOME approach may dominate, especially due to the lack of sales
COST APPROACH : the land and building were assessed for probable replacement cost :‐
COMPARABLES : no definitive information on property sales in Sint Eustatius over ther past few years
was found. Older information (>3 years) indicates the sale of residential lots in the region of $40/m2.
m2
1 12
1 12
1 12
1 12
1 12
1 12
1 12
25%
9%
NET RENT (NOI)
423,333$ CAPITALISED AT
CAPITALISATION OF RENTAL INCOME
APT #1 (including electricity & water)
APT #2 (including electricity & water)
APT #3 (including electricity & water)
APT #4 (including electricity & water)
$500
22,275$
16,000$
data (indeed, lack of sales) and on reinstatement cost (excluding land) for insurance estimates.
38,100$
7,200$
6,000$ $500
TECH INSTALLATIONS (A/C., GENSET, SOLAR COLLECTOR)
LAND 30,000$
Values are generated using comparable sales, projected income generation & estimated replacement cost
474,300$ IMPROVEMENTS
INCOME APPROACH ; the rental income of the several spaces in subject building was reported:
TOTAL 542,575$
DISCUSSION
MAIN DWELLING 12,000$ $1,000
6,000$
$400
EXTERNAL WORKS
$600
RENT/AN
$400
APT #5 (including water)
DEDUCT FOR T/OVER, INS., TAX, UTILS., etc. (8,700)$
4,800$
6,000$ $500
APT #6 (including water)
(including land). SF residential properties generally rely on COMPARABLE SALES, when available : as subject
4,800$
RATE/mth
The current real estate climate in Statia remains flat.
'REF/011.05/2019.HASSELL‐EUX‐FCIB
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The following estimates are, in the opinion of the Appraiser(s), true and correct, and are based on current
construction costs and market forces on Sint Eustatius :‐
The property is reportedly burdened by a mortgage with FCIB.
The property may be considered as being developed as its 'highest‐and‐best use'.
EVALUATION
DAVID MORRISON,
DAVID MORRISON ASSOCIATES N.V.
MARKET VALUE OF REAL PROPERTY 475,000$
reasonable, but perhaps 10% below MV: the QS value should be used for a sale withing six months.
QUICK‐SALE VALUE 337,500$
It is the opinion of the appraisers that the likelihood of disposal of the property within a twelve month window is
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The following estimates are, in the opinion of the Appraiser(s), true and correct, and are based on current
construction costs and market forces on Sint Eustatius, for insurance purposes only:‐
Neither furnishings, fittings, equipment, nor personal effects are included in the above valuations, such to be
No specific allowance has been made in the reinstatement estimates for any demolition, removal of debris or
professional services required after a (substantial) loss, these being included in 'extended benefits' in certain policies.
Reinstatement estimates exclude external works (walls, fences, paved drives and walks, gates, antennae, etc.) but
No moveable contents of the subject dwelling are included in the above assessment : it is recommended that all
receipts for furniture/appliances are preserved and all items (esp. valuable art/artefacts) are photographed and a
full dossier kept available in case of loss. Valuable items especially should be specifically identified.
INSURANCE VALUATION
insured or specifically mentioned and documented with the insurer of record (refer below).
The total may be broken down as follows:‐
include storm shutters and all external appurtenances physically attached to the building (aircos., lights, etc.).
It is recommended that any specialist structure (eg. swimming pool, separate gazebo) or item (solar water heater,
emergency generator, centralair system, spa, etc.) or other external works (walls, fences, gates) be either separately
evaluated separately by the insured party : inventory and photographs are recommended.
REINSTATEMENT COST 527,000$
BUILDING & APPURTENANCES 505,000$
‐$
7,500$
2,500$
EXT METALS (GATES)
DAVID MORRISON ASSOCIATES N.V.
CONTENTS
6,000$
DAVID MORRISON, B.N.A.,
AIRCO
SOLAR HEATER
STORM SHUTTERS
GENERATOR 6,000$
The estimates assume all insured property to be in a good state of repair and maintenance.
'REF/011.05/2019.HASSELL‐EUX‐FCIB