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coa.Glory Hole Park.Appraisal.1964 Appraisal for: The City of Aspen Subject Property: The Glory Hole Tract November 9, 1964 By John M. Hall -Daize 2 TABLE OF CONTENTS Item Page Number Title Page 1 Table of Contents 2 Letter Of Transmittal 3 Photographs of the Subject Property 4 Interpretation of the Estimate of Value 5 Interpretation of the Estimate of Value (continued) 6 Flat of The Glory Hole Tract 7 tea ze E. W. Morse, Broker S®� John M. Hall, Broker Basalt Branch Office Me Box 1015, Basalt, Colorado OR S E REAL ESTATE P. O. BOX 0 ASPEN, COLORADO 81611 925-7000 S A L E S A N D R E N T A L S "H O U S E C A R E" P R O P E R T Y M A N A G E M E N T November 9, 1964 The City of Aspen Aspen, Colorado Gentlemen: The property being appraised in this report may be described as follows: Legal Description-Land in Tracts 33 and 40, Ute Addition to the City of Aspen, Pitkin County, Colorado. The appraiser hereby certifies that he has made a personal inspection and investigation of the above described property. The purpose of this appraisal is that of determining fair market value. The estimate of value as of November 9, 1964 is as follows: 1. The entire Glory Hole Tract $27,878.40 2. Parcel under consideration for sale $2,762.66 a. Herein called the Larkin parcel See pages 5 and 6 of this report for full explanation. Respectfully submitted, L. Zv'— ��.. 1�. Lam- �, ohn Me Hall JMH:s 4 PHOTOGRAPHS OF THE SUBJECT PROPERTY ,r•, j h1 a YIYIppI r d View looking south and east View of the area looking north Photo taken adjacent to large pine tree in the above picture page.5 INTERPRETATION OF THE ESTIMATE OF VALUE The subject property is extremely irregular in shape (see plat) but its area was determined through the use of a planimeter to be approximately one acre. An acre being 43,560 square feet. The only approach to value applicable in this appraisal is the Market Data Approach (Comparable Sales). The second approach to value, The Income Approach, is not operative due to the fact that no apparent income is derived from a lease arrangement on the subject property. The third and final approach is that of Reproduction or Cost. Since no improvements exist on the premises, this approach has no significance. A pattern of comparable sales has been selected from the most representative purchases in the immediate neighborhood. These sales may be verified through an inspection of the records in the Office of the Pitkin County Clerk and Recorder. The headings of Book and Page pertaining to such records (reference being made to the chart below) identify our source of information. Sales Price per Legal Description Date of Sale Price 2. ft. Book Pace Emerick- part of Tract 40, Ute Addition to the City of Aspen 10-3-64 $1,400 $i.o4 199 333 Lot 12, Ute Addition to the City of Aspen 6-3-63 $3,500 70¢ 203 119 Lots 6,7,8.9.10.33 & 38, Ute Addition to the City of Aspen 4-1-63 $50000 $1.15 2o6 36o Lots C & D, Block 113, City of Aspen 9-27-58 $5.000 30 185 210 Average price per sq. ft. = 960 These statistics enable us to evaluate a reasonable square foot cost to be applied herein. Another determining factor to be considered here is the portion of the total land being presently consumed by the presence of a sink hole (see photograph, page 4). The presence of the hole is a detraction from the land amenities plus some of the area lacks the proper facilities of access. Consequently, such conditions cause a 30% deduction in the overall value. Furthermore, this appraisal does not take into consideration any conditions that may possibly be attributed to or the result of Pase 6 INTERPRETATION OF THE ESTIMATE OF VALUE (continued) undermining of the earth in this locality. In addition, no reclamation potential has been analyzed in the sunken area of the property. A study may be maintained for the eminent solution to this problem. Engineering advice or aesthetic procedures are possible sources to rectify the situation. A. The Total Estimate of Value 29,040 applicable sq. ft. of land (2/3 of total)% 960 = $27,878.40 B. Larkin Parcel 2,877.77 sq. ft. X 960 = $29762•66