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REV-18-3471Wit-..- +--+•..,. v .. . - - A Miami Shores Village Building Department 10050 N.E.2nd Avenue, Miami Shores, Florida 33138 Tel: (305) 795-2204 Fax: (305) 756-8972 INSPECTION LINE PHONE NUMBER: (305) 762-4949 BUILDING PERMIT APPLICATION ILDING ELECTRIC ROOFING PLUMBING MECHANICAL PUBLIC WORKS JOB ADDRESS: l "AZ ` N L 1 u S RECEIVED NOV is ' Ole0 FBC 20 Master Permit No. n. ` \- ICk Z-1 Sub Permit No. 1- V 19 - P:k' REVISION EXTENSION RENEWAL CHANGE OF CANCELLATION SHOP CONTRACTOR DRAWINGS City: Miami Shores County: Miami Dade Zip: Folio/Parcel#: t1 ZZ 32D 3 Z ( db o Is the Building Historically Designated: Yes NO _ Occupancy Type: Load: Construction Type: Flood Zone: BFE: FFE: OWNER: Name (Fee Simple Titleholder): Address: City: Ilk, mow.` S "f Tenant/Lessee Name: Email CONTRACTOR: Company Name: Address: 1-k 2-k '" i 6— b0 ,-1 C=%, S "-k A S -LA State: 1 L' Zip: 5 3 1- 2 sA,r,j cVa,-,\ I hone#: hone#: 3 City: State: f Zip: S U Qualifier Name: hr`j 0 ` j Phone#: State Certification or Registration #: Ls Certificate of Competency #: DESIGNER: Architect/Engineer: Phone#: Address: City: State: Zip: Value of Work for this P it: $ j "Square/Linear Footage of Work: 600 Type of Work: Addition Alteration El New Repair/Replace Demolition Descriipppion of W rk: / ' C-,5 4,e s tok Specify color of color thru tile: Submittal Fee $ Permit Fee $ ":303 9,C2 --CCF $ 1 ' v CO/CC $ Scanning Fee $ • 0% Radon Fee $ 1 DBPR $ Notary $ Q Technology Fee $ 2 2 • (10 Training/Education Fee $ Double Fee $ Q, Structural Reviews $ ( clzN Bond $ q TOTAL FEE NOW DUE $ r 1 O ' BoS Revised02/24/2014) Bonding Company's Name (if applicable) Bonding Company's Address City State Mortgage Lender's Name (if applicable) Mortgage Lender's Address City State Zip ME Application is hereby made to obtain a permit to do the work and installations as indicated. I certify that no work or installation has commenced prior to the issuance of a permit and that all wor construction in this jurisdiction.. I understand that a separate FURNACES, BOILERS, HEATERS, TANKS, AIR CONDITIONERS, ETC..... k will be performed to meet the standards of all laws regulating permit must be secured for ELECTRIC, PLUMBING, SIGNS, POOLS, OWNER'S AFFIDAVIT: I certify that all the foregoing information_ is accurate and that all work will be done in compliance with all applicable laws regulating construction and zoning. WARNING TO OWNER: YOUR FAILURE TO RECORD A NOTICE OF COMMENCEMENT MAY RESULT IN YOUR PAYING TWICE FOR IMPROVEMENTS TO YOUR PROPERTY. IF YOU INTEND TO OBTAIN FINANCING, CONSULT WITH YOUR LENDER OR AN ATTORNEY BEFORE RECORDING YOUR NOTICE OF COMMENCEMENT." Notice to Applicant: As a condition to the issuance of a building permit with an estimated value exceeding $2500, the applicant must promise in good faith that a copy of the notice of commencement and construction lien law brochure will be delivered to the person whose property is subject to attachment. Also, a certified copy of the recorded notice of commencement must be posted at the job site for the first inspection which occurs seven (7) days after the building permit is issued. In the absence of such posted notice, the inspection will not be approved and a reinspection fee will be charged. Signature / Signature d/ OWNER or AGENT The foregoing instrument was acknowledged before me this 1 , ) 5 day of 1 GVD enbt l 20 ) a by P, An r i,. who_is_personally_known to me or who has produced identification and who d' c P, NOTARY PUBLIC: •N" Notary Public State of Florida t4 Abby Leon My Commission GG 117123 ad Expires 10/1612021 Sign: v Print: Seal: as CONTRACTOR The foregoing instrument was acknowledged before me this 15 day of Ale o. b, , 20 1 7 , by n(, D!D w vtho is personally known to 1 me or who has produced as identification and who di u}* Notary Public State of FloridaNOTARYPUBLIC: ;4 Abby Leon y My Commission GG 117123 o, Expires 1!/16/2021 Sign: Print: Abbr1 1i-oli Seal: s***********s***s****s*** ** ss*****s*ss****s****s***********:*** **s*****/*****tss *•***•******** APPROVED BY l s* Plans Examiner Zoning akid Structural Review Clerk Revised02/24/2014) 92 CONSTAttC'TION II & CONSULTING DETAIL ELEMENTS - INTERIOR RENOVATION ELEMENT TOTAL COST / SF 1 General Conditions (Incl. Below) 2,500.00 2.86 2 Sitework 3 Concrete 3,500.00 4.00 4 Masonry 1,200.00 1.37 5 Metals 6 Wood & Plastics 8,200.00 9.37 7 Thermal & Moisture 8 Doors & Windows 8,350.00 9.54 9 Finishes 23,000.00 26.29 10 Specialties 11 Equipment 12 Furnishings 1,050.00 1.20 13 Special Construction 2,800.00 3.20 14 Conveying 15 Mechanical 9,500.00 10.86 16 Electrical 8,500.00 9.71 17 Special Systems Subtotal 68,600.00 78.40 General Conditions 8% 5,488.00 6.27 Subtotal 74,088.00 84.67 Bonds & Insurance 2% 1,481.76 1.69 Subtotal 75,569.76 86.37 Owner Builded 0% Subtotal 75,569.76 86.37 Design Contingency 10% 7,556.98 8.64 Subtotal 83,126.74 95.00 Escalation to MOC 2% 1,995.04 2.28 TOTAL ESTIMATED CONSTRUCTION COST $ 85,121.78 $ 97.28 Work Area: 875.00 SF ELEMENT Unit Unit Cost Total Comments 2 SITEWORK Selective Demolition Sawcut 4" elevated concrete slab Form openings in existing roof slab Demolish/Remove concrete slab 4" thick Remove door, single Demolish exterior wall for new door opening Temporary construction Temporary shoring Total - Sitework $ 2,500.00 3 CONCRETE Slab On Grade 6" thick, 3000 psi Reconstruct slab on grade Miscellaneous Elevator Pit Misc. concrete repairs Total - Concrete $ 3,500.00 6 WOOD & PLASTICS Building Casework Base cabinets, plastic laminate countertops Upper cabinets Vanity units, plastic laminate countertop Shelving and storage Misc. casework Total - Wood & Plastics $ 8,200.00 7 THERMAL & MOISTURE Waterproofing Roofing Repair roof at new penetrations, allowance Interior Wall Insulation Fiberglass batt insulation, unbacked Total - Thermal & Moisture - ELEMENT Unit Unit Cost Total Comments 8 DOORS & WINDOWS Exterior Doors HM Door Sets, HM frames & hardware Single HM Door Sets Refurbish existing doors, single Premiums Premium hardware Interior Doors SC Wood Door in AL Frame (Hardware/Finish) Single with vision panels Premiums Premium hardware Paint finish, per leaf Speciality Doors Refurbish roll up doors Total - Doors & Windows $ 8,350.00 9 FINISHES Interior Partitions Interior Metal Studs 3 5/8", 20 GA, at 16" OC 3 5/8", 20 GA, at 16" OC, chase wall Gypsum Board 5/8" thick, finished (14) Premiums Interior Finishes Floors Base Walls Ceiling Additional blocking, support, etc Patch, repair, prepare concrete floor Ceramic floor tile Resilient flooring Sealed Concrete Ceramic tile base Cementitious backerboard Ceramic wall tile Paint Walls Gypsum board ceilings, framing Paint gypsum board ceilings Paint exposed structure Total - Finishes $ 23,000.00 ELEMENT Unit Unit Cost Total Comments 14 CONVEYING Elevators - including smoke containment curtain Passenger, 3500 lbs, hydraulic, 2 -stops ea Cab finish ea Elevator pit ladder ea Plumbing HVAC 15 MECHANICAL 16 ELECTRICAL Total - Conveying sf sf Total - Mechanical $ 9,500.00 Electrical sf Electrical, Low votage systems, rough -in only sf Total - Electrical $ 8,500.00 3 " f DETAIL ELEMENTS- INTERIOR RENOVATION ELEMENT TOTAL COST / SF 1 General Conditions (Incl. Below) 2 Sitework 3 Concrete 2,500.00 2.86 4 Masonry 1,500.00 1.71 5 Metals 6 Wood & Plastics 7 Thermal & Moisture 8 Doors & Windows 10,000.00 11.43- 9 Finishes 3,000.00 3.43 10 Specialties 11 Equipment 12 Furnishings 15,000.00 17.14 13 Special Construction 14 Conveying 15 Mechanical 16 Electrical 1,000.00 1.14 17 Special Systems 18 Plumbing 750.00 Subtotal. 33,750.00 37.71 General Conditions 8% 2,700.00 3.02 Subtotal 36,450.00 40.73 Bonds & Insurance 2% 729.00 0.81 Subtotal 37,179.00 41.55 Owner Builded 0% For window replacement on rear For window replacement on rear Material cost only Bathroom/kitchen fixtures Kitchen Cabinets/Bath vanity NOTES Connect dishwasher sink and other appliances Subtotal Design Contingency Subtotal Escalation to MOC 10% 2% 37,179.00 $ 41.55 3,717.90 $ 4.15 40,896.90 $ 45.70 981.53 $ 1.10 TOTAL ESTIMATED CONSTRUCTION COST $ 41,878.43 $ 46.80 Work Area: 875.00 SF V william hamilton arthur architect, Inc. January 29th, 2019 TO: Village of Miami Shores Building Department 1005o NE 2nd Avenue Miami Shores, Florida 33138 RE: RESPONSE TO DISAPPROVAL REMARKS Permit No. 18-1927 1421 NE 104 Street, Miami Shores, Florida FROM: REMARKS: Urgent ® For your review Reply ASAP Please Comment COMMENTS I RESPONSE BUILDING--- Plans Examiner Ismael Naranjo 11/15/2018 1. Mechanical approval required. below. Please note the County's Property Appraiser's office is Improvement Substantial Damage Desk Reference William HagLiljon Arthi Int.• • • • rArctitect, 2920 P6Aq,gFJkon Blvd • Coral Gables, Florida 34134-681160O9600 According to the information provided on the Property Appraiser web Tel. i30'i7 16100 •"' 2 APPRAISAL prepared by Dade Real Estate, Inc. and Fax. (301) 770170 info@wlaiv.uS ; ""' 0 REMARKS: Urgent ® For your review Reply ASAP Please Comment COMMENTS I RESPONSE BUILDING--- Plans Examiner Ismael Naranjo 11/15/2018 1. Mechanical approval required. Agreed-- please refer to MECH disapproval remarks below. Please note the County's Property Appraiser's office is neither qualified nor follows the Substantial Improvement Substantial Damage Desk Reference FEMA P-758, May 2010) set forth by the Federal Emergency Management Agency (FEMA), and should not be relied upon for an accurate value. According to the information provided on the Property Appraiser web site the value of the structure within this property is $174,788.00. Based The owner has obtained an ACTUAL CASH VALUE 2 on the cost of the scope of work under the original permit application APPRAISAL prepared by Dade Real Estate, Inc. and plus the cost of the work under this permit it is my opinion that this attached to the permit application. The app s s f. project constitutes a substantial improvement. retrospective date of valuation of August 1 st 2019 nd depreciated cash value of$660,000. With the budget provided, and minor adjustments to scope, the proposed improvements are well below the 50% improvement cap of $330,000. Should more information be needed, please do contact us. BS] 601.3 Flood hazard areas. In flood hazard areas, repairs that 3 constitute substantial improvement shall require that the building comply with Section 1612 of the Florida Building Code, Building, or Section Please refer to response (2) above. R322 of the Florida Building Code, Residential, as applicable. Provide plans with details and specifications meeting the requirements Chapter 8, Sec. 8-5 refers to Emergency Management, 4 of the Miami Shores Flood Ordinance, chapter 8-5 and the requirements F. S. Ch. 252. If disapproval is in regards to substantial of the 6th edition to the 2017 Florida Building Code, Residential. improvement, please refer to response (2) above. MECHANICAL--- Plans Examiner Jan Pierre Perez 11/15/2018 need return transfer grilles for bedrooms and makeup air for kitchen hood 0000 000: 00 0000 Agreed--- please refer to revised sheet M1 indicating the missing through -wall RIA grilles and sizes. Please note make-up air not required, when the exhaust hood is no more than 8000cfm. We've revised the table to add "NO MORE THAN" Please refer to exception b, FMC 505.2: "More than 400 cubic feet per minute but no more than 800 cubic feet per minute if there are no gravity vent appliances within the conditioned living space of the structure." Please also refer to added table, left-hand sheet of revised M1. FEMA - ACTUAL CASH VALUE APPRAISAL OF A SINGLE FAMILY RESIDENCE EXCLUDING LAND The Depreciated Value of the Buildin Im rove mentsr••. mss.-..... ... so r Located At 1421 N E 104 Street Miami Shores, Florida 33138 Prepared For Henry Dow 1421 NE 104 Street Miami Shores, Florida 33138 Retrospective Date of Appraisal August 1, 2018 Prepared By 7.. E www.dadeappraisals.com 101 15 SW 72 Street, Miami, Florida 33173 305.595-1312 - Office www.dadeappraisals.com DADE REAL ESTRTE INC. 0000 0000.. 0000 . . l... January 21;2019 0000.. 0000.. 0000 0000. •.leery DMy...' 9J 42J NE W4S4reet 0000.. '.41ami Shares lilorida 33138 6:06 • • A•FEMA• actual cash value appraisal of a single-family residence (excluding 0000: ' the land value) located 1421 NE 104 Street, Miami Shores, Florida 33138. 0 0 .. Dear Mr. Dow: In response to your request, I have prepared a Retrospective Appraisal of the subject which is a "depreciated" cost analysis (referred to as "Actual Cash Value" in the FEMA guidance materials for the structure located at 1421 NE 104 Street, Miami Shores, Florida as of August 1, 2018. Several methods were utilized to determine the replacement costs of the improvements. In addition to developer interviews conducted we have also utilized MSB to estimate the replacement cost of the improvements: Marshall & Swift Valuation Service provides standardized cost estimates at a national level. Additionally, several cost comparables are included in the report. This appraisal is intended to comply with: the Uniform Standards of Professional Appraisal Practice (USPAP), as adopted by the Appraisal Standards Board of the Appraisal Foundation, Code of Professional Ethics and Standards of the Professional Appraisal Practice of the Appraisal Institute. A summary of important facts and conclusions subject to the Definition of Value, Assumptions, Limiting Conditions and Certification contained herein, as of the Date of Valuation is displayed on the "Summary of Salient Facts and Conclusions" page of this report. We appreciate the opportunity to provide you with our valuation services. Should you have any questions regarding this project, please feel free to call me. S c Deiky Vergel, SRA State Certified General Appraiser RZ3126 deiky@daderealestate.net 1421 NE 104 Street, Miami Shores, Florida 33138 SUMMARY OF FACTS AND CONCLUSIONS The Assignment: To estimate the depreciated fee simple market value of the subject property (excluding the land) located at 1421 NE 104 Street, Miami Shoras.. Florida 33138. .... ...... Client: The client of this appraisal is th2•'Hsnry [Ybw. • • • • • • Intended users include the building official for the :....: Village of Miami Shores and planers for tTN* • • Village. The Flood Plain Manger fo Jrp yillagp of, •„•• Miami Shores is also an intended usec.Wre ar&rlh.' ...... other intended users of this report. • • • • • • Location: The subject property is located dt 1.4% NE •104 Street, Miami Shores, Florida 33138. ' ' Land: According to the public records, the site contains 8,925 square feet. The site has frontage along the north side of NE 104 Street. However, it should be noted that the value of the land is not included in this report. This appraisal is of the existing building improvements only. Improvements: According to the Miami -Dade County public records, the subject is improved with a one-story, single-family residence containing 2,689 square feet of actual area. This figure has been relied on in this appraisal. A copy of the survey is provided in the report. Owner of Record: According to the Miami -Dade County Property Appraiser's records, title to the property is held in the name of Henry Dow. Depreciated Cash Value: $660,000 (Depreciated value of building - excluding land) Report Reference No: 19201 S57.01022 Retrospective Date of Valuation: August 1, 2018 Appraiser: Deiky Vergel, SRA State of Florida Certified General Appraiser, RZ-3126 Special Assumption: The size of the residence is based upon measurements taken by the appraiser as well as information confirmed with the survey of the Dade Real Estate Services, Inc. - 3 1421 NE 104 Street, Miami Shores, Florida 33138 subject property and confirmed with the public records. Dade Real Estate Services, Inc. - 4 0000• Y• • 0000• 00.60 0000•• 0• 0000•• 0000•• subject property and confirmed with the public records. Dade Real Estate Services, Inc. - 4 1421 NE 104 Street, Miami Shores, Florida 33138 INTRODUCTION Identification of the Property According to the Miami -Dade County Property Appraiser's records, the propertx.iS• legally described as follows: •....• ...... Lot 6, Block 3, of River Bay Park Addition, according to the Plat thereof,•dfpetordetl in •• ••••• Plat Book 40, at page 72, of the Public Records of Miami -Dade Count, 'r( Mda. :....; Intended Use, Purpose and Scope of the Assignment The purpose of the appraisal is to estimate the depreciated markErtvA a of the improvements (excluding the land) that comprise the legal descripti8n. T' a interest:. • • being appraised is the fee simple. It is our understanding that the appraisal wiljbe•+•• used to establish a depreciated market value of the improvements in connection the FEMA Substantial Improvement rule. The scope of the assignment encompasses the following steps performed within the framework of commonly accepted appraisal procedures: Inspecting the property under appraisal and the surrounding neighborhood. Gathering and analyzing background information and various documents concerning the property and its possible use(s). Reviewing the Substantial Improvement/ Substantial Damage Desk Reference FEMA P-758 / May 2010. Interviewing the property owner regarding the property. Interviewing developers familiar with the construction of waterfront homes and single-family homes in the South Florida market. Reviewing the survey for the subject to confirm the actual size of the improvements. Interviewing William Arthur a local architect/builder regarding construction costs in the immediate area. Interviewing active general contractors within the South Florida market familiar with the construction of single-family homes. Gathering cost information of single-family homes from the Marshall & Swift and information obtained from the Dade Real Estate database. Analyzing this data in order to formulate sound valuation judgments within the framework and application of the appropriate approaches to value. Dade Real Estate Services, Inc. - 5 1421 NE 104 Street, Miami Shores, Florida 33138 Property Rights Appraised The property rights appraised are those inherent in the Fee Simple Estate. The fee simple estate is defined in the Thirteenth Edition of The Appraisal of Real Estate as: Absolute ownership unencumbered by any other interest or estate, subjectonly to the limitations imposed by the governmental powers of tgvqtiQp, eminent domain, police power, and escheat." Definitions,••• 11000 060900 4apcet V30OViS defined by the Appraisal Institute as: she 4Ntgobable price which a property should bring in a competitive and ppen rjiarkpt under all conditions requisite to a fair sale, the buyer and seller, each:aWg prudently and 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 passing of title from seller to buyer under conditions whereby: a) Buyer and seller are typically motivated; b) Both parties are well informed or well advised, and each acting in what he considers his own best interest; c) A reasonable time is allowed for exposure in the open market; d) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e) The price represents a normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Actual Cash Value Actual Cash Value is defined by FEMA as the cost to replace an insured item of property, less the value of physical depreciation. Substantial Improvement & Damage The NFIP defines SI as follows: Substantial improvement (SI) means any reconstruction, rehabilitation, addition, or other improvement of a structure, the cost of which equals or exceeds 50 percent of the market value of the structure before the "start of construction" of the improvement. This term includes structures that have incurred "substantial damage," regardless of the actual repair work performed. Substantial damage (SD) means damage of any origin sustained by a structure whereby the cost of restoring the structure to its before -damaged condition would equal or exceed 50 percent of the market value of the structure before the damage Dade Real Estate Services, Inc. - 6 1421 NE 104 Street, Miami Shores, Florida 33138 occurred. Work on structures that are determined to be substantially damaged is considered to be substantial improvement, regardless of the actual repair work performed. 0000 Retrospective Date of Value • 0000 The effective date of value is August 1, 2018. Intended Users of the Appraisal 0000 .. • 0000 .. 0000. The intended use of this report is to establish a depreciated market•ygjye of 41a". improvements in connection with the FEMA Fifty percent rule. The in"Ijpd user is, Henry Dow, the Client. Other intended users are the Village of Miami Aorbs:buildLng officials and planners for Miami Shores. Additionally, the Flood Plain kJan.ger for M6` Village of Miami Shores is also an intended user. •• • 00 606 Special Assumptions It is not known to the appraiser if the subject building contains any asbestos nor has any environmental contamination problems. Note that the appraiser is not an expert in this field. For valuation purposes, it has been assumed that there are no environmental contamination problems existing. If the client has any concern regarding the potential existence of hazardous materials in, on, or adjacent to the property, it is suggested that the services of a qualified professional be retained. Appraisal Process Generally, there are three approaches to the valuation of real estate - the cost approach, which is an estimate of the depreciated reproduction cost of a property, including the land; the income approach, which is an indication of value based on the potential net income that can be produced by a property; and the comparable sales approach, which is an estimate of value based on a comparison to recent sales of similar properties. Only one of the three approaches to value will be used in this report. The appraisers will develop an estimate of the "actual cash value" by estimating the depreciated value of the improvements based upon the cost approach. The cost approach is considered valid in this case because the most accurate method for estimating depreciation is by comparing the cost new of the subject to the depreciated prices of other properties, a process that duplicates the sales comparison approach. Additionally, actual cost comparables were considered and are provided in the report. The Income Approach is not utilized, as the FEMA does not recognize it as a proper valuation method for the intended use of this report. Our valuation is set forth on the following pages. Dade Real Estate Services, Inc. - 7 0000.. 0000.. 0000.. 0000. 0000. 0000.. 0000.. 0000.. 1421 NE 104 Street, Miami Shores, Florida 33138 Property Inspection and Overview The subject property consists of a one-story single-family residence that was completed in 1956. The residence has been updated several times since it was QMginall\h corostructed. The inspection consisted of an interior and exterior inspection o4fhe s;i Jeet property. The building is a one-story CBS type construction with a barrel tiled roofi;T112 home has tiled and solid oak wood floors and granite counter tops. The residentVPias been well maintain and in good condition. The reader is referenced to fhb pho os•provided for visual aid. t{jatory d We Property According tothe Miami -Dade County Property Appraiser's records, title to the subject 0is•held irL1`4e rtame of Henry Dow. The last recorded transfer of the subject property is in June 29, 2018 for $885,000. ee• A search of the Multiple Listing Service revealed a listing of the subject property. The status is "CS", Closed. A copy of the subject sale history and listing history is provided below. The subject is not reported to be under contract. Previous Sale Price OR Book -Page Qualification Descriptior 12J21/2018 100 Corrective tax or OCD: min consideration 06+'2912018 885000 31054-3322 Qual by exam of deed 07+01/1992 178.000 1-1 _ a Sales which are qualified Sales History MLS*: F10149230 1421 NE 104th St Single Family Price Chg Type Chg Info Eff Date Agent ID Office ID DOM le 999,000 NEW ACN -> $999,000 11/08/2018 FLL3201465 FLLCONT01 0 MLS*: A10453515 1421 NE 104th St Single Family e'er Price Chg Type Chg Info Eff Date Agent ID Office ID DOM 995,000 C AC -> C 06/12/2018 3013542 FWM 04 56 995,000 AC A -> AC 05/16/2018 3013542 EWM 04 29 995,000 NEW ACN -> $995,000 04/17/2018 3013542 EW Q4 0 Multiple Listing Service Sales History Dade Real Estate Services, Inc. - 8 1421 NE 104 Street, Miami Shores, Florida 33138 Building Description The site is improved with a one-story, single-family residence. According to the public records, the concrete block home was constructed in 1956. The home has a clpy••• barrel tile roof covering and a 1 -car carport. The home has hard wooc & tirad floors'•• The interior finishes are updated with new appliances. The electrical gM.plumbirxg0:. have been updated. The residence is equipped with a cooling system.t4(:Jproviaes adequately cooling. The overall condition is good. 0000 960000 0000.. 0000. The overall measurements of the residence indicate a total area of dtrrTimately-- 0 0;60• 2,689 square feet, presently configured as three -bedrooms and two-bCTMrbbms. Three- 0000:0 appraisal is only of the residence. The reader is referred to the photographs of the 00 exterior and of the home.:000:0 00.00 0 00 . . • 000000 Photos of the property are provided below. 00*0 Dade Real Estate Services, Inc. - 9 1421 NE 104 Street, Miami Shores, Florida 33138 Kitchen Livina room Dade Real Estate Services, Inc. - 10 1421 NE 104 Street, Miami Shores, Florida 33138 The subject property is in overall good condition for its age and has been well maintained. Sketch Fo I to : 11-2232-032-0060 Address: 1421 NE 104 ST Owner: HENRY DOW Building Art al Area: 2,689 Sq. Ft. Dade Real Estate Services, Inc. - 11 1421 NE 104 Street, Miami Shores, Florida 33138 Survey RlArAYNF rANAl OUND DRILL--, HOLE 9 0.3' Or. S. 2ORNER 1 BOCK 3 375.0' Flood Zone FDVNO DRILL HOLL (@ D,3' M S. 1p:a The property is in flood zone AE. Flood insurance is typically required in the AE Flood Zone with an elevation of approximately 8 feet. The flood map for the selected area is number 12086C0I 441, effective on 09/11/2009. Dade Real Estate Services, Inc. - 12 1421 NE 104 Street, Miami Shores, Florida 33138 111 t.t.1 IA' 131 JrI Jx'Ith w+ Dade Real Estate Services, Inc. - 13 er +A a 00#0 iLL I F%eta ' 00 hf w C z • • • 7 E rl. r •• Dade Real Estate Services, Inc. - 13 1421 NE 104 Street, Miami Shores, Florida 33138 COST APPROACH The Cost Approach is based on the principle of substitution; that no prudent person w+ould ppy more for a property than the cost to acquire a similar site and construct a byildinco N.6qual desirability and utility, assuming no undue or costly delay. The Noced"e•imvoIves first estimating the value of the site as if it were vacant. The anticipe4e&tosts necessary to reconstruct all improvements are then estimated, redicgit3QLWpon labor and material prices prevailing on the date of appraisal. Pram this *o*:truction cost estimate, deductions are made for accrued depreciation caused E?yp,ysical deterioration and functional and external obsolescence. This de•preci:)ttd `cost figure is then added to the estimated value of the site, resulting in M(: indi cetion-of value by the Cost Approach. A : 0400 ecording to the second edition of the Means Estimating Handbook there are several different levels of estimates used to project construction cost. Most estimators agree that there are generally four basic levels of estimates. They are described in further detail below. Order of Magnitude Estimates - The order of Magnitude Estimate could be loosely described as an educated guess. Accuracy is -30% to + 50%. Square foot and cubic foot estimates - This type of estimate is most often used when only the proposed size and use of a planned building is known. Accuracy is -20% to + 30%. Assemblies (System Estimates) - An assemblies estimate is best used as a budgetary tool in the planning stages of a project. Accuracy is -10% to +20%. Unit price estimate - Working plans and full specifications are required to complete a unit price estimate. This method is the most accurate. This type of estimate is used primarily for bidding purposes. Accuracy is -5% to +10%. Cost of Building The subject improvements consist of a 2,689 -square foot, one-story residence built in 1956. The subject is located along a canal with access to the Atlantic Ocean. Construction costs along waterways and barrier islands are increased due to the materials required and due to increased transportation costs of these materials. In order to estimate the cost of the subject's improvements, the Marshall and Swift Cost Handbook, a national cost guide publication was referenced. In addition several on- going projects were surveyed and construction costs obtained from the developers at these projects. Accrued Depreciation Depreciation is a loss in value of improvements from any cause; it is the difference between the current cost of reproducing or replacing the improvements, new, and Dade Real Estate Services, Inc. - 14 1421 NE 104 Street, Miami Shores, Florida 33138 the dollar amount they add to the value of the land as of the date of appraisal. There are three forms of depreciation that can affect the value of the improvements: physical deterioration, functional obsolescence and economic obsolescence. There are four methods to estimate accrued depreciation. They are tae econorr "'. age -life method, the modified economic age -life method, the breakd6"M rrethod , • and the sales comparison method, which is also referred to as the marketa4ractiptt••• method. In this instance, the age -life method is the most appropriate. •••:•• 00000• .. . The walls, foundation roof support systems and other long-lived items ap,"(Tr to be in •- good condition. In this instance, the subject is 83 years old. The original s (;cure lase", been updated several times since built. The renovation and updating.iIl filed new" updated electrical and plumbing as well as updating of the kitchen. 0 0 : 0000. The Marshall & Swift Cost Guide indicates that the subject property hers*a:total.life., expectancy of 60-65 years. However, the subject property has been updated ma+;•.' time and was in good condition at the date of value. The effective ages was estimated at 25-30 years. A subjective estimate of 25% to 31% is considered appropriate for depreciation. Given the subject's condition and age as of August 1, 2018 we have utilized a blended rate of 35%. This is based upon on depreciation tables provided by Marshall & Swift. The subject does not suffer from physical or external obsolescence. The depreciation table is presented below. Dade Real Estate Services, Inc. - 15 0000.. 0 000000 00000 00000 0000. 0 000000 0 0000.. 0000. DEPRECIATION - RESIDENTIAL PROPERTIES SEC770FD1f 016 TYPICAL LIFE EXPECTANCY IN YEARS TYPICAL LIFE EXPECTANCY IN YEARS EFFECTIVE AGE IN YEAR 70 65 80 55 50 46 40 35 30 26 20 EFFECTIVE AGE IN YEARS 70 65 80 55 50 45 40 75 70 25 IO DEPRECIATION - PERCENTAGE REMAINING LIFE EXPECTANCY - YEARS I 1 69 64 59 54 49 4439 34 29 24 19O •0 0 1 1 1 1 2 1 1 1 2 3 4 4 6 7 I 68 63 58 53 48 43 38 33 28 23 18 J I 3 2' 2 3 3 4 5 6 9 11 J 67 82 57 52 47 42 37 32 27 22 17 4 2 2 3 3 4 4 5 1 9 12 15 4 66 61 56 51 46 41 35 31 26 21 16 6 2 3 4 4 5 6 7 9 12 IS 20 5 65 60 _ 55_ 50 45 40 35 30 25 20 15 6` 3 4 4 5 6 7 9 11 14 16 24 6 64 59 :4 49 u 39 34 29 24 19 14 7 4 5 5. 6 7 8 10 13 17 28 7 63 58 53 48 43 36 33 28 23 18 13 6 d 5 8 7 8 10 12 15 I9 25 33 8 82 57 52 47 42 37 32 27 22 77 12 9 5 6 7 8 10 11 14 t7 22 29 38 9 61 56 51 46 47 36 31 26 21 16 11 10 5 6-8 7 8 9 11 13 16 20 25_32 43 36-48 10 60_55_50 45 40 35 30 25 20 15 10 11 119- 10 12 14 4--i2_28 59 54 49 44 39 34 29 24 19 14 9 12 7 B 10; 11 13 15 20 24 31 40 53 12 58 53 48 43 38 33 28 23 16 13 8 17 6 t0 11 12 15 17 22 26 34 44 57 13 57 52 47 42 37 32 27 22 17 12 7 14 8 10 121 13 16 19 24 29 37 48 61 14 56 51 46 41 36 31 26 21 16 11 6 15 9 11 12- 15 17 21 26_32 40 52 66 15 55_50_45 40_35_30 25 20 15 10 5 18 18101213' 16 19 27 28 34 43 55 70 54 49 N 39 St 29 24 79 14 9 5 17 10 13 15'' 17 20 25 30 37 46 % 73 17 53 48 43 36 33 28 23 18 13 9 4 18 11 14 18', 19 22 27 32 40 50 63 76 Is 52 47 42 37 32 27 22 17 12 8 3 19 12 15 17 20 24 28 34 43 53 67 76 19 51 46 41 36 31 36 21 16 11 7 3 20 13 18 181 21 25 3D 37 45 56 71 79 20 50 45 40 35 30 25 20 15 10 6 2 22 221417202328344251827660 48 43 38 33 28 23 18 13 9 5 2 24 16 20 23 26 31 38 47 57 68 78 24 46 41 36 31 26 21 16 12 7 4 26 I 18 22 251 29 35 43 52 d2 74 80 26 N 39 34 29 24 19 15 10 6 4 2820 24 28i 33 39 47 57 68 77 28 42 37 32 27 22 17 13 9 5 3 1'30 22___27 311 38 14 52 62 71 79 70 40 9$ 30 25 20 16 11 6 4 3 32 24 29 -34 40 47 56 67 74 80 32 38 33 28 23 18 14 9 6 3 N 21 32 37 44 51 60 71 77 34 36 31 26 21 17 12 6 5 3 36 29 35 40 47 55 65 74 79 36 34 29 24 20 15 10 7 5 38 32 38 43 51 59 69 77 80 38 32 27 22 16 13 9 6 4 410 35 41 47_55 63 72 79 40 30 25 21 16 it 8 5 3 42 42 28 23 19 14 10 1 538455159667560 44 41 48 54 62 69 T7 44 26 21 17 13 9 6 5 46 44 51 57 65 72 79 46 25 20 IS 12 8 6 4 48 48 54 61 68 75 80PROPERTIES INCLUDED 46 23 19 14 11 7 5 60 48 57 64 71 n see4r t1 M aPaM 4a,bYb on41v4e 50 21 17 /2 10 7 5 55 56 17 14 10 fi S 457N707780 60 64 69 74 80 yrs" 12 mows, byn, 6 q4 "uyM, 60 14 11 8 7 4 86 I 71 74 78 Semw tI Nrw 65 11 9 7 6 70 16 78 80 94mm 14 nr» 70 9 8 7 75 80 80 4ee.So t3 llra•.'va lemur 16 Ckatlra Fnwa1 M41c 75 8 7 80 7 7Sema1) MMmar namNY pee 80 86 sem°' 1e M amo. w4a6a SevSriM MhmiaM+i4rrol wa 85 7 Fr W mlecaiw+inl Cun 21 90 96 Pap te. B5 160 100 rr F422'4T)O.YSF ME tMid CseZa&Z.lar.—I= lunar nII,e;Rc,e.mad m.gvmany Aam6avan. armnon Jd,mm,. e w e. mN e, bli dc)l I.-m,tl, po4rtirl 1?P.016 Dade Real Estate Services, Inc. - 15 0000.. 0 000000 00000 00000 0000. 0 000000 0 0000.. 0000. 1421 NE 104 Street, Miami Shores, Florida 33138 Marshal & Swift Cost Manual Approach Replacement Cost New Estimates - Cost Manual Approaches 0000 Ip•order to e i imate the replacement cost of the subject improvements, the Marshall awd SAft roost Handbook and was referenced. The square foot replacement cost 0. 0000imats•ipr•11he subject improvements is presented below: 0.000. 0000.. 0000. 0000. 0000.. 0000.. f 0000• PQntribuforY Value of the Improvements hOrder;S*;efermine the value of the subject building, a cost depreciation analysis is utilized tho @#timate the present value of the existing improvements at the subject property The value of the improvements is calculated by adding up the total costs to reprodui;% tKe existing improvements then subtracting any depreciation the elgiorovelnenis have suffered. Presented below is the Calculator method Marshall & Wift Cost Guide table indicating the average costs associated with High -Value Single - Family homes similar to the subject. CALCULATOR METHOD sernoxn 018 HIGH-VALUE RESIDENCES 305 rlhefer) of deviatial. For sinal residential elevators and Poe sprinlder systems, see notes on Page 38 and 39. See Page 26 for basement costs. LIGHTING AND SQUARE METER COSTS SOUAREFOOTCO STS COST MeD MODERATE EXTREME CLASS TYPE EXTERIOR WALLS INTERIOR FINISH PLUMBING HST Sq. M. Cu. Ft. Sq. Ft. 140A7 188.37 253.49 13.05 SpeeW saeAi sash ane entries. Custom osings and osbinetry, Wald Egen.ive Mi»ture. erM ousmm canpl- 5306.60 61.63 493.00 ni l lerate Cinam COSI b included in Bee base cost In the fades. if a cubic bit cost IS Used, use IV bed aby, data peuet. amdoneewd and woodsm Kontos. WoupMul HVAC. 97.41 136.16 190.52 9.05 12.65 17.70 heating or*. use W% to 70%. For yll bap neat source I70% to 9D% of the Costs listed. For W Best nu saW. mat, fine tris and Corle.d ceirts, s" Ift eabitdry, Kgh-quabty 5-..Vucwrad sAM-9. Canple. 444549 51.63 413.00 1020 V fenestralar adws. maty bares high amps, ane hard.,. H.V.A C. 07011cw.L.ZMser.rani-ag,taansa.+d a oda.rasdar...oleoaa.n+e.r mss. wa•>naaar avwa=c:arrrbt+++ Weis Fine so,sFinebrick, o, h. -Y toedot, b Good plan-, ceawwn al deui, marble. e dun oneGoodouss, nwummF.auee Camp4N 3735.07 43.38 347.00IV metal de, some erl so. astern repel, Pam-, Areae, a mod prep. area H.V.A.C. Cal Sane figures. electrical CanplemFeesbda. sonwe pin. slam a Ele, tape C1ldorn h anRas-, road detsi. ousmm ceing. wall d Imo fidtnd special asmmgrabd -Y---sYmsanal0-bitmle H.V.A.C. 3132.29 36.38 29100 Brits a'sad. stale or metal. heavy PYstsr. some -L tie..serape Cu- figures. el.ab-A and Campkb 2637.16 30.63 245.130a basouctre, saldn stohams-odsstole .mel e snetionplumbing, home ua H.V.AC- Good brei, seam, bin, *Ylphs, Plaster a best 6y-1 p sneF.np, custom sane munspecialInnes, ane done Canplate 2206.60 2563 205.00I st.bs atd pramongood uom vinyls, yls, bans , hardwoods bat, Px bedroom HVAC. pedal oft -b i sue erel brims, Cusmm acing. and cabinetry. slog E -s- fu -es end one a C-Plab 5349.86 82.13 497.00 best day. stela pons -L maenad scones and woods nerd... trroup". H.VA.C. Best masonry veneer, mann Mine bin C.%.d Georg., siebu7t cabin -Y, K ".A y fl-. strumrad .iitp. C-Pleu 4477.78 52.00 41600V and lonesbdlo n renes, many extras bgh amps, 4u hardware H.V.AC. masoFine nry weer, aims, bed Goad plea-. o namemal dead, marbts, Goad ousbm Imes, mon than am Complete 3745.84 4350 348.00DN msome albs. metal de. asmm carpet, parquet kkehen onedcopepa.tipn arca H. V.A.C. MASONRY Foot li e, vender, sane bin• sWe or ' Raster. goad decal• assom oleins, esl Some smau l cusan fi- eleas-1 Comple/e 3143.08 3650 292.00VENEERN ye. some ou bon sash wad Poor fWdnn and peanbit. inuprded sriums HVAC. Brick ar seem veneer, site. molal. Ras-. same anarnd t. tie. everape Custer famrcs. eleabiael end CompMle 2626.39 30.50 244.00l heavy sbuchm soletise asbm urpet, haedwatd. he auen-oanpmmagom H.V A.C. I Double walls, good veneer, 0*9m,. Plans -or bed drywas, paroling. astern some special fin,rea, mane linen one Canpleti 2206.60 25.63 205.00 goad dunes a meal v .yt., .-. ha d.aods ban Per bee- H.V A.C. spedd .leant sash arM entries. Cusum ceings ants ast a ly, intuit E -sive furores nM a,san C-pede 5263.55 61.13 489.00 bad ably. sleds parquet, mashed scones and woods hardware nvalnoa HVAC. Best sidsls, EIFS, mtmn fuse pin wad Corkr d aging. sk".tt..bins". ty fies, sb rn ed.iring. Highyuafgu Complde 4413.20 5125 410.00V lenestradan mitres. mmY entree Ivph amps. fine hardware HVAC. FM sIQ1. dhow, Burble trial. bee Good pb iter, mkanem.l dda1. marole. Good <usmm mires. rrwn nen a. Cpmple" 3692.02 42.88 343.00IV etal. de, same artlessmetal. torpparyuetosscaK kxehen load preparation aeaa KVAC Shari, bdtt gin. dace or de. Plasor. detel a,smm eesng• well Some .pedal ausmm entre.. eleatr 1 c -plebe 11 or saw some eudon sun good and Moor F-mll and pmmbinp. tmVe-d -)stems HVAC. 308924 35.88 287.00 Hex tins ssasl store Gin. suite, Ras-, sane arument. de, average Custom fixtures. eledseel and C -P. 2583.34 3000 240.00a metal. heavy •buebeo, satirkan ouabm -n a hardwoods plumbing, home as 1 an H.Y.A.C. Double wags, done bon. Ariplrts. Plassse, or bed drywall. pa..WV. ou.ton same spew) figures, mane than ane Camplem 2163.54 25.13 201.00I shaken or (pod- -W on od vinyls. bin -so. hardwoods ban Per bed- H.VAC. Fveolxe. lhalcosdes and Dordlas and bull -in a0DRances are rat inUded. See Page 35 for garage costs. The base wall height is 10 feet (3 05 meters), excMrt$g gables. Add or deduct 3% for each toot 305 rlhefer) of deviatial. For sinal residential elevators and Poe sprinlder systems, see notes on Page 38 and 39. See Page 26 for basement costs. COMPLETE SQUARE METER COSTS SOUAREFOOTCO STS HIGH-VALUE HEATING, VENTILATING AND AIR CONDITIONING H.V.A.C. MeD MODERATE EXTREME YID MODERATE EXTREME TYPE CLIMATE CLIMATE CLIMATE CLIMATE CLIMATE CLIMATE C.OSLS for high-value mechanical items are l9tesl Separately frem 0IOSB for Other bddngs in DIMS 16 140A7 188.37 253.49 13.05 17.50 23.55 section because d the special requiremen>s. Costs listed to the right are averages. The V 123.25 168.46 229.27 11.45 15.65 21.30 ni l lerate Cinam COSI b included in Bee base cost In the fades. if a cubic bit cost IS Used, use IV 10925 151.23 206.28 10.15 14.05 19.35 one4enth IWO) the difference Shown, b adlust the base cubic foal cost_ For cooling only, Ilse M 97.41 136.16 190.52 9.05 12.65 17.70 heating or*. use W% to 70%. For yll bap neat source I70% to 9D% of the Costs listed. For W 8622 121.63 172.22 6.01 11.30 16.013 Veils, add 4.15 b 577 per square bol 144.67 to 62.11 per Square meter). 1 76-21 109.79 157.15 7.08 1020 14.60 rr FILOAIRlNSUFJCI Iib don iad.drd d0 this parr Is- o6sarre after epddrs delivery, Trhednled fa' dagslu 1620. 07011cw.L.ZMser.rani-ag,taansa.+d a oda.rasdar...oleoaa.n+e.r mss. wa•>naaar avwa=c:arrrbt+++ Weis Dade Real Estate Services, Inc. - 16 1421 NE 104 Street, Miami Shores, Florida 33138 The subject is a Class D (Masonry Veneer) island home constructed of CBS block with a masonry veneer. The interior has hard wood floors and Art Deco features. The structure features various elements indicated in the table above. Replacement Cost Estimate The subject improvements consist of a one-story residential structure located on q ... barrier Island. Typically, construction costs of waterfront or Island homes i more cosfy... • than the construction of a suburban residence. Marshall & Swift does noi'Specificaily . identify a category for Island Homes located on barrier islands. Theref5rrd.0ve haeee*eo 000 utilized the Marshall & Swift cost guide for High -Value Residential properlie 0has this is • more in line with the cost for island homes. • 0 • 0 0000.. In order to estimate the replacement cost of the subject improvement9,•thelvlars4cg**- and Swift Cost Handbook was referenced. The unit replacement cost e:itrip;e for the. subject improvements is presented below: 0 0.000 Swift LP REPLACEMENT COST NEW ESTIMATE Description METHODMarshallCALCULATORCOST Reference •' Publication Date August 2018 Section & Pae Section 12, Page 27 Building Quality High Value Residence Buildinq Class and Type Class D, Il, III or IV Exterior Walls Concrete Block Height per Floor 8-9 feet Base Cost Including AC Main Structure, Blended Rate 292.00 Multipliers: Floor Multiplier Current (07/18) Local 07/18 1.02 1.03 0.97 Base Replacement Costs: Living Area 2,689 SFX 297.57/SF 800,165 Overhead & Profit @20% 160,035 Pilings 45,000 Total 1,005,000 Less 35% Depreciation (rounded) 352,000 Value of the Improvements: 650,000 Rounded) Dade Real Estate Services, Inc. - 17 0000.. 0000.. 0000.. 0000. 0000. 0000.. 0000.. 0000.. 1421 NE 104 Street, Miami Shores, Florida 33138 Contractor Estimate In addition to the estimate provided by the Marshall & Swift, several local builders were interviewed regarding the subject property. The names of the builders interviewed their contact information and their comments are presented below; Vike.Garcia Carrillo of RL Homes Construction, a construction company 1p'aoializing in custom residential homes indicated that a similar home could 619 041 bqkxvilt for no less than $300 per square foot depending on the finishes. Mike dldib, Carrillo was interviewed regarding construction costs in Miami Shores Qh*d Miami Beach. glt•gtreet Construction has completed several new home in Miami Beach. Aqj ording to Ariel Villella of Eight Street Construction the cost at recently db?hpleted home along Alton Road exceeded $325 per square foot. He irdi paipd that the cost to construct Island homes far exceeds the cost to cons! l ct inland properties. Nelson de Leon, AIA, LEED AP who owns and operates Locus Architecture was interviewed regarding construction costs of similar type waterfront homes. Mr. De Leon is part of the Architecture Review Board for Coral Gables. Mr. De Leon has built many homes in the South Florida market. He indicated that a similar home would cost no less than $350 per square foot. William Hamilton Arthur IV AIA, NCARB, was interviewed. Mr. Arthur is an area architect involved in several project in Surfside and Miami Beach. Mr. Arthur indicated that costs on similar projects could exceed $325 per square foot. Rafael Reyes owner of US Construction was interviewed. Mr. Reyes is familiar with the rigorous building requirements of island type construction. Mr. Reyes has also been recently involved in the construction of several island homes in Sunrise Harbour in the Coral Gables market. He indicated he recently completed an island residence along the west side of Sunrise Place. He indicated that the cost to build this home would exceeded $350 per square foot. In this case, the contractor estimate indicates between $300 to $350 per square foot is considered reflective of the current cost. This equates a final replacement cost of 300 per square foot or amount of $807,000 (Rounded) for the subject property. Pilings were added at $45,000. The total including overhead & profit is $1,015,000. This amount was depreciated by 45 percent to estimate the current market value of the subject property improvements. 1,015,000 - 357o (Depreciation $355,000) = $660,000 Dade Real Estate Services, Inc. - 18 1421 NE 104 Street, Miami Shores, Florida 33138 Cost Comparables In addition to the costs provided in the previous section, several area builders were interviewed regarding construction costs on Miami Beach. These developers provided examples of recently completed homes on the Island. Details regarding these recently completed homes is presented below. 00.0 0000 0000. The cost comparables presented above are the best evidence of actual construction costs of island homes on Miami Beach and in Miami Shores. The four comparables indicate a range between $412 per square foot and $556 per square foot. The comparables vary in finish and quality. The four comparables average $460 per square foot. In this case, the actual costs indicates between $400 to $450 per square foot is considered reflective of the current cost. This equates a final replacement cost of 400 per square foot or amount of $1,075,000 (Rounded) for the subject property. Adding piling and overhead & profit indicate a total costs of $1,344,000. This amount was depreciated by 35 percent to estimate the current market value of the subject property improvements. 1,334,000 - 35% (Depreciation $470,000) = $864,000 Dade Real Estate Services, Inc. - 19 0000.. 0000.. 0000.. 0000. 0000. 0000.. 0000.. 0000.. AL COST COMPARABLESACTU Cost Comp Cost Comp Cost Comp 4441 North 425 W Di 840 NE 12 45300,11ton Location Bay Road Lido Drive Avenue 00 IR'o0ad Size 3,375 SF 3,372 SF 2,696 SF 3,21 F SF • Firm Name William William William• 0 A/ Architec? 0ArthurArthurArthur TOTAL COSTS 1,400,000 1,500,000 1,500,000 1,448,000 Year Built 2017 2017 2017 2018 Price SF 412 423 556 449 0000. The cost comparables presented above are the best evidence of actual construction costs of island homes on Miami Beach and in Miami Shores. The four comparables indicate a range between $412 per square foot and $556 per square foot. The comparables vary in finish and quality. The four comparables average $460 per square foot. In this case, the actual costs indicates between $400 to $450 per square foot is considered reflective of the current cost. This equates a final replacement cost of 400 per square foot or amount of $1,075,000 (Rounded) for the subject property. Adding piling and overhead & profit indicate a total costs of $1,344,000. This amount was depreciated by 35 percent to estimate the current market value of the subject property improvements. 1,334,000 - 35% (Depreciation $470,000) = $864,000 Dade Real Estate Services, Inc. - 19 0000.. 0000.. 0000.. 0000. 0000. 0000.. 0000.. 0000.. 1421 NE 104 Street, Miami Shores, Florida 33138 Cost Approach Conclusion of Value The depreciated value of the improvements and final conclusion of value via the cost approach is estimated as follows: Marshall &.Swift $ 650,000 (Rounded) Local Com1ractors $ 660,000 (Rounded) Cost G( rmparables $ 864,000 (Rounded) Tt estit Gies shown above are the basis for estimating the replacement cost of the subject ** 0* rty. Marshall 8, Swift generally provides a benchmark indication of the ceplacef-QrV.cost new. The Marshall & Swift Valuation is a company that provides construct Qm.aost estimates on a national basis. However, it is important to note that the Mar1h5ll & Swift is based upon a compilation of cost data collected nationwide. h1& locajconilactors relied on the actual costs of recently built homes in South Florida. Additionf illy •we have obtained actual construction costs of recently completed tnomes in the market area. The depreciated value indications range from $241 per square foot to a high of $321 per square foot, in this instance equal emphasis was placed on the construction costs estimated by the local contractors & the information extracted from the Marshall 8, Swift. Based upon this information presented above, the subject property is estimated to have a depreciated market value of $660,000. Please feel free to contact me should you have any questions regarding this report. Sincerely, N Deiky Vergel, SRA State Certified General Appraiser RZ3126 Dade Real Estate Services, Inc. - 20 1421 NE 104 Street, Miami Shores, Florida 33138 Certification of Report I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reportecj..• assumptions and limiting conditions and are my personal, impartial, apd 4-%biase'c1...' professional analyses, opinions, and conclusions. " 9 • 0009, 6900.. I have no present or prospective interest in the property that is the subject pf f fits repdrt and no personal interest with respect to the parties involved. • I have performed no services, as an appraiser or in any other capacity, regarding tie'.. • property that is the subject of this report within the three-year periodifthdiat¢ly.•• preceding acceptance of this assignment..0.0 0000.. I have no bias with respect to the property that is the subject of this report br to the 0. parties involved with this assignment. '0.0.0 My engagement in this assignment was not contingent upon developin6'or ftortng•• predetermined results. 0000 My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I have made a personal inspection of the property that is the subject of this report. No one provided significant real property appraisal assistance to the person signing this certification. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, Deiky Vergel, SRA has completed the continuing education program for Designated Members of the Appraisal Institute. Deiky Vergel, SRA State Certified General Appraiser RZ3126 Dade Real Estate Services, Inc. - 21 0000.. 0000.. 0000.. 0000. 0000. 0000.. 0000.. 0000.. 1421 NE 104 Street, Miami Shores, Florida 33138 General Assumptions and Limiting Conditions This appraisal report is subject to the following general assumptions and limiting conditions: 1. No investigation has been made of, and no responsibility is assumed for the legal description of the property being valued or legal matters, including ti4e or encumbrances. Title to the property is assumed to be good and rparketable unless otherwise stated. The property is assumed to be free and Tar of any liens, easements or encumbrances unless otherwise stated. 2.•l*formation furnished by others, upon which all or portions of this appraisal based, is believed to be reliable, but has not been verified except as set f ' Mh in this report. fd Thi report has been made for the purpose stated and shall not be used for tylJ other purpose. 4. This appraisal has been made in conformance with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation. 5. The date of value to which the opinion(s) expressed in this report applies is set forth in the letter of transmittal. Our value opinion is based on the purchasing power of the U.S. dollar as of that date. 6. Full compliance with all applicable federal, state and local zoning, licensing, use, environmental and similar laws and regulations is assumed unless otherwise stated. 7. Responsible ownership and competent property management are assumed. 8. Areas and dimensions of the property were obtained from the actual property measurements. Maps or sketches, if included in this report, are only to assist the reader in visualizing the property and no responsibility is assumed for their accuracy. No independent surveys were conducted. 9. The property is appraised free and clear of all liens and encumbrances unless otherwise stated. 10. All engineering is assumed to be correct. The plot plans, plats, maps and illustrative material in this report are included only to assist the reader in visualizing the property. 11. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. Dade Real Estate Services, Inc. - 22 1421 NE 104 Street, Miami Shores, Florida 33138 12. It is assumed that all required licenses, certificates of occupancy, consents or other legislative or administrative authority for any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 13. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is rT•*•'9ppYppY4000 encroachment or trespass unless noted in the report. 0000'• 9999.. .9909. 14. The existence of hazardous material, which may or may not tWomsent on 9 9.09 the property, was not observed by the appraisers. The apprai!e?s?faave 11% 90 0090; knowledge of the existence of such materials within or near•t4(.property. •• The presence of substances such as asbestos, urea formalditlXde foam". insulation or other potentially hazardous materials may affect-the.value 0 9.99• the property. The value estimate is predicated upon the assump$ion that 9 99s99. there is no such material within or near the property that woL4d toscaVsea 9999.. in value. No responsibility is assumed for any such conditiolt of for pny*e expertise or engineering knowledge required to discover them. The cliermg, • urged to retain an expert in this field, if desired. The appraisal has been made with the following general limiting conditions: 1. The analyses, opinions or conclusions were developed and this report has been prepared in conformity with the requirements of the State of Florida for state -certified appraisers. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Subcommittee of the Florida Real Estate Commission. 2. The distribution, if any, of the total valuation in this report, between land and improvements, applies only under the stated program of utilizations. The separate allocations for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. 3. Possession of this report, or any copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written permission of the appraiser, and in any event, only with the properly written qualifications, and only in its entirety. 4. The appraiser herein, by reason of this appraisal, is not required to testify, or be in attendance in any court of law, with reference to the property in question, unless adequate compensatory arrangements have been made in advance. 5. Neither all nor any of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through any means without the prior written consent and approval of the appraiser. Dade Real Estate Services, Inc. - 23 1421 NE 104 Street, Miami Shores, Florida 33138 Competency Provision The appraisal assignment is being performed for the purpose of estimating the market value of the fee simple interest of the subject property. The appraiser has complied with the Competency Provision of USPAP and has the knowledge and expertise necessary to complete the assignment competently. Mr. Vergel has appraised numerous similar properties within the past several years. 0:0000.... • o . 00 0000 so goes Dade Real Estate Services, Inc. - 24 00 00 0, 6440 Addenda 0000 0 0000 0 . 0000.. 0000.. 0000.. 0060.• 0000 4 r 0000.. lee 00 0000 0000.• 041 1•• 0000.. pea 0 0 00. Qualifications Attendance Hours: 2.0 The Florida Real Estate Appraisal Board has approved this program for 2.0 classroom hours. Attendance was 100'X,. Verified by afyq G'- on 11/18/2017 Lauren Dowling Region X Executive D rector Appraisal IIIIIIIIIII, Institute• I'n ad.wm4 Prwkfing The student named in this report has completed the Rna P_anit SAufina referenced course In accordance with the requirements of the Florida Real Estate Appraisal Board. OFFICIAL ACADEMIC RECORD- for APPRAISERS — FLORIDA .•• 000 FLORIDA Provider Number. 0002486 • • • u > <;;; • This document certifies itxrt • • •~_ Deiky A. Vergel, SRA FL AWal.ar Ueeasa Nnrbec RZ 3136 • j Dade Real Estate Services. Inc. • • 10109 SW 72 Street Miami, FL 33173 c= ' has atknded this Appraisal lnstitr#e prrgram The 50% FEMA Rule Appraisal FREAB ACE lVo. 01009545 Approved for Florida Continuing Education) at (-.ourijard by Nianiott in Ft. 1 audcrdaly Fl. Start Date: 11/17/2017 End nate: 11/17/2017 Attendance Hours: 2.0 The Florida Real Estate Appraisal Board has approved this program for 2.0 classroom hours. Attendance was 100'X,. Verified by afyq G'- on 11/18/2017 Lauren Dowling Region X Executive D rector Appraisal IIIIIIIIIII, Institute• I'n ad.wm4 Prwkfing The student named in this report has completed the Rna P_anit SAufina referenced course In accordance with the requirements of the Florida Real Estate Appraisal Board. 00 Deiky A Vergel, SRA Dade Real Estate, Inc. 10115 SW 72 Street Miami, Florida 33173 30S.595.1312 Zfeiky@dei erAlestate.net dad!1gii raisals.com 0.000 Educationoo-oMiami-Dade County Public Schools I' : 0— Miami-Dade Community College ricensed 1998, US Coast Guard Operator of Uninspected Passenger Gessel Proipssionpl lylember of the Appraisal Institute since 2003 (SRA No. 451856) Received SRA Designation from the Appraisal Institute in 2011 Miami -Dade County Registered Tax agent (No. 170) Florida Floodplain Managers Association Member Certified General Appraiser, State of Florida (No. RZ3126) Appraisal Institute "Candidate Advisor " Affiliations Member of CIASF, Commercial Industrial Association of South Florida Unified Member of the Special Olympics Member of the CLS, Central Listing Service, Ocean Reef, Florida Work Experience 2008 - Present Dade Real Estate Miami, Florida President - Formed a corporation to provide real estate services including appraisals, litigation support, and consulting. Clients include lenders, developers, accounting firms, law firms, and private individuals. 2005-2010 Hemisphere Real Estate Services. Inc. Miami, Florida Associate Appraiser - Tasks included appraisals, market studies, investment analysis, litigation support, and consulting. Clients include lenders, developers, accounting firms, law firms, and private individuals. 2003-2005 RAV Bahamas/Bimini Bay Resort & Casino Bimini, Bahamas Finance Director - Duties included sales, site visits, and assisting clients with financing needs through the Royal Bank of Canada. 2001 - 2003 Ace Appraisal Corporation - Miami Lakes, Florida Appraisal Specialist - Employed as an independent contractor providing site/property inspections and appraisal services. 2 1998 - 2001 Self -Employed, Miami, Florida Professional History Mr. Vergel has worked in the appraisal industry since 2001 (RI). In 2004, he receivedt?'. residential appraiser's certification (RD) from the State of Florida anc; Wntnuecl his education obtaining a commercial certification (RZ) in 2005-2006. wtovergel bias ••• worked as a commercial appraiser since 2005 and has performed numMoMppraisaf ;.. assignments involving condemnation matters, divorce cases, bankMcy ccies., • deficiency matters, land appraisals, development sites, office lv"16r4gs, end. ..: submerged lands. He has also been involved in various con dominibtn•Converst;rT ••• projects and rent studies. Since 2005, an estimated 90% of his wort—i;as --.bee; on . commercial properties. :""' . Recent Notable Projects Hard Rock Restaurant, Bayside, Florida. FEMA Substantial Improvement Rule Fresh Market, Coconut Grove, Florida. FEMA Substantial Improvement Rule Babcock Ranch, 17,000 acre planned community, Southwest Florida Valencia Golf Course, 18 -hole golf course, Napes, Florida La Gorce Golf Course, 18 -hole golf course, Miami Beach, Florida Orange Tree Utility, Utility Facility, Collier County, Florida Gables by the Sea, Submerged lots, Coral Gables, Florida Alpha & Omega, Church Facility, Miami, Florida Brownsville Metrorail Station, Miami, Florida South Miami Metrorail Station, South Miami, Florida Village of Cutler Bay Village Building, Cutler Bay, Florida C-4, Canal Project, Condemnation appraisal work, C-4 canals SR 826 Project, Appraisal of various homes taken along the west side of SR 826 Bayside Inn, Hotel Property, Key Largo, Florida Silver Shores RV Park, Key Largo, Florida Point of View RV Park, Redevelopment Site, Key Largo, Florida King of Diamonds, Miami, Florida Cheetah Lounge, Sarasota, Florida Taylor Square, (Winn Dixie Anchored Center) Perry, Florida Churchill Square, (Publix Anchored Center) Ocala, Florida Renzi Building, Miami, Florida Vagabond Hotel, Miami, Florida Marlin Bay Resort, Marathon, Florida Appraiser Courses Florida Appraisal Law 2018 (11/1/2018) 20018-20019 USPAP Update Course (11/13/2018) Technology Tips for Real Estate Appraisers (9/21/2018) Insurance Appraisals - Report Contents and Valuation (6/15/2018) Hot Topics and Myths in Appraiser Liability (1 /26/2018) The substantial Improvement 50% FEMA Rule Appraisal (11/17/2017) Residential Applications Part 1: Measure and Support Assignment Results 4/7/2017) B Practices and Ethics (12/2/2016) Reviewing Residential Appraisals and Using Fannie Mae Form 2000 (11/10/2016) ti Ap"sal Review of Residential Properties (1 1 /1 /2016) 20>.4sI,017 Equivalent USPAP Update Course 10/31/2018 ONirh&Cool Tools: New Technology for Real Estate Appraisers (10/27/2016) Florida Appraisal Law 2016 (8/25/2016) TilNen;ng the Appraisal (9/11/2015) Miami -Dade County Property Appraiser Presentation (7/16/2015) 2014-2015 Equivalent USPAP Update Course (11/26/2014) Florida Real Estate Appraisal Laws and Rules (11/11/2014) Appraisal Review of Residential Properties (11/11/2014) Methodology and Applications of Sales Comparison (11/9/2018) 2012-2013 Equivalent USPAP Update Course (11/29/2012) Florida Real Estate Appraisal Laws and Rules (11/29/2012) Trial Components: Recipe for Success or Disaster (11/4/2011) Real Estate Market 2011 (2/18/2011) Manufactured Housing (11/30/2010) Neighborhood Analysis (11/29/2010) 2010-2011 Equivalent USPAP Update Course (11/29/2010) New FNMA Forms (11/29/2010) Sales Comparison Approach (11/22/2010) Florida Real Estate Appraisal License Law & Appraisal Board Regulations 11/22/2010) Supervisor Trainee Roles & Rules (10/8/2010) Supervisor/Trainee Roles (11/24/2008) South Florida Water Management District Seminar (8/12/2008) 2008-2009 USPAP Update Course (7/17/2008) Associates Guidance Leadership Program (2/19/2008) Residential Report Writing & Case Studies (2/16/2008) Florida States Law for Real Estate Appraisers (11/9/2007) Advanced Residential Report Writing - Part 2 (]I/l/2007) Advanced Residential Applications & Case Studies - Part 1 (10/27/2007) Florida Real Estate Appraisal Board Meeting (10/9/2007) South Florida Water Management District Seminar (5/23/2007) Online Business Practices and Ethics (11/29/2006) 2006-2007 Equivalent USPAP Update Course (6/8/2006) 0 Florida State Law for Appraisers (6/8/2006) The Appraiser's Role in New Urbanism (4/22/2006) The Valuation of Wetlands (7/22/2005) Professional's Guide to the Uniform Residential Applications Report (7/13/2005) Appraisal Independence : What Appraisers and Bankers Need to Know 11/5/2004) 9• Inverse Condemnation -An Appraiser's Dilemma (7/16/2004) 00.09 0000.. Qualified as an Expert Witness in the Following Court: 0 . 6 9000. 0 0 0 0 0000 0 •• United States Bankruptcy Court, Florida Southern District 0 0•99 006 0000.. Deiky Vergel, SRA has prepared Appraisal Reports for the following: 6 9 000 6000. 9 Governmental Aaencies: 0 000. 69. City of Miami Village of Cutler Bay City of Miami Law Firms: Foster Morales Sockel Stone, LLC Brigham Moore Foster & Morales Peterson & Baldor Annette Lopez, PA Pines Group, PA Gunster Florida Law Types of Properties Appraised: Single -Family Houses Vacant Land Hotels Retail Property RV/Mobile Home Park Condominium & Apartment Buildings Automobile Dealerships Marinas FEMA 50% Rule Appraisal Apartment Buildings Office Buildings Warehouses Development Sites Shopping Centers Schools & Churches Golf Courses Wetlands Submerged Lands 11": RICK SCOTT, GOVERNOR JONATHAN ZACHEM. SECRETARY bpr s STATE OF FLORIDA 1;1PARTMENTOFBUSINESS,A DPROFESimST, FLORID ES,AT12.4, THE CERTIFIED G ERAL—AP.P.RAI R HEREIN IS C PROVISIeI F CH' E 475E LRC t 11St 2'S'fREET-- r 4L REGULATION BD D UNDER THE EXPIRATIONDAjf,NOV EMBER 30, 2020 Always verify licenses online at MyFloridaLicense.com Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Marshall & Swift 7 Edward L. Martinez, IDECC CDEI, GVS Product License Verification csw122 ow rr..ran..war.a..v.m re n.esws.r.r FL RZ-11A CoreLogic This Certificate Verifies That 0.0..0 Deiky Vergel 000000 Valued Customer Since: 2009 000000 0000 Is Hereby Licensed to Use These Marshall & Swift Products Until the Expiration Date Listed. 0000 Marshall & Swift Product License(s) Marshall & Swtft Certification(s) VaIjd.Tjt Credit Hoyrs Marshall & Swift Valuation Service Commercial Cost Approach Certification r— e 0000•• Steve Brewer, Senior Vice -President Edward L. Martinez, IDECC CDEI, GVS em,seaew,..c.sroar,.r,....,.,ro..c.vssa.roa.mr.u..aa.-..,sv si,.an....ru>ws. r. rw ow rr..ran..war.a..v.m re n.esws.r.r e.raKvsr..an a r r.r was•. r,s <wencre r s rsry w.r„s r w a. r.Rn.i a v.r e.ax,.as, srru e.r.rmwv.^w. rw. r r r.n s.. s u.r.. a rmnry v,r.asr..r marIMLror+s. rrrrai.es soss:ss„rse,snrcs arr ose..n„carie,n..rorsswamrwnnao.nxr'+,<varers, ra wra,uas.rvyr.rmrna.n..rv.. william hamilton arthur architect, Inc. January 29th, 2019 TO: Village of Miami Shores Building Department 10050 NE 2nd Avenue Miami Shores, Florida 33138 RE: RESPONSE TO DISAPPROVAL REMARKS Permit No. 18-1927 1421 NE 104 Street, Miami Shores, Florida REMARKS: Urgent ® For your review FROM: William Hamilton Arthur Architect, Inc. 2920 Ponce de Leon Blvd Coral Gables, Florida 33134-6811 Tel. (3o5) 77o-61oo Fax. (3o5) 77o-6o7o info@whaiv.us Reply ASAP Please Comment COMMENTS RESPONSE BUILDING--- Plans Examiner Ismael Naranjo 11/15/2018 1. Mechanical approval required. Agreed--- please refer to MECH disapproval remarks below. Please note the County's Property Appraisers office is neither qualified nor follows the Substantial Improvement/ Substantial Damage Desk Reference FEMA P-758, May 2010) set forth by the Federal Emergency Management Agency (FEMA), and should not be relied upon for an accurate value. According to the information provided on the Property Appraiser web site the value of the structure within this property is $174,788.00. Based The owner has obtained an ACTUAL CASH VALUE 2 on the cost of the scope of work under the original permit application APPRAISAL prepared by Dade Real Estate, Inc. and plus the cost of the work under this permit it is my opinion that this attached to the permit application. The appraisal has a project constitutes a substantial improvement. retrospective date of valuation of August 1st, 2019 and depreciated cash value of $660,000. With the budget provided, and minor adjustments to scope, the proposed improvements are well below the 50% improvement cap of $330,000. Should more information be needed, please do contact us. BS] 601.3 Flood hazard areas. In flood hazard areas, repairs that 3 constitute substantial improvement shall require that the building comply please refer to response (2) above. with Section 1612 of the Florida Building Code, Building, or Section R322 of the Florida Building Code, Residential, as applicable. Provide plans with details and specifications meeting the requirements Chapter 8, Sec. 8-5 refers to Emergency Management, 4 of the Miami Shores Flood Ordinance, chapter 8-5 and the requirements F. S. Ch. 252. If disapproval is in regards to substantial of the 6th edition to the 2017 Florida Building Code, Residential. improvement, please refer to response (2) above. MECHANICAL--- Plans Examiner Jan Pierre Perez 11/15/2018 need return transfer grilles for bedrooms and makeup air for kitchen hood Agreed-- please refer to revised sheet M1 id ' ating the missing through -wall RIA grilles and sizes Please note make-up air not requPd, when the exhaust hood is no more than 8000cfm. e've revised the table to add "NO MORE THAN" P ase refer to exception b, FMC 505.2: "More than cubic feet per minute but no more than 800 ubic feet per minute if there are no gravity vent ap ances within the conditioned living space of the s cture." ea(so refer to added table, left-hand sheet of at/ M1. 400(cpM Se's WICft Sufi' Mi. FEMA - ACTUAL CASH VALUE APPRAISAL OF A SINGLE FAMILY RESIDENCE EXCLUDING LAND Located At 1421 N E 104 Street Miami Shores, Florida 33138 Prepared For Henry Dow 1421 N E 104 Street Miami Shores, Florida 33138 Retrospective Date of Appraisal August 1, 2018 Prepared By www.dadeappraisals.com 101 101 15 SW 72 Street, Miami, Florida 33173 305.595-1312 - Office www.dadeappraisals.com DADE REAL ESTRTE INC. January 21, 2019 Henry Dow 1421 NE 104 Street Miami Shores, Florida 33138 RE: A FEMA actual cash value appraisal of a single-family residence (excluding the land value) located 1421 NE 104 Street, Miami Shores, Florida 33138. Dear Mr. Dow: In response to your request, I have prepared a Retrospective Appraisal of the subject which is a "depreciated" cost analysis (referred to as "Actual Cash Value" in the FEMA guidance materials for the structure located at 1421 NE 104 Street, Miami Shores, Florida as of August 1, 2018. Several methods were utilized to determine the replacement costs of the improvements. In addition to developer interviews conducted we have also utilized MSB to estimate the replacement cost of the improvements: Marshall & Swift Valuation Service provides standardized cost estimates at a national level. Additionally, several cost comparables are included in the report. This appraisal is intended to comply with: the Uniform Standards of Professional Appraisal Practice (USPAP), as adopted by the Appraisal Standards Board of the Appraisal Foundation, Code of Professional Ethics and Standards of the Professional Appraisal Practice of the Appraisal Institute. A summary of important facts and conclusions subject to the Definition of Value, Assumptions, Limiting Conditions and Certification contained herein, as of the Date of Valuation is displayed on the "Summary of Salient Facts and Conclusions" page of this report. We appreciate the opportunity to provide you with our valuation services. Should you have any questions regarding this project, please feel free to call me. aq) Deiky Vergel, SRA State Certified General Appraiser RZ3126 1421 NE 104 Street, Miami Shores, Florida 33138 SUMMARY OF FACTS AND CONCLUSIONS The Assignment: To estimate the depreciated fee simple market value of the subject property (excluding the land) located at 1421 NE 104 Street, Miami Shores, Florida 33138. Client: The client of this appraisal is the Henry Dow. Intended users include the building official for the Village of Miami Shores and planners for the Village. The Flood Plain Manger for the Village of Miami Shores is also an intended user. There are no other intended users of this report. Location: The subject property is located at 1421 NE 104 Street, Miami Shores, Florida 33138. Land: According to the public records, the site contains 8,925 square feet. The site has frontage along the north side of NE 104 Street. However, it should be noted that the value of the land is not included in this report. This appraisal is of the existing building improvements only. Improvements: According to the Miami -Dade County public records, the subject is improved with a one-story, single-family residence containing 2,689 square feet of actual area. This figure has been relied on in this appraisal. A copy of the survey is provided in the report. Owner of Record: According to the Miami -Dade County Property Appraiser's records, title to the property is held in the name of Henry Dow. Depreciated Cash Value: $660,000 (Depreciated value of building - excluding land) Report Reference No: 19201 S57.01022 Retrospective Date of Valuation: August 1, 2018 Appraiser: Deiky Vergel, SRA State of Florida Certified General Appraiser, RZ-3126 Special Assumption: The size of the residence is based upon measurements taken by the appraiser as well as information confirmed with the survey of the Dade Real Estate Services, Inc. - 3 1421 NE 104 Street, Miami Shores, Florida 33138 subject property and confirmed with the public records. Dade Real Estate Services, Inc. - 4 1421 NE 104 Street, Miami Shores, Florida 33138 INTRODUCTION Identification of the Property According to the Miami -Dade County Property Appraiser's records, the property is legally described as follows: Lot 6, Block 3, of River Bay Park Addition, according to the Plat thereof, as recorded in Plat Book 40, at page 72, of the Public Records of Miami -Dade County, Florida. Intended Use, Purpose and Scope of the Assignment The purpose of the appraisal is to estimate the depreciated market value of the improvements (excluding the land) that comprise the legal description. The interest being appraised is the fee simple. It is our understanding that the appraisal will be used to establish a depreciated market value of the improvements in connection with the FEMA Substantial Improvement rule. The scope of the assignment encompasses the following steps performed within the framework of commonly accepted appraisal procedures: Inspecting the property under appraisal and the surrounding neighborhood. Gathering and analyzing background information and various documents concerning the property and its possible use(s). Reviewing the Substantial Improvement/ Substantial Damage Desk Reference FEMA P-758 / May 2010. Interviewing the property owner regarding the property. Interviewing developers familiar with the construction of waterfront homes and single-family homes in the South Florida market. Reviewing the survey for the subject to confirm the actual size of the improvements. Interviewing William Arthur a local architect/builder regarding construction costs in the immediate area. Interviewing active general contractors within the South Florida market familiar with the construction of single-family homes. Gathering cost information of single-family homes from the Marshall & Swift and information obtained from the Dade Real Estate database. Analyzing this data in order to formulate sound valuation judgments within the framework and application of the appropriate approaches to value. Dade Real Estate Services, Inc. - 5 1421 NE 104 Street, Miami Shores, Florida 33138 Property Rights Appraised The property rights appraised are those inherent in the Fee Simple Estate. The fee simple estate is defined in the Thirteenth Edition of The Appraisal of Real Estate as: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." Definitions Market Value is defined by the Appraisal Institute as: 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 and 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 passing of title from seller to buyer under conditions whereby: a) Buyer and seller are typically motivated; b) Both parties are well informed or well advised, and each acting in what he considers his own best interest; c) A reasonable time is allowed for exposure in the open market; d) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e) The price represents a normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Actual Cash Value Actual Cash Value is defined by FEMA as the cost to replace an insured item of property, less the value of physical depreciation. Substantial Improvement & Damage The NFIP defines SI as follows: Substantial improvement (SI) means any reconstruction, rehabilitation, addition, or other improvement of a structure, the cost of which equals or exceeds 50 percent of the market value of the structure before the "start of construction" of the improvement. This term includes structures that have incurred "substantial damage," regardless of the actual repair work performed. Substantial damage (SD) means damage of any origin sustained by a structure whereby the cost of restoring the structure to its before -damaged condition would equal or exceed 50 percent of the market value of the structure before the damage Dade Real Estate Services, Inc. - 6 1421 NE 104 Street, Miami Shores, Florida 33138 occurred. Work on structures that are determined to be substantially damaged is considered to be substantial improvement, regardless of the actual repair work performed. Retrospective Date of Value The effective date of value is August 1, 2018. Intended Users of the Appraisal The intended use of this report is to establish a depreciated market value of the improvements in connection with the FEMA Fifty percent rule. The intended user is Henry Dow, the Client. Other intended users are the Village of Miami Shores building officials and planners for Miami Shores. Additionally, the Flood Plain Manger for the Village of Miami Shores is also an intended user. Special Assumptions It is not known to the appraiser if the subject building contains any asbestos nor has any environmental contamination problems. Note that the appraiser is not an expert in this field. For valuation purposes, it has been assumed that there are no environmental contamination problems existing. If the client has any concern regarding the potential existence of hazardous materials in, on, or adjacent to the property, it is suggested that the services of a qualified professional be retained. Appraisal Process Generally, there are three approaches to the valuation of real estate - the cost approach, which is an estimate of the depreciated reproduction cost of a property, including the land; the income approach, which is an indication of value based on the potential net income that can be produced by a property; and the comparable sales approach, which is an estimate of value based on a comparison to recent sales of similar properties. Only one of the three approaches to value will be used in this report. The appraisers will develop an estimate of the "actual cash value" by estimating the depreciated value of the improvements based upon the cost approach. The cost approach is considered valid in this case because the most accurate method for estimating depreciation is by comparing the cost new of the subject to the depreciated prices of other properties, a process that duplicates the sales comparison approach. Additionally, actual cost comparables were considered and are provided in the report. The Income Approach is not utilized, as the FEMA does not recognize it as a proper valuation method for the intended use of this report. Our valuation is set forth on the following pages. Dade Real Estate Services, Inc. - 7 1421 NE 104 Street, Miami Shores, Florida 33138 Property Inspection and Overview The subject property consists of a one-story single-family residence that was completed in 1956. The residence has been updated several times since it was originally constructed. The inspection consisted of an interior and exterior inspection of the subject property. The building is a one-story CBS type construction with a barrel tiled roof. The home has tiled and solid oak wood floors and granite counter tops. The residence has been well maintain and in good condition. The reader is referenced to the photos provided for visual aid. History of the Property According to the Miami -Dade County Property Appraiser's records, title to the subject is held in the name of Henry Dow. The last recorded transfer of the subject property is in June 29, 2018 for $885,000. A search of the Multiple Listing Service revealed a listing of the subject property. The status is "CS", Closed. A copy of the subject sale history and listing history is provided below. The subject is not reported to be under contract. Previous Sale Price OR Book -Page Qualification Descriptior 12.121,12018 5100 112-4-4_+6 Corrective- tax or OCD; min consideration 06,12912018 885.000 31014-3322 Qual by exam of deed 07101 1992 178 000 ra,' 4 11-1211 Sales which are qualified Sales History MLS*: F10149230 1421 NE 10401 St Single Family Priv,_- Chg Type Cho i_ Date Agent ID Office ID DOM 91 5999,000 NEW ACTV % $999,000 11/08/2018 FLL3201465 FLLCONT01 0 MLS*: A10453515 1421 NE 104th St Single Family Price Chg Type Chg Info I f Date Agent ID Office ID DOM 995,000 C AC -> C 06/12/2018 '013S42 EWM 04 56 995,000 AC A -> AC 05/16/2018 ;013542 EWM 04 29 995,000 NEW ACTV -> $995,000 04/17/2018- p13542 EWM 04 0 Multiple Listing Service Sales History Dade Real Estate Services, Inc. - 8 1421 NE 104 Street, Miami Shores, Florida 33138 Building Description The site is improved with a one-story, single-family residence. According to the public records, the concrete block home was constructed in 1956. The home has a clay barrel the roof covering and a 1 -car carport. The home has hard wood & tiled floors. The interior finishes are updated with new appliances. The electrical and plumbing have been updated. The residence is equipped with a cooling system that provides adequately cooling. The overall condition is good. The overall measurements of the residence indicate a total area of approximately 2,689 square feet, presently configured as three -bedrooms and two -bathrooms. The appraisal is only of the residence. The reader is referred to the photographs of the exterior and of the home. Photos of the property are provided below. Dade Real Estate Services, Inc. - 9 1421 NE 104 Street, Miami Shores, Florida 33138 0 Dade Real Estate Services, Inc. - 10 1421 NE 104 Street, Miami Shores, Florida 33138 The subject property is in overall good condition for its age and has been well maintained. Sketch 11-2232-032-0060 1421 NE 104 ST Owner: HENRY DOW Building 2,689 Sq- Ft. Dade Real Estate Services, Inc. - 11 1421 NE 104 Street, Miami Shores, Florida 33138 Survey FOUND DRILL HOLE @ 03 CVS S. ii WC 1 BISCAYNE CANAL 2' CONC. SEAri'ALL I ' OR\ER BOCK 3 375,0' — — — s' coNC sIOEYrALx 75,00' F.I,R, 0 FOUND DRILL HOLE @ 0,3' OfS S. FI P:'" Flood Zone The property is in flood zone AE. Flood insurance is typically required in the AE Flood Zone with an elevation of approximately 8 feet. The flood map for the selected area is number 12086CO1441, effective on 09/11/2009. Dade Real Estate Services, Inc. - 12 ONE STORY RESIDENCE # 1421 LOT 6,BLOCK 3 RIVER BAS' PARK ADD1710N ^ P,B, 49VPG, 72 R 154, 10.0' a i, C.B.S. WALL hCARPORCH ASPHALT DRIVEWAY I ' OR\ER BOCK 3 375,0' — — — s' coNC sIOEYrALx 75,00' F.I,R, 0 FOUND DRILL HOLE @ 0,3' OfS S. FI P:'" Flood Zone The property is in flood zone AE. Flood insurance is typically required in the AE Flood Zone with an elevation of approximately 8 feet. The flood map for the selected area is number 12086CO1441, effective on 09/11/2009. Dade Real Estate Services, Inc. - 12 1421 NE 104 Street, Miami Shores, Florida 33138 301 ti'Ul1 <i l I lil hl:CJ'll;I. A,...r;. ; Dade Real Estate Services, Inc. - 13 1421 NE 104 Street, Miami Shores, Florida 33138 COST APPROACH The Cost Approach is based on the principle of substitution; that no prudent person would pay more for a property than the cost to acquire a similar site and construct a building of equal desirability and utility, assuming no undue or costly delay. The procedure involves first estimating the value of the site as if it were vacant. The anticipated costs necessary to reconstruct all improvements are then estimated, predicated upon labor and material prices prevailing on the date of appraisal. From this construction cost estimate, deductions are made for accrued depreciation caused by physical deterioration and functional and external obsolescence. This depreciated cost figure is then added to the estimated value of the site, resulting in the indication of value by the Cost Approach. According to the second edition of the Means Estimating Handbook there are several different levels of estimates used to project construction cost. Most estimators agree that there are generally four basic levels of estimates. They are described in further detail below. Order of Magnitude Estimates - The order of Magnitude Estimate could be loosely described as an educated guess. Accuracy is -30% to + 50%. Square foot and cubic foot estimates - This type of estimate is most often used when only the proposed size and use of a planned building is known. Accuracy is -20% to + 30%. Assemblies (System Estimates) - An assemblies estimate is best used as a budgetary tool in the planning stages of a project. Accuracy is -10% to +20%. Unit price estimate - Working plans and full specifications are required to complete a unit price estimate. This method is the most accurate. This type of estimate is used primarily for bidding purposes. Accuracy is -5% to +10%. Cost of Building The subject improvements consist of a 2,689 -square foot, one-story residence built in 1956. The subject is located along a canal with access to the Atlantic Ocean. Construction costs along waterways and barrier islands are increased due to the materials required and due to increased transportation costs of these materials. In order to estimate the cost of the subject's improvements, the Marshall and Swift Cost Handbook, a national cost guide publication was referenced. In addition several on- going projects were surveyed and construction costs obtained from the developers at these projects. Accrued Depreciation Depreciation is a loss in value of improvements from any cause; it is the difference between the current cost of reproducing or replacing the improvements, new, and Dade Real Estate Services, Inc. - 14 1421 NE 104 Street, Miami Shores, Florida 33138 the dollar amount they add to the value of the land as of the date of appraisal. There are three forms of depreciation that can affect the value of the improvements: physical deterioration, functional obsolescence and economic obsolescence. There are four methods to estimate accrued depreciation. They are the economic age -life method, the modified economic age -life method, the breakdown method, and the sales comparison method, which is also referred to as the market extraction method. In this instance, the age -life method is the most appropriate. The walls, foundation roof support systems and other long-lived items appear to be in good condition. In this instance, the subject is 83 years old. The original structure has been updated several times since built. The renovation and updating included new updated electrical and plumbing as well as updating of the kitchen. The Marshall & Swift Cost Guide indicates that the subject property has a total life expectancy of 60-65 years. However, the subject property has been updated many time and was in good condition at the date of value. The effective ages was estimated at 25-30 years. A subjective estimate of 25% to 31% is considered appropriate for depreciation. Given the subject's condition and age as of August 1, 2018 we have utilized a blended rate of 35%. This is based upon on depreciation tables provided by Marshall & Swift. The subject does not suffer from physical or external obsolescence. The depreciation table is presented below. DEPRECIATION - RESIDENTIAL PROPERTIES SEfT10A fm 016 EFFECTNE TYPICAL LIFE EXPECTANCY IN YEARS EFFECTP/E TYPICAL LIFE EXPECTANCY N YEARS AGE IN YEARS 70 65 60 55 50 45 40 35 30 25 20 AGE N YEARS TO 65 60 66 50 45 40 35 30 25 20 I DEPRECIATION -PERCENTAGE REMAININGLIFE EXPECTANCY -YEARS 1 1 0 0 0 i 11 1 1 2 2 3 3 1 69 64 59 54 49 44 39 34 29 24 19 2 I 1 1 2 2 2 3 4 4 6 7 2 68 63 58 53 48 43 36 33 28 23 IB 3 1 2 2i 2 3 3 4 5 8 9 11 3 67 62 `S7 52 47 42 37 32 27 22 17 4 2 2 3. 3 4 4 5 7 9 12 15 4 66 61 56 51 46 41 36 31 26 21 16 6 3 3 4 4' 41 4 5 S 6 6 7 7 9 12_ 15 20 9 11 14 18 24 5_ 65 80 5550_45_40_35_30 20 15_ 6 6 25 64 59 54 49 44 39 34 29 24 19 14 7 4 5 5'' 6 7 8 10 13 17 22 28 7 63 58 53 48 43 38 33 28 23 18 13 6 4 5 6'. 7 8 10 12 15 18 25 33 8 62 57 S'_ 47 42 37 32 27 22 17 12 9 5 6 7'. 8 10 11 14 17 22 29 38 9 61 56 51 46 I1 36 31 26 21 16 11 10 5 6 7 8 8 9 9 10 11 12 13 14 16 20 25 32 43 18 22 2B 36 48 70 _ 11 60_55 59 50 _ 54 49 4a 45 40 39 35 3, 30 29 25 24 20 19 15 14 10 911 12 7 9 10 11 13 15 20 24 31 40 53 12 58 53 46 43 38 33 28 23 18 13 8 i3 8 1011 12 I5 17 22 26 34 44 57 13 57 52 47 42 31 32 27 22 17 12 7 14 8 10 12 13 i6 19 24 29 37 48 6t 74 56 51 d6 41 36 31 26 21 16 11 6 16 9 it 12 15 17 21 26 32 10 52 66 15 55_50 45 40 35 30 25 20 t5 f0 5 16 10 12 13 16 19 23 28 34 43 55 70 18 54 49 M 39 34 29 N 19 14 9 5 1T 10 13 15 17 20 25 30 37 46 59 73 17 53 48 43 38 33 28 23 IB 13 9 18 11 14 16 19 27 32 4D 50 63 76 i6 I 52 47 42 37 32 27 22 17 12 8 3 19 12 15 17 20 24 28 34 43 53 67 78 19 S1 46 41 36 31 26 21 i6 11 7 3 20 13 14 18 17 10 20 21 27 — 26 30 34 37 45 56 71 79 42 51 62 76 80 20 50 45 40 35 30 25 20 15 10 6 2 22 22 48 43 38 33 25 23 18 13 9 5 2 124 18 20 23 26 31 38 47 57 68 79 24 46 41 36 31 26 21 16 12 7 4 126 18 22 25 29 35 43 52 62 74 80 26 4/ 39 34 29 24 19 15 10 6 4 1'.28 20 24 28 33 39 47 57 68 n 28 42 37 32 27 22 17 13 9 5 3 1130 22 24 27 29 31 34 36 40 N 4756 52 62 71 19 67 74 80 30 32 - 40 38 35_ 30_ 33 28 25 23 20 18 16 14 11 9 8 6 4 3 3 32 34 27 32 37 4/ 51 60 71 77 34 36 31 26 21 17 12 6 5 3 36 29 35 40 47 55 65 74 79 38 34 29 24 20 15 10 7 5 38 32 383 51 59 69 77 8D 38 32 27 18 13 9 6 4 40 35 41 38 45 47 51 55 59 63 66 72 75 79 80 40 42 30 26 25_ 21 23 19 16 14 11 18 6 7 5 5 3 42 44 41 48 54 62 69 n 44 26 21 17 13 9 6 5 46 N 51 57 85 72 79 46 25 20 15 12 8 6 4 48 48 54 61 68 75 80 PROPERTIES INCLUDED 48 23 19 14 11 7 5 50 I9 S7 57 61 64 70 71 00 77 80 Se 1rMt1Ma<M aN a rrm.lmW1 rr Moro 60 21 17 12 10 7 5 55 0 17 11 10 8 5 1 60 I 81 61 74 80 0M°i t2 " '' 'Wfe-4elef 80 1411 B 7 4 85 71 74 78 s. 13 Naee 65 11 9 7 6 70 I 76 78 80 Sfmf t4 = 70 9 8 7 75 w 80 80 Semen tS Mm Sewer le ceedef,sa4ulwlf. Seww ll NbeiMeWfeOfl reef 75 8 7 7 780 6 Sewer IS Netlep Meep SewmN NMneM efNe4ie.nef 85 7 go Fn 4k syfaleeM Off eww 20lees, lw Wh en 96 Page 1P. 95 100 100 YIlSHI£C 1.F1C'.117OV 5££Y7C£ s :aa c4..4.y,s. Trc. aM:u &.ve.r. an nyfc n:...w 4q ereMs m:,.e.oc.. Mae« Uem.m,,..t..wa, ydlir 4y:q,: o-:oir.Op.N,rwee 122016 Dade Real Estate Services, Inc. - 15 1421 NE 104 Street, Miami Shores, Florida 33138 Marshal L Swift Cost Manual Approach Replacement Cost New Estimates - Cost Manual Approaches In order to estimate the replacement cost of the subject improvements, the Marshall and Swift Cost Handbook and was referenced. The square foot replacement cost estimate for the subject improvements is presented below: Contributory Value of the Improvements In order to determine the value of the subject building, a cost depreciation analysis is utilized to estimate the present value of the existing improvements at the subject property. The value of the improvements is calculated by adding up the total costs to reproduce the existing improvements then subtracting any depreciation the improvements have suffered. Presented below is the Calculator method Marshall & Swift Cost Guide table indicating the average costs associated with High -Value Single - Family homes similar to the subject. CALCULATOR METHOD sErno u.lc208A HIGH-VALUE RESIDENCES 305 meter) of tleviation. For small residential elelralors and fire sprinkler systems, see rhes on Page 38 and 39. See Page 26 for basement coats. LIGHTING AND HEAT HIGH-VALUE HEATING, VENTILATING AND AIR CONDITIONING HVAC. MLD MODERATE EXTREME COST MODERATE CLASS TYPE EXTERIOR WALLS INTERIOR FINISH LWTE 23.55140.47 188.37 SeWon because of ft special Iegikenterts. Costs listed t0 Lha right are amages. The V 12325 168.46 229.27 11-45 Cu. Ft. Sq. Ft. rrloderie Csfrate cost is inch In One base Cost in the tabMK. It a 0010 foot cost 1s Used, use IV 10925 151.23 208.28 10.15 14-45 1935 PLUMBING 9.05 Sq. M. 17.70 70% lo 80% Of On cash f51Ed. For healing Only, use 60% to 70%. For grotaM-bop heal smm 18622 121.63 17212 8.01 11.30 Spedal social assn r enbrMs. Cusem Demo. and xbkWy. elaM Enenfive fiawns and whom Complete 5306.60 61.63 493.00Vf beM dry. SIMM psrgbel mwi,ed Mares and roods harder.. iMaphwd HVAC. Best masa.ey, mud, One brim and Galland cellos, mt-OuM cabinetry. laghpualty fixe.. strudaee wing. C -PI M 4445.49 51.83 413.00V fev,estratren ci d,es, M -Y aeras high amps. ane arwaw H.V.AC. Fin Mid eut Mone. heavy red. "M Good plasia,. arnanen al detail. marble. Good ca -m aae.es, ma,e tnan rhe Canpla,e 3735-07 43.38 347.00 met.l. M., Saw. rens asap carpet pagxt kitchen a sd prep. -ape HVAC. Ca1 same fiarea, C-pleseFaxMel, sae tw. Malar Me, same aetom Sash Planar. good d lax. wskan Demo. -aa and aper fmiM,n special custom electrical r plumbiq. in a meed syslems H.V.A.C. 3132.29 3636 291 DO B..k r stone. Sime r metal. treery Plaster. sane -L tae. average electrical andCartelectricalums.electricalcmullomCplete 2637.16 30.63 245.00 saueeae. sdslan weasad-Doencamethafs plumbing, home auanabi H.V.AC. l Gael bed, stone trim. skylghls. Plaster r best dry -a1. P ... Simi. aaen, sane salol fiaures, mon aha, ox Canplere 2206.60 25.63 205.00 shakes a, metel m good -sww W". M-aaao, hardwoods Ir Wbedroom HVAC. Special s]o-N i sant, r enbies. Chem a,irps ala eabeelry, inlaid Eaen.ive fixtures ala wsan C-P1ee, 5119.68 82.13 497.00VI tMM May, alae parquet mMdw0 stones and -pea nave -are throughout HN.Ac. gest mnenry vete-err mush fine min Can4nd Meigs, tlM-Mit,abineoy. F1a"U.lty fl-. smrrowad Mdnp, C -'W. 4477.78 52.00 416.00V W Irresbralion Mtn—many extras hien amoeamps. hardwan H.V.A.C. Fm n..artry www, bins. last Good plaster. ma -I thew, marble. raved a0.tom f,,baes. mon than me C-Plete 3745.84 43.50 34800DN t "ale. soma ar al -S Mean carpet prgwt - kitchen a food p,.p.rrim ane H.V.A.C. MASONRYVENEER al Face Yid venae, Mone ben, sale a Plaster. good detail, oustom ceiling. -al sane special sleet ft- deadxi CanvMM 3143.06 36M 292.00 tile. verse walom sash Mor fiNNn wemandplumb,,,. etepand .y. H.VA C. Sri* r sone lender. ntxle. metol Plasw some moment ue. awege vres, electricalCustomfmr C-Pk/a 262639 3050 244.00s heavy atrudae, -daiae Mean -M.L had.wds plumbing, home automation H.V.A C. 1 Double -ab. good veneer, Mylighla• Pi.str r bast ft -A, paneling. .Stan sea Sadat fiaae., mile Men one C-PieM 2206.60 25.63 205.00 good A.S. a oral Yvryb, Y,raax0. h.rd-md1 baa, pr bedroom H.V.A.C. spacial SAtbud sash r entries. Custom oeitps r cabinetry, inlaid Ealenstre Nems and .Stan C7Plate 5263.55 61.13 489.00VI best dry. Male P naachtl Mmes ala -ape ha .. aarphoa H.V.AC. V Bast slandslangs. EIFS. muone bin ala itaul t cabeCollaredcei,gs. M-0 Mry. aIfigh-gwaty fixaves. squawing. ing. C-Ple'e 4413.20 5125 410.00 Mneabatim nehas. many can. Pugh amps ane hard- HVAC. Fin Slalttp, smpto, -Me trebeste. strGoodpb, oma -I dean. marble. Gototemad %-.more daothan CMPNM 369102 42.88 343.00N meal Me. sax arblafs m p -pet paquel kicnen r food pnparaaon area H.V.A.C. D With, ce-ne n. Mla ratae. Sifng, betm Mn ceiq. -allPlaster. dewtaste ne .dal __fia-es, elacetoalsten. Pe C-Plele n scow aabn, sash goon and am fnisMs and Pkmrbeg. Integrated systems H.V.AC. 3089.24 3598 28700 Half Moana saw bet slMe, pl. a. sane moment, tole, average CYMan fawns. eledreal r Cornpate 2583.34 30.00 240.001 mea heavy ea 14+n..aladen Mahon c n t. hardwood pwrnwv. home a,irnation H.VAC. 1 cable w.1s. sere tree. ayfgh.. Plana a ala dry-... panekrg, Dorian Same sxd.l fi__ mile Man one Ci Pwe 2183.54 25.13 201.00 hakes ce metal m gd Mnadaremoo yk. r-aao, hardwoods lame, e, ", bed H.VAC. FireOkace. balwnles and Dorthe3 Maki bu" appliances are not included. See Page 35 Sof garage costs. The base w30 height Is 10 feet (3 05 meters), exclil9lg gables. Add of deduct 3% for each foot 305 meter) of tleviation. For small residential elelralors and fire sprinkler systems, see rhes on Page 38 and 39. See Page 26 for basement coats. COMPLETE SI.ARE METER COSTS SOUARE FOOT COSTS HIGH-VALUE HEATING, VENTILATING AND AIR CONDITIONING HVAC. MLD MODERATE EXTREME MILD MODERATE E1rR9IE Costs for tigAleke mechanical helms are fisted separately from those for Other hildrIgs (1 0115 TYPE CLIMATE CLIMATE CLIMATE 253.49 CLaM1TE 13.05 CLIMATE1750 LWTE 23.55140.47 188.37 SeWon because of ft special Iegikenterts. Costs listed t0 Lha right are amages. The V 12325 168.46 229.27 11-45 15.65 21.30 rrloderie Csfrate cost is inch In One base Cost in the tabMK. It a 0010 foot cost 1s Used, use IV 10925 151.23 208.28 10.15 14-45 1935 an"erith (Ing) Ute difference Wwwrl, to adAist Ole base cW* foal cost For cooing only, Use IN 97.41 136.16 190.52 9.05 12AS 17.70 70% lo 80% Of On cash f51Ed. For healing Only, use 60% to 70%. For grotaM-bop heal smm 18622 121.63 17212 8.01 11.30 16.00 urltb, add 4.15 to 5.77 per square lad ( 44.67 to 62.11 per square motor). 1 7621 109.79 157.15 7.08 1020 14.60 Mflac-,r r VAEEUy70NS=F= 23t elan itrrfueltd.a rhis pajt berorn absolert after brpelarr 48,•er7; srhtelnGel jaw el agpaf 2020. 0701d CenstKltm. k.ra4nsrae. agrkltr reanea I,prpsmu. Iiceiatrda.. rnmis.4/Mh'etwrl:. m.'rprbrk /iywpT4sve[J'Pfaaad 812018 Dade Real Estate Services, Inc. - 16 1421 NE 104 Street, Miami Shores, Florida 33138 The subject is a Class D (Masonry Veneer) island home constructed of CBS block with a masonry veneer. The interior has hard wood floors and Art Deco features. The structure features various elements indicated in the table above. Replacement Cost Estimate The subject improvements consist of a one-story residential structure located on a barrier Island. Typically, construction costs of waterfront or Island homes is more costly than the construction of a suburban residence. Marshall & Swift does not specifically identify a category for Island Homes located on barrier islands. Therefore, we have utilized the Marshall & Swift cost guide for High -Value Residential properties as this is more in line with the cost for island homes. In order to estimate the replacement cost of the subject improvements, the Marshall and Swift Cost Handbook was referenced. The unit replacement cost estimate for the subject improvements is presented below: Swift LP REPLACEMENT COST NEW ESTIMATE Description METHODMarshallCALCULATORCOST Reference Publication Date August 2018 Section & Pae Section 12, Page 27 Building Quality High Value Residence Building Class and Type Class D, II, III or IV Exterior Walls Concrete Block Hei ht per Floor 8-9 feet Base Cost Including AC Main Structure, Blended Rate 292.00 Multipliers: Floor Multiplier Current (07/18) Local 07/18 1.02 1.03 0.97 Base Replacement Costs: Living Area 2,689 SFX 297.57/SF 800,165 Overhead & Profit @20% 160,035 Pilings 45,000 Total 1,005,000 Less 35% Depreciation (rounded) 352,000 Value of the Improvements: 650,000 Rounded) Dade Real Estate Services, Inc. - 17 1421 NE 104 Street, Miami Shores, Florida 33138 Contractor Estimate In addition to the estimate provided by the Marshall & Swift, several local builders were interviewed regarding the subject property. The names of the builders interviewed their contact information and their comments are presented below; Mike Garcia Carrillo of RL Homes Construction, a construction company specializing in custom residential homes indicated that a similar home could be built for no less than $300 per square foot depending on the finishes. Mike Garcia, Carrillo was interviewed regarding construction costs in Miami Shores and Miami Beach. Eight Street Construction has completed several new home in Miami Beach. According to Ariel Villella of Eight Street Construction the cost at recently completed home along Alton Road exceeded $325 per square foot. He indicated that the cost to construct Island homes far exceeds the cost to construct inland properties. Nelson de Leon, AIA, LEED AP who owns and operates Locus Architecture was interviewed regarding construction costs of similar type waterfront homes. Mr. De Leon is part of the Architecture Review Board for Coral Gables. Mr. De Leon has built many homes in the South Florida market. He indicated that a similar home would cost no less than $350 per square foot. William Hamilton Arthur IV AIA, NCARB, was interviewed. Mr. Arthur is an area architect involved in several project in Surfside and Miami Beach. Mr. Arthur indicated that costs on similar projects could exceed $325 per square foot. Rafael Reyes owner of US Construction was interviewed. Mr. Reyes is familiar with the rigorous building requirements of island type construction. Mr. Reyes has also been recently involved in the construction of several island homes in Sunrise Harbour in the Coral Gables market. He indicated he recently completed an island residence along the west side of Sunrise Place. He indicated that the cost to build this home would exceeded $350 per square foot. In this case, the contractor estimate indicates between $300 to $350 per square foot is considered reflective of the current cost. This equates a final replacement cost of 300 per square foot or amount of $807,000 (Rounded) for the subject property. Pilings were added at $45,000. The total including overhead & profit is $1,015,000. This amount was depreciated by 45 percent to estimate the current market value of the subject property improvements. 1,015,000 - 350 (Depreciation $355,000) = $660,000 Dade Real Estate Services, Inc. - 18 1421 NE 104 Street, Miami Shores, Florida 33138 Cost Comparables In addition to the costs provided in the previous section, several area builders were interviewed regarding construction costs on Miami Beach. These developers provided examples of recently completed homes on the Island. Details regarding these recently completed homes is presented below. The cost comparables presented above are the best evidence of actual construction costs of island homes on Miami Beach and in Miami Shores. The four comparables indicate a range between $412 per square foot and $556 per square foot. The comparables vary in finish and quality. The four comparables average $460 per square foot. In this case, the actual costs indicates between $400 to $450 per square foot is considered reflective of the current cost. This equates a final replacement cost of 400 per square foot or amount of $1,075,000 (Rounded) for the subject property. Adding piling and overhead & profit indicate a total costs of $1,344,000. This amount was depreciated by 35 percent to estimate the current market value of the subject property improvements. 1,334,000 - 350 (Depreciation $470,000) = $864,000 Dade Real Estate Services, Inc. - 19 ACTUAL COST COMPARABLES GRID Cost Comp Cost Comp Cost Comp Cost Comp Location 4441 North 425 W Di 840 NE 12 4530 Alton Bay Road Lido Drive Avenue Road Size 3,375 SF 3,372 SF 2,696 SF 3,217 SF Firm Name William William William AA Architect Arthur Arthur Arthur TOTAL COSTS 1,400,000 1,500,000 1,500,000 1,448,000 Year Built 2017 2017 2017 2018 Price SF 412 423 556 449 The cost comparables presented above are the best evidence of actual construction costs of island homes on Miami Beach and in Miami Shores. The four comparables indicate a range between $412 per square foot and $556 per square foot. The comparables vary in finish and quality. The four comparables average $460 per square foot. In this case, the actual costs indicates between $400 to $450 per square foot is considered reflective of the current cost. This equates a final replacement cost of 400 per square foot or amount of $1,075,000 (Rounded) for the subject property. Adding piling and overhead & profit indicate a total costs of $1,344,000. This amount was depreciated by 35 percent to estimate the current market value of the subject property improvements. 1,334,000 - 350 (Depreciation $470,000) = $864,000 Dade Real Estate Services, Inc. - 19 1421 NE 104 Street, Miami Shores, Florida 33138 Cost Approach Conclusion of Value The depreciated value of the improvements and final conclusion of value via the cost approach is estimated as follows: Marshall & Swift $ 650,000 (Rounded) Local Contractors $ 660,000 (Rounded) Cost Comparables $ 864,000 (Rounded) The estimates shown above are the basis for estimating the replacement cost of the subject property. Marshall & Swift generally provides a benchmark indication of the replacement cost new. The Marshall & Swift Valuation is a company that provides construction cost estimates on a national basis. However, it is important to note that the Marshall & Swift is based upon a compilation of cost data collected nationwide. The local contractors relied on the actual costs of recently built homes in South Florida. Additionally, we have obtained actual construction costs of recently completed homes in the market area. The depreciated value indications range from $241 per square foot to a high of $321 per square foot, in this instance equal emphasis was placed on the construction costs estimated by the local contractors & the information extracted from the Marshall & Swift. Based upon this information presented above, the subject property is estimated to have a depreciated market value of $660,000. Please feel free to contact me should you have any questions regarding this report. Sincerely, S C Deiky Vergel, SRA State Certified General Appraiser RZ3126 Dade Real Estate Services, Inc. - 20 1421 NE 104 Street, Miami Shores, Florida 33138 Certification of Report I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I have made a personal inspection of the property that is the subject of this report. No one provided significant real property appraisal assistance to the person signing this certification. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, Deiky Vergel, SRA has completed the continuing education program for Designated Members of the Appraisal Institute. Deiky Vergel, SRA State Certified General Appraiser RZ3126 Dade Real Estate Services, Inc. - 21 1421 NE 104 Street, Miami Shores, Florida 33138 General Assumptions and Limiting Conditions This appraisal report is subject to the following general assumptions and limiting conditions: 1. No investigation has been made of, and no responsibility is assumed for the legal description of the property being valued or legal matters, including title or encumbrances. Title to the property is assumed to be good and marketable unless otherwise stated. The property is assumed to be free and clear of any liens, easements or encumbrances unless otherwise stated. 2. Information furnished by others, upon which all or portions of this appraisal is based, is believed to be reliable, but has not been verified except as set forth in this report. 3. This report has been made for the purpose stated and shall not be used for any other purpose. 4. This appraisal has been made in conformance with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation. 5. The date of value to which the opinion(s) expressed in this report applies is set forth in the letter of transmittal. Our value opinion is based on the purchasing power of the U.S. dollar as of that date. 6. Full compliance with all applicable federal, state and local zoning, licensing, use, environmental and similar laws and regulations is assumed unless otherwise stated. 7. Responsible ownership and competent property management are assumed. 8. Areas and dimensions of the property were obtained from the actual property measurements. Maps or sketches, if included in this report, are only to assist the reader in visualizing the property and no responsibility is assumed for their accuracy. No independent surveys were conducted. 9. The property is appraised free and clear of all liens and encumbrances unless otherwise stated. 10. All engineering is assumed to be correct. The plot plans, plats, maps and illustrative material in this report are included only to assist the reader in visualizing the property. 11. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. Dade Real Estate Services, Inc. - 22 1421 NE 104 Street, Miami Shores, Florida 33138 12. It is assumed that all required licenses, certificates of occupancy, consents or other legislative or administrative authority for any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 13. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. 14. The existence of hazardous material, which may or may not be present on the property, was not observed by the appraisers. The appraisers have no knowledge of the existence of such materials within or near the property. The presence of substances such as asbestos, urea formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. The value estimate is predicated upon the assumption that there is no such material within or near the property that would cause a loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. The appraisal has been made with the following general limiting conditions: 1. The analyses, opinions or conclusions were developed and this report has been prepared in conformity with the requirements of the State of Florida for state -certified appraisers. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Subcommittee of the Florida Real Estate Commission. 2. The distribution, if any, of the total valuation in this report, between land and improvements, applies only under the stated program of utilizations. The separate allocations for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. 3. Possession of this report, or any copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written permission of the appraiser, and in any event, only with the properly written qualifications, and only in its entirety. 4. The appraiser herein, by reason of this appraisal, is not required to testify, or be in attendance in any court of law, with reference to the property in question, unless adequate compensatory arrangements have been made in advance. 5. Neither all nor any of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through any means without the prior written consent and approval of the appraiser. Dade Real Estate Services, Inc. - 23 1421 NE 104 Street, Miami Shores, Florida 33138 Competency Provision The appraisal assignment is being performed for the purpose of estimating the market value of the fee simple interest of the subject property. The appraiser has complied with the Competency Provision of USPAP and has the knowledge and expertise necessary to complete the assignment competently. Mr. Vergel has appraised numerous similar properties within the past several years. Dade Real Estate Services, Inc. - 24 Addenda Qualifications OFFICIAL ACADEMIC RECORD for APPRAISERS — FLORIDA FLORIDA Provider Number: 0002486 This document certifies that Deiky A. Vergel, SRA 0. Appraiser naw Rember. RZ 3126 Dade Real Estate Services, Inc. 10109 SW 72 Street Miami, FL 33173 has attended this Appraisal Institute program The 50% FEMA Rule Appraisal FREAB ACE 1Vo. 0009545 Approved for Florida Continuing Education) at Caurlyard IN Nfaniott in Ft 1 auderdale, Fl. Start Date: 11/17/2017 F.ndDate: 11/1712017 Attendance Hours: 2.0 The Florida Real Estate Appraisal Board has approved this program for 2.0 classroom hours. Attendancewas100%. Verified by 'aucf G'xsua on 11/18/2017 Lauren Dowling Region X Executive Director Appraisal 1111911111, Institute• nalF,aima4 Henvdlnir Nrnf P..Varr.+r furuwu The student named in this report has completed the referenced course In accordance with the requirements of the Florida Real Estate Appraisal Board. Deiky A Vergel, SRA Dade Real Estate, Inc. 10115 SW 72 Street Miami, Florida 33173 305.595.1312 deikv@daderealestate.net www.dadeapr)ralsals.com Education Miami -Dade County Public Schools Miami -Dade Community College Licensed 1998, US Coast Guard Operator of Uninspected Passenger Vessel Professional Member of the Appraisal Institute since 2003 (SRA No. 451856) Received SRA Designation from the Appraisal Institute in 2011 Miami -Dade County Registered Tax agent (No. 170) Florida Floodplain Managers Association Member Certified General Appraiser, State of Florida (No. RZ3126) Appraisal Institute "Candidate Advisor " Affiliations Member of CIASF, Commercial Industrial Association of South Florida Unified Member of the Special Olympics Member of the CLS, Central Listing Service, Ocean Reef, Florida Work Experience 2008 - Present Dade Real Estate Miami, Florida President - Formed a corporation to provide real estate services including appraisals, litigation support, and consulting. Clients include lenders, developers, accounting firms, law firms, and private individuals. 2005-2010 Hemisphere Real Estate Services, Inc. Miami, Florida Associate Appraiser - Tasks included appraisals, market studies, investment analysis, litigation support, and consulting. Clients include lenders, developers, accounting firms, law firms, and private individuals. 2003-2005 RAV Bahamas/Bimini Bay Resort & Casino Bimini, Bahamas Finance Director - Duties included sales, site visits, and assisting clients with financing needs through the Royal Bank of Canada. 2001 - 2003 Ace Appraisal Corporation - Miami Lakes, Florida Appraisal Specialist - Employed as an independent contractor providing site/property inspections and appraisal services. F7 1998 - 2001 Self -Employed, Miami, Florida Professional History Mr. Vergel has worked in the appraisal industry since 2001 (RI). In 2004, he received a residential appraiser's certification (RD) from the State of Florida and continued his education obtaining a commercial certification (RZ) in 2005-2006. Mr. Vergel has worked as a commercial appraiser since 2005 and has performed numerous appraisal assignments involving condemnation matters, divorce cases, bankruptcy cases, deficiency matters, land appraisals, development sites, office buildings, and submerged lands. He has also been involved in various condominium conversion projects and rent studies. Since 2005, an estimated 90% of his work has been on commercial properties. Recent Notable Projects Hard Rock Restaurant, Bayside, Florida. FEMA Substantial Improvement Rule Fresh Market, Coconut Grove, Florida. FEMA Substantial Improvement Rule Babcock Ranch, 17,000 acre planned community, Southwest Florida Valencia Golf Course, 18 -hole golf course, Napes, Florida La Gorce Golf Course, 18 -hole golf course, Miami Beach, Florida Orange Tree Utility, Utility Facility, Collier County, Florida Gables by the Sea, Submerged lots, Coral Gables, Florida Alpha & Omega, Church Facility, Miami, Florida Brownsville Metrorail Station, Miami, Florida South Miami Metrorail Station, South Miami, Florida Village of Cutler Bay Village Building, Cutler Bay, Florida C-4, Canal Project, Condemnation appraisal work, C-4 canals SR 826 Project, Appraisal of various homes taken along the west side of SR 826 Bayside Inn, Hotel Property, Key Largo, Florida Silver Shores RV Park, Key Largo, Florida Point of View RV Park, Redevelopment Site, Key Largo, Florida King of Diamonds, Miami, Florida Cheetah Lounge, Sarasota, Florida Taylor Square, (Winn Dixie Anchored Center) Perry, Florida Churchill Square, (Publix Anchored Center) Ocala, Florida Renzi Building, Miami, Florida Vagabond Hotel, Miami, Florida Marlin Bay Resort, Marathon, Florida Appraiser Courses Florida Appraisal Law 2018 (11/1/2018) 20018-20019 USPAP Update Course (11/13/2018) Technology Tips for Real Estate Appraisers (9/21/2018) Insurance Appraisals - Report Contents and Valuation (6/15/2018) Hot Topics and Myths in Appraiser Liability (1 /26/2018) The substantial Improvement 50% FEMA Rule Appraisal (11/1712017) Residential Applications Part 1: Measure and Support Assignment Results 4/7/2017) Business Practices and Ethics (12/2/2016) Reviewing Residential Appraisals and Using Fannie Mae Form 2000 (11/10/2016) Appraisal Review of Residential Properties (11/1/2016) 2016-2017 Equivalent USPAP Update Course (10/31/2018) Online Cool Tools: New Technology for Real Estate Appraisers (10/27/2016) Florida Appraisal Law 2016 (8/25/2016) Tightening the Appraisal (9/11/2015) Miami -Dade County Property Appraiser Presentation (7/16/2015) 2014-2015 Equivalent USPAP Update Course (11/26/2014) Florida Real Estate Appraisal Laws and Rules (11/11/2014) Appraisal Review of Residential Properties (11/11/2014) Methodology and Applications of Sales Comparison (11/9/2018) 2012-2013 Equivalent USPAP Update Course (11/29/2012) Florida Real Estate Appraisal Laws and Rules (11/29/2012) Trial Components: Recipe for Success or Disaster (11/4/2011) Real Estate Market 2011 (2/18/2011) Manufactured Housing (11/30/2010) Neighborhood Analysis (11/29/2010) 2010-2011 Equivalent USPAP Update Course (11/29/2010) New FNMA Forms (11/29/2010) Sales Comparison Approach (11/22/2010) Florida Real Estate Appraisal License Law & Appraisal Board Regulations 11/22/2010) Supervisor Trainee Roles & Rules (10/8/2010) Supervisor/Trainee Roles (11/24/2008) South Florida Water Management District Seminar (8/12/2008) 2008-2009 USPAP Update Course (7/17/2008) Associates Guidance Leadership Program (2/19/2008) Residential Report Writing & Case Studies (2/16/2008) Florida States Law for Real Estate Appraisers (11/9/2007) Advanced Residential Report Writing - Part 2 (11 / 1 /2007) Advanced Residential Applications & Case Studies - Part 1 (10/27/2007) Florida Real Estate Appraisal Board Meeting (10/9/2007) South Florida Water Management District Seminar (5/23/2007) Online Business Practices and Ethics (11/29/2006) 2006-2007 Equivalent USPAP Update Course (6/8/2006) Florida State Law for Appraisers (6/8/2006) The Appraiser's Role in New Urbanism (4/22/2006) The Valuation of Wetlands (7/22/2005) Professional's Guide to the Uniform Residential Applications Report (7/13/2005) Appraisal Independence : What Appraisers and Bankers Need to Know 11/5/2004) Inverse Condemnation - An Appraiser's Dilemma (7/16/2004) Qualified as an Expert Witness in the Following Court: United States Bankruptcy Court, Florida Southern District Deiky Vergel, SRA has prepared Appraisal Reports for the following: Governmental Agencies: City of Miami Village of Cutler Bay City of Miami Law Firms: Foster Morales Sockel Stone, LLC Brigham Moore Foster & Morales Peterson & Baldor Annette Lopez, PA Pines Group, PA Gunster Florida Law Types of Properties Appraised: Single -Family Houses Vacant Land Hotels Retail Property RV/Mobile Home Park Condominium & Apartment Buildings Automobile Dealerships Marinas FEMA 50% Rule Appraisal Apartment Buildings Office Buildings Warehouses Development Sites Shopping Centers Schools & Churches Golf Courses Wetlands Submerged Lands RICK SCOTT. GOVERNOR JONATHAN ZACHEM. SECRETARY dblar wti STATE OF FLORIDA DEPARTMENT OFBUSINESS-AND-P_ROFESSIONAL REGULATION Q If EA1.E5 TPPRAISAL BDFLORIDE?A THE CERTIFIED G PpR 4r . , FtE_REIN IS CE R 1 ED UNDER THE PROVIS LO IDA ST TUTES V R . ' f AL• E tTO 33173''= V Nit E 5 R;RZ3126 upqv EXPIRATIO WIN 01/EMBER 30, 2020 Always verify licenses online at MyFloridalicense.com a, o Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Now Marshall & Swift 7 Product License Verification CertFL Z31) RZ31nlr2842, 22 26 COY@LOgic, This Certificate Verifies That Deiky Vergel Valued Customer Since: 2009 Is Hereby Licensed to Use These Marshall & Swift Products Until the Expiration Date Listed. Marshall & Swift Product Ltoense(s) Marshall & Swtft Certification(s) Valid Thru Credit Hours Marshal & Swift Valuation Service Commercial Cost Approach Certification — — Steve Brewer, Senior Vice -President Edward L. Martinez, IDECC CDEI, GVS c...a...ar......r.w..w.......-:, «.m:..n.m..,a..... e.. u..s.,.,ao-.......w.a.T..w.w..u..a.,...i.....a..w...n.m...r.....,,.u,. o..,.....e...........e i a:,...n.y..,a.ea ne cou..o.wrn n.nnw.,...w.awa a wN.,...ie rn...ee......+w.........w>.cas, rw....... t fU-1 118111 THE FOLLOWING IS A CONTRACT FOR THE FABRICATION AND INSTALLATION OF AN APPROVED IMPACT WINDOW/DOOR SYSTEM November 2, 2018 Water Restoration Group 555 NW 95th Street Miami, FL 33150 Job Site: -same- Contact:-Henry- Contract# 18-2102481 Phone: 954.415.2648 E -Mail: hdow(a-wrafla.com WINDOW MARK STYLE COLOR QTY SIZE GLAZING TOTAL SERIES 720 A" PICTURE/FIXED WHITE 6 48" x 80" 7/16" GREY SEE BELOW, WINDOW LAMINATED SERIES 101 B" FRENCH/SWING WHITE 1 144" x 80" 3/8" GREY SEE BELOW. DOOR LAMINATED OXXO C" MULL BARS WHITE 3 85" N/A SEE BELOW. Total Windows & Doors - SEE BELOW. Cost of Enaineerina - NOT -INCLUDED. T(' l Cost - (Cash/Check) $10.000.00 Total Cost - (Credit Card) $10.300.00 Manufacturer: PGT Product- Series 720 Picture/Fixed Window (Impact) Glazing 7/16" Grey Laminated Finish - White Series 101 French/Swino Door (Impact) Glazina 3/8" Grey Laminated Finish - White 910 Clint Moore Road, Boca Raton FL 33487 Phone (561) 241 -WIND (9463). Fax (561) 416-7378. www.citiquiethurricanewindows.com High Impact Hurricane Windows - Energy Efficient Windows - Soundproof Windows Design - Engineering - Manufacturing - Installation Special Instructions: *Requires a final measurement. Fabrication lead time is 10-12 weeks from approvals. Price includes materials listed above. Price does not include installation. CitiQuiet will provide all necessary certificates of insurance. A) ALL WORK WILL BE PERFORMED IN A CLEAN PROFESSIONAL MANNER. ALL DEBRIS WILL BE REMOVED UPON COMPLETION OF WORK OR AT THE END OF THE WORK DAY, WHICHEVER IS FIRST. ALL AREAS WILL BE COVERED PRIOR TO COMMENCEMENT OF WORK AND VACUUMED AT COMPLETION OF WORK OR AT THE END OF THE WORK DAY, WHICHEVER IS FIRST. B) CITIQUIET GUARANTEES THIS PRODUCT AND INSTALLATION TO BE FREE FROM ANY DEFECT AS PER MANUFACTURERS WARRANTY. IF FOR ANY REASON A DEFECT OCCURS, CITIQUIET WILL REPLACE, OR AT OUR OPTION, REPAIR THIS PRODUCT SO AS PROPER PERFORMANCE WILL BE MAINTAINED. BROKEN GLASS IS NOT PART OF THIS GUARANTEE. C) PAYMENTS MADE AFTER 20 DAYS ARE PAST DUE. A LATE CHARGE OF 2% PER MONTH SHALL BE INCURRED ON ANY ACCOUNT BALANCE CONSIDERED PAST DUE. THE ACCOUNT IS CONSIDERED DELINQUENT. IF PAYMENTS ARE NOT MADE ACCORDING TO CONTRACT TERMS. ANY AND ALL LEGAL FEES, COST ASSOCIATED WITH COLLECTION MUST ALSO BE PAID. THE MAXIMIUM RATE ALLOWED BY LAW SHALL AND WILL BE INCURRED ON ALL OVER DUE INVOICES AND WILL COMMENCE THE DATE OF THE INVOICE. COLLECTING FEES INCLUDE, BUT NOT LIMITED TO; ANY AND ALL FEES INCURRED BY CITIQUIET WINDOWS AND DOORS, ATTORNEY FEES, AND COLLECTION AGENCY FEES SHALL BE THE RESPONSIBILITY OF THE CLIENT. SERVICE SCHEDULE AND DEFECTS SHALL NOT HOLD PAYMENT. Approved by: Bevv ru.d vnavv Ben Friedman President Approved by: Credit Card # / Exp. Date 910 Clint Moore Road, Boca Raton FL 33487 Phone (561) 241 -WIND (9463). Fax (561) 416-7378. www.citiquiethurricanewindows.com High Impact Hurricane Windows - Energy Efficient Windows - Soundproof Windows Design - Engineering - Manufacturing - Installation CONSULTINGLT i DETAIL ELEMENTS - INTERIOR RENOVATION ELEMENT TOTAL COST / SF 1 General Conditions (Incl. Below) 2 Sitework 3 Concrete 2,500.00 2.86 4 Masonry 1,000.00 1.14 5 Metals 6 Wood & Plastics 7 Thermal & Moisture 8 Doors & Windows 5,500.00 6.29 9 Finishes 3,000.00 3.43 10 Specialties 11 Equipment 12 Furnishings 15,000.00 17.14 13 Special Construction 14 Conveying 15 Mechanical 16 Electrical 17 Special Systems Subtotal 27,000.00 30.86 General Conditions 8% 2,160.00 2.47 Subtotal 29,160.00 33.33 Bonds & Insurance 2% 583.20 0.67 Subtotal 29,743.20 33.99 Owner Builded 0% Subtotal 29,743.20 33.99 Design Contingency 10% 2,974.32 3.40 Subtotal 32,717.52 37.39 Escalation to MOC 2% 785.22. 0.90 TOTAL ESTIMATED CONSTRUCTION COST $ 33,502.74 $ 38.29 Work Area: 875.00 SF NOTES For window replacement on rear For window replacement on rear Rear Elevation Doors. This was partly included in original bid by accident. Just adding the additional cost Bathroom/kitchen fixtures Kitchen Cabinets/Bath vanity Sindia Alvarez From: Henry Dow<hdow@thewaterrestoratio ngroup.com> Sent: Thursday, February 21, 2019 9:51 AM To: Ismael Naranjo; Ismael Naranjo; Sindia Alvarez Subject: Revision $ amount Forgot to remind you as per our conversation to please change the $140K on the application to the actual amount as per our budget submitted. Not sure why we had $140K on there. I guess at that time I planned on doing other stuff. Thanks. Restoration Groep Hemy flow President 305.661.2533 www wrc9fla.corn 1 -844 -DRY -WATER (379-9283) Dade I Broward I Palm Beach GGC15228" I MRSR73 ELEMENT Unit Unit Cost Total Comments 8 DOORS & WINDOWS Exterior Doors HM Door Sets, HM frames & hardware Single HM Door Sets Refurbish existing doors, single Premiums Premium hardware Interior Doors SC Wood Door in AL Frame (Hardware/Finish) Single with vision panels Premiums Premium hardware Paint finish, per leaf Speciality Doors Refurbish roll up doors Total - Doors & Windows 9 FINISHES Interior Partitions Interior Metal Studs 3 5/8", 20 GA, at 16" OC 3 5/8", 20 GA, at 16" OC, chase wall Gypsum Board 5/8" thick, finished (14) Premiums Interior Finishes Floors Base Walls Ceiling Additional blocking, support, etc Patch, repair, prepare concrete floor Ceramic floor tile Resilient flooring Sealed Concrete Ceramic the base Cementitious backerboard Ceramic wall tile Paint Walls Gypsum board ceilings, framing Paint gypsum board ceilings Paint exposed structure Total - Finishes t ELEMENT Unit Unit Cost Total Comments 14 CONVEYING Elevators - including smoke containment curtain Passenger, 3500 lbs, hydraulic, 2 -stops ea Cab finish ea Elevator pit ladder ea Total - Conveying 15 MECHANICAL Plumbing sf HVAC sf Total - Mechanical 16 ELECTRICAL Electrical sf Electrical, Low votage systems, rough -in only sf Total - Electrical August 13th, 2018 FROM: William Hamilton Arthur Architect, Inc. 2920 Ponce de Leon Blvd TO: Village of Miami Shores Building Coral Gables, Florida 33134-6811 Department Tel. (3o5)77o-61oo 10050 NE 2nd Avenue Fax (3o5)77o-6o7o Miami Shores, Florida 33138 info@whaiv.us RE: RESPONSE TO DISAPPROVAL REMARKS 18-1927 1421 NE 104 Street, Miami Shores, Florida REMARKS: Urgent ® For your review Reply ASAP Please Comment COMMENTS I RESPONSE BUILDING-- Plans Examiner Ismael Naranjo 07/30 Provide detail itemized job cost estimate for the entire project. 1 Include cost of materials, labor, overhead and profit. Also, Please refer to the attached. include the cost of all items to be provided by the owner, including built in appliances and cabinets. Provide cross section through the center of the new master Please refer to left-hand side of revised sheet Al for 2. bathroom. Reflect all components including the shower and glass partition detail. Please refer to added sheet. lass. The proposed floor is ceramic (to replace the existing), Provide details and specifications for the interior floors. If and the existing subfloor can withstand the proposed 3. ceramic tile, provide engineer inspection and certification of the load. Once work has commenced, an inspection of the existing structural subfloor members. AOR will be made and l will be happy to certify and provide attesting to the condition of the existing floor once it has been exposed. Level two alterations should comply with chapter 8 of the 2017 Agreed, the submitted application does propose 4. FBC. Existing Buildings. Including section 811, energy requirement, and a note has been added to the center of conservation. revised sheet A1, left-hand side. Level 11 is also noted on the coversheet CS. E5.ID doors for new AHU closets and provide specifications. Please refer to revised sheet A1, left-hand size. gD CONSTRUCTION II & CONSULTING DETAIL ELEMENTS - INTERIOR RENOVATION ELEMENT TOTAL COST / SF 1 General Conditions (Incl. Below) 2,500.00 2.86 2 Sitework 3 Concrete 4 Masonry 5 Metals 6 Wood & Plastics 8,200.00 9.37 7 Thermal & Moisture 8 Doors & Windows 2,350.00 2.69 9 Finishes 23,000.00 26.29 10 Specialties 11 Equipment 12 Furnishings 1,050.00 1.20 13 Special Construction 2,800.00 3.20 14 Conveying 15 Mechanical 9,500.00 10.86 16 Electrical 8,500.00 9.71 17 Special Systems Subtotal 57,900.00 66.17 General Conditions 8% 4,632.00 5.29 Subtotal 62,532.00 71.47 Bonds & Insurance 2% 1,250.64 1.43 Subtotal 63,782.64 72.89 Owner Builded 0% Subtotal 63,782.64 72.89 Design Contingency 15% 9,567.40 10.93 Subtotal 73,350.04 83.83 Escalation to MOC 2% 1,760.40 2.01 TOTAL ESTIMATED CONSTRUCTION COST $ 75,110.44 $ 85.84 Work Area: 875.00 SF ELEMENT Unit Unit Cost Total Comments 2 SITEWORK Selective Demolition Sawcut 4" elevated concrete slab Form openings in existing roof slab Demolish/Remove concrete slab 4" thick Remove door, single Demolish exterior wall for new door opening Temporary construction Temporary shoring Total - Sitework 3 CONCRETE Slab On Grade 6" thick, 3000 psi Reconstruct slab on grade Miscellaneous Elevator Pit Misc. concrete repairs Total - Concrete 6 WOOD & PLASTICS Building Casework Base cabinets, plastic laminate countertops Upper cabinets Vanity units, plastic laminate countertop Shelving and storage Misc. casework Total - Wood & Plastics 7 THERMAL & MOISTURE Waterproofing Roofing Repair roof at new penetrations, allowance Interior Wall Insulation Fiberglass batt insulation, unbacked Total - Thermal & Moisture