Valuation Report

Property: Lot 1, St. Judes, St. George

Prepared for: Ms. Sharisse Crick

Prepared by:
O'Brian St. E. Worrell M.Sc.
Waterhill Property Development Inc.
Anfield House,
2nd Ave, Carters Gap,
Black Rock,
St. Michael, Barbados

Mbr: Barbados Estate Agents and Valuers Association

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WATERHILL PROPERTY
DEVELOPMENT INC.

April 26th, 2017

Ms. Sharisse Crick

Re: Appraisal of land located at Lot 1, St. Judes, St. George

(Map Reference no. 52.10.05.040/8)

Dear Ms. Sharisse Crick

Pursuant to your request, we have conducted an investigation of the above mentioned lot
for the purpose of estimating the market value of the subject property.

Based on our findings and analysis shown in this report, it is my opinion that the market
value of the subject property as at April 26th, 2017 is:

Sixty-Two Thousand Six Hundred Dollars

$62,600.00

This report is a complete appraisal and summary report. Thank you for the opportunity to
be of service. If you have any questions about the appraisal please feel free to contact us.

Sincerely

_____________________________
Mr. O'Brian St. E. Worrell M.Sc.

orton Village, St. Joseph

Valuation Report Ms. Sharisse Crick Lot 1, St. Judes, St. George
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WATERHILL PROPERTY
DEVELOPMENT INC.

Table of Contents
APPRAISAL SUMMARY .............................................................................................................. 4

SUMMARY OF SALIENT DATA ................................................................................................. 4

1.0 INSTRUCTIONS .................................................................................................................. 4

2.0 SITE DATA .......................................................................................................................... 5

3.0 DESCRIPTION OF NEIGHBOURHOOD .......................................................................... 5

4.0 APPROACH TO VALUATION ......................................................................................... 7

5.0 VALUATION ANALYSIS .................................................................................................. 7

6.0 CONTINGENT & LIMITING CONDITIONS .................................................................. 10

7.0 CERTIFICATION .............................................................................................................. 11

orton Village, St. Joseph

Valuation Report Ms. Sharisse Crick Lot 1, St. Judes, St. George
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WATERHILL PROPERTY
DEVELOPMENT INC.
APPRAISAL SUMMARY

A summarized report of the pertinent information used to determine an estimate of the

market value. The comparable method was used to determine this estimate.

Client Name: Ms. Sharisse Crick

Property Address: Lot 1, St. Judes, St. George

Land Tax Map Reference Number: Part of. 52.10.05.040/8

Intended Use: Determine Current Fair Market Value

Intended User: Ms. Sharisse Crick

SUMMARY OF SALIENT DATA

Property type: Residential Lot

Lot Size: Gross Area: 678.8 square meters or 7,306 square feet
Net Area: 484.3 square meters or 5,212 square feet

Zoning: Residential /Agricultural

Water Zone: 04

Property Rights: Fee Simple

Remarks: At date of inspection the subject lot was found to be vacant, flat and covered
by a manageable level of natural vegetation. The access road to the lot is unfinished. This
does not appear to have a significant impact on the functionality of the lot as it is a short
distance away from a well paved road.

Based on the size and characteristics of Lot 1 along with the current use of the surrounding
properties it is estimated that the highest and best use of the lot once developed would be
a single family, two storey, stone house, with a modern design and finishes.

orton Village, St. Joseph

Valuation Report Ms. Sharisse Crick Lot 1, St. Judes, St. George
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DEVELOPMENT INC.
1.0 INSTRUCTIONS

In pursuance of written instructions from the above-mentioned client, we are instructed to

prepare a Valuation Report on the above-mentioned property in order to determine current
market value. On inspection and investigation of relevant information, the following are my
findings.

2.0 SITE DATA

Legal Description
Existing Use Residential Land Tax Ref: 52.10.05.40/8
Occupied by Vacant Financial Yr: Site Value: $52,100.00
Configuration Rectangular 2016-2017 Improved Value: $.00
Gross Area 7,306 sq. ft. Annual Land Tax $416.80
Net Area 5,212 sq. ft. M.S.W Tax $0.00
Frontage 66 feet T.C.P.O no. 1312/9/94B
Average Depth 79 feet Water Zone: 04
Land Data Source Subdivision Plan Drainage Suck Well Septic Tank
Topography Flat Zoning Residential/Agricultural
Comments: At date of inspection the subject property was found to be vacant with a
manageable level of grass coverage. Lot 1 is formerly a part of a larger parcel now
subdivided into three lots of which Lot 1 is the most westerly. Consequently the access road
runs along the length and width of the lot but remains undeveloped. Lot 1 abuts other lands
now or formerly of Inez Smith to the south, lands now or formerly of Livingstone Clarke to
the north, lands now or formerly of Cecil M. Barton to the east and a public road to the west.

3.0 DESCRIPTION OF NEIGHBOURHOOD

Neighbourhood Residential Commercial Agricultural Industrial

Characteristics
Location Rural Urban Suburban
Trend of District Improved Stable Deteriorating
Average Lot Size Small Medium Large
Housing Density High Medium Low
Surrounding view Panoramic Bird View Normal
Trends of District
Property Values Range $80,000- $775,000.00
Range of House Age 3–75 years
Property Values: Increasing Stable Declining
Demand/Supply Shortage Balance Over Supply
Built-Up (approximately) 1-25% 26-50% 51-75% 76-100%
Services
orton Village, St. Joseph
Valuation Report Ms. Sharisse Crick Lot 1, St. Judes, St. George
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Public Utilities Municipal Water Natural Gas Telephone
Public Transportation Storm Sewer
Features Paved Roads Sidewalk Streetlights Curbs
Cablevision Gravel Road
Electrical Overhead Underground
Community Services within Proximity of Site
Commercial Warrens Commercial Center
Educational St. Judes Primary/ St. George Secondary School
Religious Various Assembly Halls
Recreational Greens Playing Field and Recreational Facilities
Surrounding Districts
Northerly Ashbury Plantation
Southerly Fair View Plantation
Easterly Prerogative
Westerly Fair View Plantation
Comments: St. Judes is now primarily a residential area, originating from a plantation
tenantry, village type small holdings and some larger agricultural/residential properties. The
housing stock in this and the surrounding areas has continuously increased and improved in
quality over the last decade as the wider community benefit from improved roads, new
developments and transportation. Families remain low to middle income, with a large number
occupying this area for many generations.
.

APPROXIMATE LOCATION OF SUBJECT PROPERTY

Google Aerial Map

orton Village, St. Joseph

Valuation Report Ms. Sharisse Crick Lot 1, St. Judes, St. George
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4.0 APPROACH TO VALUATION

The interest appraised is the fee simple estate. Fee simple estate is defined as “Absolute
ownership unencumbered by any other interest or estate, subject only to the
limitations imposed by governmental powers of taxation, eminent domain,
police power, and escheat.”

The Comparison Method

This method emanates from the principle of substitution, which states that a prudent
person will pay no more for a property than it would cost to acquire an equally desirable
substitute. Recent sales evidence of similar properties in comparable locations was
examined and the subject property compared with the prices obtained. Consideration was
given to, and adjustments made for physiographic, topography, location, size, shape and
condition of the subject site.

5.0 VALUATION ANALYSIS

The Contractor’s Method

Comparable Data (Land Sales)
Address Land Date Consideration Unit $
Area(f2)
Lot 19, Kendal, St. John 6,554 8/4/2016 $98,312.00 15.00
Lot 24, Kendal, St. John 5,511 7/6/2016 $82,665.00 15.00
Lot 23A, Applewaites, St. George 5,375 6/7/2016 $84,000.00 15.63

Analysis of sales of similar lots in the area shows ranges from $15.00 to $15.63 per square
foot. These sales have occurred in close proximity to the subject lot and in recent times
therefore are very accurate reflections of the market conditions in existence presently.
Based on the characteristics of the subject lot it is our opinion that, Index no. 3 is located
within the same parish, closer proximity and in a similar district.
The remaining comparable data has been used as indicators only, and as such less weight
has been attributed on that evidence. Please note that the comparable data used all had
adequate vehicular access. The subject lot does not and as such some adjustment to the
unit rate is required.
In consideration of all mentioned above it is my opinion that this lot could fetch around
$12.00 per square foot if it were to be “offered”-as on this date on the open market for
sale under normal market conditions.

Land Area 5,213 sq. ft. @ $12.00 Total=$62,556.00

orton Village, St. Joseph

Valuation Report Ms. Sharisse Crick Lot 1, St. Judes, St. George
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Market Value Determined
Market Value

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
knowledgeable, and assuming the price is not affected by undue stimulus. Implicit in this
definition are the communication of a sale as of the specified date and the passing of title
from seller to buyer under conditions whereby.
 Buyer and seller are typically motivated;

 Both parties are well informed or well advised and acting in what they
considered their best interest

 A reasonable time is allowed for exposure in the open market;

 Payment is made in terms of cash in Barbados dollars or in terms of financial

arrangements comparable thereto;

 The price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions granted by
anyone associated with the sale.

As a result of our appraisal and analysis our opinion of value on the

April 26, 2017 is as follows: $63,600.00

Our reference: WPD-Geo17-001

Appraiser ____________________________
Mr. O'Brian St. E. Worrell M.Sc.

orton Village, St. Joseph

Valuation Report Ms. Sharisse Crick Lot 1, St. Judes, St. George
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PHOTOGRAPHIC EVIDENCE OF PROPERTY

Photographic Evidence of the Lot Photographic Evidence of the Lot

Photographic Evidence of the Southwest View Photographic Evidence of the east View

Photographic Evidence of Neighbouring Photographic Evidence of Neighbouring

Properties Properties

orton Village, St. Joseph

Valuation Report Ms. Sharisse Crick Lot 1, St. Judes, St. George
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6.0 CONTINGENT & LIMITING CONDITIONS

I certify that, to the best of our knowledge and belief:

• The statements of fact contained in this report are true and correct.

• The report analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions and is my personal, unbiased professional analysis,
opinion and conclusions.

• I have no present or perspective interest in the property that is the subject of this report
and we have no personal interest or bias with respect to the parties involved.

• Our compensation is not contingent on an action or event resulting from the analyses,
opinions, or conclusions in, or the use of this report.

• Our analyses, opinions and conclusions were developed and this report has been
prepared in conformity with the standard of professional appraisal practices.

• The appraiser assumes that there are no hidden or unapparent conditions of the
property, subsoil, or structures, which would render it more or less valuable. The Appraiser
assumes no responsibility for such conditions, or for engineering, which might be required
to discover such factors.

• The Appraiser reserves the right to change or alter the appraisal report after its
submission if new facts are received that in the Appraiser’s opinion warrant a change.

orton Village, St. Joseph

Valuation Report Ms. Sharisse Crick Lot 1, St. Judes, St. George
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DEVELOPMENT INC.

7.0 CERTIFICATION

This is to certify that a careful and personal inspection has been made of the property
described herein, and that the findings, statements and opinions submitted in this valuation
report are correct to the best of the valuer’s knowledge.

Date of this valuation: April 26, 2017

_____________________________
Mr. O'Brian St. E. Worrell M.Sc.

orton Village, St. Joseph

Valuation Report Ms. Sharisse Crick Lot 1, St. Judes, St. George