John Lo Monte, 3buttonwood Hill Canton

Prepared for:
APPRAISED BY:
REAL ESTATE APPRAISAL
Complete Appraisal - Self-Contained Report
(Before and After)
Single Family Dwelling Residence
3 Buttonwood Hill Road,
Canton, Hartford County, Connecticut
Effective Date of Market Value: August 22, 2014
Date of Appraisal Report: September 10, 2014
Owner: John Cottingham, Jr., et al
Volume 365, Page 918
Mr. Edward Fox
24 Old Mill Drive
Canton, CT 06019
JOHN LO MONTE REAL ESTATE APPRAISERS AND CONSULT ANTS
P.O. Box 290-0563, Wethersfield, CT 06129-0563 + (860) 635-7500 & Fax (860) 635-
3339
REAL ESTATE APPRAISERS & CONSULTANTS
P.O. BOX 290-0563 WETHERSFIELD, CT. 06129-0563 (860) 635-7500 FAX (860) 635-3339
September 10, 2014
Mr. Edward Fox
24 Old Mill Drive
Canton, CT 06019
Re: 3 Buttonwood Hill Road, Canton, CT
Dear Mr. Fox:
At your request, on behalf of Mr. John Cottingham, or the subject property owner, and for
the purpose of estimating the fair market value, as before and as after, of the property at 3
Buttonwood Hill Road, in Canton, Hartford County, Connecticut, we present herewith our
report containing our estimate of value and the data and analyses used in arriving at our
estimate of value.
Introduction:
The purpose of this appraisal report is to estimate Market Value impact as a result of the
proposed zone change for a large tract identified with the street address of 67 4 and 684
Albany Tpke. (AKA Route 44) and furter identified as Lot 1010674 and 1010684 of Canton
Assessor's Map 21.
Specifically, the above captioned proposed zone change property comprises aggregate site
size of roughly 39.00 acres currently zoned R-2, or residential 2. As per a zone change
application form to the town of Canton Zoning and Planning Commission dated July 2, 2014,
the current subject property ownership is requesting a zone change for 31 acres from the
total of approximately 39 acres from residential R-2 to Industrial (I).
As a result, several of the adjoining property owners are very concerned about the resulting
negative impact which will result from such zone change, if approved. The proposed zone
change property /parcel, has an extensive road frontage along Route 44 AKA Albany
Turnpike, and is currently utilized as raw acreage and as agricultural; the net result is a very
low, if any, impact on the surrounding residential use(s) as per zoning and as per
neighborhood composition.
As part of the zone change request, the property owner reported several consideration which
are reported in the following pages, for our purpose.
:J.ofz.n ...0 c:fl1.onte
Introduction, continued
"The reason for my zone change is to accommodate my strong feelings that there is a
significant demand for small uses of development which could be developed in the industrial
zone. My feelings were confirmed by recent building opportunities which I will present at
the meeting. Per the strategic plan, this zone change and development would promote the
health, safety and especially the welfare of the Town. The parcel rates low on the
Conservation score of the Conservation Vision and was identified as an opportunity location
on the same plan. With proper detention and engineering the development would be healthy
and provide a safe environment. "
Further considerations reported are stated as follows:
"" We are proposing the Zone change from R-2 Zone to I-Zone on our location on Route
44, based on several considerations.
A. We envision excellent potential for small business, industrial, and similar users allowed
under the I-Zone on this parcel.
B. The development of residential use on the property would be a tax burden for the Town.
C. The adjacent pacel in the Town of New Hartford is zoned industrial and this zone change
would be compatible with the adjacent land in New Hartford.
D. The Canton Strategic Plan endorses the use of this land for economic development. The
report on page 36 states that only about fifty (50) acres of undeveloped land is zoned for
non-residential use in the entire Town. It further states that managing the business to
residential tax proportion would be key to keeping the Town's tax rate competitive, and
keeping Canton a desirable place to live.
E. The same Strategic Plan on page 36 identifies this parcel land as a potential "opportunity"
location.
F. The same Strategic Plan under the chapter "Future Land Use Plan", page 102 rates the
parcel as low on the conservation score and moderate on the development vision.
G. We envision that with the extensive frontage on Route 44 and the visibility, we can make
this development into a successful project providing job benefits, increased tax base and
economic diversity for the Town of Canton. "
Thus, our purpose is to evaluate the subject property "as before" and "as after" to estimate
what potential damages, or reduction in fair market value the subject of this report will suffer
as well as (equally) ten's of similar single family dwellings which are located in the subject
neighborhood as well as extended subject's neighborhood.
The property that is the subject of this report consists of a 2,570 square foot, above grade,
fairly newer (1984) residential single family contemporary style dwelling, as per our
inspection and assessor's office records, on approximately 1.09 acres (47 ,480 sq ft) of land
on the northerly side of Buttonwood Hill Road, in the extreme central-west quadrant of
Canton, and immediately to the east of the New Hartford Town Line.
It should be further noted here that the subject property is a rear parcel and as such it enjoys
a great deal of privacy, as well as a park like setting, since it's situated roughly 290 feet set
back from Buttonwood Hill Road.
There is a bonus room over the garage area comprising approximately 528 sq ft of additional
living area fitted for use as bedroom and/or flex-use area; hence, total gross living area is
2,570 sq ft. Our report describes the property in detail, and analyzes the property with
respect to market value, as defined in our report.
John ....o d/{onte
P.O. BOX 2900563 WETHERSFIELD, CT. 06129-0563 (860) 635-7500 FAX (860) 635-3339
As already reported, the purpose of this report is to estimate the market value of the fee
simple interest in the property on an "as is" basis in "the before" and in "the after." The
appraisal is self-contained.
Based on the proposed zone change, the following zoning impact will be highlighted, both
"in the before" and "in the after".
3 Buttonwood Hill Road, Canton. Hartford County. CT
The Canton Zoning Ordinance District Map lists the subject property location as being in an
R-2, Residential (2) District Zone District.
Purposes
The Residential (R) districts are intended to provide suitable areas primarily for residential
uses and development appropriate to the environmental characteristics of the land and
character of the neighborhood. The primary difference between the varies R districts is to
provide a variety in size and density of residential neighborhoods. These districts are also
intended to promote residences while taking into consideration topography, soils, wetlands,
natural features, historic assets, agricultural heritage, availability and capacity of
infrastructure, and other similar features.
Certain non-residential uses may be allowed in R districts when such uses are compatible
with nearby residential uses and preserve neighborhood character.
Permitted Uses As of Right
Uses permitted by right within the R-2 zone include single-family dwellings; accessory
buildings and uses; and home occupations.
Uses permitted and approved by the Commission include, but are not limited to, cluster
developments, multi-family dwellings, elderly housing developments, two-family dwellings
and age restricted housing communities.
For other permitted accessory and/or special permit uses refer to Town of Canton Zoning
Regulations.
:John .Lo dl!(onte
Area, dimensional and bulk requirements within the R-2 Residential Zoning District within
the Town of Canton, as they apply to the property being evaluated, are as follows:
Minimum Lot Area: 43,560 sq ft (single family)
Minimum Depth Front Yard: 40 feet
Minimum Lot Width: 150 feet
Minimum width One Side Yard: 15 feet
Total Minimum Width of Both
Side Yards: 30 feet
Minimum Depth Rear Yard: 15 feet
Maximum Lot Coverage: 15%
Maximum Permitted Height: 21h stories, or 35 feet
Minimum Floor Area For
Minimum Open Space: In all residences zones front yard, rear yard and
two side sideyards.
Source: Zoning Regulations, Town of Canton
Industrial District
The industrial district is intended to allow for the manufacturing production, processing,
fabrication, assembly, treatment, repair, or packaging of finished productes, predominantly
from previsouly prepared or refined materials (or from raw materials that do not need
refining) and for warehousing, wholesaling, and distrubution and for other uses appropriate
for the district.
Uses Permitted by Zoning Permit (Staff) and Site Plan Approval (Commission)
1. Lumber Yards
2. Printing and publishing
3. Research - experimental, analytical, pharmaceutical and commercial laboratories including
theoretical research, product engineering and sales development
4. Manufacturing, fabricating, processing, converting, altering, or assembling, and the
packaging, warehousing and distribution of machine parts, electrical equipment, electronic
equipment, photographic products, optical products, office and business equipment, plastic
components and computing equipment
5. Warehousing and storage excluding self-storage units and wholesale storage of propane
6. Professional office
7. Accessory use customary and incidental to any use allowed in the industrial district except
that the ZEO may elect to refer an accessory use the Commission upon determing that it may
substantially alter the nature of intensity of teh principal use of the site
8. Signs allowed by Section 7.3
9. Outdoor lighting subject to the provisions of Section 7. 4
10. Off-street parking for up to 25 off street vehicles
11. Utility facilities including water supply pump stations, tanks and stand pipes and
appurtenant structures
12. Storage of liquid fuel in tanks having a capacity of 2,000 gallons or less provided such
storage shall not be located in a required yard setback
13. Donation drop boxes subject to the provisions of Section 3. 3. C.
John .Lo dlf onte
1. Business Uses
2. Industrial/Infrastructure Facilites
Volume reduction plant and recycling facility to be limted to:
Intake of raw materials and clean bulky construction waste such as bituminous products,
brush, cardboard, concrete, dirt, gravel, masonry block, metal, quarry rock, sand, stone,
topsoil and wood; compacting, crushing, grinding, screening, separating, sorting, washing,
or similar processing of raw materials and construction waste; stockpiling or storing or raw
materials, construction waste and processed materials; wholesale and retail sales of processed
materials which may include truck weighing facilities; and/or shipment of un-recycleable
materials to an approved disposal facility.
Licensed medical marijuana producer provided that all cultivation of marijuana plants be
conducted in-doors.
Adult Uses (Adult Establishments Facilites)
A Summary of Salient Facts and Conclusions can be found starting from Page No. 1, and
this report is predicated on the Assumptions and Limiting Conditions that are listed within.
The reconciled market value relies on the Sales Comparison Approach. The market value
assumes there are no environmental or legal problems with the property and its
improvements, that is as of the date of value.
This is a complete appraisal, summary report intended to comply with the reporting
requirements set forth in Standards Rule 2. 2 of the Uniform Standards of Professional
Appraisal Practice (USP AP). As such it presents discussion of the data, reasoning and
analyses used in the appraisal process to develop the appraiser's opinion of value. To
develop the opinion of valued contained herein, the appraiser executed a complete appraisal
process, as defined by USPAP.
This appraisal report conforms to the following laws and regulations:
1. FDIC Regulation 12 CFR III B (Part 323)
2. "Guidelines for Real Estate Appraisal Policies and Review Procedures" jointly issued
in 1987 by the FDIC, Federal Reserve Board and the OCC.
3. Federal Reserve Board Regulation 4 Subpart G 225.61-225.67
4. Regulations of Connecticut State Agencies 20-328-27 to 20-328-30.
5. Connecticut Public Act 90-332.
6. Uniform Standards of Professional Appraisal Practice which are incorporated by
reference in to FDIC Regulation 323.
Title to the subject property is as of the valuation date in the name of John G. Cottingham,
Jr. and Corri B. Cottingham whom acquired the property via Warranty deed dated March
4 2009. This deed is recorded in Volume 365, at Page 918 of the Canton Land Records.
Consideration stated in this deed is $300,000. To the best of our knowledge, no other
transfers have occurred since the last transaction.
~ o n _co dl/(onte
P.O. BOX 2900563 WETHERSFIELD, CT. 061290563 (860) 635-7500 FAX (860) 635-3339
3 Buttonwood Hill Road, Canton; Dwelling Breakdown
First Floor: 1,370 sq ft
Finished Bonus Room: 528 sq ft
Upper Floor: 672 sq ft
Wood Deck: 190 sq ft
Attached (2-car) Garage : 528 sq ft
GLA: 2,570 sq ft, above grade including 528 sq ft of finished bonus room over
garage area.
3 Buttonwood Hill Road, Canton, CT; General Data
Gross Living Area: 2,570 sq ft above grade
Age: 1984
Condition: Good to very good as to structural, finish-condition and mechanical components
Assessor's Reference: Map 21, Block NIA, Lot 1580003
Assessment Value: $292,170 (October 1, 2013 Grand List)
Assessed Value: $204,520; Mill Rate: 28.56 mills (10-1-2013 Grand List)
Taxes: $5,841.09 yearly, or $2.27/sq ft of useable GLA
Ownership: John G. and Corri B. Cottingham (Volume 365, Page 918)
Land Area: 47,480 sq ft (l.09 acres)
Zone: R-2; Rural Residential (2) Single Family District
Most Recent Sale Date: March 4, 2009 (Sale Price: $300,000)
Occupancy: Owner occupied
Land to Dwelling Ratio: 18.5 to 1
P.O. BOX 2900563 WETHERSFIELD, CT. 06129..0563 (860) 635-7500 FAX (860) 635-3339
As a result of the proposed zone change, if approved of the property known as 674 and 684
Albany Turnpike, situated along the south side of Route 44, or in the immediate vicinity of
the subject neighborhood, the subject property will be severely negatively affected, in our
opinion, based on the following considerations.
I
3 Buttonwood Hill Road, Canton, CT
I
Negative impact resulting from the proposed zone change from R-2
(residential) to industrial (I) for a 31.00 acres tract situated at 674-684 Albany
Turnpike
Re-configuration of neighborhood with increased trucks traffic
Increased noise due to additional traffic and trucks
Diminution of curb appeal and marketability; moreover, location will be also
negatively affected. Potential damages that can occur to the Artisan Well
depending on any potential use(s) that will be allowed if the zone change is
approved.
As a result, in "The After" the subject is going to be negatively affected by
severance, i.e. damages; thus, the need to appraise the subject property "As
Before" and "As After"
The subject propety is a single family owner occupied colonial style dwelling (fairly newer,
1984), over full and unfinished basement, on a site of 1.09 acres (47,480 sq ft) zoned
R-2, low density residential district.
John ....Co dl/(onte
P.O. BOX 2900563 WETHERSFIELD, CT. 061290563 (860) 6357500 FAX (860) 6353339
Therefore, after having considered the subject property and its market value in the current
market, it is my opinion that the market value of the subject property, as of August 22,
2014, was:
Property Value, in total:
$345,000 (As Before The Proposed Zone Change)
(THREE HUNDRED FORTY-FIVE THOUSAND DOLLARS)
$255,000 (AS AFTER)
(TWO HUNDRED FIFrY-FIVE THOUSAND DOLLARS)
$90,000 (Damages,or Diminution in Fair Market Value of 26.1%)
(NINETY THOUSAND DOLLARS)
Exposure and Marketing Period
The established market value reflects an exposure time of twelve months, reflecting the
period prior to the date of value. A marketing period within twelve months is implicit in this
analysis, recognizing the time period after the date of value to liquidate the subject property.
The exposure time and the marketing period are based on the known marketing time of the
sales in the region.
If there are any questions, or if we can be of further assistance, please do not hesitate to
contact us.
Sincerely,
John Lo Monte, CCRA, GAA, CCIM
Certified Commercial
Real Estate Appraiser
CT Certificate No. RCG 377
Expiration Date: 4/30/2015
TABLE OF CONTENTS
PAGE
Summary Of Salient Facts And Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Photographs of the Subject Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Purpose of the Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Property Rights Appraised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Function of the Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Scope of the Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Market Value Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Identification of the Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Legal Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Community Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Town Map .............................................. 27
Neighborhood Analysis ....................................... 28
Neighborhood Map ......................................... 30
Zoning ................................................. 31
Assessment and Tax Data ..................................... 33
Description of the Site . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Assessor's Map ........................................... 38
Description of the Improvements ................................. 39
Highest and Best Use ........................................ 43
Valuation Premise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Direct Sales Comparison Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 7
Reconciliation and Final Value Estimate . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
Appraiser's Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 4
Assumptions and Limiting Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 6
Qualifications of the Appraiser . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
ADDENDA
Subject Property Deed
Location Map
Appraiser copy of certificate
Assessor's Field Card
Miscellaneous
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Property Appraised: 3 Buttonwood Hill Road, Canton, Hartford County, Connecticut
Owners of Record:
Date of the Report:
Date of Valuation:
Assessor's Reference:
Zoning:
Full Assessment Value:
70% Assessed Value:
Taxes:
Site:
John G. and Corri Cottingham
September 10, 2014
August 22, 2014
Map 21, Block NIA Lot 158003
R-2; Residential (2) (Single Family) District
$292,170
$204,520
$5,841 (rounded) yearly
According to Assessor's office records, the subject property
consists of approximately 1. 09 acres of land, on the northerly
side of Buttonwood Hill Road, in the central-west quadrant of
Canton. The subject property's major (locational) attribute is
the rural and tranquil setting but with the convenience of
transportation and employment all within less than 1 mile
radius from the subject neighborhood. Specifically, the subject
property and neighborhood are easily accessible from Route 44
and to a lesser extent from Route 179, to the east of the subject
neighborhood.
3 Buttonwood Hill Road, Canton, Hartford County, CT
John Lo Monte Real Estate Appraisers & Consultants
Page 1
SUMMARY OF SALIENT FACTS AND CONCLUSIONS, continued
Improvements:
The subject property site is a rear parcel and it benefits from
30 feet frontage along the northerly side of Buttonwood Hill
Road, and a maximum depth of 290 feet on the northerly each
side. As noted, the subject enjoys a rural and park like setting.
The site is served by on site septic and on site well.
The subject property appears to be situated, according to
community map 09003 C0169F, revised September 26, 2008,
panel 169 of 675, in zone "X", or area of minimal flood. The
property has a street address of 3 Buttonwood Hill Road.
For a visual representation of the property, please refer to the
Assessor's Map and Photographs of Subject Property section
of this report.
The land is approximately rectangular in shape, partially level
and slightly below street grade with a southwesterly downward
slope toward the rear and south boundary lines. This site is
improved with a residential, cotemporary cape style dwelling.
Landscape is adequate and site improvements appear to be
maintained and in average to good overall condition.
Based on our inspection, and according to Assessor's office
records, the improvements consist of a 1.5-story frame with
clapboard siding exterior single-family built in 1984 cape style
dwelling, comprising 2,570 square feet above grade living
area, over a full and unfinished basement; as noted, there is a
bonus room comprising 528 sq ft of additional living area, with
a total of 8 rooms, 4 bedrooms, living room, family room,
kitchen and 2. 5 baths.
John Lo Monte Real Estate Appraisers & Consultants Page 2
SUMMARY OF SALIENT FACTS AND CONCLUSIONS, continued
Highest and
Best Use, After:
Highest and
Best Use, Before:
The house is built on a full, and unfinished basement and is
heated by three self-contained, or wall mounted units
As of the date of valuation (8-22-2014), the premises were
owner occupied and in good to very good overall condition.
According to Assessor's office records the house was built in
1984 and has been adequately maintained. There is an attached
frame garage to the front comprising 528 square feet and a
wood deck of 190 sq ft along the rear side.
For additional data as to the subject overall finish-condition,
please refer to the improvements description section of this
report.
"As Is" and "As Improved" single family home, or owner
occupied property.
The highest and best use of the property is for use as a
residential single-family, owner occupied property.
Estimate of value by Direct Sales Comparison Approach: $345,000 (As Before)
Final estimate of Retrospective
Market Value As Is:
Damages (Diminution in Fair Market Value): $90,000 (26.1 %)
$255,000 (As After)
$345,000 (As Before)
$255,000 (As After)
Page 3
PHOTOGRAPHS OF THE SUBJECT PROPERTY
OVERALL FRONT VIEW AND SITE CONTOUR'S
OVERALL VIEW OF REAR YARD AND FINISH- CONDITION
August, 2014
Page 4
PHOTOGRAPHS OF THE SUBJECT PROPERTY August, 2014
OVERALL FRONT SIDE VIEW AND FIN1SH-CONDITION
OVERALL VIEW OF FRONT AND WEST SIDE AND FINISH-CONDITION
Page 5
VIEW OF FRONT YARD LOOKING SOUTHEASTERLY
ADDITIONAL SITE VIEW ALONG THE FRONT SIDE
August, 2014
Page 6
VIEW OF ACCESS ROADWAY AND SITE CONTOUR'S
CLOSE-UP VIEW OF REAR SIDE
August, 2014
Page 7
ADDITION FRONT SIDE VIEW
ALTERNATE VIEW OF REAR SIDE
August, 2014
Page 8
VIEW OF DINING ROOM AND FINISH-CONDITION
VIEW OF KITCHEN AND FINISH-CONDITION
August, 2014
Page 9
VIEW OF F AMIL y ROOM AND FINISH-CONDITION (As Is)
VIEW OF TYPICAL BATHROOM AND FINISH-CONDITION
August, 2014
Page 10
VIEW OF UPPER FLOOR AND FINISH-CONDITION
3 Bunonwood Hill Road, Canton, Hartford County, CT
August, 2014
Page 11
August, 2014
STREET SCENE LOOKING NORTHWESTERLY ON BUTONWOOD HILL ROAD
STREET SCENE LoOKING SOUTHEASTERLY
Page 12
PURPOSE OF THE APPRAISAL
The purpose of the appraisal is to estimate the market value of the fee simple estate of the
subject property "as before" and "as after", as it existed on the effective date of
value-August 22, 2014.
Fee simple interest is composed of the land, improvements, and all of the rights normally
acquired by ownership.
PROPERTY RIGHTS APPRAISED
The property rights appraised are the fee simple estate. Fee simple estate is defined as:
"Absolute ownership unencumbered by any other interest or estate subject only to the
four powers of government."
Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 12th
Edition, (Chicago, Appraisal Institute, 2001)
The four powers of government are eminent domain, escheat, police power and taxation.
FUNCTION OF THE APPRAISAL
The function of the appraisal is to serve as an indication of value, "as before and "as after"
of the property as a whole, for the client so that the subject property may be used for legal
proceedings evaluation, and/ or settlement.
SCOPE OF THE APPRAISAL
The scope of this appraisal includes an inspection (exterior and interior) of the subject
property; an evaluation of the subject property in terms of conformity with local
requirements and suitability of the property for its locale and intended use; and the collection
of data to formulate and support an estimate of value for the subject property as of August
22, 2014 and "as before" and "as after."
Data will be collected in the general market area (usually considered to be the town/city in
which the property is located), and will be confirmed by authoritative sources and/ or the
parties involved in the data. All pertinent data will be reported, to the best of the appraiser's
knowledge and ability.
Specifically considered within the scope of the appraisal is the degree of data reported. To
expect a report to cover every item related to value is not realistic, or even possible. Entire
books have been written about the underlying soils in Connecticut, for example, and these
soils affect value. Every investment property bought and sold has its impact on every other
investment property value, however small.
Likewise, every residence bought and sold impacts all the other residences in the state,
however minuscule the degree. It is incumbent upon the appraiser to navigate his or her path
through the available information, select that which he or she deems appropriate and
relevant, and report that which is particularly relevant, informative, possible and practical.
It is not possible for the appraiser to report everything that he or she may have encountered
in his or her research, or to convey in writing every thought process that may have occurred.
John Lo Monte Real Estate Appl'aisers & Consultants Page 14
MARKET VALUE DEFINITION
As defined in the Office of the Comptroller of the Currency Appraisal and Evaluation
Guidelines promulgated on December 10, 2010, the following is the definition of Market
Value included in this report:
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 the passing
of title from seller to buyer under conditions whereby:
1. buyer and seller are both typically motivated.
2. both parties are well informed or well advised and each acting in what he
considers to be his own best interest.
3. a reasonable time is allowed for exposure in the open market.
4. payment is made in cash in U.S. dollars or in terms of financial arrangements
comparable thereto.
5. The price represents the normal consideration for the property sold unaffected
by special financing or sales concessions granted by anyone associated with
the sale.
The Most Probable Sales (Selling) Price is defined as:
"That price at which a property would most probably sell if exposed to the market for a
reasonable time, under conditions prevailing as of the date of appraisal." (The Dictionary
of Real Estate Appraisal. 4th Edition, Appraisal Institute, 2002).
Leased Fee Estate is defined as:
"An ownership interest held by a landlord with the rights of use and occupancy conveyed
by lease to others. The right of the lessor (the leased fee owner) and the leased fee are
specified by contract terms contained within the lease."
MARKET VALUE DEFINITION, continued
Fee Simple
"The most complete form of ownership is title in fee. Such ownership establishes an interest
in real property known as fee simple interest; i.e., absolute ownership unencumbered by any
other interest or estate, subject only to the limitations imposed by the governmental powers
of taxation, eminent domain, police owner and escheat."
The Appraisal of Real Estate Twelfth Edition, published by the Appraisal Institute, 875 North Michigan A venue, Chicago,
Illinois, 2001, Page 68.
Gross Building Area
"The total floor area of a building, including below-grade space but excluding unenclosed
areas, measured from the exterior of the walls."
The Appraisal of Real Estate Fourth Edition, published by the Appraisal Institute. 550 West Van Buren Street, Suite 1000,
Chicago, Illinois, 2002, Page 131.
Gross Living Area
"The total area of finished, above-grade residential space excluding unheated areas such as
porches and balconies; the standard measure for determining the amount of space in
residential properties. "
The Dictionary of Real Estate Appraisal Fourth Edition, published by the Appraisal Institute, 550 West Van Buren Street,
Suite 1000, Chicago, Illinois, 2002, Page 132.
Prospective Value Estimate
"A forecast of the value expected at a specified future date. A prospective value estimate is
most frequently sought in connection with real estate projects that are proposed, under
construction, or under conversion to a new use, or those that have not achieved sellout or
a stabilized level of long-term occupancy at the time the appraisal report is written."
The Dictionary of Real Estate Appraisal Third Edition, published by the Appraisal Institute, 875 North Michigan Avenue,
Chicago, Illinois, 1993, Page 283.
IDENTIFICATION OF THE PROPERTY
The subject property consists of a 1.5-story wood frame (fairly newer built in 1984) single
family, contemporary cape style dwelling commonly known as 3 Buttonwood Hill Road,
Canton, Hartford County, Connecticut. The property is also identified as Lot 1580003, of
Canton Assessor's Map 21. The current owner of record as of the valuation date is John G.
and Corri B. Cottingham.
LEGAL DESCRIPTION/PROPERTY HISTORY
Title to the subject property is as of the valuation date in the name of John G. Cottingham,
Jr. and Corri B. Cottingham which acquired the property via Warranty deed dated March
4, 2009. This deed is recorded in Volume 365, at Page 918 of the Canton Land Records.
Consideration stated in this deed is $300,000. Please see the copy of this deed in the addenda
of this report. No other transfers of the subject property have occurred since the last
transaction, as noted.
REGIONAL MAP
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John Lo Monte Real Estate Appraisers &. Consultants
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August, 2014
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Page 18
COMMUNITY DATA
Location
Canton is located in central-west Connecticut, about 14 miles west of Hartford, in the
Farmington Valley region. The town is a suburban community that has experienced robust
growth in the past 25 years, when some of the town's farmland began to be developed with
single family homes.
Transportation
Canton is served by U.S. Route 44, a highway of regional significance. U.S. Route 44 has
nearby connectors to Routes 179, AKA Bridge Street, 177 and US 202, providing good
highway access from Canton to all points. Local and state roads are all in good conditions,
generally, and are well equipped to handle local and intercity traffic.
Population
The population of Canton was 8,840, according to the 2000 census, and continues to grow.
2011 population is estimated at 10,335. In the 1990-2010 period, Canton's population grew
2. 5 % . This rate of growth far exceeds the population growth of Hartford Labor Market
Area (6.9%) Hartford county (6.0%) and the State of Connecticut (9.8%) as a whole.
Unemployment levels in Canton are below state averages, and average per capita income is
higher than Hartford county and state levels.
Canton is bordered on the north by the towns of Granby and Barkhamsted, on the east by
the Town of Simsbury, on the south by the towns of Avon and Burlington and on the west
by the Town of New Hartford.
It is approximately fourteen miles west of Hartford, the capital, and the location of major
employment centers. As noted, U.S. Route 44 runs through Canton, east to west and is the
major commuting Route for the area.
Canton is home to some industries of which the principal are: agriculture, and light
manufacturing. However, primarily it is a residential community. The Town of Canton is
located in an excellent area in central-west Connecticut within a fairly short distance of
Hartford, East Hartford, Farmington, West Hartford, Bloomfield and Granby, home to some
of the largest private as well as public employers.
COMMUNITY DATA, continued
Population, continued
Route US 44 runs east to west through town and is its main commercial district. There are
two large sized shopping centers, many restaurants and small strip centers; moreover,
additional retail space, or a shopping center is currently under construction along Route 44;
in addition, there are several newer small office buildings and light industrial parks. Canton
has a good school system.
Canton is a small town with ample remaining land to be developed. The population tends
to remain stable creating a pleasant "hometown" environment.
Over a 30-year period, the Canton Land Conservation Trust has acquired several parcels of
land in Canton and Barkhamsted, approximately 1,200 acres in all. This property is open to
all Canton residents for use as passive and low-environment-impact recreation. The Land
Trust receives support from private donations of land and from its sales of Christmas trees
in December.
Overall Canton is a desirable residential community in which to live and work and should
remain so into the foreseeable future in your appraiser's opinion.
Employment Characteristics
Canton is a western suburb of Hartford, the capitol of Connecticut; the commute by highway
into Hartford is about 25 minutes.
The population grew by 16.9% in the period of 2000-2011 and is expected to experience a
0.4% growth in the period of 2011-2016. The current population is about 10,139.
The median household income in Canton exceeded the state average in 2011, $82,619 versus
$69,243. The town ranked 59th out of 169 towns in the state in household income.The town
has a Board of Selectmen/Town Meeting form of government, a volunteer fire department,
and a paid police department.
Economic indicators show Canton to be above-average in most respects with regard to
population growth income levels and housing. Local government has been responsive to
town citizens and their needs, and an active participating citizenry indicates that past growth
will continue in a beneficial fashion, maintaining the quality of life that the town has come
to enjoy.
Income
State of Connecticut
Hartford County
Burlington
Granby
Farmington
Avon
Simsbury
Canton
Median Household Income: 2011
Canton and Environs
$69,243
$64,007
$114,792
$99,190
$86,675
$107,733
$116,554
$82,619
Connecticut Town Profiles January, 2013.
Household Trends
Several of the most significant demographic changes to occur in Canton during the last three
decades involve the composition of the town's households. The town's average household
size has decreased considerably since 1990, reflecting nationwide trends of declining birth
rates and increasing divorce rates.
The most prominent change in Canton household characteristics has been the decrease of
persons living in family households and the corresponding increase of residents in non-family
households. This trend, common in many other areas, indicates that between 1990 and
2010, there has been a decline in the total persons by household.
Residential and Employee Mobility Characteristics
Canton, is centrally located in the State of Connecticut approximately 100 miles from New
York City to the south and approximately the same distance from Boston to the northeast.
According to the Office of Research and Information and the Connecticut Labor
Department's Employment Security Division, the civilian labor force was at 594,551 in the
Hartford Labor Market Area which includes also the town of Canton, as of June 1, 2014
with a 6.5 percent unemployment rate. Statewide the unemployment rate stood at 6. 7
percent in June of 2014. The national rate stood at 6.1 percent for the same period.
The population of Canton is a mature, stable community that has a diverse mixture of land
use patterns that have created logical neighborhood districts throughout the community.
Hartford County 2011 median household income was $64,007; for the same period the state
median household income was $69 ,243. Canton median household income for 2011 was
$82,619.
The total labor force in Canton as of June, 2014 was 5,852 with an unemployment rate of
4.3% which is much lower than the state average (seasonally adjusted) of 6.7% and the
Hartford LMA of 6.5% for the same period. The annual 2010 average unemployment rate
for Canton was 6. 8 % .
Source: Connecticut Department of Labor Office of Research; The Connecticut
Economic Digest; June 2014; The Connecticut Economy, Quarterly Report: Fall 2013
Employment
The Hartford Labor Market Area (LMA) and the Hartford Service Delivery Area (SDA)
includes the towns immediately surrounding Hartford. A large percentage of the jobs in the
LMA are non-manufacturing. The SDA is larger in geographical scope and includes towns
with significant manufacturing base.
The Hartford LMA has sustained moderate growth levels in job growth by industry. Much
of the state has experienced declines in the manufacturing sector.
Transportation
Routes 179 and 177 cross the town of Canton in a north/ south direction and provide access
to Northern and Southern Connecticut. US Route 44/202 cross the town of Canton in an
east/west direction.
Bradley International Airport is located approximately 20 miles to the northeast of Canton,
in Windsor Locks.
In conclusion everything necessary for the town of Canton to grow and attract industrial,
commercial as well as residential users is present in the town. No detrimental factors are
anticipated to alter the aforementioned factors which are present in the town at this time, in
our opinion.
Housing Stock 4,175 372,697
Existing Units (total) % 77.8 60.8
Single Unit Detached
New Permits Authorized 8 838
(2012)
Demolitions (2012) 0 192
As% of Existing Units 0.19 0.22
.... ())
Number 221
Average Price N/A
Median Price $301,950
Less than $100,000 4
$100,001-$200,000 16
$200,001-$300,000 20
$300,001-$400,000 8
400,001 or more 35
5,480
N/A
$225,000
264
1,962
1,666
780
808
4,481,39
6
64.4
4,669
955
0.32
. ".:: . .
17, 157
N/A
$246,000
1, 114
5,005
4,614
2,589
3,835
Page 25
Conclusion
In summary, the town of Canton is considered a healthy and growing community that has
been an increasingly popular community in which to live and work.
The underlying factors contributing to this popularity, a stable real estate taxes rate, a good
school system, relatively easy commuting and fairly strong employment opportunities within
its borders remain in place and suggest the slowdowns in real estate market activity and
declining prices (generally), as a result of the economic slowdown affecting the region are
temporary, if not already a sign of the past for many sectors of the local as well as regional
economy.
The long-term outlook for the community real estate values should be slow but steady
appreciation, generally, once the economy recovery takes full effect in every economic
sectors, particularly in the employment section of the economy.
Page 26
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NEIGHBORHOOD DATA
The purpose of the Neighborhood Data section is to analyze the influence of the surrounding
neighborhood on the highest and best use of the subject property. A neighborhood is a
group of complimentary land uses, as defined in the 12th Edition of The Appraisal of Real
Estate, (The Appraisal Institute, 2001). A neighborhood exhibits a greater degree of
uniformity than a larger area. Neighborhood boundaries often coincide with changes in land
use, occupant characteristics, and physical characteristics such as street patterns, terrain, lot
sizes, and transportation arteries.
The neighborhood in which the subject property is located lies in the extreme central-west
part of Canton, and to the northwest of the quadrant known as Collinsville. The
neighborhood is bounded roughly by Route US 44 (Albany Turnpike) on the north, by the
Farmington River on the south, by the Route 179 to the east, and by the New Hartford Town
Line to the west. The area is one of rolling land, both open and wooded, with scattered
areas of residential development, and mixed uses, primarily along Routes 44 and 179.
Area properties consist of newer commercial and service uses, small to medium sized farms,
newer subdivisions and newer commercial properties. Route 44 AKA Albany Turnpike,
Simonds Avenue, Dowd Avenue and Route 179, also known as River Road, dominate the
area. Particularly Route 44, the region's major thoroughfare, is home to several small to
medium sized strip shopping centers, small office buildings and mix-use buildings have all
been either constructed and/or rehabbed during the relatively recent past. Neighborhood
locational amenity is very good.
Area topography is rolling, with local roads all paved and municipally maintained, and all
public utilities generally available. The older and newer properties provide a reasonably good
mix, with no detriment to either group, in the opinion of your appraiser. The area continues
to be attractive and growing, though development has slowed somewhat during the past five
years, more or less.
It is expected that demand for both residential and commercial properties will improve,
however, as the Connecticut economy rebounds. While recovery is expected to be very
gradual, the subject neighborhood, with its very good proximity to Hartford should be among
the more attractive, and one of the early beneficiaries of any economic recovery.
The life of a neighborhood has four stages: 1) Growth, 2) Stability, 3) Decline and 4)
Revitalization. The subject neighborhood would best be described as Number 1, in a state
of growth, albeit slightly, due to the oversupply of all type of real estate as a result of the
overbuilding that occurred in the 2005-2008 time frame; at this time, to the best of our
knowledge there are not many, if any, planned community developments, or residential
subdivisions.
NEIGHBORHOOD DATA, continued
The general neighborhood is serviced with paved streets, street lighting, storm sewer, on site
well and septic sytstem, electricity, telephone service and propane gas service.
Conclusion
The subject neighborhood is an appropriate location for the subject property; this type of
property, or newer single family dwelling in a residential zoned (R-2) parcel located close
to a major thoroughfare (Route 44) in the area, is a short supply commodity in the town of
Canton, since there are only limited vacant tracts left which could benefit from the
aforementioned locational characteristics. As a result, the location is a very good one being
easily accessible via Route 44/202, AKA Albany Turnpike, and via Route 179 AKA River
Road.
Traffic is very heavy along both roadways, Route 44 and Route 179 at most times of the
day, and as a result congestion sometime is a problem, particularly during the rush hours.
This highway (Route 44), connects Canton with Hartford, and it is the primary arterial
connector which bisects the town of Canton in a west/ east direction.
Present and future development will be in the form of residential, retail, specialty stores and
commercial buildings. Growth may be limited by the amount of vacant land available for
development.
In conclusion there is nothing in the subject neighborhood which could detract from the
subject property as improved, as per zoning, residential (R-2) District, homogeninity of use
and curb appeal.
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Page 29
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ZONING
3 Buttonwood Hill Road. Canton. Hartford County. CT
Purposes
Permitted Uses As of Right
Uses permitted by right within the R-2 zone include single-family dwellings; accessory
buildings and uses; and home occupations.
Uses permitted and approved by the Commission include, but are not limited to, cluster
developments, multi-family dwellings, elderly housing developments, two-family dwellings
and age restricted housing communities.
For other permitted accessory and/or special permit uses refer to Town of Canton Zoning
Regulations.
Area, dimensional and bulk requirements within the R-2 Residential Zoning District within
the Town of Canton, as they apply to the property being evaluated, are as follows:
ZONING ANALYSIS, continued
Minimum Lot Area: 43,560 sq ft (single family)
Minimum Depth Front Yard: 40 feet
Minimum Lot Width: 150 feet
Minimum width One Side Yard: 15 feet
Total Minimum Width of Both
Side Yards: 30 feet
Minimum Depth Rear Yard: 15 feet
Maximum Lot Coverage: 15%
Maximum Permitted Height: Vh stories, or 35 feet
Minimum Floor Area For
Minimum Open Space: In all residences zones front yard, rear yard and
two side sideyards.
Source: Zoning Regulations, Town of Canton
Assessor's Identification: Map 21, Block NIA, Lot 158003
Class: R-2; residence district
Site Size: 1.09 acres
ASSESSMENT AND TAX DATA
The current assessment and taxes on the subject property is as follows:
3 Buttonwood Hill Road, Canton, CT
Assessment: $292, 170 (full market value)
Assessed Value: $70% of FMV; $204,520
Tax Rate: 28.56 Mills per each $1,000 of the assessed value.
Assessed Taxes: $5,841 (rounded) yearly
Date of Assessment: October 1, 2013
The above assessment is based on 70 per cent of market value with the last revaluation
having taken place in the Town of Canton in 2013. Revaluation methods in Canton usually
are based on the cost method of valuation.
Typically, the Marshall Valuation Service is utilized to estimate reproduction cost new, and
buildings are depreciated accordingly. Site valuation is typically based on value per site, with
adjustments for frontage, depth, and comer influence. The mill rate has been set at 28.56
mills for the grand list of October 1, 2013.
According to the Canton Tax Collector Office, the subject property owner is current as to
tax liability payments on the property.
DESCRIPTION OF THE SITE
The property that is the subject of this report consists of a 2,570 square foot, more or less,
newer residential contemporay cape style dwelling of 8-rooms, 4-bedrooms and 2.5-baths,
built in 1984 on 1.09 acres of land, more or less, on the northerly side of Buttonwood Hill
Road, in Canton, Hartford County, Connecticut. Bidwell Farm Road is situated in the
central-west quadrant of Canton and very near the New Hartford Town Line situated roughly
1A mile to the west of the subject neighborhood itself.
The site is a rear parcel since is recessed approximately 290 feet from Buttonwood Hill Road
and is accessed via a private roadway. The site is an approximately rectangular shaped parcel
of land and is identified as Lot 158003, on the Cantron Assessor's Map Number 21. The
lot contains approximately 47,480 square feet of land area, or 1.09 acres according to the
referenced Assessor's map and property legal description.
The parcel has a street frontage of 30 feet on Buttonwood Hill Road, and a maximum depth
of approximately 290 feet on the northerly side. The site is accessible by a gravel covered
private roadway and accessible from the north side of Buttonwood Hill Road. To help the
reader visualize the site, a copy of the Assessor's Map will be included in the following
pages of this section. Moreover, the reader could refer to the photos of subject property
included in the Photographs of Subject Property section in this report.
The site is level and at street grade with a gentle northwesterly upward slope toward the rear
and westerrn boundary lines.
The subject site is improved with a 1. 5-story frame construction residential (contemporary
cape style dwelling) structure with clapboard siding exterior. Please see the photographs,
and the Assessor's Map provided for a visual representation of the site.
The site is located in the central-west quadrant of Canton and along Bidwell Farm Road.
Access to Route 44/202 and Route 179 is good; in this respect the location is good to very
good.
The site is improved with all town services and amenities, including electric, communication
lines, on site well and on-site septic. In addition to the subject dwelling, the site is improved
with typical and adequate as well as professional landscape to the front, each side and the
rear side.
DESCRIPTION OF THE SITE, continued
Site Identification
Tax Assessor
Reference
Source of
Site Data:
Map 21; Block NIA; Lot 158003
Tax Assessor Map: Canton Land Records, and physical inspection by the
appraiser
Physical Characteristics
Land Area
Frontage
Topography
Configuration
Parking
Landscaping
Approximately 47 ,480 square feet of land, in total, or 1.09 acres, more
or less. The appraiser has utilized the land area from the referenced
Assessor's Map, legal description and physical inspection of the property.
30 feet of front along the northerly side of Buttonwood Hill Road
The site is level and above street grade; it slopes gently upward in a
northwest direction toward the rear and west boundary lines.
Rectangularly shaped, generally
Adequate on-site for at least 2 cars plus 2 car (attached) garage
Typical to good to the front, east side, west side and to the rear
Easements/Restrictions
No easements have been noted in the land records, other than typical
utilities easements of record. However, this office is not a title searching
firm, and a more detailed review should be made if the client desires.
Page 35
Physical Characteristics, continued
Nuisances and Hazards
Inland Wetland-
Watercourses A review of the official wetlands and watercourses map indicate that the
subject property is not impacted by wetlands. It is situated in Zone X, or
area(s) of minimal flooding.
Flood Zone
Utilities
Sanitary Sewers
Municipal Water
Propane Gas
Electricity
Telephone
Excess Land
Site Utility
FEMA/FIRM: Community Panel No: 09003 C0169F map revised on
September 26, 2008, Panel 169 of 675.
On-Site Septic
On-Site Well
Available
Connected
Connected
None
The parcel does allow for adequate park like setting and open space.
Thus, in our opinion, the physical and functional characteristics of the site
appears to be in conformance with the standards of typical purchasers in
the marketplace.
Your appraiser has no knowledge of any hazardous materials used in the construction and
the maintenance of the property, including asbestos, but this does not mean that none are
present in the structure or in the ground. A thorough environmental assessment is
recommended to anyone with an interest in the subject property.
In the absence of any known or suspected detrimental environmental conditions, this
appraisal is predicated on none being present that could affect the value of the property.
Should such conditions become known, then this appraisal is subject to revision.
If more information is needed, the client should consult an expert in this field.
In general, the site is adequate for its present use, which also is its highest and best use. It
is a residential site with satisfactory and good physical and locational characteristics. The
subject site has adequate visibility and good accessibility afforded by its location near Route
44 (AKA Albany Turnpike), one of the town's and region's major east/west arterial routes
and in close proximity to Route 179.
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Page 38
DESCRIPTION OF THE IMPROVEMENTS
3 Buttonwood Hill Road. Canton. Connecticut
Located on the subject site is a fairly newer (built in 1984) and adequately maintained as well
as remodeled residential single-family contemporary cape style dwelling, with clapboard
siding exterior. This dwelling is known as 3 Buttonwood Hill Road. According to the
assessor's office field card information, and based on a visual inspection (exterior/interior)
completed on August 22, 2014, the property contains 8 rooms (2,570 sq ft of living area),
above grade, with 4-bedrooms and 2.5 baths including a bonus room over the garage area
of approximately 528 Sq Ft.
The general condition, as of valuation date was good to very good with no major deferred
maintenance items noted as of the valuation date.
For a visual representations of the premises the reader could refer to the photos of subject
property section earlier in the report.
The significant elements of the subject dwelling are as follows:
Type of Property Single family cape contemporary style dwelling
Foundation Concrete
Age 1984; remodeled
Frame Wood
Floor structure Wood joist
Floor cover Hardwood floors; subflooring and wall to wall carpeting;
ceramic tiles for the baths
Ceiling Drywall throughout
Interior construction Frame partitions with painted drywall.
Fenestration Thermopane windows with aluminum screens.
IMPROVEMENTS DESCRIPTION, continued
3 Buttonwood Hill Road. Canton. Connecticut, continued
Exterior walls
Kitchen:
Baths
Plumbing
Electrical
Heating and hot water
Doors
Roof
Central Air
Clapboard siding
Oak cabinets, Formica counter with double sink with
dishwasher.
2.5 full baths containing two, or three and/or four fixtures
each. Modern decor.
Mixture of galvanized and copper
200 Amperes main service circuit breaker type
Oil fired hot water heat and domestic hot water
Wood paneled doors for the front and rear entrances; hollow
and/or solid core wood doors for the interior. There is a
sliding door to the rear to access the deck of 190 sq ft. Paneled
composition garage door.
Gable with architectual style asphalt shingles for cover
Yes
IMPROVEMENTS DESCRIPTION, continued
3 Buttonwood Hill Road. Canton. Connecticut, continued
Miscellaneous
Conditions:
There are two car (attached) garage comprising 528 sq ft with
electric eye openers.
There is a so called bonus room of 528 Sq Ft over the garage
area. There is a wood deck of 190 sq ft to the rear. Vaulted
ceiling in family room with stone fireplace.
Based on an exterior and interior inspection of the premises,
based on information contained in the assessor's office field
card, and based on adequate information provided by the
current subject property owner, it is your appraiser opinion
that the overall condition of the subject premises as of August
22, 2014, the valuation date, was good to very good.
Floor plan and layout of the dwelling as of the valuation date and the Canton Assessor's
records were examined to develop a description of the subject property improvements and
their condition. Your appraiser feels that a reasonably reliable description of the site
improvements has been obtained through this inspection and research.
Page 42
HIGHEST AND BEST USE
Highest and best use is defined as:
"That reasonable and probable use that will support the highest present value, as defined,
as of the effective date of the appraisal.
"The definition immediately above applies specifically to the highest and best use of the
land. It is to be recognized that in cases where the site has existing improvements on it, the
highest and best use may very well be determined to be different from existing use. The
existing use will continue, however, unless and until land value in its highest and best use
exceeds the total value of the property in its existing use.
"Implied within these definitions is recognition of the contribution of that specific use to
community environment or to community development goals in addition to wealth
maximization of individual property owners. Also implied is that the determination of
highest and best use results from the appraiser's judgement and analytical skill, i. e., that
the use determined from analysis represents an opinion, not a fact to be found. In appraisal
practice, the concept of highest and best use represents the premise upon which value is
based. In the context of most probable selling price (market value) another appropriate term
to reflect highest and best use would be most probable use. In the context of investment
value an alternative term would be most profitable use."
Real Estate Appraisal Terminology
Compiled and Edited by Byrl N. Boyce, Ph. D.
American Institute of Real Estate Appraisers
Society of Real Estate Appraisers
Highest and Best Use Criteria
In considering the highest and best use for the subject property your appraiser consideration
has been given to the following: the most profitable economic use, assuming that the zoning
and resulting legal use are appropriate for the subject.
The property is located in an R-2 residence (residential) neighborhood; it is located near
Routes 44 and 179 and in the central-west quadrant of Canton. The site is already improved
with a single family dwelling and site improvements that make substantial contribution to the
property value.
Due to the good to very good overall condition of the structure on the site, considering the
location, market appeal and demand for property of this type is average to good, and should
continue to be so for the foreseeable future.
HIGHEST AND BEST USE, continued
Highest and Best Use Criteria, continued
Therefore, it's your appraisers' opinion that the highest and best use for the subject property
will be for its continued use as a single-family dwelling for its remaining economic life.
By definition the highest and best use of the site would be the best utilization of the land
configuration in conjunction with zoning, location and all the amenities described above. To
make such an analysis of the site is beyond the scope of this appraisal, but for purposes of
this appraisal the use is considered to be its best and highest.
Highest And Best Use As Improved
The subject is improved with a 2,570 square feet residential single-family wood frame
contemporary cape style dwelling which layout of the improvements meets with the character
of the neighborhood; moreover, the premises are in keeping with the density required, based
on current zoning regulations, such use is legal and conforming since it post-dates current
zoning regulations.
Hence, the site for purposes of this appraisal will be considered adequate for the
consideration of the best and highest use with construction as well as remodeling and upkeep
of the subject residential dwelling, having occurred in various stages and to varying degrees.
The value of the land as vacant is available to be improved to its "Highest and Best Use"
should be considered equal to the value of the site as improved now. For purposes of this
appraisal the use will be considered as defining and supporting its Best and Highest Use.
VALUATION PREMISE-APPROACHES TO VALUE
There are three classical approaches to value used in appraising real estate. They are defined
as follows:
COST APPROACH: "That approach in appraisal analysis which is based on the
proposition that the informed purchaser would pay no more than the cost of producing a
substitute property with the same utility as the subject property. It is particularly applicable
when the property being appraised involves relatively new improvements which represent the
highest and best use of the land or when relatively unique or specialized improvements are
located on the site and for which there exist no comparable properties on the market."
DIRECT SALES COMPARISON APPROACH: "That approach in appraisal analysis
which is based on the proposition that an informed purchaser would pay no more for a
property than the cost to him of acquiring an existing property with the same utility. This
approach is applicable when an active market provides sufficient quantities of reliable data
which can be verified from authoritative sources. The direct sales comparison approach is
relatively unreliable in an inactive market or in estimating the value of properties for which
no real comparable sales data are available. It is also questionable when sales data cannot
be verified with principals to the transaction. "
INCOME APPROACH: "That procedure in appraisal analysis which converts anticipated
benefits (dollar income or amenities) to be derived from the ownership of property into a
value estimate. The income approach is widely applied in appraising income-producing
properties. Anticipated future income and/or reversions are discounted to a present worth
figure through the capitalization process."
Real Estate Appraisal Terminology
Compiled and Edited by Byrl N. Boyce, Ph. D.
American Institute of Real Estate Appraisers
Society of Real Estate Appraisers
The only approach to value developed in this report will be the direct sales comparison
approach to value, as applied "in the before" and "in the after."
VALUATION PREMISE-APPROACHES TO VALUE, continued
The income approach to value has been considered; however, typically single family
dwellings are purchased for owner occupancy and not for the production of income. The
resulting approach to value would be less than reliable, and could be misleading to the
readers of the report. For this reason, the income approach has not been developed here.
Please see the following pages for the development of the direct sales comparison approach
to value.
DIRECT SALES COMPARISON APPROACH
The direct sales comparison approach to value is based primarily on the principle of
substitution, wherein "the value of a property tends to be set by the price that would be paid
to acquire a substitute property of similar utility and desirability within a reasonable amount
of time" (The Appraisal of Real Estate, 12th Edition; 2001).
Under the Direct Sales Comparison Approach, market values are derived from a study of
similar properties. Hypothetically, the adjustments made using the Direct Sales Comparison
Approach reflect a buyer's preference for a dwelling. A dwelling and/or property
comparable to the subject property would represent an acceptable alternative for a buyer in
the current market. Adjustments are made in order to establish comparability based upon
the appraiser's knowledge of the market, observation of price, locational trends, amenities,
and discussions with principals and brokers in the market place.
As noted, this approach is related to the principle of substitution. No one will pay more for
a property if he can acquire one of similar utility for a lower price. The value of the subject
is presumed to be directly related to the price of the comparable sale. Similarity of use, for
example, a contemporary style single-family dwelling used as a comparable for valuing
another contemporary, cape and/or colonial style single-family dwelling, is an analogy which
is easily accepted by everyone involved with real estate. Both appraisers and laymen accept
and understand this method of valuing real estate.
The similarity of use is the easiest of characteristic to find in a comparable sale. Unless the
appraiser is dealing with a special-purpose property, there are usually a number of dwellings
used for similar purposes. Due to zoning regulations, dwellings and/or buildings used for
similar purposes frequently are located in the same general area.
Identical dwellings, that is a cape and/or colonial style single-family dwellings which are
physically identical, are rare in the market. Even if an identical contemporary style dwelling
was found which was identical in size, age and layout, and was served by the same utilities,
the appraiser would have to deal with location. Each location on earth is unique and requires
adjustments in order to deal with the difference between the property being valued and the
sale used as a comparable.
Adjustments must be made for locational and physical differences. Adjustments are always
made from the sale to the subject. If a sale has a superior characteristic, the adjustment is
negative. If the characteristic is inferior to the subject, the adjustment is positive. The
object is always the property being appraised and all the adjustments are an attempt to make
the sale price of the comparable equal to the value for the subject.
DIRECT SALES COMPARISON APPROACH, continued
Physical characteristics are not the limit of what should be examined by the appraiser. The
circumstances which surround a particular sale are in many cases as important as the physical
similarity to the subject. General market conditions, at the time the comparable was sold,
may differ markedly from current conditions. An adjustment for time may be used to deal
with this adjustment.
The conditions of sale are also important. Was the sale an arms-length transaction? Did the
seller receive something of value for the property besides cash? If the seller provided
financing, was what he or she received equal to or less than "all cash"? Many of these
questions are raised by our definition of value and the appraiser in making comparisons must
be able to identify and deal with the circumstance which surround a particular transaction.
In order to discover these circumstances, the appraiser has checked the land records.
Brokers and principals to transactions have been contacted and the information obtained has
been used to adjust the various sales.
The Direct Sales Comparison Approach to Value is particularly reliable when adequate sales
of properties similar to the subject which would require relatively few adjustments resulting
in a reasonable estimate of market value are readily available. This method of valuation is
considered to be highly relevant, as this approach best addresses the behavior of buyers and
sellers who constitute the market for such properties.
The pool of one-family property sales somewhat similar, i.e. functional utility, to the subject
is adequate at this time. Therefore, a search has been conducted to find the recent sales of
reasonably similar single-family contemporary cape and/or colonial style properties from
which adjustments could be made to arrive at an estimate of market value.
Methodology
There are many elements to consider when comparing similar or somewhat similar
properties; however, there are six main common elements of comparison that cause prices
to differ between properties; when appropriate, other elements of comparison such as
financial characteristics are considered. These elements are listed below:
Real Property Rights Conveyed:
This adjustment relates to the type of ownership transferred and how the conveyed interest
relates to the interest being appraised.
Financing Terms:
Adjustments for financing terms are based on the extent that favorable financing influenced
the comparable sale price and can be measured.
Conditions of Sale:
This adjustment usually reflects the special motivations of the buyer and/ or seller.
Market Conditions <Time of Sale):
An adjustment for market conditions reflects changes that may be caused by a variety of
factors such as inflation, deflation, recession, fluctuations in supply and demand.
Location:
An adjustment for location is required when the locational characteristics of a comparable
property are different from those of the subject property.
Concessions:
This adjustment usually reflects not an arm's length transaction, and/or a transaction affected
by undue stimulus on the part of either party to the transaction.
Physical Characteristics:
Adjustments for Physical characteristics are made for such factors as land and/or dwelling
size, road frontage, availability of utilities, topographical characteristics, functional utility
of the land or building, land-to-building area ratio approved or allowed, dwelling age or
condition, construction materials and quality, and numerous other characteristics.
The methodology used is the percentage adjustment. This methodology is based on the
premise that each factor influencing value has an independent and interdependent effect on
value. By adding and/or subtracting the adjustments together, we derive a final adjustment
factor.
This factor is then multiplied by the sales price adjusted where appropriate for financing,
market conditions (time of sale), conditions of sale, site size, concessions, building size,
building condition-type, zoning and location to arrive at a final adjusted sales price.
Historically smaller buildings-dwellings tend to sell for more on a per unit basis all other
things being equal. If necessary a downward adjustment will be applied to the comparable
sales utilized in the Market Approach/Direct Sales sections.
Historically larger buildings-dwellings tend to sell for less on a per unit basis all other
things being equal. If necessary an upward adjustment will be applied to the comparable
sales utilized in the Market Approach/Direct Sales sections.
All statements contained herein, unless otherwise attributed, represent the opinion of your
appraiser.
Within the development of this approach, the following sales of single-family contemporary
and/or colonial style properties have been analyzed, inspected and compared to the subject
property in order to produce an estimate of value by the direct sales comparison approach
to value.
A number of contemporary cape and/or Colonial style single-family sales have been
considered and examined. Four of these sales have been selected and examined in detail to
arrive at an indicated value by the direct sales comparison approach to value.
Address , No . or. Sale:/ : Dwell-\ /Site <No.. . S"I!I
/
? ... ': ... .. : ... .:n::.:.:.a.:.:: ....... : .. .t :. ..:. . e:. . . . ::: . ...:.: . . . . . .... .. .........
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B:RS: . . ($). .. . Gross Baths
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'. < / :: .: ) </.: , 1\. /: /: ". / ... < ' / > . = .. / >. ,' ... \ .:. :'::. := ::. : , ,' ..
4 Bidwell Farm Road 7-15-14 10-5-br 405,000 1987 3, 164 1.01 2.5 128.00
19 Woodland Drive 9-25-13 7-3-br 425,000
1984 2,675 1.26 2.5 158.88
57 Indian Hill Road 3-5-14 10-3-br 305,000
1987 2,782 3.53 3.0 109.63
31 Mohawk Drive 10-16-13 6-3-br 361,500 1965 2,688 2.00 2.0
134.49
2 Buttonwood Hill Road 8-7-13 7-4-br 285,000 1980 2,622 1.50 2.5 108.70
21 Tanglewood Drive 8-1-14 6-3-br 380,000 1984 2,478 2.15 2.5 153.35
3 Buttonwood Hill Road (Subject) 8-4-br 2,570 1.09 2.5
Please see the following pages for additional details regarding the aforementioned sales.
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Sale No. 1 4 Bidwell Farms Road, Canton, CT
Sold on 7-15-2014; Sale Price: $405,000 ($128.00/Sq Ft GLA)
John Lo Mome Real Estate Appraisers & Consultants
I
Page 52
Sale No. 1 4 Bidwell Farms Road, Canton, CT
Michael W. Barnstead, et al to Christopher Leadbetter, et al
Recorded:
Date:
Sale Price:
Zone:
Site Size:
Dwelling size:
Dwelling style:
Age:
Reference:
Volume 413, Page 703
July 15, 2014
$405,000
Residential; R-2
44, 000 square feet (1. 01 acres)
3,164 square feet (includes 576 sq ft of former and
finished garage)
Colonial
1987
Map 17; Block NIA; Lot 1250004
Sale price per SF of dwelling: $128.00 (to include the land)
Financing: At market; Wellsfargo Mortgage in the amount of $413,700
Comments: Built in 1987; clapboard exterior; 10 rooms with 5-bedrooms and 2.5 baths.
Built on full (and unfinished basement). Superior condition-type to the subject
overall; somewhat tempered by the subject's younger age. The net result is
a slight upward adjustment will be applied for dwelling condition. Slight
inferior location as to privacy; as noted, the subject is a rear parcel affording
a great deal of privacy and park like setting. Good to very good overall
condition. An adjustment is needed and will be applied for location considered
to be slightly inferior to the subject overall.
Sale No. 2 19 Woodland Drive, Canton, CT
John Lo Monte Real Estate Appraisers & Consultan!S
Page 54
Sale No. 2 19 Woodland Drive, Canton, CT
Grantee: Eugene Harris, et al
Recorded: Volume 408, Page 371
Date: September 25, 2013
Sale Price: $425,000
Zone: R-3; Residential (3) District
Site Size: 54,886 square feet ( 1. 26 acres)
Dwelling size: 2,782 square feet
Age: 1984
Dwelling style: Colonial
Reference: Map 27; Block NIA; Lot 5870018
Financing: At market
Comments: Built in 1984; clapboard siding exterior colonial style dwelling with 7-rooms
(3-bedrooms) and 2.5 baths; very good to new condition. Superior condition
to the subject; slightly inferior location to the subject. Full and partially
finished basement included with the total GLA.
Sale No. 3
21 Tanglewood Drive, Canton, CT
'
Page 56
Sale No. 3, continued 21 Tanglewood Drive, Canton, CT
Albert Albrycht, et al to Sonia Bernier
Date: August 1, 2014
Site Size: 93 ,654 square feet (2 .15 acres)
Dwelling style: Contemporary
Age: 1984
Reference: Map 27, Block NIA, Lot 5150021
Financing: At Market
Comments: Good to very good overall condition. Slightly inferior location; nevertheless
it's considered to be a very good comparable since it's located within the
subject's market area, it's of similar appeal and functional utility and it's a
very recent sale as well.
Vertical clapboard exterior. Two car (attached) garage. There is no central
air conditioning. Hardwood floors. Partially finished basement comprises 326
sq ft of additional living area. This dwelling was substantially remodeled prior
to the sale date; good to very good overall condition.
Sale No. 4 2 Buttonwood Hill Road, Canton, CT
\
Page 58
Sale No. 4 2 Buttonwood Hill Road, Canton, CT
Grantee: Todd and Heather Santelle
Date: August 7, 2013
Site Size: 65,340 square feet (1.50 acres)
Dwelling style: Contemporary
Age: 1980
Reference: Map 21; Block NIA; Lot 1580002
Sale price per SF of dwelling: $108. 70 (to include the land)
Financing: At market
Comments: Built in 1980 and adequately rehabbed and updated. Inferior condition-age;
inferior location to the subject. Vertical clapboard exterior; 7 rooms, 4-
bedrooms and 3 baths. 289 sq ft deck and central air conditioning. This is a
recent sale and is considered a very good comparable to the subject.
However, adjustments will be applied for location (inferior), and for dwelling-
age and condition considered to be slightly inferior to the subject overall.
As for location, this sale is situated on the southeast comer of Route 44
(Albany Tpke.) and Buttonwood Hill Road, as oppose to the subject, being a
rear parcel and a 290 feet setback from Buttonwood Hill Road affording a
great deal of privacy and park like setting.
Recapitulating the sales in tabular form:
4 Bidwell Farm Road 7-15-14 10 405,000 1987 3, 164 1.01 128.00
19 Woodland Drive 9-25-13 7 425,000 1984 2,675 1.26 158.88
21 Tangelwood Drive 8-1-14 6 380,000 1984 2,478 2.15 153.35
2 Buttonwood Hill 8-7-13 7 285,000 1980 2,622 1.50 108.70
Road
3 Buttonwood Hill 8 1984 2,570 1.09
Road (subject)
All four sales utilized show remarkable consistency in most areas. These are all recent to
very recent sales of single-family contemporary, or colonial style dwellings of various sizes
and layout in the immediate and general subject neighborhood and/or within a similar
subject's market area. Moreover, all four sales utilized are of generally similar vintage and
type of construction; hence, exhibiting very similar characteristics and market appeal to the
subject.
However, as for locational characteristics, all four sales utilized are generally inferior to
those of the subject property which enjoys a park like setting being recessed approximately
300 feet from the roadway. All four sales are recent to very recent since they have occurred
between August 2013 and August 2014.
Therefore, all four sales are considered very good comparables as to market conditions and
amenities that they have to offer. Other factors considered will be condition of the premises,
site and dwelling size, dwelling style-curb appeal, financing, condition of sale and other
factors which may have influenced the sale price.
An adjustments grid, attempting to reconcile the differences between the sale properties and
the subject property, will be found on the following page.
Page 60

Selling Price Per Square 128.00
Foot ($)
Property Interest 1.00
Fee Simple
Financing 1.00
Conventional or Cash
Conditions of Sale 1.00
Arm's Length
Market Conditions 1.00
Typical
Multiplier 1.0000
Adjusted Sale Price ($) 128.00
Location +5%
Physical Characteristics +0%
Economic Characteristics +0%
Dwelling GLA +0%
Dwelling Condition-Style +0%
& Age
Site Size +0%
Non-Realty Components +0%
Sum of Other +5%
Adjustments $6.40
Indicated Value of 134.40
Subject ($)/SF
158.88 153.35
1.00 1.00
1.00 1.00
1.00 1.00
1.00 1.00
1.0000 1.0000
158.88 153.35
+5% +5%
+0% +0%
+0% +0%
+0% +0%
-15% -5%
+0% -10%
+0% +0%
-10% -10%
($15.89) ($15.34)
142.99 138.01
108.70
1.00
1.00
1.00
1.00
1.0000
108.70
+5%
+0%
+0%
+0%
+10%
+0%
+0%
+15%
$16.31
125.00
..
..
.
Page 61
Analysis <As Before)
After adjustment, the sales indicate a value range of $125.00 to $142.99 per square foot; this
is a fairly narrow range of values and one from which a reasonable per unit value can be
extracted, in our opinion.
The range is reasonably consistent, and provides a reliable indication of value for the subject
property by the Direct Sales Comparison Approach to value. Adjustments rendered are
reasonable and have been applied to adjust for various characteristics between the comparable
sales and the subject property.
If the highest (No. 2) and lowest (No. 4) sales are eliminated the other two sales present a
very narrow range of $134.40 to $138.01; by multiplying the subject's 2,570 square feet of
gross living area, the indicated value of the subject property lies in the range of $345,408
to $354,686.
This is very consistent with the sales, remembering that three of the sales utilized have been
adjusted upward for dwelling condition and are consequently inferior, albeit slightly, to the
subject property in that regard. The average of the four sales utilized is $135.10/sq ft.
Considering all of this, considering the subject's good to very good overall condition,
considering the subject location, or a rear lot, and considering the current market conditions
as to supply and demand, and taking as a value $135.00 per square foot of gross living area
above grade, to include the land, all of the site improvements, will result in the following
value:
Calculating:
2,570 sq ft x $135/sq ft = $346,950
Value (as improved), in total, by Direct Sales Comparison:
$345,000 (As Before)
As already reported, the need to estimate fair market value "in the after," to account for the
proposed zone change for the property knowns as 674 and 684 Albany Turnpike, from
residential R-2 to industrial.
Introduction:
The purpose of this appraisal report is to estimate Market Value impact as a result of the
proposed zone change for a large tract identified with the street address of 67 4 and 684
Albany Tpke. (AKA Route 44) and furter identified as Lot 1010674 and 1010684 of Canton
Assessor's Map 21.
Specifically, the above captioned proposed zone change property comprises aggregate site
size of roughly 39.00 acres currently zoned R-2, or residential 2. As per a zone change
application form to the town of Canton Zoning and Planning Commission dated July 2, 2014,
the current subject property ownership is requesting a. zone change for 31 acres from the
total of approximately 39 acres from residential R-2 to Industrial (I).
As a result, several of the adjoining property owners are very concerned about the resulting
negative impact which will result from such zone change, if approved. The proposed zone
change property /parcel, has an extensive road frontage along Route 44 AKA Albany
Turnpike, and is currently utilized as raw acreage and as agricultural; the net result is a very
low, if any, impact on the surrounding residential use(s) as per zoning and as per
neighborhood composition.
As part of the zone change request, the property owner reported several consideration which
are reported in the following pages, for our purpose.
"The reason for my zone change is to accommodate my strong feelings that there is a
significant demand for small uses of development which could be developed in the industrial
zone. My feelings were confirmed by recent building opportunities which I will present at
the meeting. Per the strategic plan, this zone change and development would promote the
health, safety and especially the welfare of the Town. The parcel rates low on the
Conservation score of the Conservation Vision and was identified as an opportunity location
on the same plan. With proper detention and engineering the development would be healthy
and provide a safe environment. "
Further considerations reported are stated as follows:
'"' We are proposing the Zone change from R-2 Zone to I-Zone on our location on Route
44, based on several considerations.
A. We envision excellent potential for small business, industrial, and similar users allowed
under the I-Zone on this parcel.
B. The development of residential use on the property would be a tax burden for the Town.
C. The adjacent pacel in the Town of New Hartford is zoned industrial and this zone change
would be compatible with the adjacent land in New Hartford.
D. The Canton Strategic Plan endorses the use of this land for economic development. The
report on page 36 states that only about fifty (50) acres of undeveloped land is zoned for
non-residential use in the entire Town. It further states that managing the business to
residential tax proportion would be key to keeping the Town's tax rate competitive, and
keeping Canton a desirable place to live.
E. The same Strategic Plan on page 36 identifies this parcel land as a potential "opportunity"
location.
F. The same Strategic Plan under the chapter "Future Land Use Plan", page 102 rates the
parcel as low on the conservation score and moderate on the development vision.
G. We envision that with the extensive frontage on Route 44 and the visibility, we can make
this development into a successful project providing job benefits, increased tax base and
economic diversity for the Town of Canton.
11
Thus, our purpose is to evaluate the subject property "as before" and "as after" to estimate
what potential damages, or reduction in fair market value the subject of this report will suffer
as well as (equally) ten's of similar single family dwellings which are located in the subject
neighborhood as well as extended subject's neighborhood.
The property that is the subject of this report consists of a 2,570 square foot, above grade,
fairly newer (1984) residential single family contemporary cape style dwelling, as per
assessor's office records, on approximately 1.09 acres (47 ,480 sq ft) of land on the
northerly side of Buttonwood Hill Road, in the extreme central-west quadrant of Canton, and
immediately to the east of the New Hartford Town Line.
It should be further noted here that the subject property is a rear parcel and as such it enjoys
a great deal of privacy, as well as a park like setting, since it's situated roughly 290 feet set
back from Buttonwood Hill Road.
There is a bonus room over the garage area comprising approximately 528 sq ft of additional
living area fitted for use as bedroom and/or flex-use area; hence, total gross living area is
2,570 sq ft. Our report describes the property in detail, and analyzes the property with
respect to market value, as defined in our report.
As already reported, the purpose of this report is to estimate the market value of the fee
simple interest in the property on an "as is" basis in "the before" and in "the after." The
appraisal is self-contained.
Based on the proposed zone change, the following zoning impact will be highlighted, both
"in the before" and "in the after".
3 Buttonwood Hill Road. Canton. Hartford Countv. CT
Purposes
Industrial District
The industrial district is intended to allow for the manufacturing production, processing,
fabrication, assembly, treatment, repair, or packaging of finished productes, predominantly
from previsouly prepared or refined materials (or from raw materials that do not need
refining) and for warehousing, wholesaling, and distrubution and for other uses appropriate
for the district.
1. Lumber Yards
2. Printing and publishing
3. Research - experimental, analytical, pharmaceutical and commercial laboratories including
theoretical research, product engineering and sales development
4. Manufacturing, fabricating, processing, converting, altering, or assembling, and the
packaging, warehousing and distribution of machine parts, electrical equipment, electronic
equipment, photographic products, optical products, office and business equipment, plastic
components and computing equipment
5. Warehousing and storage excluding self-storage units and wholesale storage of propane
6. Professional office
7. Accessory use customary and incidental to any use allowed in the industrial district except
that the ZEO may elect to refer an accessory use the Commission upon determing that it may
substantially alter the nature of intensity of teh principal use of the site
8. Signs allowed by Section 7 .3
9. Outdoor lighting subject to the provisions of Section 7 .4
10. Off-street parking for up to 25 off street vehicles
11. Utility facilities including water supply pump stations, tanks and stand pipes and
appurtenant structures
12. Storage of liquid fuel in tanks having a capacity of 2,000 gallons or less provided such
storage shall not be located in a required yard setback
13. Donation drop boxes subject to the provisions of Section 3. 3. C.
1. Business Uses
2. Industrial/Infrastructure Facilites
Volume reduction plant and recycling facility to be limted to:
Intake of raw materials and clean bulky construction waste such as bituminous products,
brush, cardboard, concrete, dirt, gravel, masonry block, metal, quarry rock, sand, stone,
topsoil and wood; compacting, crushing, grinding, screening, separating, sorting, washing,
or similar processing of raw materials and construction waste; stockpiling or storing or raw
materials, construction waste and processed materials; wholesale and retail sales of processed
materials which may include truck weighing facilities; and/or shipment of un-recycleable
materials to an approved disposal facility.
Licensed medical marijuana producer provided that all cultivation of marijuana plants be
conducted in-doors.
Thus, based on all of the above considerations, it's our opinion that if the proposed zone
change for the tract, or residential (R-2) zoned acreage of 31 acres, there will be a
substantial negative effect as to "marketability"; curb appeal with the impact on demand vs.
supply to be felt severely by the closest locations to the proposed zone change property. This
will cover a radius of 4 to 5 miles all around.
In other words, given the element of choice, the typical home buyer weight the presence of
an industrial park within the immediate subject neighborhood under a negative consideration,
whereby the competing locations will be able to attract any potential home buyer based on
the reality, as well as the perception, that the subject neighborhood will experience and will
be negatively affected by the proposed zone change.
As a result, the only way to complete with the superior neighborhoods in terms of curb
appeal and homogeinity of use(s), is to make pricing very competive, which ultimately will
result in market value diminuition, everything else being equal.
The table of adjustment for the four comparable sales utilized in "the before" highlights all
of these considerations, as well as the negative impact, or potential damages resulting from
the proposed zone change.
As a result of the proposed zone change, if approved of the property known as 674 and 684
Albany Turnpike, situated along the south side of Route 44, or in the immediate vicinity of
the subject neighborhood, the subject property will be severely negatively affected, in our
opinion, based on the following considerations.
I
3 Buttonwood fill Road, Canton, CT
I
Negative impact resulting from the proposed zone change from R-2
(residential) to industrial (I) for a 31.00 acres tract situated at 674-684 Albany
Turnpike
Re-configuration of neighborhood with increased trucks traffic
Increased noise due to additional traffic and trucks
Diminution of curb appeal and marketability; moreover, location will be also
negatively affected. Potential damages that can occur to the Artisan Well
depending on any potential use(s) that will be allowed if the zone change is
approved.
As a result, in "The After" the subject is going to be negatively affected by
severance, i.e. damages; thus, the need to appraise the subject property "As
Before" and "As After"
The subject propety is a single family owner occupied contemporary cape style dwelling
(fairly newer, 1984), over full and unfinished basement, on a site of 1.09 acres (47,480
sq ft) zoned R-2, low density residential district.
ADJUStlVIENf GR16JAS AFTER)
I
Selling Price Per Square
Foot ($)
Property Interest
Fee Simple
Financing
Conventional or Cash
Conditions of Sale
Arm's Length
Market Conditions
Typical
Multiplier
Adjusted Sale Price ( $)
Location
Curb Appeal
Marketability
Dwelling GLA
Dwelling Condition-Style
& Age
Site Size
Non-Realty Components
Sum of Other
Adjustments
Indicated Value of
Subject {$)/SF {Rounded)
128.00
1.00
1.00
1.00
1.00
1.0000
128.00
-7%
-10%
-5%
+0%
+0%
+0%
+0%
-22%
($28.16)
99.84
158.88
1.00
1.00
1.00
1.00
1.0000
158.88
-7%
-10%
-5%
+0%
-15%
+0%
+0%
-37%
($58.79)
100.09
153.35
1.00
1.00
1.00
1.00
1.0000
153.35
-7%
-10%
-5%
+0%
-5%
-10%
+0%
-37%
($56.74)
96.61
108.70
1.00
1.00
1.00
1.00
1.0000
108.70
-7%
-10%
-5%
+0%
+10%
+0%
+0%
-12%
($13.04)
95.66
Page 70
Analysis <As After)
After adjustment, the sales indicate a value range of $95.66 to $100.09 per square foot; with
intermediate values of $96.61 and $99.84/sq ft of GLA; this is a very narrow range of values
and one from which a reasonable per unit value can be extracted, in our opinion. The
average sales price is $98.05/sq ft of GLA.
Considering all of this, considering the subject's good to very good overall condition,
considering the subject location, curb appeal and impact on marketability, and considering
the current market conditions as to supply and demand, and taking as a value $100.00 per
square foot of gross living area above grade, to include the land, all of the site
improvements, will result in the following value:
Calculating:
2,570 sq ft x $100/sq ft = $257 ,000
Value (as improved), in total, by Direct Sales Comparison:
$255,000 (As After)
(TWO HUNDRED FIFrY-FIVE THOUSAND DOLLARS)
Estimate of Market Value (As Before): $345,000
Estimate of Market Value (As After): $255,000
The resulting economic impact, i.e. damages is $90,000, or 26.1 % diminution of value
RECONCILIATION AND FINAL VALUE ESTIMATE
Value Estimate "As Before" by Direct Sales Comparison Approach:
Value Estimate, "as after," by Direct Sales Comparison Approach:
Damages (Diminution in Fair Market Value)
$345,000
$255,000
$90,000
The reconciliation and final value estimate consists of a review of the approach to value, and
a discussion of the strengths and weaknesses of this approach. From this discussion and
review, a final value estimate for the subject property will be derived.
The four sales utilized are located in the immediate and/ or general subject neighborhood
and/or within a similar subject's market area; in addition the four comparable sales have
occurred between the period of August 2013 to August 20104 and are considered good to
very good comparable sales before and after adjustments.
Consequently. your appraiser believes that the market approach to value. as applied to the
land and total property. as it existed at the subject property on August 22. 2014. or "as
before." represents the most reliable approach. and indeed. the only realistically feasible
approach to value for the property being appraised.
Exposure and Marketing Period
The established market value reflects an exposure time of twelve months, reflecting the
period prior to the date of value. A marketing period within twelve months is implicit in this
analysis, recognizing the time period after the date of value to liquidate the subject property.
The exposure time and the marketing period are based on the known marketing time of the
sales in the region.
RECONCILIATION AND FINAL VALUE ESTIMATE, continued
Therefore, after having considered all of the factors that influence the value of real property,
and based on the information gathered by your appraiser, it is our opinion that the
retrospective market value of the subject property, "as before" and "as after," as of August
22, 2014, was:
Total Property Value, As Before:
$345,000
Total Property Value, As After:
$255,000
(TWO HUNDRED FIFTY-FIVE THOUSAND DOLLARS)
Damages (Diminution of Fair Market Value): $90,000 (26.1 % Diminution of Value)
Respectfully,
APPRAISER'S CERTIFICATION
Address of
Property Appraised: 3 Buttonwood Hill Road, Canton, Hartford County,
Connecticut
Date of Valuation: August 22, 2014
Estimate of Value
(As Before): $345,000 (Before the Proposed Zone Change)
Estimate of Site Value
(As After):
Damages
$255,000 (After the Zone Change)
(Diminution in Fair Market Value): $90,000 (26.1% Diminution of Value)
I certify that, to the best of my knowledge and belief
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, unbiased professional
analyses, opinions and conclusions.
3. I have no present or prospective interest in the property that is the subject of this
report and I have no personal interest or bias with respect to the parties involved.
4. My compensation is not contingent on an action or event resulting from the analyses,
opinions or conclusions in, or the use of, this report.
5. The appraisal assignment was not based on a requested minimum valuation, a specific
valuation, or the approval of a loan.
6. My analyses, opinions and conclusions were developed and this report has been
prepared in conformity with the requirements of the Code of Professional Ethics and
the Standards of Professional Practice of the Appraisal Institute; and the Uniform
Standards of Professional Appraisal Practice of the Appraisal Foundation.
APPRAISER'S CERTIFICATION, continued
7. The use of this report is subject to the requirements of the Appraisal Institute relating
to review by its duly authorized representatives.
8. I have made a personal inspection of the property which is the subject of this report.
9. No one provided significant professional assistance to the persons signing this report.
10. This report was prepared in accordance with USPAP Standards Rule 2-2 (b). I have
not performed services, as an apprasier 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.
Sincerely,
ASSUMPTIONS AND LIMITING CONDITIONS
1. The legal description furnished us is assumed to be correct. We assume no
responsibility for matters legal in character nor do we render any opinion as to the
title, which is assumed to be good. All existing liens and encumbrances have been
disregarded and the property is appraised as though free and clear under responsible
ownership and competent management.
2. The sketches in this report are included to assist the reader in visualizing the
property. We have made no survey of the property and assume no responsibility in
connection with such matters.
3. We believe the information furnished us by others to be reliable, but we assume no
responsibility for its accuracy. All engineering is assumed to be correct. Any plot
plans and illustrative material in this report are included only to assist the reader in
visualizing the property.
4. We are not required to give testimony or to appear in court by reason of this
appraisal, with reference to the property in question, unless arrangements have been
made previously therefor.
5. The distribution of the total valuation in this report between land and improvements
applies only under the existing program of utilization. The separate valuations for
land and buildings must not be used in conjunction with any other material and are
invalid if so used.
6. 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. In our appraisal of the subject property, we have made no test, nor
are we qualified to make such test, for environmental factors affecting the subject
property. Your appraisers have attempted to determine whether environmental
hazards affect the subject property, and have taken the presence of such factors, if
known, into account as a part of the evaluation of the property that is the subject of
this report.
Specifically, inquiries were made regarding the presence of radon gas, UFFI (urea-
formaldehyde foam insulation), or other contaminants or toxic substances in, on, or
around the subject property. If the inquiries revealed no unusual environmental
factors, then the property has been appraised on the assumption that none are present.
Tests to determine the presence of environmental conditions that may affect the
property are recommended.
ASSUMPTIONS AND LIMITING CONDITIONS, continued
Should future or subsequent testing reveal the presence of any condition or substance
in the environment that might affect the use and enjoyment of the subject property,
then this appraisal report is invalid.
7. This appraisal report is intended as a complete document, to be read and understood
in its entirety. No single part of the appraisal report may be taken out of context, or
used without full acknowledgement of the remainder of the report. To do so
constitutes misuse of this report, and invalidates any conclusions that may result from
such misuse.
8. The property is appraised as if free and clear of any and all liens and encumbrances,
unless otherwise stated in this report.
9. It is assumed that there is full compliance with all applicable state, federal and
local environmental regulations and laws, unless noncompliance is stated, defined
and considered in this report.
10. It is assumed that there is full compliance with all applicable zoning and use
restrictions and regulations, unless noncompliance is stated, defined and
considered in this report.
11. It is assumed that all required licenses, certificates of occupancy, consents or other
legislative or administrative authority from any local, state or federal 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.
12. It is assumed that the use of the land and improvements is within the boundaries
or property lines of the property described, and that there is no trespass or
encroachment unless noted in this report.
13. Unless stated otherwise in this report, the subject property is appraised without a
specific compliance survey having been conducted to determine whether the
property is or is not in compliance with the requirements of the Americans with
Disabilities Act(" ADA"). The presence of architectural or communications
barriers that are structural in nature may adversely affect the property's value,
utility, or marketability.
ASSUMPTIONS AND LIMITING CONDITIONS, continued
14. Possession of this report, or a copy thereof, does not carry with it the right of
publication. The report may not be used for any purpose by any person other than
the party to whom it is addressed without the written consent of the appraiser; and
in any event, only with proper written qualification and only in its entirety.
15. Neither all nor any part 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 advertising, public relations, news sales, or
other media without prior written consent and approval of the appraiser.
QUALIFICATIONS OF THE APPRAISER
JOHN LO MONTE, CCRA, GRI, CCIM, GAA
Certified Commercial Real Estate Appraiser
Graduate Realtor Institute
Certified Commercial Investment Member
General Accredited Appraiser
State Of Connecticut General Certified Real Estate Appraiser.
Certificate No. RCG 377
Associate Member, The Appraisal Institute - (No. 17680)
REAL EST ATE EDUCATION
1976
1980
August, 1990
September, 1 990
April, 1991
March, 1991
May, 1991
October, 1991
May, 1992
October, 1992
October, 1995
Real Estate Principals & Practices - University of Hartford
Graduate of the Realtor Institute (G.R.I.) I, II, Ill
SPP Course from the American Institute for Real Estate
Appraisers.
Appraisal Course I for Real Estate Broker
Appraisal Course II for Real Estate Appraiser, Manchester
Community College
Exam 1 A-1 Real Estate Appraisal Principles and Exam 1 A-2 Basic
Valuation Procedures, of the Appraisal Institute
Capitalization Theory and Techniques - Part A, of the
Appraisal Institute
Capitalization Theory Techniques - Part B, of the
Appraisal Institute
Case Studies in Real Estate Valuation, Course 2-1 of the
Appraisal Institute
Report Writing, Course 2-2 of the Appraisal Institute
Standards of Professional Practice (Part A & B); USPAP
From the Appraisal Institute; Chicago, Illinois
QUALIFICATIONS OF THE APPRAISER, continued
JOHN LO MONTE, CCRA, GRI, CCIM:, GAA, continued
MEMBERSHIP
Broker's License, 1978, License No. 410896
C.C.I.M., Certified Commercial Investment Member, November, 1987,
Certificate No. 2998
G.A.A., General Accredited Appraiser, November, 1994, Certificate No. 301
State of Connecticut Licensed Real Estate Appraiser, Certificate No. RCG 377
Associate Member, The Appraisal Institute, (No. 17680)
National Association of Realtors, member since 1976
Connecticut Association of Realtors, member since 1976
Greater Hartford Board of Realtors, member since 1976
Realtors CID Member
Member of the Commercial Real Estate Council Greater Hartford Board of Realtors
Member of the Wethersfield Housing Partnership Committee since 1989
Chairman of the Realtor Political Action Committee, Greater Hartford Board of Realtors
for 1988 and 1989
Board of Directors: Connecticut Association of Realtors
1989 and 1990 Conventions Chairman for the CCIM, Connecticut Chapter
Certified Real Estate Appraiser, C.R.E.A., of the National Association of Real Estate
Appraisers.
Certified Commercial Real Estate Appraiser, CCRA of the National Association of Real
Estate
EXPERIENCE
16 years at Carsan Realty of Hartford, Inc.
General Manager, from 1986 to 1989, of Carsan Realty of Hartford, Inc.
In the past 16 years, over 65 million dollars of residential and commercial real estate
transacted.
Qualified Expert Witness, State Superior Court, Federal Court
Page 80
Subject Property Deed
Appraiser copy of certificate
ADDENDA
Assessor's Field Card of Subject Property
Miscellaneous
YUL 3 b 5 PAGE 0 q f 8
RETURN TO
John G. Cottingham Jr. and Corri B. Cottingham
3 Buttonwood Hill Road
Canton, CT 06019
WARRANTY DEED (Survivorship) 11 BS CLEAVELAND inc.
Bloomfle/cl, Co"m:cticut
(203) 24J.J456
KNOW YE ,THAT I, NANCY R. JOHNSON, oftlie Town of Ca11ton., County of Harlford and State of
Connecticut
for the consideration of THREE HUNDRED THOUSAND AND NO/JOO DOLLARS ($JOO,OOO.OO) received to
our full satisfaction of JOHN G. COTTINGHAM JR. AND CORRI B. C01TINGHAM, both of 608 Country
Meadow Murphy, Texas 75094
do give,
grant, bargain, sell and confirm unto the said JOHN G. CO'/TINGHAM JR. AND CORRI B. COTTINGHAM
as joint te11anls with rights of survivorship with WARRANTY COVENANTS
A certain piece or parcel of land with all buildings and improvements thereon situated In the Town of Canton,
known as3 Buttonwood Hill Road. being more particularly bounded and described on Schedule A a/lached
hereto and made a part hereof.
THE ABOVE PREMISES ARE ALSO CONVEYED SUBJECT TO:
J. Any and all pro'Visions of any ordinance, municipal regulation or public or private law and restrictive
covenants, agreements and easements, if any, appearing of records.
2. Taxes due the Town of Canton on the assessment List of October 1, 2008, which the Grantees herein assume
a11d agree to pay as part consideration for this deed.
Signed this 2f1" day of February, 2009
Signed and delivered in the presence of:
~ ; . _
DARLENE C. ARTER
STATE OF CONNECTICUT )
) ss: Simsbury February 26, 2009
COUN1Y OF HARTFORD )
Personally Appeared Nancy R. Johnson
Signer(s) of the foregoi11g Instrument, and acknowledged the same to be her free act and deed
DARLENE c. ARTER
NOTARY PUBLIC
lftl'lllill,..M-""'A -- --- ,
(Page 2 of 2)
YUL 3 b 5 PADE D q I q
SCHEDULE A
A certain piece or parcel of land with all buildings and Improvements thereon, situated in the Town of Canton:
County of Litchfield and State of Connecticut, being located on the westerly side of Connecticut Route 44 and
to the rear of Buttonwood Hill Road and being shown as Lot No. 1 on a map entitled "Subdivision, Property of
Mario Solari, Buttonwood HiU Canton, Connectfcut date: 1I1 7 /79 Scale: 1" = l 00' Sheet No. 1 Strauss
Engineering Associates Engineers-Landscape Architects-Surveyors West Hartford, Connecticut Rev. 2/9/79,
2/28/79, 3/21 /79" which map ls on file in the Canton Town Clerk's Office and being more particularly
bounded and described as follows:
Northerly:
Easterly:
Southerly:
Westerly:
by land now or formerly of Edward T. Lally, Jr., 298.09 feet;
by Connecticut Route #44, 140.00 feet;
by Lot No. 2, as shown on said map. 266.22 feet; and
by Lot No. 4, as shown on said map, 198.65 feet.
Together with a Declaration of Easement for driveway and utilities as set forth In an Instrument from
Diversified Development Corp. dated April l, 1981 and recorded In Volume 115 at Page 136 of the Canton
Land Records.
Rl!OElVED 0 RECORD AT QAN'l'ON, OT.
ON 3)'1 AT. . J l1 S: f J'\...
ATTEST: LINDA SMlTH, TOWN CLERK

card 01 of 01 card Town of Canton Residential Property Card
Property at 00003 BUTTONWOOD HILL Account 1580003 Printed 26-Mar-2014 2:57 AM Design and Layout (Cl Right/Angles
Administrative Information Building Valuation Summary
Owner name: COTTINGHAM JR JOHN G &.
l
Area
I
Second name: COTTINGHAM CORRI B Dwelling Frame l 1/2 story w/bsmt 1,370 210,530
Address: 3 BUTTONWOOD HILL Basement Full
City/state: CAN'l'ON CT Zip: 06019 Heating Yes A/C No
Information Plumbing 2 F/B l H/B Add'l fix. Wh/p Saunas 6,000
Clk Map: Attic None Attic size:
Parcel: 1580003 Map: 21 Neigh.: Zone: AR-2 Vol: 365 Page: 918 Additions 29,100
.... sessments -emptions wast sale Other Features WB Stks Unfin 3,500 5,000
Assmt category Qty Amount Exempt Cat Amount Sale date: 04-Mar-2009
Resident Land 1.00 70,000 Sale price: 300,000 Sub-Total 250,630
Resident Excess .09 190 Sale valid: '{ Grade a- Factor l.1700 293,240
Resident Dwellng 1.00 133,430 values CDU C&D Factor 1.00 293,240
Resident OUtbldg 1.00 900 Mkt value : Depreciation 35 t 190,610
Cost value: 292,170 Computed cost value Ill 70\ 133,430
Sales
Total assessments 204,520 Water Well Cost/sale : .9739 Building additions
Total exemptions sewer septic Mkt/sale :
Net assessment. 204,520 Gas Assmt/sale: .6817 Category Type Area Value
G Garages FR Attached frame LE 65 528 17,100
Land Information
Type use Acres/SqFt Rate Total Inf l Fact Value 70t Value p Porches, Patios, Decks FOFF Frame open first flo 30 1,300
PRIM ll 1.000 100,000 .25 100,000 70,000 p Porches, Patios, Decks DECK Wood deck 190 3,600
Primary Site 43,560 L Living Area FRFF Frame first floor 76 6,100
RES 12 .090 3,000 270 190 L Living Area BSMT Basement addition 76 l,000
Residual 3,920
l.090 acres Total land value 100,270 70,190
Residential Dwelling Information
-.ondominiu ...
Style 02 Cape
Exterior Walls 01 Clapboards
Roof Material 01 Asphalt Shingles Story Height 1.5
Roof Type 01 Gable
Foundation 01 Poured Concrete Total Rooms 8 Garage cars 2 Total additions 29,100
Interior Walls 02 Drywall Bedrooms 4 Unfinished area
Floors 07 Hardwood/Carpeti Family Rooms l Dormer linear f Outbuilding Information
Heating System 01 Hot Water Full Baths 2 Masonry trim sf
Fuel 01 Oil Half Baths 1 Finish bsmt sz Description Wid Len Area Rate Year Cnd RCN Depr Value
Attic 99 None Addtn'l fixtures Rec Room Size RSl Frame 8 16 128 20.00 2012 c 2,560 50 l,280
Grade 37 B Whirlpools Living area 2,570 Utility Shed
Garage 22 Attached 2 car Saunas # Living Units l
Area over Gar. 99 None M/F stacks
Basement 01 Full W/B stacks l
Bsmt. Fin Qual 01 Unfinished W/B openings l
Air Condition 99 None
Interior Cond OS Good
Exterior Cond 05 Good Actual Year Built: 1984 Value at 70% 900 Value at 100\ 1,280
----
Card 01 of 01 card Town of Canton Residential Property card Scale: 1
11
= 7.05 feet
Property at 00003 BUTTONWOOD HILL Account 1500003 Printed 26-Mar-2014 2:57 AM Design and Layout (C) Right/Angles
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CITIES AND TOWNS
Ansonia . . . . 0 -3
Bolton No1ch 8-4
. . E-2
BrU1ol ...... 9.3
3
Colchnutr .. CS
Cornw1ll Bridge 8- 2
Ooanbury ... [).2
OaNebon .. B-6
Oariien E- 1
Oeop River o . .:
Derby .. ... 0 2
East Hanford ... 0-4
F11rf10Jd. . . .. . E 2
GbSIOf"lbury .. B-4
Gr1nby . A-3
Greenwu::h . , - 1
Gro;on .... 0-5
H1mdon .. 0-3
4
H&nford . 8-4
l11chfiold . . . B 2
Madison . . . 0-4
l.bnc:ho;1or . , B-4
Mttiden . . . . CJ
Middletown C-4
Milford . 0-3
Moocup.. 8-6
Naugatuck. . . C-2
Ne- 9n1a.n 8-3
New Haven 0-3
Newington ... 8-4
New London .. 0-5
New MdfOld . C-2
Norlolk . . A2
Norwalk.... . .E-2
NOl'Wlch C-5
Old Saybroolc. 0-5
5
CONNECTICUT
PWCDlud:. . . 0-Ci
Phoen1v1lle .. . . AS
Pla.nv1/Jo . . B-3
Porlland .. , , C-4
Putnm .... A-6
.. ld ..... D- I
Rod:vil!.e .. A--4
Shelton . . . .. 0-2
Southington .. .. CJ
SCALE OF MllES
0 5 10 "'15
I I
ONE I NCH APPROXIMATELY 11 MILES
C) 1986 R.R. Donntllq 4:. Son.s
S1rf0fct Spnngs A0 5 W1t-tbury . C l
Scamford .. .. .. E- 1 8-4
S1onmg1on ... 0-G WeST HanfOfd Bl
S1om ..... . U..S West Haven., D J
SHlford ... ... 0-2 Wes1pon: . , E 2
Terryville ...... 6-3 .. 85
ThompsonviZle
,, ..
Wrncsor ..

TomnQlon .... . 8-2 Wmctso1 Loci.s . A-4
Wallinglaf .... C-3 Winited A-l
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STATE OF CONNECTICUT + DEPARTMENT OF CONSUMER PROTECTION
Be it known that
LOMONTE
PO ...
, r;'i-i'.:J:?.(k -
06129
_. ,;, ... , "" r:<i-;1
')\ 'J . ' :
! I .L.t
.. f'\i'.! . 1f1 ' \::\
has bet!n certified by the P rotection as a I icensed
.;#'"' , ....... \
n; tJ :n
CERTIFIED APPRAISER
"':;:==' . =7

.. RANSr1 ...
Vf.t.,-

John Lo Monte, 3buttonwood Hill Canton

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