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HOUSE_OVERSIGHT_018812.jpg
1.38 MB
Extraction Summary
1
People
4
Organizations
2
Locations
2
Events
2
Relationships
3
Quotes
Document Information
Type:
Property appraisal report summary
File Size:
1.38 MB
Summary
This document is page two of a property appraisal report for the IGY American Yacht Harbor Marina in the Virgin Islands. It outlines 'Extraordinary Assumptions' made for the valuation, chief among them being that no environmental issues exist from on-site fuel tanks and that no legal claim will arise from the marina's parking garage encroaching on land owned by the Government of the Virgin Islands. The report, bearing a 'HOUSE_OVERSIGHT' stamp, relies on the book value of assets provided by the owner.
People (1)
| Name | Role | Context |
|---|---|---|
| ownership | Property Owner |
Mentioned as the entity that provided financial statements showing the depreciated book value of personal property as...
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Organizations (4)
| Name | Type | Context |
|---|---|---|
| Government of the Virgin Islands |
Owns the neighboring property to the northwest that is slightly encroached upon by the subject property's parking gar...
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| IGY American Yacht Harbor Marina |
Identified in the footer, and is the 'subject property' of the appraisal.
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| irr. |
A logo in the footer, likely the appraisal firm that authored the report (Integra Realty Resources).
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| HOUSE_OVERSIGHT |
A Bates stamp in the footer (HOUSE_OVERSIGHT_018812) indicates the document is part of a collection, likely from a U....
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Timeline (2 events)
Prior to the effective date of the appraisal
An inspection of the subject property was conducted. No signs of contamination from the fueling dock and storage tanks were found.
IGY American Yacht Harbor Marina
Appraisal firm staff
Undisclosed effective date
A property appraisal was conducted for the IGY American Yacht Harbor Marina, which involved several key assumptions.
IGY American Yacht Harbor Marina
Appraisal firm (irr.)
Locations (2)
| Location | Context |
|---|---|
|
The subject property of the appraisal, located in the Virgin Islands.
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The general location of the subject property and the government that owns the encroached-upon land.
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Relationships (2)
The parking garage of the marina slightly encroaches on land owned by the Government of the Virgin Islands.
Appraisal firm (irr.)
→
Client/Contractor
→
ownership (of IGY American Yacht Harbor Marina)
The appraisal firm was provided financial statements by the property's ownership to conduct the valuation.
Key Quotes (3)
"The parking garage at the subject slightly encroaches on the neighboring property to the immediate northwest. This land is owned by the Government of the Virgin Islands and we have assumed that no claim will arise from the encroachments."Source
HOUSE_OVERSIGHT_018812.jpg
Quote #1
"There were no signs of contamination during our inspection and we have assumed that there is no adverse environmental impact in connection with the existing fuel equipment used on the subject property."Source
HOUSE_OVERSIGHT_018812.jpg
Quote #2
"It is beyond our scope to value these assets in use; therefore, we have assumed that the book values of the personal property items shown in the statements provided by ownership are reasonably accurate for the purpose of this allocation exercise."Source
HOUSE_OVERSIGHT_018812.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,929 characters)
Summary of Salient Facts and Conclusions
2
Extraordinary Assumptions and Hypothetical Conditions
The value conclusions are subject to the following extraordinary assumptions that may affect the assignment results. An extraordinary assumption is uncertain information accepted as fact. If the assumption is found to be false as of the effective date of the appraisal, we reserve the right to modify our value conclusions.
1. The subject property has a fueling dock and four fuel storage tanks located on site; including three diesel and one gasoline. There were no signs of contamination during our inspection and we have assumed that there is no adverse environmental impact in connection with the existing fuel equipment used on the subject property.
2. The parking garage at the subject slightly encroaches on the neighboring property to the immediate northwest. This land is owned by the Government of the Virgin Islands and we have assumed that no claim will arise from the encroachments.
3. For this analysis, we have valued the going concern interest in the subject property and have allocated the value of the personal property from the value of the real property. We were provided with financial statements from ownership that indicates the depreciated book value of these assets. It is beyond our scope to value these assets in use; therefore, we have assumed that the book values of the personal property items shown in the statements provided by ownership are reasonably accurate for the purpose of this allocation exercise.
The value conclusions are based on the following hypothetical conditions that may affect the assignment results. A hypothetical condition is a condition contrary to known fact on the effective date of the appraisal but is supposed for the purpose of analysis.
1. No hypothetical conditions were employed in this analysis.
IGY American Yacht Harbor Marina
irr.
HOUSE_OVERSIGHT_018812
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