HOUSE_OVERSIGHT_018814.jpg
1.94 MB
Extraction Summary
0
People
4
Organizations
2
Locations
2
Events
2
Relationships
4
Quotes
Document Information
Type:
Property appraisal report
File Size:
1.94 MB
Summary
This document is page 4 of a property appraisal report for the IGY American Yacht Harbor Marina, dated December 15, 2015. It outlines the purpose of the appraisal, which was to determine the market value of the property's leased fee (going concern) interest as of November 25, 2015. The page also provides formal definitions for key real estate and business valuation terms, including 'Market value', 'Leased fee interest', 'Lease', and 'Going-Concern Premise', citing sources like the Code of Federal Regulations and the Appraisal Institute.
Organizations (4)
| Name | Type | Context |
|---|---|---|
| IGY American Yacht Harbor Marina |
Mentioned in the footer of the document, likely the subject of the appraisal.
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| irr |
A logo in the footer, likely the appraisal firm (Integra Realty Resources).
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|
| Appraisal Institute |
Cited as the publisher of a source text, 'The Dictionary of Real Estate Appraisal'.
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| HOUSE_OVERSIGHT |
Part of the document identifier 'HOUSE_OVERSIGHT_018814' in the footer, suggesting the document is from a U.S. House ...
|
Timeline (2 events)
December 15, 2015
The date of the appraisal report.
November 25, 2015
The effective date of the property appraisal for the market value of the leased fee interest in the property.
IGY American Yacht Harbor Marina
Locations (2)
| Location | Context |
|---|---|
|
The property being appraised.
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Location of the Appraisal Institute.
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Relationships (2)
owner
→
landlord-tenant
→
another party
The definition of 'Leased fee interest' describes the creation of a contractual landlord-tenant relationship.
buyer
→
transactional
→
seller
The 'Basis of Value' section defines the conditions for a fair sale between a buyer and a seller.
Key Quotes (4)
"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..."Source
HOUSE_OVERSIGHT_018814.jpg
Quote #1
"A freehold (ownership interest) where the possessory interest has been granted to another party by creation of a contractual landlord-tenant relationship (i.e., a lease)."Source
HOUSE_OVERSIGHT_018814.jpg
Quote #2
"A contract in which rights to use and occupy land or structures are transferred by the owner to another for a specified period of time in return for a specified rent."Source
HOUSE_OVERSIGHT_018814.jpg
Quote #3
"one of the premises under which the total assets of a business can be valued; the assumption that a company is expected to continue operating well into the future (usually indefinitely)."Source
HOUSE_OVERSIGHT_018814.jpg
Quote #4
Full Extracted Text
Complete text extracted from the document (2,573 characters)
General Information
4
4
Purpose of the Appraisal
The purpose of the appraisal is to develop an opinion of the market value of the leased fee (going concern) interest in the property as of the effective date of the appraisal, November 25, 2015. The date of the report is December 15, 2015. The appraisal is valid only as of the stated effective date or dates.
Basis of Value
Market value is defined as:
"The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
- Buyer and seller are typically motivated;
- Both parties are well informed or well advised, and acting in what they consider their own best interests;
- A reasonable time is allowed for exposure in the open market;
- Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
- The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale."
- Both parties are well informed or well advised, and acting in what they consider their own best interests;
- A reasonable time is allowed for exposure in the open market;
- Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
- The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale."
(Source: Code of Federal Regulations, Title 12, Chapter I, Part 34.42[g]; also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472)
Definition of Property Rights Appraised
Leased fee interest is defined as, "A freehold (ownership interest) where the possessory interest has been granted to another party by creation of a contractual landlord-tenant relationship (i.e., a lease)."
Lease is defined as, "A contract in which rights to use and occupy land or structures are transferred by the owner to another for a specified period of time in return for a specified rent."
(Source: The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, Chicago, Illinois, 2010)
Definition of Going-Concern Premise
Going-Concern Premise is defined as, "one of the premises under which the total assets of a business can be valued; the assumption that a company is expected to continue operating well into the future (usually indefinitely). Under the going-concern premise, the value of a business as a going concern is equal to the sum of the value of the tangible assets and the value of the intangible assets, which may
IGY American Yacht Harbor Marina
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HOUSE_OVERSIGHT_018814
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