Appraisal Map 15B, Parcel 14, Dimock Street, Northampton 03-2016
APPRAISAL REPORT
of
Map 15B, Parcel 14‐001
Dimock Street
Leeds (Northampton), Massachusetts
EFFECTIVE DATE
December 31, 2015
INSPECTION DATE
March 31, 2016
PREPARED FOR
Alice M. Steidler
PREPARED BY
Gary L. Aldrich, MA CGREA #75488
April 4, 2016
Alice M. Steidler
333 Old Mill Road #305
Santa Monica, CA 93110
RE: Map 15B, Parcel 14-001
Dimock Street
Leeds (Northampton), MA 01053
3.05-Acres
Dear Ms. Steidler:
I have prepared the attached Appraisal Report for the purpose of providing an opinion of the
“as is” Retrospective Fair Market Value of the fee simple interest for the property located along
Dimock Street in Leeds, a section of Northampton, Massachusetts, as of December 31, 2015.
According to the deed, the parcel contains approximately 3.05-acres of undevelopable woodlands
with roughly 149.49-feet of contiguous road frontage along Dimock Street and 245-feet of
frontage along Spring Street, both of which are paved city roads. The property is bisected by a
perennial stream, which runs between Dimock Street to Spring Street and places the subject parcel
just east of the Robert Hills Conservation Area. An inspection of the subject parcel was conducted
on March 31, 2016.
This Appraisal Report is based on site conditions that were evident at the time of the inspection
and assumed to be an accurate reflection as of the Effective Date. According to municipal zoning
maps the parcel is located in the SC-Special Conservatory Zoning District. It should be noted that
the City of Northampton is reporting the subject is 4.80-acres. Since a formal survey has not been
conducted, for the purposes of this Appraisal, the area reported in the deed will be utilized. The
parcel is currently owned by the City of Northampton.
The analysis and conclusions within the attached Appraisal Report are based on field research,
interviews with market participants and publicly available data collected by the appraiser. The
report has been prepared in accordance with the Uniform Standards of Professional Appraisal
Practices (USPAP) as adopted by the Appraisal Standards Board of the Appraisal Foundation
and the Department of the Treasury/Internal Revenue Service Real Property Valuation Guidelines.
Included is a summary description and analysis of the real estate. All pertinent data, valuation
methods and supporting, relevant exhibits are within the report.
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
This is an Appraisal Report, which is intended to comply with the reporting requirements set
forth under Standards Rule 2-2 (a) of the Uniform Standards of Professional Appraisal Practice
for an Appraisal Report. As such, it presents only summary discussions of the data, reasoning and
analysis that were used in the Appraisal Process in order to develop the appraisers’ opinion of
value. Supporting documentation concerning the data, reasoning and analyzes is retained in the
appraisers’ file. The depth of discussion contained in the report is specific to the needs of the client.
The appraiser is not responsible for unauthorized use of this report.
INTENDED USE OF THIS REPORT
This Appraisal is intended to assist the client, Alice M. Steidler (a/k/a Alyce Steidler), by offering
an opinion of the Retrospective Fair Market Value for non-cash charitable contribution purposes.
In the scope of this Appraisal, I researched the City of Northampton, as well as the surrounding
Market Area and was able to locate adequate comparable sales of vacant, undevelopable land
from which to develop the Sales Comparison Approach. Neither the Income Approach to
Value nor the Cost Approach to Value was considered because the property is vacant land. This
included an in-depth analysis of the Highest and Best Use for the subject.
It is my opinion that the “as is” Retrospective Fair Market Value of the fee simple interest for the
3.05-acres, as of December 31, 2015 is:
SIX THOUSAND DOLLARS
( $6,000 )
This opinion of value is subject to the Certification, Contingent and Limiting Conditions and
Restriction upon Disclosure contained in this report.
Respectfully submitted,
____________________________
Gary L. Aldrich
MA Certified General Real Estate Appraiser
License #75488 Exp. 05/14/2016
GLA/cvb
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
CERTIFICATION
I, Gary L. Aldrich certify that to the best of my knowledge and belief that:
The facts and data reported and used in the valuation process are true and correct;
The reported analyses, opinion and conclusions are limited only by the reported Assumptions
and Limiting Conditions and are my personal, unbiased professional analyses and conclusions;
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;
The value opinion found within was not based on a requested minimum valuation, a specific
valuation or the approval of a loan;
My compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result or the occurrence of a
subsequent event directly related to the intended use of this Appraisal;
My analyses, opinions and conclusions were developed and this report has been prepared in
accordance with the requirements of the Uniform Standards of Professional Appraisal Practices
(USPAP) as adopted by the Appraisal Standards Board of the Appraisal Foundation;
Appraiser, Gary L. Aldrich, personally inspected the property that is the subject of this report;
No one provided significant professional assistance to the person(s) signing this report;
I have not performed any services regarding the subject within the prior three-years, as an
appraiser or in any other capacity.
___________________________
Gary L. Aldrich
MA Certified General Real Estate Appraiser
License #75488 Exp. 05/14/2016
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
STATEMENT OF GENERAL AND LIMITING CONDITIONS
This report has been prepared under the following Assumptions and Limiting Conditions:
1. Information furnished by others is assumed to be true, factually correct and reliable. No effort
has been made to verify such information and no responsibility for its accuracy is assumed by the
appraiser. Should there be any material error in the Assumptions within this report the results of
this report are subject to review and revision.
2. All mortgages, liens and encumbrances (except lease documents) have been disregarded unless
so specified within this report. The subject property is analyzed as though under responsible
ownership and competent management. It is assumed in this analysis that there were no hidden
or apparent conditions at the property’s subsoil or structures, which would render it more or less
valuable. No responsibility is assumed for such conditions or for engineering, which may be
required to discover them. No responsibility is assumed for legal matters existing or pending nor
is opinion rendered as to title, which is assumed to be good.
3. It is assumed that there is full compliance with all applicable federal, state and local
environmental regulations and laws unless non-compliance is noted.
4. It is assumed that all applicable zoning and use regulations have been complied with, unless a
non-conformity has been stated, defined and considered in the analysis.
5. It is assumed that all licenses, consents or other legislative or administrative authorities from any
local, state or national government or private entity or organization have been or can be obtained
or renewed for any use on which the value estimate contained in this report is based on.
6. Possession of this report or a copy thereof does not carry with it the right of publication.
7. The appraisers assume that there is no hazardous waste contaminating the sub-soils. The
appraiser is not qualified to detect such substances on the site or to value the affects of such
substances on the value of the property.
8. Unless prior arrangements have been made, the appraisers, by reason of this report, are not
required to give further consultation or testimony or to be in attendance in court with reference to
the property that is the subject of this report.
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
9. The conclusions apply only to the property specifically identified and described herein.
10. The appraisers have made no legal survey nor have they commissioned one to be prepared.
Therefore, references to a sketch, plat, diagram or previous survey appearing in this report is
only for the purpose of assisting the reader to visualize the property.
11. The person signing this Appraisal is a fully qualified appraiser who has been involved in the
valuation and/or review of many similar properties. The education and experience in valuing and
reviewing similar properties satisfies the competency provision of USPAP. The qualifications of
the appraiser are in the Addenda section of this report.
12. Extraordinary Assumptions or Limiting Conditions are the following: This Appraisal
Report is based on the Assumption that the subject site was in similar condition on the Effective
Date (December 31, 2015) as observed on the Inspection Date (March 31, 2016).
___________________________
Gary L. Aldrich
MA Certified General Real Estate Appraiser
License #75488 Exp. 05/14/2016
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Assessors’ Map
IDENTIFICATION OF THE REAL ESTATE
The subject consists of a parcel of undevelopable land located in Leeds, a section of Northampton,
MA. The parcel is identified by the town assessors’ office as Map 15B, Parcel 14-001 and is
currently owned by the City of Northampton. It should be noted that the City of Northampton is
reporting the subject is 4.80-acres however, according to the deed the subject consists of
approximately 3.05-acres. Since a formal survey has not been conducted, for the purposes of this
Appraisal, the area reported in the deed will be utilized.
A legal reference is recorded in the Hampshire County Registry of Deeds in Book 11994, Page 99.
A copy of the deed is included in the Addenda section of this report.
REAL ESTATE TAXES
The subject has a FY2015 total assessment of $36,700. The FY 2015 tax rate is $15.80 per
thousand dollars of valuation. In addition, there is a Community Preservation Act (CPA) tax
assessed to all properties within the town. The rate is 3% of the tax based on the assessed value less
$100,000 for residential properties and the full assessment for commercial properties.
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
TRANSFER HISTORY
The subject parcel most recently transferred from Alice M. Steidler (a/k/a Alyce Steidler) to the
City of Northampton on July 7, 2015 for no consideration in lieu of tax title foreclosure by the City
of Northampton via Quitclaim Deed. This transaction is recorded in the Hampshire County
Registry of Deeds in Book 11994, Page 99.
PURPOSE AND INTENDED USE
The Purpose of the Appraisal Report is to offer an opinion of the “as is” Retrospective Fair
Market Value of the fee simple interest for the subject.
The Intended Use of the Appraisal Report is to provide an opinion of value that will assist the
client, Alice M. Steidler with non-cash charitable contribution purposes.
DEFINITION OF FEE SIMPLE ESTATE1
Absolute ownership unencumbered by any other interest or estate; subject only to the limitations
imposed by the governmental powers of taxation, eminent domain, police power, escheat.
EFFECTIVE DATE OF THE APPRAISAL
The Effective Date of this Appraisal Report is December 31st, 2015. An inspection was
completed on March 31st, 2016. General Assumptions and Limiting Conditions applicable to
this Appraisal Report are attached to this report.
EXPOSURE PERIOD AND MARKETING TIME
Exposure Time is the estimated length of time that the property interest being appraised would
have been offered on the market prior to the Hypothetical Consummation of a sale at Market Value
on the Effective Date of the Appraisal. Exposure Time is a retrospective opinion based on an
analysis of past events, assuming a competitive and open market.
An Exposure Time of six to nine-months is estimated for this property. This is based on the
Market Value opinions developed within this report and the properties being actively offered for
sale by a competent brokerage company familiar with this property type and the region.
Marketing Time is an opinion of the amount of time it might take to sell a real property interest at
the concluded Market Value level during the period immediately after the Effective Date of the
value opinion. Based on the market conditions as of December 31st, 2015, a Marketing Period of
six to nine-months is considered reasonable.
1 The Dictionary of Real Estate Appraisal, 5th edition, Appraisal Institute
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
DEFINITION OF FAIR MARKET VALUE2
Fair Market Value (FMV) is the price that a property would sell for on the open market. It is the
price that would be agreed on between a willing buyer and a willing seller, with neither being
required to act and both having reasonable knowledge of the relevant facts.
RETROSPECTIVE VALUE OPINION3
A value opinion effective as of a specified historical date. The term does not define a type of value.
Instead, it defines a value opinion as being effective at some specific prior date. Value as of a
historical date is frequently sought in connection with property tax appeals, damage models, lease
renegotiations, deficiency judgments, estate tax and condemnation. Inclusion of the type of value
with the term is appropriate, e.g. “Retrospective Market Value Opinion.”
DESCRIPTION OF THE APPRAISAL PROCESS
The scope of work is the type and extent of research and analysis conducted in an Appraisal
assignment. The scope of work includes, but is not limited to, the extent to which the property is
identified, the extent to which the property is inspected, the type and extent of data researched and
the type and extent of analysis applied to arrive at a credible opinion or consideration.
The appraiser has completed the following investigations and analysis to determine the relevant
characteristics of the general real estate market, the subject and the Market Value opinion.
Scope of the Assignment:
An inspection of the subject parcel on March 31st, 2016 by Gary L. Aldrich
A review of the zoning ordinances that governs the subject parcel
Gathered information on comparable land sales of similar properties in Northampton and
the surrounding Market Area as of the Effective Date of Appraisal
A review of the assessors’ map and legal description
The development of the Sales Comparison Approach in analyzing land sales to offer an
opinion of the “as is” value
Determined that the Cost Approach and Income Approach were not applicable in the
valuation of the subject parcel, due to the fact that the property is not amenable to either of
these two approaches
Determined the Highest and Best Use for the subject
Arrived at a conclusion relating to a Retrospective Fair Market Value opinion and the
writing of this report
2 Department of the Treasury/Internal Revenue Service, Publication 561 (Rev. April 2007)
3 The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
The information sources have included public records, city/town websites and commercial data
collection services. I have also consulted reports concerning real estate and general economic
conditions prepared by other professionals. I have spoken with other real estate professionals,
owners, tenants and/or managers of other properties in the area as part of the ongoing survey of the
market that is maintained for all appraisals. I have obtained some publicly available information
from area governments, including other cities, counties and the State of Massachusetts. Regional
and city data was also based in part on publicly available demographic information. Miscellaneous
data pertaining to the local real estate market was researched through the local media. Comparable
sales data was researched in the Franklin and Hampshire County Registry of Deeds, Banker and
Tradesman and MLSPIN, as well as from appraisals I have performed. A reasonable attempt was
made to confirm the comparable sales and market data with principals, representatives, informed
third parties and/or public records.
A drive-by of the comparables as well as other properties considered but not used was performed.
An inspection of the subject was made for the purpose of describing it and considering its value
relative to the comparable properties. This however is not to be construed as a formal building or
site inspection or survey. Throughout this Appraisal, nominal dollar and square foot figures are
used. All amounts and figures are believed and assumed to be accurate, but are to be considered as
the amount stated more or less, approximately or plus or minus, as appropriate, even when not
specifically expressed as such.
All information used in the preparation of this report is believed and assumed but not guaranteed,
to be fully and completely accurate. It is assumed that the data, statistics, estimates and opinions
furnished by others is correct. Sales comparable data is assumed to be reliable. In some cases I
have received data on sales from parties not directly involved in the transactions, but whom I
believe are reliable. However, buyers and sellers and others involved in real estate transactions will
often not discuss the pertinent facts with outside parties and when they do they do not always relate
complete or totally accurate information.
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
STATE ECONOMIC ANALYSIS SUMMARY
Mass economy slows but continues to outpace the nation in Q4,
UMass journal reports
Massachusetts real gross domestic
product grew at an annual rate of 1.3
percent in the fourth quarter of 2015
according to the MassBenchmarks
Current Economic Index, released today
by MassBenchmarks, the journal of the
Massachusetts economy published by
the UMass Donahue Institute in
collaboration with the Federal Reserve
Bank of Boston. In contrast, according
to the U.S. Department of Commerce,
national real gross domestic product
grew at an annual rate of 0.7 percent
during the same period.
The pace of the state’s economic growth moderated significantly in the third quarter following an
exceptionally strong second quarter. The rate of growth in the U.S. economy also slowed in the
third quarter. Much of the decline in the pace of growth was due to slower productivity growth
rather than a weakening in the fundamental underlying strength of the regional economy.
Although Massachusetts payroll employment fell by an estimated 7,100 jobs in September, the
state job market remains strong. Over the entire third quarter, the state's payroll employment
grew at a 2.2 percent annual rate, down from 3.0 percent in the second quarter. In contrast, U.S.
payroll employment grew at a 1.7 annual rate in the third quarter, the same pace as in the second
quarter.
The Massachusetts Leading Economic Index for December is 3.3 percent and the three-month
average for October through December is 4.3 percent. The leading index is a forecast of the
growth in the current index over the next six months, expressed at an annual rate. Thus, it
indicates that the economy is expected to grow at an annualized rate of 3.3 percent over the next
six months (through June 2016) if productivity were at long-term average rates.
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Recently revised data now reveal that in 2015 the state economy grew faster than the nation in all
four quarters. MassBenchmarks now estimates that the Massachusetts economy expanded at
annual rates of 3.1 percent in the first quarter, 5.7 percent in the second quarter and 2.5 percent in
the third quarter. The corresponding rates of growth for the nation according to the U.S. Bureau
of Economic Analysis were 0.6 percent in the first quarter, 3.9 percent in the second quarter and
2.1 percent in the third quarter.
In the fourth quarter of 2015, the Massachusetts economy continued its expansion, but some key
economic indicators are sending mixed signals. Job growth and spending were strong in the final
three months of the year. But the unemployment rate rose a tenth of a point during the fourth
quarter, even as it remained near pre-recession levels. However, wage and salary income
appeared to decline in the fourth quarter following robust growth in the third quarter.
Payroll employment expanded at a 1.8 percent annual rate in the fourth quarter, following a 2.4
percent rate of growth in the third quarter. Nationally, job growth was also strong, growing at an
annualized rate of 2.0 percent in the fourth quarter, up slightly from a 1.8 percent rate in the third
quarter. For the year as a whole, between December 2014 and December 2015, the number of
payroll jobs in Massachusetts increased by 2.1 percent while the number of jobs in the U.S.
increased by 1.9 percent. While these jobs figures are subject to revision when the annual
benchmark revisions are released in March, this represents the fastest job growth in
Massachusetts since the end of the 1990’s expansion in 2000.
The state’s headline unemployment rate — the U-3 measure — was 4.7 percent in December, up
slightly from 4.6 percent in September. During the same period, the U.S. unemployment rate
declined modestly, falling from 5.1 percent in September to 5.0 percent in December. Both rates
are close to pre-recession levels.
The broader U-6 measure of unemployment, however, which includes those who are working
part-time but want full-time work, remains significantly above pre-recession levels. The
Massachusetts U-6 unemployment rate in December was 9.8 percent while the U.S. rate in
December was 9.9 percent. Prior to the recession, the Massachusetts rate was as low as 7.1
percent (in August and September 2007) while the U.S. rate reached its pre-recession nadir of 8.0
percent in March 2007.
“In the fourth quarter, Massachusetts wage and salary income declined at a 6.9 percent annual
rate after expanding at a 7.5 percent rate in the third quarter,” noted Alan Clayton-Matthews,
MassBenchmarks Senior Contributing Editor and Associate Professor of Economics and Public
Policy at Northeastern University, who compiles and analyzes the Current and Leading Indexes.
“Part of this decline may be attributable to lower-than average bonus payments, as December is
the beginning of the bonus season and stock market returns for the year were much lower than in
recent years,” Clayton-Matthews added. “Wage and salary income in the fourth quarter was 2.6
percent higher than in the fourth quarter of last year so it is clear that the trend remains positive,”
he concluded. Nationally, wage and salary income is on track to record an annualized growth of
4.9 percent in the fourth quarter, following growth of 5.4 percent in the second quarter.
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Spending on items subject to the state regular sales tax and the motor vehicle sales tax both
rebounded strongly in the fourth quarter, expanding at a 9.5 percent annualized rate after
declining in the third quarter at a 3.2 percent rate. Year over year, this measure of spending
indicates a 5.7 percent rate of growth between the fourth quarter of 2014 and the same period in
2015, reflecting both strong job growth and high consumer confidence. The latest MassInsight
consumer confidence measure for Massachusetts was 121 in October, its highest level since
October 2000.
The MassBenchmarks Leading Economic Index suggests that the state economy will continue to
expand but will grow at a more restrained pace in the first half of 2016 than in the first half of
2015. The Leading Index is predicting a 2.4 percent annualized rate in the first quarter and a 2.2
percent rate in the second. Three factors account for this expectation of a more moderate pace of
growth. The first is the tightening labor market. As the number of unemployed workers continues
to decline and as more baby boomers retire, it is becoming more difficult for employers to find
the workers they need. This is reflected in historically low levels of initial unemployment claims,
a sign that employers are reacting to the tightening labor market by holding on to the workers
they have.
Another factor is expected slower global economic growth in 2016 as a result of slowing growth
in China and continued sluggishness in the European economy. A third is recent financial
turmoil in global markets in response to the weakness in the global economy and significant
declines in commodity prices, especially oil prices. The Bloomberg stock market index for
Massachusetts is down 12.7 percent year to date (through January 25th). Market volatility tends
to dampen business confidence and investment. Therefore a prolonged market downturn, should
it occur, can be expected to put downward pressure on consumer confidence and by extension
consumer spending in coming months. Bonuses in the state's financial industry could also be
negatively affected, which in turn could lead to lower than expected capital gains tax revenues,
which the Commonwealth relies upon to close what has become its annual budget gap and to
replenish its “rainy day fund”.
MassBenchmarks is published by the University of Massachusetts Donahue Institute in
cooperation with the Federal Reserve Bank of Boston. The Donahue Institute is the public
service, outreach and economic development unit of the University of Massachusetts Office of
the President. The Current and Leading Indexes are compiled and analyzed by Dr. Clayton-
Matthews, Associate Professor of Economics and Public Policy at Northeastern University and
released quarterly by MassBenchmarks.
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Area Analysis
Northampton is located in Hampshire County, in western Massachusetts. It is bordered to the east
by the Connecticut River and Hadley, the south by Easthampton, the west by Westhampton and the
north by Williamsburg and Hatfield. The city covers an area of 34.69 square miles. Northampton
was founded as a town in 1654 and was granted a city charter in 1883.
The cities elected officials who oversee its day to day operation are the mayor and the nine-
member city council. According to the 2010 United States Federal Census, the population of
Northampton was 28,549, a 2.1% decrease from the 2000 United States Federal Census figure of
28,978. This calculates to a density of 823 people per square mile.
According to information provided by the
Department of Housing and Community
Development, there are a total of 19,575
registered voters in Northampton, with
Democrats comprising (48.5%),
Republicans comprising (7.4%), other
parties (.02%) and unenrolled voters
comprising (43.9%) people.
Additional DHCD information puts the
total number of housing units at 12,405,
with 11,880 of the housing units occupied, which is a 95.8% occupancy rate. There are 508 state
subsidized housing units and 110 federally subsidized public housing units. In terms of rental
assistance, there are 41 state subsidized rental units and 128 federally subsidized rental units.
Of Northampton residents, approximately 77.5% work in Hampshire County and 57% work within
their own community. Approximately 4,110 people work in Northampton who commutes from
other towns. Williamsburg, Hatfield and Easthampton supply the highest proportion of commuting
workers. Of the counties within Western Massachusetts, Hampshire County has the lowest
unemployment rate.
The Pioneer Valley Planning Commission has been the designated regional planning body for the
Pioneer Valley region, which encompasses 43 cities and towns in the Hampden and Hampshire
county areas. PVPC is the primary agency responsible for increasing communication, cooperation
and coordination among all levels of government as well as the private business and civic sectors
in order to benefit the Pioneer Valley region and to improve its residents' quality of life.
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
The following table represents findings from the Pioneer Valley Planning Commission (PVPC)4
for the City of Northampton.
4 2014 Data
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
The city offers a variety of employment opportunities. According to the Division of Employment
and Training (DET), over the past year, the labor force in Northampton has ranged from a low of
15,813 to a high of 16,366 people. The non-seasonally adjusted unemployment rate in December
2015 was reported to be 3.3%, which was lower than the 3.6% rate in December of 2014. This rate
has been consistently lower than the state average, which was 4.6% in December 2015 and 4.9% in
December 2014. Below are the most recent thirteen-months of non-seasonally adjusted data:
Historically, the three major employment sectors in Northampton have been government agencies
at all levels, manufacturing jobs and trade jobs.
Northampton is serviced by a good highway system. Interstate Route 91, which runs north and
south, offers access in three locations within the city. Route 9 runs east and west, connecting
Northampton with other surrounding communities and employment centers. Northampton is a
member of the Pioneer Valley Transit Authority (PVTA), which provides fixed route service and
offers para-transit services to the elderly and disabled.
The school system is regarded as one of the best in the state. There are nine schools, with grades
ranging from kindergarten to grade-twelve of high school. Smith College, one of the oldest and
most prestigious women’s colleges in the country, is located in the heart of the city. Other colleges
located less than fifteen-miles away include the University of Massachusetts, Amherst College,
Hampshire College and Mount Holyoke College.
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
The city provides an attractive location for retail firms, business support services and restaurants.
The Hampshire County Courthouse not only brings people into the city, but its activities
necessitate the location of professional offices and services nearby.
Location Map5
Market Area
The subject is located in Leeds, a village of Northampton, which is just south of the
Northampton/Williamsburg line. The Market Area is approximately five-miles northwest of
downtown Northampton and consists mainly of single-family homes with some multi-family
residences and a limited commercial influence.
Leeds is located in the northwest corner of the city confines and it occupies approximately one and
a-half square miles. The village offers a scattering of commercial and industrial properties,
however there is no real commercial concentration or downtown area, as is the case with Florence,
(another village of Northampton). Chartpak, Inc. and Berkshire Electric Cable are the only two
industrial properties located in the village. Exposure to existing business is generally limited to
local traffic with the exception of the few commercial enterprises located directly along Route 9.
Leeds has its own post office and a different zip code than Northampton.
5 Courtesy of Google Maps
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Main Street runs along the east side of the Mill River and parallels Route 9, which is to the east.
The subject is nestled in an area of mainly single-family and multi-family homes with very few
commercial use properties in the immediate area.
To the south, along Route 9, is Look Park, a popular recreation area for both local residents and
visitors from other communities. Open all year, this is a public park with open areas and facilities
for active, passive and cultural recreation. The park has 157-acres of quiet wooded areas, ponds,
waterways and recreational facilities.
Also along Route 9 is the Veterans Administration Medical Center. This facility occupies 105-
acres on “Old Bear Hill”, has twenty-five permanent buildings and 6.25-miles of roads. The
medical center has 618-beds for medical and psychiatric treatment and an outpatient clinic building
of 23,000 square feet. Like many veterans service facilities this center has been struggling with
reduced federal funding and a continued threat of possible closure.
Northampton was settled in 1654, but since Leeds and Florence’s history’s are so intertwined with
that of its parent town, it’s difficult to pinpoint their exact beginnings. It was industry that put both
villages on the map. In the 1830’s, Leeds and Florence became a major silk manufacturing center,
an industry that was a mainstay of the area’s economy for 100-years. The machine twist process
developed by a local manufacturer, Samuel Hill, enabled the Nonotuck Silk Company to fuel a
worldwide demand created by the newly invented sewing machine.
Modern day Leeds and Florence have stayed true to their working class roots. Most of the major
industry has gone, but in its place are artisans and organizations that have located in Florence
because of its neighborhood feel and its proximity to downtown Northampton. In the early 1900’s
the old Florence Manufacturing Company, located along Pine Street, was transformed into the Arts
& Industry Building. One of the most successful examples of a rehabbed mill, the building
currently houses more than 160 people working in light industry, commercial and arts and crafts
operations. But businesses are tucked into buildings and homes all over Florence and Leeds. It’s an
industrial Renaissance of sorts that ensures the future of these thriving villages.
The immediate Market Area is stable and well established in terms of residential and commercial
uses. The site is located in the middle of an established residential area.
According to MLS Property Information System the average price and days on the market (DOM)
for land in Northampton for 2010 through December 2015 is as follows:
Year # of Land Sales Average Sale Price DOM
2010 9 $296,133 54
2011 8 $117,238 179
2012 12 $126,633 196
2013 6 $99,850 347
2014 14 $137,093 269
2015 6 $151,067 158
According to MLSPIN and The Warren Group statistics, there is a relatively stable demand from
year to year.
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
SITE DESCRIPTION
According to the deed, the parcel contains approximately 3.05-acres of undevelopable woodlands
with roughly 149.49-feet of contiguous road frontage along Dimock Street and 245-feet of
frontage along Spring Street, both of which are paved city roads. The property is bisected by a
perennial stream, which runs between Dimock Street to Spring Street and places the subject parcel
just east of the Robert Hills Conservation Area. An inspection of the subject parcel was conducted
by Gary L. Aldrich on March 31, 2016. This Appraisal Report is based on site conditions that
were evident at the time of the inspection and assumed to be an accurate reflection as of the
Effective Date. According to municipal zoning maps the parcel is located in the SC-Special
Conservatory Zoning District. It should be noted that the City of Northampton is reporting the
subject as 4.80-acres. Since a formal survey has not been conducted, for the purposes of this
Appraisal the area reported in the deed will be utilized. The property is currently owned by the
City of Northampton.
Dimock Street and Spring Street are both publicly maintained, paved city roads. The subject
parcel is mainly wooded with rolling terrain and as noted above, a perennial stream runs through
the center from Dimock Street to Spring Street.
Services available at the street include city water, city sewer, electric, natural gas, cable
television and broadband internet.
According to the deed as of the Effective Date, there are no adverse easements of record. There
is an easement recorded within the deed granted to Northampton Electric Lighting Company,
Inc.
Based on the site inspection and a review of the city’s zoning regulations the site is best utilized
as vacant recreational land with no development potential.
The site is bordered by residential single family properties and conservation land.
It is unknown whether or not an environmental study has been performed on the site. This
Appraisal Report and the value opinion contained herein assumes no potential liability resulting
from any soil contamination due to the storage of hazardous waste materials and/or chemical spills
or possible contaminants that may have occurred on this site over the years.
No evidence of contamination or hazardous materials used in the construction or maintenance of
any improvements was observed on the date of inspection. The appraiser however is not qualified
to detect such substances, including the existence of urea-formaldehyde, radon gas, foam
insulation, asbestos or other potentially hazardous waste materials that may have an effect on the
value of the site. I urge the client to retain an expert in this field, if desired.
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
According to the Flood Insurance Rate Map, the subject is located in Zone C, Map 250167-0001-
A, which is not considered a flood prone area.
Flood Insurance Rate Map
Page | 21
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
SUBJECT PHOTOGRAPHS
Dimock Street frontage Spring Street frontage
Dimock Street looking south Spring Street looking north
Page | 22
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
FACTORS AFFECTING THE USE OF THE PROPERTY
Three types of factors affect the development of raw land, i.e. Physical, Legal and Economic.
Physical Characteristics include wetlands, the drainage classification, structure of the soils and
topography. If city water and/or sewer are available, poor soil conditions or difficult topography is
less of an impediment to potential development.
It is equally important to understand the Legal and Economic constraints imposed by state and
municipal regulations and the influences of the local real estate market. Zoning, subdivision
regulations, building permits and residential lot transfers are important guidelines for determining
the Highest and Best Use for this type of property and also for gauging supply and demand.
Zoning and Subdivision Regulations
The parcel is located in the SC-Special Conservatory Zoning District, which does not allow for
any new development.
Dimension Requirements
Existing Residential with public water:
Min. Lot Size 8,000 sf (with public sewer);
80,000 sf (with private water/sewer)
Min. Frontage 75-feet
Min. Front Yard 10-feet
Min. Side 15-feet
Min. Rear 20-feet
Max. Building Height 35-feet
Max. Lot Coverage 50%
New Use:
Min. Lot Size 40 acres
Min. Frontage 175-feet
Min. Front Yard 40-feet
Min. Side 50-feet
Min. Rear 80-feet
Min. Depth 200-feet
Max. Lot Coverage 1%
The subject site conforms to the dimensional and use requirements of the zoning district as
recreational land.
Board of Health Regulations
The board of health follows the Massachusetts State Sanitary Code, Title V for septic systems. The
Title V regulations in affect as of March of 1995, requires greater distances between wells and
septic systems and requires larger leach fields. The subject area is serviced by public water and
sewer.
Page | 23
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Wetland Regulations
The local conservation commission enforces the Massachusetts Wetlands Protection Act that
regulates all construction activity within 100-feet of wetlands, streams and water bodies. Permits
must be obtained for all activities including well drilling, excavations and driveways before
construction can take place.
The wetlands district shall consist of land defined as wetlands by the provisions of the
Massachusetts Wetlands Protection Act, M.G.L. Chapter 131, Section 40.
The purpose of this district is to protect the wetlands for the City of Northampton by controlling
activities deemed to have a significant effect on wetland values. For work proposed to take place in
the wetlands district a site plan review must be obtained in the following manner: a submission to
the planning board for a determination of non applicability for the Massachusetts Wetlands
Protections Act issued by the conservation commission or an order of conditions covering the work
proposed as issued by the conservation commission. Anyone intending to fill, dredge, grade, drain
or otherwise alter land within the wetland district must obtain a permit from the building
commissioner.
Wetland areas were observed on the parcel with an active perennial stream running through the
middle of the parcel from east to west.
Massachusetts Rivers Protection Act
The Rivers Protection Act, Chapter 258 was enacted in 1996. The law creates a 200-foot buffer
that extends on both sides of rivers and streams. The law does not create a new permitting process,
but acts on the strength of the existing procedures under the Wetlands Protection Act.
As noted previously, a perennial stream bisects the subject parcel from west to east, which would
hinder the development potential of the parcel.
Page | 24
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Soil Conditions and Topography
Soils and topography affects the adaptability of a property to be developed. The inspection of the
subject site revealed that both soil and topography restraints would likely have a negative impact
on the development potential for residential use. The topography of the site is severely sloping with
significant elevation changes. The majority of the site falls within the following soil classification.
Soil Map of Approximate Site Area
Page | 25
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Page | 26
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Walpole Sandy Loam, 0–3 percent slope makes up the majority of the site. This soil has the
following components:
Supply and Demand
As described in the Market Analysis, there appears to be a moderate demand for single-family
development within Northampton at the present time. However, given that the subject parcel does
not meet current zoning requirements for development, the subject is best utilized as vacant
recreational land.
Page | 27
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
HIGHEST AND BEST USE
Real estate is valued in terms of the Highest and Best Use. The Highest and Best Use of the land
or site, “if vacant” and available for use, may be different from the Highest and Best Use of the
improved property. This will be true when the improvement is not an appropriate use and yet
makes a contribution to total property values in excess of the value of the site.
Highest and Best Use may be defined as that reasonable and probable use that will support the
highest present value as of the date of the Appraisal. Alternatively, it is the most profitable, likely
use to which a property may be put; it may be measured in terms of the present worth of the
highest net return that the property may be expected to produce over a stipulated long-range period
of time.
The Highest and Best Use is that use from among one or more proposed uses that has been found
to be legally permissible, physically possible, appropriately supported and financially feasible that
is expected to generate the highest rate of net return over a given income forecast period, at the
time the decision is made.
The appraiser must estimate the highest, best and most probable use for the property with its
existing improvements unless cessation of uses and/or demolition of existing improvements appear
necessary.
Although the public sector establishes the pool of possible uses, the imperfect market determines
the feasible uses, the probable uses and actual use. The market in terms of supply and demand also
influences which specific use or typical uses would be most needed in the market analyzed.
The Highest and Best Use of the property both “as vacant” land and “as improved” must meet
criteria that are identified and described as follows:
Physically Possible
This reflects those uses for which the subject site is physically suited. Factors such as size, shape,
terrain, availability of public utilities and soil conditions are relevant in determining the Highest
and Best Use for land “as though vacant”, since they affect its physical utility and adaptability.
For improved properties, physical characteristics such as size, design and condition of the
improvements are also analyzed.
Legally Permissible
This concerns those uses that are physically possible and permitted on the site. Legal permission
depends on public and private restrictions, zoning, building codes, environmental regulations and
any other governmental law and/or regulations that pertain to the property.
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Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Financially Feasible
This relates to an examination of alternative uses that are physically possible and legally
permissible in order to determine which will produce an income or return equal to or greater than
the amount needed to satisfy operating expenses, financial obligations and capitalization
amortization. All alternative uses anticipated to produce a positive return are regarded as
financially feasible.
Maximally Productive
Among financially feasible uses, the use that produces the highest price or value consistent with
the rate of return warranted by the market is the maximally productive use.
Subject Property “As Vacant”
The subject is 3.05-acres of undevelopable land that is accessed via frontage along Dimock Street
and Spring Street in the SC-Special Conservatory Zoning District. This district does not allow for
any new development.
That being said, I am of the opinion that the subject’s Highest and Best Use is as vacant
recreational land.
Page | 29
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
METHODS OF APPROACH TO VALUE
Cost Approach to Value
In the Cost Approach to Value estimation, the purchaser/investor is assumed to consider
producing through new construction a substitute, competing property with the same utility as the
property being appraised. To estimate the present worth of the improvements, it is necessary to
identify the size, condition, effective age and the estimate of Accrued Depreciation. The
estimated site value is then added to the Depreciated Value of the improvements in order to yield
an overall value for the subject.
Sales Comparison Approach
The Sales Comparison Approach to real property valuation is based on the premise that the
informed, prudent and rational purchaser will pay no more for a property than the cost of acquiring
a similar, competitive property with the same utility as of the valuation date. This approach is
predicated on the assumption that there is, in fact, an active market for the type of property being
appraised. This approach involves selecting a number of sales of similar properties that have
recently transferred on the local market. These are then adjusted to provide indications of the most
probable selling price for the subject under specified market conditions.
Income Approach to Value
In the Income Approach to Value, the purchaser/investor assumes that the property will generate
a net income in order to support their investment and to provide them with at least a competitive
rate of return on that investment over the projected investment holding period. The emphasis in
valuing those future income receipts rests in the Capitalization Process. The value of income
property is the present worth of the anticipated future net income receipts forecasted to be
produced by the property over at specified period of time. The Capitalization Technique is
generally a fundamental measurement of income property value.
Page | 30
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
VALUATION OF THE SUBJECT
I have considered all three approaches to value and one of the three will be used in this Appraisal
Report.
The Cost Approach to Value is a meaningful method of analysis when appraising vacant land
with proposed new construction. This approach is typically used to test the feasibility of a property
that is relatively free of Accrued Depreciation or to test the reliability of a developer’s
construction cost estimates. Because cost and Market Value are usually closely related when
properties are new, the Cost Approach is a valid and highly reliable approach. This approach is
not valid for the subject because it is vacant land.
The Sales Comparison Approach will be used because there are adequate sales of properties
similar to the subject that required sufficiently few adjustments in order to yield a defensible and
convincing indication of Market Value. This method of valuation is considered to be highly
relevant, when applicable, as it best reflects the actions of the buyers and sellers who constitute the
market for properties such as the subject.
The Income Approach to Value will not be used in this report because this type of property
(vacant land) is not typically rented on the open market. This approach results in an indicated value
for the property by determining and then applying a Capitalization Rate to the projected Net
Operating Income for the subject.
Page | 31
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
THE SALES COMPARISON APPROACH TO VALUE
The Sales Comparison Approach to Value is based on the premise that the informed, prudent
and rational purchaser will pay no more for a property than the cost of acquiring a similar,
competitive property with the same utility as of the valuation date. This approach is predicated on
the assumption that there is, in fact, an active market for the type of property being appraised. This
approach involves selecting a number of sales of similar properties that have recently transferred
on the local market. These sales are then adjusted to provide indications of the most probable
selling price for the subject, under specified market conditions.
As mentioned earlier, I have determined a likely buyer would consider this land as non-
developable vacant recreational land
I have conducted a thorough investigation of the real estate market for similar land sales in
Northampton and competing Market Areas in order to identify transactions of properties offering
similar physical characteristics to those of the subject.
I have identified the following sales for analysis in this report.
# Location Sale Date Sale Price Size $/Acre
1. Off Amherst Road, Pelham 09/06/2013 $5,500 4.71-acres $1,168
2. Chestnut Mountain Road, Hatfield 06/27/2014 $42,380 20.13-acres $2,105
3. Off Batchelor Street, Granby 06/12/2015 $12,000 10-acres $1,200
4. Off Chmura Road, Hadley 06/29/2015 $4,500 3.75-acres $1,200
5. Off Bay Road, Amherst 06/29/2015 $70,000 20.00-acres $3,500
6. Shaw Road, Westhampton 07/20/2015 $275,000 142.41-acres $1,931
Page | 32
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Comparable Sale #1 is located off Amherst Road, Pelham, MA. This property is comprised of
4.71-acres of land with access via a right-of-way over an abutting property. The location of the
site and its limited access precludes the possibility for development. The parcel is located in the
Residential Zoning District and is currently being used for hiking and recreational use.
The parcel was purchased by The Kestrel Land Trust from Judson W. Spalding, Mark J. Spalding,
Linda Wolfe, Warren Spalding and Violet Savage for $5,500 consideration on September 6, 2013
via Quitclaim Deed. This transaction is recorded in the Hampshire County Registry of Deeds in
Book 11454, Page 89. The prior sale occurred more than three-years ago.
Page | 33
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Comparable Sale #2 is located along Chestnut Mountain Road, Hatfield, MA. Map 208,
Parcel 8 consists of 20.13-acres of unimproved land with approximately 720-feet of frontage along
the easterly side of Chestnut Mountain Road in Hatfield, MA. The parcel is wooded and elevated
with a moderate slope up from west to east. With some clearing the site offers distant views to the
east. Chestnut Mountain Road is a non-maintained public road that is little more than a logging
road that runs north off of Rocks Road. The closest access to electrical power is to a house lot
located to the south side of Rocks Road, which runs underground. There is no electric power
running along Chestnut Mountain Road and no other public utilities available to the parcel.
Based on the site inspection, a review of the town’s zoning regulations and discussions with the
superintendent of public works and the chairman of the planning department, there appears to be
very limited development potential even though the parcel exceeds the minimum frontage and
size requirements of the zoning district.
The property was purchased by The Kestrel Land Trust from Ellen P. White for $42,380
consideration on June 27, 2014 via Quitclaim Deed. This transaction is recorded in the Hampshire
County Registry of Deeds in Book 11678, Page 329. The prior sale occurred more than three-years
ago.
Page | 34
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Comparable Sale #3 is located off the northerly side of Batchelor Street, Granby, MA. This is
a 10-acre parcel of land with no public road access. This recreational parcel is wooded with a
moderate slope. The parcel is referenced as assessors’ Map 13, Lot 34. There is no indication in the
deed that there is any right-of-way access, therefore it is perceived to be landlocked.
The parcel was purchased by The Kestrel Land Trust from John Rodman Besse, Jr. for $12,000
consideration on June 12, 2015 via Quitclaim Deed. This transaction is recorded in the Hampshire
County Registry of Deeds in Book 11968, Page 174. The prior sale occurred more than three-years
ago.
Page | 35
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Comparable Sale #4 is located off the southerly side of Chmura Road, Hadley, MA. This
3.75-acre parcel is located along the northern border of South Hadley and the Mount Holyoke
Range. This elevated parcel is heavily wooded. This long and narrow parcel is surrounded by other
Conservation Restricted land with no recorded access. Its primary use is for hiking and other
passive recreational uses.
The property was purchased by The Kestrel Land Trust from Stanley M. Niedziela for the Estate of
Helen Niedziela for $4,500 consideration on June 29, 2015 via Quitclaim Deed. This transaction is
recorded in the Hampshire County Registry of Deeds in Book 11985, Page 203. The prior sale
occurred more than three-years ago.
Page | 36
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Comparable Sale #5 is located off Bay Road, Amherst, MA. This 20-acre parcel of wooded
land of various slopes has no public road frontage and is accessed via walking trials from adjacent
properties that are used for passive recreation. An easement for Western Mass Electric Company
runs along the eastern property line.
The property was purchased by The Kestrel Land Trust from Lisa B. Epstein and Martha L.
Epstein for $70,000 consideration on June 29, 2015 via Quitclaim Deed. This transaction is
recorded in the Hampshire County Registry of Deeds in Book 11985, Page 173. The prior sale
occurred more than three-years ago.
Page | 37
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Comparable Sale #6 is located along Shaw Road, Westhampton, MA. This parcel is located
west and north of Shaw Road, which is a dead end gravel road. According to the seller, the
property was purchased by an abutter for recreational use. The 142.41-acre parcel has frontage
along Shaw Road and Chesterfield Road but offers limited access due to the location of Roberts
Meadow Brook. The wooded parcel slopes up, heading north. No percolation tests were conducted
prior to the sale.
The parcel was purchased by Pandora C J Redwin and Melissa A P Redwin from Dennis R. and
Arlene T. Nolan for $275,000 consideration on July 20, 2015 via Quitclaim Deed. This transaction
is recorded in the Hampshire County Registry of Deeds in Book 12009, Page 4. The prior sale
occurred more than three-years ago.
Page | 38
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
All of the comparable sales have a bearing on the subject site in one way or another. They are
fairly recent sales requiring no market adjustment. Terms of the sale were all arms length
transactions with no special or unusual financing arrangements. However, there are some
differences, which I adjusted for as follows:
The land sales presented above range in price per acre from $1,168 to $3,500. The unadjusted
weighted average price per acre is $2,036 and the unadjusted median price per acre is $1,658.
ADJUSTMENT GRID
Subject #1 $/AC #2 $/AC #3 $/AC #4 $/AC #5 $/AC #6 $/AC
$1,168 $2,105 $1,200 $1,200 $3,500 $1,931
Location Similar -0- Similar -0- Similar -0- Similar -0- Similar -0- Similar -0-
Utilities Similar -0- Similar -0- Similar -0- Similar -0- Similar -0- Similar -0-
Amenities Similar -0- Similar -0- Similar -0- Similar -0- Similar -0- Similar -0-
Access Inferior +5% Similar -0- Inferior +25% Inferior +25% Similar -0- Similar -0-
Net Adj. +5% -0- +25% +25% -0- -0-
Adj. SP $1,226 $2,105 $1,500 $1,500 $3,500 $1,931
The adjusted sale prices for the six comparable properties range from $1,226.00 to $3,500.00 per
acre. The adjusted average sale price per acre is $1,960.00 and the median is $1,715.00.
Given all of the above factors it is my opinion that the land value on a per acre basis is within the
mid-range of the adjusted average of the comparable sales with less weight given to sales #3 and
#4 due to inferior access.
Therefore, after analyzing the above data it is my opinion that the Market Value via the Sales
Comparison Approach for the 3.05-acres is $2,000 per acre. The calculation is as follows:
3.05-acres @ $2,000/acre = $6,100
Rounded to: $6,000
INDICATED VALUE VIA THE SALES COMPARISON APPROACH
SIX THOUSAND DOLLARS
( $6,000 )
Page | 39
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
RECONCILITON AND FINAL VALUE OF OPINION
INDICATED VALUE VIA THE SALES COMPARISON APPROACH
SIX THOUSAND DOLLARS
( $6,000 )
The valuation of the subject based on this Highest and Best Use Premise was accomplished with
the use of the Sales Comparison Approach.
I have considered the quality of the data used and the perceived strengths and weaknesses of the
different approaches to value. I have weighed the degree of emphasis to be accorded each.
The Sales Comparison Approach was used because I was able to locate a sufficient number of
comparable sale properties that required sufficiently few adjustments in order to yield a defensible
and convincing indication of Market Value. This method of valuation is highly relevant, when
applicable, as it best reflects the actions of the buyers and sellers who constitute the market.
It is my opinion that the “as is” Retrospective Fair Market Value of the fee simple interest for the
3.05-acres as of December 31, 2015 is:
SIX THOUSAND DOLLARS
( $6,000 )
This opinion of value is subject to the Certification, Contingent and Limiting Conditions and
Restriction upon Disclosure contained in this report.
Page | 40
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
ADDENDA
Page | 41
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
COMPARABLE SALES MAP
Page | 42
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
DEED
Page | 43
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
DEED
Page | 44
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
DEED
Page | 45
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
DEED
Page | 46
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
DEED
Page | 47
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
NONCASH CHARITABLE CONTRIBUTIONS
Page | 49
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
NONCASH CHARITABLE CONTRIBUTIONS
Page | 50
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
QUALIFICATIONS OF THE APPRAISER
GARY L. ALDRICH
Education:
Bachelor of Science (1996) Westfield State College, Westfield, MA
Major: Business Management Minor: Commercial Recreation & Tourism
Appraisal Courses:
USPAP Update 2016-2017 12/2015 MBREA
Book of Adjustments 04/2015 MBREA
USPAP Update 2014-2015 12/2013 MBREA
Valuation of Conservation Easements 11/2013 Appraisal Institute
And Taxes
Supervising Beginning Appraisers 10/2013 JMB Acad.
Residential Appraisal Review 09/2013 MBREA
Environmental Awareness 04/2013 Calypso
for Appraisers: Environmental Hazards
USPAP Update 2012-2013 02/2012 MBREA
USPAP Update 2010-2011 04/2011 MBREA
Advanced Income Property Appraising 11/2009 JMB Acad.
General Sales Comparison 10/2009 MBREA
General Market Analysis and 05/2009 MBREA
Highest and Best Use
General Report Writing 05/2009 MBREA
USPAP Update Version 2008 04/2009 MBREA
Fannie Mae Form 1004MC Seminar 01/2009 MBREA
Appraisers New England Expo. – 12/2008 MBREA
Commercial Program
General Appraiser Income Approach I 11/2008 MBREA
General Site Valuation and Cost Appr. 10/2008 MBREA
USPAP Update Version 2006 06/2007 MBERA
USPAP Update Version 2005 06/2006 MBREA
Appraising Complex Residential Properties 05/2004 MBREA
Practical Residential Appraising 05/2004 MBREA
Appraising Single Family Residence 05/2003 MBREA
Uniform Standards of Appraisal Practice 05/2003 MBREA
Real Estate Appraisal Basics 04/2003 MBREA
Page | 51
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Business Experience:
FSI Appraisal Company, Inc., Northampton, MA, President November 2012 – Current
Aldrich Appraisals, Agawam, MA, Owner/Founder June 2008 – Current
Contract Appraiser for various local and regional Appraisal Firms 2003-2008
Area Remarketing Mgr, Enterprise Rent-A-Car, Windsor Locks, CT 1996-2003
Organizations and Affiliations:
Massachusetts Certified General Real Estate Appraiser
MA License #75488, Expiration Date 05/14/2016
Massachusetts Board of Real Estate Appraisers (MBREA) – Associate Member
MLS Property Information Network, Inc.
Northampton Chamber of Commerce
PARTIAL LIST OF CLIENTS
Banks and Financial Institutions:
Bank of America Berkshire Bank
BankNorth Mortgage Chicopee Savings Bank
Citizens Bank Florence Savings Bank
FNMA-Federal National Mortgage Association Greenfield Co-Operative Bank
Family First Bank Greenfield Savings Bank
Hampden Bank Monson Savings Bank
Alden Credit Union Albank
Northampton Co-Operative Bank Peoples Bank
Sovereign Bank Southbridge Savings Bank
U/Mass Five College Credit Union United Bank
W. Mass Telephone Workers Credit Union Citi Mortgage
Mass Mutual Credit Union People’s United Bank
First American Title North Brookfield Savings Bank
Option One Mortgage Corporation TD Bank
Community Economic Development
Assistance Corp. (CEDAC)
Page | 52
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Companies and Institutions:
College of our Lady of the Elms Almer Huntley, Jr. & Associates, Inc
Berkshire Gas Company Colebrook Realty Services, Inc.
Echo Village Corporation Hampshire Property Management Group
Kollmorgan Corporation Merrill Lynch Relocation
US Small Business Associations Fidelity Valuation Services
Northampton Manufacturing PHH Homequity
Pro-Tech Services Ltd. Prudential Relocation
Sterling Mortgage Corp. Smith College
University of Massachusetts Travelers Relocation Co
U.S. Trust/Essex Valley Design & Development Corp.
Zee Enterprises Easthampton Dye Works, Inc.
Wright Builders Oasis Development Enterprises, Inc.
Trident Realty U.S. Appraisal, Inc.
Lloyd’s of London Kestrel Land Trust
Massachusetts Housing Partnership Fund University of Massachusetts-Amherst
Amherst College Hampshire College
Nonotuck Land Fund The Trust for Public Land
Six Flags New England W.D. Cowls
Valley CDC ServiceNet
WD Schock Company, Inc.
Lawyers and Legal:
Various Attorneys throughout Massachusetts
Page | 53
Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016
Municipalities and Government Agencies:
Town of Amherst - Conservation Commission/ Department of Public Works
Town of Belchertown - Highway Department and Conservation Commission
Town of Chester – Town Administrator
City of Easthampton – Mayor’s Office and Planning Office
Town of Granby – Town Administrator
Town of Hatfield – Selectperson’s Office
Town of Longmeadow – Conservation Commission
Town of Monson – Conservation Commission
Town of Hadley – Town Administrator
City of Northampton - Planning Department/Department of Public Works
Massachusetts Department of Environmental Management
Town of Palmer - Planning Department
Town of South Hadley - Water Commissioners
Town of Southampton - Conservation Commission/Town Administrator
Town of Sunderland – Selectperson’s Office
Town of Whately - Recreation Department
Town of Williamsburg – Selectperson’s Office
Deerfield Economic Development and Industrial Corporation
U.S. Army Corp of Engineers
U.S. Fisheries and Wildlife
Franklin Regional Transit Authority
Greenfield Redevelopment Authority
Westover Metropolitan Development Corp.
Whately Housing Committee