APPRAISAL-Wilbur Purchase-fomer Map 18-001 Boggy Meadow Road- S 06-2020
APPRAISAL REPORT
of
Map 18, Parcel 001
Boggy Meadow Road
Northampton, Massachusetts
EFFECTIVE DATE
June 25, 2020
PREPARED FOR
City of Northampton
PREPARED BY
Stephen A. Brunelle, MA CGREA #233
Gary L. Aldrich, MA CGREA #75488
July 1, 2020
Wayne Feiden
Director Planning & Sustainability
City of Northampton
210 Main Street, City Hall
Northampton, MA 01060
RE: Map 18, Parcel 001
Boggy Meadow Road
Northampton, MA 01060
(53.3-Acres of Vacant Land)
Dear Mr. Feiden:
We have prepared the attached Appraisal Report for the purpose of providing an opinion of the
Fair Market Value of the fee simple interest for the property located along Boggy Meadow Road
in Northampton, Massachusetts. The property was most recently inspected on June 25, 2020,
which will serve as the Effective Date of the Appraisal.
According to the deed, the parcel contains approximately 53.3-acres of unimproved woodlands
located along Boggy Meadow Road (not a legal street). The parcel does not offer street frontage
but has legal access both from Cooke Avenue (by way of Boggy Meadow) and Bridge Road to the
south via a right-of way. However, according to the City Planning Department, the lack of public
road access does not preclude the development of the site for single-family residential use or
municipal use. In the past, the property has been used for agricultural purposes, which included
commercial tree farming and commercial logging.
This Appraisal Report is based on site conditions that were evident at the time of inspection and
are assumed to be an accurate reflection as of the Effective Date. According to municipal zoning
maps the parcel is located in the Rural Residential (RR) Zoning District. The easement agreement
is recorded in the Hampshire County Registry of Deeds in Book 6870, Page 169. The parcel is
currently owned by David Williams Wilbur, Carol Ann Menke, Bruce Alan Wilbur and Jody
Elizabeth Kinner.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
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 appraisers. 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 Commonwealth of Massachusetts Executive Office of Energy & Environmental Affairs
(EOEEA), Department of Environmental Protection Grant Program. Included is a summary
description and analysis of the real estate. All pertinent data, valuation methods and supporting,
relevant exhibits are within the report.
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 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 appraisers are not responsible for unauthorized use of this report.
INTENDED USE OF THIS REPORT
This Appraisal is intended to assist the client, City of Northampton, by offering an opinion of the
Fair Market Value for possible purchase purposes.
In the scope of this Appraisal, we researched the City of Northampton, as well as the surrounding
Market Areas and were able to locate adequate comparable sales of vacant, unimproved 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.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
It is our opinion that the Fair Market Value of the fee simple interest for the 53.3-acres, as of June
25, 2020 is:
ONE HUNDRED FIFTY THOUSAND DOLLARS
( $150,000 )
This opinion of value is subject to the Certification, Contingent and Limiting Conditions and
Restriction upon Disclosure contained in this report.
Respectfully submitted,
____________________________
Stephen A. Brunelle
MA Certified General Real Estate Appraiser
License #233, Exp. 10/20/2021
____________________________
Gary L. Aldrich
MA Certified General Real Estate Appraiser
License #75488 Exp. 05/14/2022
SAB/GLA/cvb
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
EXECUTIVE SUMMARY
OWNER(S): David Williams Wilbur, Carol Ann Menke,
Bruce Alan Wilbur and Jody Elizabeth Kinner
PROPERTY LOCATION: Boggy Meadow Road, Northampton, MA
TITLE REFERENCE: Hampshire County Registry of Deeds
Parcel Id. Location Owners Date Legal Reference
18-001 Boggy Meadow Rd David Williams Wilbur,
Carol Ann Menke, Bruce
Alan Wilbur
Jody Elizabeth Kinner
12/28/1998 Book 4608, Page 39
PROPERTY RIGHTS APPRAISED: Fee Simple Interest
DATE OF VALUATION: June 25, 2020
SITE AREA: 53.3-acres
FRONTAGE: The parcel has legal access both from Cooke Avenue
(by way of Boggy Meadow) and Bridge Road to the
south via a right-of way but does not offer any street
frontage
HAZARDOUS WASTE: None Assumed
ZONING: The parcel is located in the Rural Residential (RR)
Zoning District
FLOOD ZONE: Zone C, Map 250167-0002-A, dated June 1, 1981
IMPROVEMENTS: None
CURRENT USE: Passive Recreation/Agriculture
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
HIGHEST AND BEST USE
AS IF VACANT: Residential development
ASSESSORS’ REFERENCE: Map 18, Parcel 001
ASSESSED VALUE (FY 2020):
Parcel Id. Location Use Assessed Tax Rate Tax Liability
18-001 Boggy Meadow Road Passive Recreation $7,800 $16.80 $131.04
OPINION OF
FAIR MARKET VALUE: $150,000
ESTIMATE OF MARKETING
TIME: Twelve-months
APPRAISER: Stephen A. Brunelle
MA Certified General Appraiser
License #233, Expires 10/20/2021
APPRAISER: Gary L. Aldrich
MA Certified General Appraiser
License #75488, Expires 05/14/2022
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Owner(s): David Williams Wilbur, Carol Ann Menke, Bruce Alan Wilbur,
and Jody Elizabeth Kinner
Address/Location of Property: Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA
CERTIFICATE OF VALUE
I, Gary L. Aldrich HEREBY CERTIFY THE FOLLOWING: THAT ON June 25, 2020, I
PERSONALLY MADE A FIELD INSPECTION OF THE PROPERTY HEREIN APPRAISED;
THE OWNERS AND THE CLIENTS WERE PROVIDED AN OPPORTUNITY TO ACCOMPANY
THE APPRAISER. JODY KINNER (OWNER) ACCOMPANIED THE APPRAISER.
That, to the best of my knowledge and belief, the statements contained in the Appraisal here set
forth are true and the information upon which the opinions expressed herein are based, is
correct, subject to the Limiting Conditions therein set forth;
That, I understand that such an Appraisal may be used in connection with the acquisition of the
subject property by the City of Northampton, Massachusetts;
That such Appraisal has been made in conformity with the appropriate state laws, regulations,
policies, specifications and procedures;
That, neither my employment nor my compensation for making this Appraisal Report is in any
way contingent upon the values reported herein;
That, I have no direct or indirect, present or contemplated future personal interest in said
properties or in any benefit from the acquisition of said properties appraised; and
That, I have not revealed the findings and results of said Appraisal to anyone other than the
proper officials of The City of Northampton and, I will not do so until so authorized by the client
or until I am required to do so by due process of law or until I am released from this obligation
by having publicly testified in a court of law as to such findings; and
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
THAT, MY OPINION(S) OF THE VALUE FOR THE PROPERTY AFFECTED BY THE
PROPOSED ACQUISITION, AS OF THE 25 day of June 2020 is:
ONE HUNDRED FIFTY THOUSAND DOLLARS
( $150,000 )
THE CONCLUSIONS SET FORTH IN THIS APPRAISAL ARE BASED ON THE EXERCISE OF
MY INDEPENDENT, PROFESSIONAL JUDGEMENT.
DATE:___06/25/2020___________ SIGNATURE:___________________________
Gary L. Aldrich
MA Certified General Appraiser
License #75488, Expires 5/14/2022
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
ADDITIONAL CERTIFICATION
We, Stephen A. Brunelle and Gary L. Aldrich, certify that to the best of our knowledge and
belief that:
The facts and data reported and used in the valuation process are true and correct;
The reported analyses, opinions and conclusions are limited only by the reported
Assumptions and Limiting Conditions and are our personal, unbiased professional analyses
and conclusions;
We have no present or prospective interest in the properties that are the subject of this report
and we have no personal interest or bias with respect to the parties involved;
The value opinions found within were not based on a requested minimum valuation, a
specific valuation or the approval of a loan;
Our 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 opinions, the attainment of a stipulated result or the occurrence of a
subsequent event directly related to the intended use of this Appraisal;
Our analyses, opinions and conclusions were developed and this report has been prepared, in
accordance with the requirements of the Code of Professional Ethics and Standards of
Professional Practices of the Appraisal Institute and 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;
Stephen A. Brunelle has contributed to the research, analysis and writing of the report;
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
No one provided significant professional assistance to the person(s) signing this report;
The appraisers have not performed appraisal services or any other service on the subject
property, as appraisers or in any other capacity, within the prior three-years.
____________________________
Stephen A. Brunelle
MA Certified General Real Estate Appraiser
License #233, Expiration Date 10/20/2021
____________________________
Gary L. Aldrich
MA Certified General Real Estate Appraiser
License #75488, Exp. 05/14/2022
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
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
appraisers are not qualified to detect such substances on the site or to value the effects 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 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
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(s) signing this Appraisal are fully qualified commercial appraisers who have 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(s) are in the Addenda section of this report.
Extraordinary Assumptions or Limiting Conditions are the following: This appraised value
is contingent upon the parcel successfully passing a Title V percolation test and producing
potable water.
Statement relative to CoronaVirus (COVID-19)
On March 11, 2020, COVID-19 was declared a pandemic by the World Health Organization
(WHO) with a national state of emergency in place. The pandemic has created substantial
turmoil in various financial markets and due to the developing situation, it is difficult to
determine the future impact of COVID-19 on local commercial and residential real estate
markets.
The reader is cautioned and reminded that the conclusions presented in this Appraisal Report
apply only as of the Effective Date indicated. The appraisers make no representation as to the
effect on the subject of any unforeseen event, subsequent to the Effective Date of the Appraisal.
_____________________
Stephen A. Brunelle
MA Certified General Real Estate Appraiser
License #233 Exp. 10/20/2021
___________________________
Gary L. Aldrich
MA Certified General Real Estate Appraiser
License #75488 Exp. 05/14/2022
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Aerial Map
IDENTIFICATION OF THE REAL ESTATE
The subject consists of a parcel of unimproved land located in Northampton, MA. The parcel is
identified by the city assessors’ office as Map 18, Parcel 001 and is currently owned by David
Williams Wilbur, Carol Ann Menke, Bruce Alan Wilbur and Jody Elizabeth Kinner.
A legal reference is recorded in the Hampshire County Registry of Deeds in Book 4608, Page 39.
A copy of the deed is included in the Addenda section of this report.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
REAL ESTATE TAXES
The subject has a FY2020 total assessment of $7,800 under the Chapter 61 classification. The
following is taken from the Taxpayer’s Guide published by the Massachusetts Department of
Revenue.
The owner has placed the parcel under a Chapter 61 classification, whereby the owner still pays
an annual property tax to the city/town. The owner is required to file a forestry management plan
with the board of assessors’ and record it at the Registry of Deeds. The owner of the classified
forest land shall pay a fee to the commonwealth at the time of application for certification and
recertification. The owner shall also pay, annually, a land tax based upon application of the local
rate applicable to a commercial property on five percent of the fair cash value placed on the land,
rather than what its Fair Market Value would be if the land were not classified. The city/town
has the option to purchase any classified land whenever the owner plans to sell or convert it to
residential, commercial or industrial use. When the owner of the classified land withdraws the
land from classification, a withdrawal penalty tax equal to the difference between the amount of
taxes, which would have been paid and the sum of the products tax and the land taxes paid from
the last period certification under provisions of this chapter or from the immediate preceding
five-years, whichever period is longer, must be paid.
The FY 2020 tax rate is $16.80 per thousand dollars of valuation. In addition, there is a
Community Preservation Act (CPA) tax assessed to all properties within the city. 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.
TRANSFER HISTORY
The subject parcel most recently transferred from C. Keith Wilbur and Ruth Wilbur to David
Williams Wilbur, Carol Ann Menke, Bruce Alan Wilbur and Jody Elizabeth Kinner on December
28, 1994 for less than $100.00 consideration via Quitclaim Deed. This transaction is recorded in
the Hampshire County Registry of Deeds in Book 4608, Page 39.
PURPOSE AND INTENDED USE
The Purpose of the Appraisal Report is to offer an opinion of the 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, City of Northampton with the potential purchase of said parcel.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
DEFINITION OF FEE SIMPLE ESTATE
Given that the subject parcel is unimproved vacant land and is not currently leased, the property
rights valued consist of the fee simple interest1 which is defined as follows:
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 June 25, 2020, which is the date of the most recent
inspection. 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 twelve-months is estimated for this property. This is based on the Market
Value Opinions developed within this report and the property 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 June 25, 2020, a Marketing Period of twelve-
months is considered reasonable.
DEFINITION OF FAIR MARKET VALUE2
“Fair Market Value shall be defined as the most probable price that 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 consumption of a sale as of a specified date and the passing of title
to a buyer under conditions whereby: 1) buyer and seller are typically motivated; 2) both parties
are well informed or well advised and acting in what they consider their own best interest; 3) a
reasonable time is allowed for exposure in the open market; 4) payment is made in terms of cash in
U.S. dollars or in terms of financial arrangements comparable thereto; and 5) 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.”
1 The Dictionary of Real Estate Appraisal, Fifth edition, Appraisal Institute
2 EOEA Specifications for Analytical Narrative Appraisal Reports-Dated February 14, 2015
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
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 appraisers have completed the following investigations and analysis to determine the relevant
characteristics of the general real estate market, the subject and the Fair Market Value Opinion.
Scope of the Assignment:
An inspection of the subject parcel on June 25, 2020 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 the 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 Fair Market 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 Fair Market Value Opinion and the writing of this
report
The information sources have included public records, city/town websites and commercial data
collection services. We have also consulted reports concerning real estate and general economic
conditions prepared by other professionals. We 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. We 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 Hampshire and Franklin County Registry of Deeds, Banker and
Tradesman and MLSPIN, as well as from appraisals we 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.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
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, we
have received data on sales from parties not directly involved in the transactions, but whom we
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.
STATE ECONOMIC ANALYSIS SUMMARY
Q2 shaping up to be the worst in the recorded history of the Commonwealth, declares
MassBenchmarks Editorial Board
Policymakers urged to take action to avoid counterproductive state and local spending cuts
During our most recent editorial board meeting, board members discussed the unprecedented
human and economic toll of the COVID-19 pandemic. Between March 15th and May 30,
Massachusetts received over 1.4 million new claims for unemployment insurance, including over
457,000 through the Pandemic Unemployment Assistance program, which extends coverage to
non-payroll and gig economy workers. This represents nearly 1 in 3 of the Commonwealth’s 3.8
million workers. In April, the official state unemployment rate was 15.1 percent. As we enter
June, current and continuing unemployment claims imply an unemployment rate of over 20
percent. On an annualized basis, it appears that the gross state product in Massachusetts may
decline on the order of 50 percent in the second quarter. Of course, an annualized rate of change
assumes the quarterly rate of change persists for an entire year, which appears unlikely.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Nevertheless, state economic performance in the second quarter of 2020 is shaping up to be the
worst in the recorded history of the Commonwealth. While board members agreed that the
economic damage from COVID-19 is probably greatest in the current quarter, they were
similarly unanimous that projecting the path of the economy is highly uncertain and more about
future epidemiological conditions than economic fundamentals. Adding to the pandemic’s
unprecedented effects are protests that erupted across the nation in response to the tragic police
killing in Minneapolis, which occurred after the Editorial Board met.
Thus far, the pain associated with our dramatic reversal of fortune is being disproportionately
borne by sectors of the economy that require face-to-face interaction, rely upon domestic and
international travel or involve other pandemic-inconsistent behaviors. These include the entire
sector designated Leisure and Hospitality, including restaurants, hotels, museums, theaters and
amusement parks. Retail and other broadly defined service industries have largely shut down
apart from online and curbside sales and essentials such as groceries. Leading employers and
numerous healthcare and higher education institutions face major financial challenges brought
upon or worsened by the pandemic. Across the Commonwealth, small businesses and densely
populated urban areas, especially those most reliant on frontline service jobs, have shouldered
the heaviest burden thus far. Both the public health and the economic consequences of the
pandemic are exacerbating socioeconomic and regional inequalities that have long plagued the
Commonwealth.
The outlook for the Massachusetts economy and the pace at which it will recover from the
pandemic, depend heavily on an effective public health response in coming months. As the
economy opens across the country, our economic future will depend not only on the schedule for
reopening but on adherence to social distancing and the continued wearing of masks, both in the
workplace and in public. Key to a sustainable reopening will be a comprehensive and
scientifically sound testing program, addressing asymptomatic and potentially contagious
individuals as well as antibody testing. To date, testing capacity has proved inadequate and often
inaccessible to most individuals and employers.
The more optimistic recovery scenarios assume high compliance with social distancing
requirements, including mask wearing. In these recovery scenarios, the economy—both national
and state—starts a steady but slow comeback later this year. What some have termed the
“swoosh” recovery scenario (resembling the Nike logo) also assumes no subsequent waves of the
virus at levels that require additional broad shutdown orders. In the less optimistic scenarios,
poor compliance with public health guidance and/or subsequent viral waves extend the length
and depth of the downturn, including the possibility of a second and very economically costly
shutdown.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
An additional wild card is whether the public will fully reengage as shutdowns are lifted and
restrictions that have limited commercial, recreational and business activities are loosened. If
consumers, workers and employers feel unsafe to resume their normal activities and spending
patterns, the lifting of restrictions alone may be insufficient to permit many of these businesses,
particularly smaller firms, to survive. For example, simply reopening the economy does not
mean that consumers will feel comfortable riding public transit, eating out, making travel plans
or attending live events.
More permanent changes in behavior and preferences seem likely, but it is not yet clear what
form they will take. One obvious implication of the distancing guidelines is that they
significantly reduce the productivity of a number of industries. For example, restaurants will be
required to space tables farther apart than normal, considerably reducing the number of paying
customers they can serve at any given time. Additionally, the widespread adoption of
telecommuting during the shutdown will likely make it a more attractive option for employers.
This could have significant negative implications for local and regional commercial real estate
markets in the longer run. On the other hand, reduced commuting would help relieve some of the
severe congestion and housing pressure in the Boston area and even provide associated
environmental benefits.
Meanwhile, the pandemic is accelerating experimentation with different work technologies
affecting all levels of education; the trend towards automation more broadly is threatening less
skilled and routine jobs. At the same time, the pandemic and changing technologies are creating
economic opportunities. For example, there is emerging demand for services. Examples include
online and hybrid instruction; cleaning services to meet rigorous new protocols; and new
demands for workers in clinical laboratories, engaging in contact tracing and PPE production.
In these uncertain and difficult times, policymakers are well advised to heed the Hippocratic
command to, “first, do no harm.” At the state and local level, where balancing the budget is a
constitutional requirement, this means taking action to avoid imposing painful cuts to the
Commonwealth’s cities and towns, school districts, community colleges and universities and
programs that serve the state’s most vulnerable residents. Cuts to critical services and programs
may serve as a “double whammy” for a number of the Commonwealth’s most vulnerable
communities, which have already been deeply affected by the pandemic. Furthermore, in the
current environment, state and local budget cuts would directly undermine a nascent economic
recovery by relegating more Massachusetts workers to the unemployment line and the
MassHealth rolls. This pandemic has made it very clear how reliant we are on frontline workers.
In Massachusetts, state and local government employs 11 percent of all workers, including most
of the state’s educators and all of its public safety and first responders.
The case for substantial federal fiscal aid to the states is compelling. Even if such aid is
forthcoming, numerous state fiscal forecasts make it clear that our state and local leaders will not
likely be spared from some very difficult choices in the months ahead. State leaders should
consider tapping current revenue reserves and exploring new revenue options even as they
understandably seek cost-cutting efficiencies in these difficult times.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
While raising tax rates during a downturn may seem counterintuitive to many (and, admittedly,
painful to small business owners and others whose incomes have fallen in the wake of the
pandemic), in a depressed economy operating substantially below its capacity, the overall
economic cost of a tax rate increase may be justifiable by the positive impact of added
government spending. This is mainly due to the fact that more public spending will circulate
through the local economy while some of the private funds used to pay the increased tax would
be saved rather than spent. As the economy recovers, any tax rate increases can be returned to
their current level as key fiscal and economic benchmarks are achieved, an approach recently
deployed to automatically lower the state income tax.
The coming months will be very difficult but, if our households, businesses and institutions can
be protected from the pandemic’s spread and sufficiently buffered from its economic aftermath,
the Commonwealth will be much better positioned to recover more quickly whenever both
economic and public health conditions return to some semblance of normalcy. While that may
begin as soon as later this year, a full recovery from recent economic and fiscal shocks will take
much longer.
This summary reflects the discussion of the members of the Editorial Board of MassBenchmarks
at its meeting on May 28, 2020. It was prepared by Executive Editor and UMass Amherst
Professor Robert Nakosteen and was reviewed and edited by the members of the Editorial Board.
While discussion among the Board members was spirited and individual Board members hold a
wide variety of views on current economic conditions, this summary reflects the consensus view
of the Board regarding the current state of the Massachusetts economy.
MassBenchmarks is published by the University of Massachusetts Donahue Institute in
cooperation with the Federal Reserve Bank of Boston.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Statement Relating to CoronaVirus (COVID-19)
In December 2019, a novel (new) coronavirus known as SARS-CoV-2 (“the virus”) was first
detected in Wuhan, Hubei Province, People’s Republic of China, causing outbreaks of the
coronavirus disease COVID-19 that has now spread globally. The Secretary of Health and
Human Services (HHS) declared a public health emergency on January 31, 2020, under section
319 of the Public Health Service Act (42 U.S.C. 247d), in response to COVID-19. The President
of the United States has taken sweeping action to control the spread of the virus in the United
States, including by suspending entry of foreign nationals seeking entry who had been physically
present within the prior fourteen-days in certain jurisdictions where COVID-19 outbreaks have
occurred, including the People’s Republic of China, the Islamic Republic of Iran and the
Schengen Area of Europe. The Federal Government, along with State and local governments, has
taken preventive and proactive measures to slow the spread of the virus and treat those affected,
including by instituting Federal quarantines for individuals evacuated from foreign nations,
issuing a declaration pursuant to section 319F-3 of the Public Health Service Act (42 U.S.C.
247d-6d) and releasing policies to accelerate the acquisition of personal protective equipment
and streamline bringing new diagnostic capabilities to laboratories. On March 11, 2020, the
World Health Organization announced that the COVID-19 outbreak can be characterized as a
pandemic, as the rates of infection continue to rise in many locations around the world and
across the United States.
The spread of COVID-19 within our Nation’s communities threatens to strain our Nation’s
healthcare systems. As of March 12, 2020, 1,645 people from forty-seven-states have been
infected with the virus that causes COVID-19. It is incumbent on hospitals and medical facilities
throughout the country to assess their preparedness posture and be prepared to surge capacity and
capability. Additional measures, however, are needed to successfully contain and combat the
virus in the United States.
According to ShowingTime, the leading market stats and showing management technology
provider to the residential real estate industry, 2020 showing activity has fallen off from the same
period in 2019 as the impact of COVID-19 continues to grow.
Though, through mid-June, year-over-year showing activity has been higher nationwide as
compared to 2019 and appears to be increasing by the day as we get closer to opening the
country. Based on the most recent few weeks, activity has dramatically increased despite the
state’s lockdown.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
The data points represent a rolling weekly average in ShowingTime’s 100 top markets, with each
market recording tens of thousands of appointments in 2019 and 2020.
The pandemic has created substantial turmoil in various financial markets and due to the
developing situation, it is difficult to determine the future impact of COVID-19 on local
commercial and residential real estate markets.
The reader is cautioned and reminded that the conclusions presented in this Appraisal Report
apply only as of the Effective Date(s) indicated. The appraiser makes no representation as to the
effect on the subject property of any unforeseen event, subsequent to the Effective Date of the
Appraisal.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
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 resident’s quality of life.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
The following table represents findings from the Pioneer Valley Planning Commission (PVPC)3
for the City of Northampton.
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
14,457 to a high of 17,005 people. The non-seasonally adjusted unemployment rate in April 2020
was reported to be 12.3%, which is a significant increase from 2.2% rate in March of 2020. This is
a direct impact of the national shut down due to the Covid-19 pandemic. 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.
3 2019 Data
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
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.
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 Map4
4 Courtesy of Google Maps
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Market Area
The subject is located just to the south of the Fitzgerald Lake Conservation Area and north of
Bridge Road. The Market Area is approximately five miles northwest of downtown Northampton
and consists mainly of single-family homes with some multi-family residences, conservation land
and a limited commercial influence.
To the west, 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 veteran’s 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 histories are so intertwined with
that of its parent city, it is 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 is
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
conservation/recreational uses. The site is adjacent to the Fitzgerald Lake Conservation area and
established residential areas.
Residential Housing Market
Currently, there are thirty-three single-family properties for sale that range from $185,000 to
$1,975,000. The average house size is 2,651 square-feet and the average list price is $656,882,
calculating to an average price per square-foot of $254. The average days on market is one-
hundred-thirteen. A listing of these properties for sale is as follows:
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Additionally, there are forty-two under agreement. The list prices range from $152,000 to
$1,180,000. The average size of the under-agreement listings is 1,833 square-feet. The average
list price is $456,377 or $255 per square-foot. The marketing time was sixty-eight-days.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
In the past twelve months there were two-hundred-two single-family properties sold within the
city with a sale price range of $120,000 to $1,200,000. The average house size was 2,284 square-
feet. The average list price was $404,656 and the average sale price was $395,925 or $218 per
square-foot. The average marketing period was seventy-six-days.
These statistics would suggest less than a two-month supply, assuming demand stays close to its
previous level. Brokers have reported bidding wars have occurred in some cases.
Vacant Land
In the past twelve-months there have been fourteen land sales in the city, which range in sale
price from $95,000 to $195,000. The average list price is $137,279 with an average marketing
period of five-hundred-two-days. The lot sizes range from 0.14-acres to 13.13-acres. A summary
of the sales are below.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Currently there are fifteen active land listings in the city that range in list price from $59,900 to
$500,000. The average list price is $161,447 with an average marketing time of three-hundred-
eighty-eight-days.
Of the fifteen listings, four are currently under agreement or contingent and range in list price
from $99,000 to $110,000. The average list price is $101,750 with an average marketing time of
sixty-four-days. They are as follows:
According to MLS Property Information System the average price and days on the market (DOM)
for land in Northampton for 2010 through May 31, 2020 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
2016
2017
2018
2019
2020
23
13
18
22
6
$105,435
$118,077
$131,189
$130,062
$127,000
335
372
730
485
588
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
SITE DESCRIPTION
According to the deed, the parcel contains approximately 53.3-acres of unimproved woodlands
located along Boggy Meadow Road (not a legal street). The parcel does not offer street frontage
but has legal access both from Cooke Avenue (by way of Boggy Meadow) and Bridge Road to the
south via a right-of way. The easement agreement is recorded in the Hampshire County Registry of
Deeds Book 6870, Page 169. A copy of which is included in the Addenda section of this report.
In the past, the property has been used for agricultural purposes, which included commercial tree
farming and commercial logging. This Appraisal Report is based on site conditions that were
evident at the time of inspection.
Assessors’ Map
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
According to municipal zoning maps, the parcel is located in the Rural Residential (RR) Zoning
District. The site is bordered by a cemetery, residential single-family properties and conservation
land.
According to the City of Northampton Planning Office, Boggy Meadow Road is not a public road
but serves as public access and parking to adjacent land owned by the City of Northampton. Based
on the site inspection and information provided by the City of Northampton’s Planning Office,
the following was determined:
The westerly half of the property includes areas of well-drained soil, although as one
heads north and northwest it gets wetter
The property’s only frontage is along the eastern side of Boggy Meadow Road, which is a
right-of-way (ROW) and not a city street
Additionally, there is an easement on the western side to Bridge Road, with said
easement allowing one single-family home to be built on that section of the property
The property could accommodate several uses that do not require frontage along a public
street. This includes many municipal uses such as a police dog kennel
The property could accommodate an affordable home on the eastern end, directly behind
the cemetery
There is some additional development potential to the adjacent Lathrop Community,
which owns several parcels to the southeast of the subject.
It is unknown whether or not an environmental study has been performed on the site. This
Appraisal Report and the value opinion contained herein assume 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 appraisers however are 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. We urge the client to retain an expert in this field, if desired.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Flood Zone
According to the Flood Insurance Rate Map, the subject is located in Zone C, Map 250167-0002-
A, dated April 3, 1978, which is not considered a flood prone area.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
SUBJECT PHOTOGRAPHS
Southeast entrance Looking east
Looking west Looking north
Looking south Southern border
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
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 Rural Residential (RR) Zoning District.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
According to the city’s Planning Office, the property’s only frontage is along the eastern side of
Boggy Meadow Road, which is a right-of-way (ROW) and not a city street. Additionally, there is
an easement on the western side to Bridge Road, with said easement allowing one single-family
home to be built on that section of the property. The property could accommodate several uses
that do not require frontage along a public street. This includes municipal uses such as a police
dog kennel. The property could accommodate an affordable home on the eastern end, directly
behind the cemetery.
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 not serviced by public water and
sewer. To the best of our knowledge no percolation testing has occurred.
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 northwest to southeast.
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 northwest to southeast,
which would restrict but not eliminate the development potential of the parcel.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Soil Conditions and Topography
Soils and topography affects the adaptability of a property to be developed. The inspection of the
subject site revealed that soil conditions would likely have a negative impact on the development
potential for residential use.
Soil Map of Approximate Site Area
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
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. Given that the subject parcel satisfies current
zoning requirements for development, the subject is best utilized for residential use.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
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:
Subject Property “As Vacant”
The subject is 53.3-acres of unimproved land that is accessed via a right-of-way and is located in
the Rural Residential (RR) Zoning District. The property is also classified in Chapter 61-Forestry
Management for tax purposes. Additionally, there is an easement on the western side to Bridge
Road, with said easement allowing one single-family home to be built on that section of the
property. The property could accommodate several uses that do not require frontage along a
public street. This includes municipal uses such as a police dog kennel. The property could
accommodate an affordable home on the eastern end, directly behind the cemetery.
Demand for residential housing in Northampton currently exceeds supply. That being said, we are
of the opinion that the subject’s Highest and Best Use is for residential development.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
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.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
VALUATION OF THE SUBJECT
We 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 with no existing improvements or proposed
improvements.
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.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
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, we have determined a likely buyer would consider this land as potentially
developable vacant land.
We 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.
We have identified the following sales for analysis in this report.
# Location Sale Date Sale Price Size $/Acre
1 Glendale Road, Northampton 12/15/2017 $275,000 49.64-acres $5,540
2 Lot 10 & 19 Taylor St./Fox Hill, Granby 05/17/2018 $210,000 118.78-acres $1,768
3 Northwest Road, Westhampton 07/17/2019 $140,000 35.31-acres $3,965
4 North Maple Street, Hadley 12/30/2019 $250,000 64.20-acres $3,894
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Comparable Sale #1 is located along Glendale Road, Northampton, MA. This property
consists of a parcel of land totaling 49.64-acres with approximately 299.4-feet of frontage along
Glendale Road. The land is located along the westerly side of Glendale Road, approximately
one-quarter mile south of the intersection of Glendale Road and Westhampton Road (Route 66).
There are no substantial improvements located on the land. The land’s prior use was related to
the operation of the Bill Willard Inc. Sand and Gravel yard, located a short distance away, along
Ryan Road. The Northampton Assessors’ office classifies the land as 10-acres of undevelopable
land and 39.64-acres of forest. The property is located in the RR-Rural Residence Zoning District
and Water Shed Protection and Special Conservancy Zoning Districts. The property was sold
with an order of conditions issued by the Northampton Planning Board relative to the use of the
land as a public dog park.
The property was listed for sale in MLSPIN (#72079619) for $370,000 on October 11, 2016. The
parcel was purchased by Waggin’ Trails Dog Park, LLC from Jonathan R. Goldsmith as
Receiver of Bill Willard, Incorporated for $275,000 consideration on December 15, 2017 via
Quitclaim Deed. This transaction is recorded in the Hampshire County Registry of Deeds in
Book 12833, Page 235. The prior sale occurred more than three-years from the comparable date.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Comparable Sale #2 - This property is comprised of two separate but contiguous parcels.
This parcel was purchased by Jill A. Kopka from Roy E. Amey, Personal Representative of the
Estate of Maudetta A. Taylor for $210,000 consideration on May 17, 2018 via Fiduciary Deed.
This transaction is recorded in the Hampshire County Registry of Deeds in Book 12956, Page 60.
Assessors’ Reference is Map 8-B 10 and 7-A 19. The prior sale occurred more than three-years
from the comparable date.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Map 8-B, Lot 10
Map 7-A, Lot 19
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Comparable Sale #3 is located along Northwest Road, Westhampton, MA.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
The property was purchased by Michael G. Proulx and Marita from Marina Nelson and James C.
Kohler for $140,000 consideration on July 17, 2019 via Quitclaim Deed. MLSPIN has incorrectly
reported the sale price of $145,000. This transaction is recorded in the Hampshire County
Registry of Deeds in Book 13324, Page 46. The prior sale took place on January 17, 2017 from
David R. and Nancy A. Morin for $155,000 consideration via Quitclaim Deed. This sale
included an additional 1.15-acre parcel located along Northwest Road referred to as #353. This
transaction is recorded in the Hampshire County Registry of Deeds in Book 12528, Page 46. No
other recorded sales within three-years of the comparable sale date.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Comparable Sale #4 is located off North Maple Street, Hadley, MA.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
The two adjacent parcels (Assessors’ reference 10C-0061-0000 and 10C-0061-0001) were
purchased by Keith A. Rehbein from David J. Latham, Alden D. Johnson and Kenneth C. Latham,
Jr. for $250,000 consideration on December 30, 2019 via Quitclaim Deed. This transaction is
recorded in the Hampshire County Registry of Deeds in Book 13501, Page 336. The prior sale
occurred more than three-years from the comparable date.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
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 were adjusted for as follows:
The land sales presented range in price per acre from $1,768 to $5,540. The unadjusted weighted
average price per acre is $3,265 and the unadjusted median price per acre is $3,930. In the
analysis, we also considered current active listings of competing land in the subjects Market
Area. The comparable sale properties are adjusted to reflect differences as they relate to the
subject parcel.
ADJUSTMENT PROCESS – The adjustment process involves the appraisers’ attempt to
answer the following questions:
What would the comparable property have sold for if it had possessed identical
characteristics with that of the subject, instead of the characteristics it possessed at the
time of the sale? In this sense, characteristics included market conditions, terms of
financing and conditions of sale, as well as physical characteristics of the property. How
much variance in sale price did these differences in characteristics cause? The answer to
this question usually indicates the amount of adjustment made for each difference.
Adjustments to the comparable sales for differences in quality have been made in terms of
perceived relevance and importance. In the Sales Comparison Approach the subject is taken as
the baseline or norm in the adjustment process. Differences between the comparable property
and the subject are adjusted only in the comparable property. If the comparable property is
superior to the subject in a characteristic, the adjustment is downward. In other words, because of
this superior characteristic, the comparable property sold for more than it would have if it had
been identical to the subject, with respect to the specific attribute. Because of this, its sales price
must be adjusted downward by the appropriate amount for this category of difference. Similarly,
if the comparable property is inferior to the subject in some characteristic, the adjustment in the
sales price of the comparable property is upward.
Date of Sale
In analyzing market conditions in this Appraisal Assignment, we have applied the best
available means to measure the effect of changes in the market. Over the past few-years market
conditions have remained stable and most real estate participants indicate the sentiment. As all of
the comparable sales occurred within the past few-years, they are all considered similar to the
subject with regards to sale date.
Property Rights Appraised
We are appraising the fee simple interest. The buyers of the comparable sales purchased the fee
simple interest in these properties, which are similar to the subject. As such, all the sales have
been considered similar to the subject and no adjustments have been made to this standard.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Financing
The financing of each sale was either cash or financed at market rates, therefore no adjustment is
required for this element of comparison.
Conditions of Sale
Each sale was properly exposed to the market and none of the transfers evidenced unusual sale
adjustments or conditions. Thus, the comparable sales were not adjusted for this element of
comparison.
Adjustments
Comparative analysis is accomplished by either a quantitative or qualitative technique.
Quantitative techniques include paired sales analysis, group data analysis and secondary data
analysis. There are statistical analysis techniques which include graphic and scenario analysis.
Qualitative analysis may be accomplished by the use of trend analysis, relative comparison
analysis and ranking analysis. When statistical methods do not lead to precise adjustments they
can be combined to service as part of ranking or RCA comparisons. Our approach in this
assignment has been focused on Qualitative analysis since a paired sale analysis is not possible.
Our focus is on the elements of comparison with emphasis on location and physical
characteristics of each property. The key characteristic is to consider sales with the same Highest
and Best Uses. Also, with all other things being equal, smaller properties generally have a higher
value per acre than larger ones.
Subject Parcel
According to the deed, the parcel contains approximately 53.3-acres of unimproved woodlands
along Boggy Meadow Road (not a legal street). The parcel does not offer street frontage but has
legal access both from Cooke Avenue (by way of Boggy Meadow) and Bridge Road to the south
via a right-of way. However, according to the City Planning Department, the lack of public road
access does not preclude the development of the site for single-family residential use or municipal
use. In the past, the property has been used for agricultural purposes, which included commercial
tree farming and commercial logging.
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
Sales Comparison Grid
Subject Sale #1 Sale #2 Sale #3 Sale #4
Boggy Meadow Rd
Northampton
Glendale Rd
Northampton
Taylor St./Fox Hill
Granby
Northwest Rd
Westhampton
North Maple St,
Hadley
Sale Date
N/A 12/2017 5/2018 07/2019 12/2019
Sale Price N/A $275,000 $210,000 $140,000 $250,000
Sale Price/Ac N/A $5,540/ac $1,768/ac $3,965/ac $3,894/ac
Property Rights
Adj.
Fee Simple
None
Fee Simple
None
Fee Simple
None
Fee Simple
None
Fee Simple
None
Financing
Adj.
No Seller Fin.
None
No Seller Fin.
None
No Seller Fin.
None
No Seller Fin.
None
No Seller Fin.
None
Sale Conditions
Adj.
Typical
None
Typical
None
Typical
None
Typical
None
Typical
None
Location Average Similar Similar Similar Similar
Public
Utilities/Tests
None/No Perc. Test Yes/Perc Test and
Survey
(-)
None/No Perc Test
None/No Perc. Test Yes
(-)
Size
Comparison
Adjustment
53.30-Acres 49.64-Acres
118.78-Acres
(++)
35.31-Acres 64.20-Acres
View
Comparison
Adjustment
Wooded Wooded
Similar
None
Wooded
Similar
None
Wooded
Similar
None
Wooded/Open
(-)
Topography
Comparison
Adjustment
Moderately Sloping Moderately Sloping
Moderately Sloping
Moderately Sloping Moderately Sloping
Access ROW Paved Public Road
(-)
Paved Public Road
(-)
Paved Public Road
(-)
Paved Public Road
(-)
Net Adj. N/A (-) (+) (-) (-)
Given all of the above factors it is our opinion that the land value on a per acre basis is at the low
end of the range, with the additional development cost associated with the lack of public road
access.
Therefore, after analyzing the above data it is our opinion that the Market Value via the Sales
Comparison Approach for the 53.3-acres is $2,750 per acre. The calculation is as follows:
53.3-acres @ $2,750/acre = $146,575
Rounded to $150,000
INDICATED VALUE VIA THE SALES COMPARISON APPROACH
ONE HUNDRED FIFTY THOUSAND DOLLARS
( $150,000 )
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
RECONCILITON AND FINAL VALUE OF OPINION
INDICATED VALUE VIA THE SALES COMPARISON APPROACH
ONE HUNDRED FIFTY THOUSAND DOLLARS
( $150,000 )
The valuation of the subject based on this Highest and Best Use Premise was accomplished with
the use of the Sales Comparison Approach.
We have considered the quality of the data used and the perceived strengths and weaknesses of the
different approaches to value. We have weighed the degree of emphasis to be accorded each.
The Sales Comparison Approach was used because we were 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 Fair 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 our opinion that the “as is” Fair Market Value of the fee simple interest for the 53.3-acres as
of June 25, 2020 is:
ONE HUNDRED FIFTY THOUSAND DOLLARS
( $150,000 )
This opinion of value is subject to the Certification, Contingent and Limiting Conditions and
Restriction upon Disclosure contained in this report.
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ADDENDA
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COMPARABLE SALES MAP
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OPTION TO PURCHASE
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OPTION TO PURCHASE
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OPTION TO PURCHASE
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OPTION TO PURCHASE
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OPTION TO PURCHASE
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OPTION TO PURCHASE
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OPTION TO PURCHASE
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DEED
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DEED
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DEED
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EASEMENT
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EASEMENT
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EASEMENT
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EASEMENT
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EASEMENT
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EASEMENT
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EASEMENT
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EASEMENT
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EASEMENT
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QUALIFICATIONS OF THE APPRAISER
STEPHEN A. BRUNELLE
Education:
B. S. Accounting (1972) American International College, Springfield, MA
Society of Real Estate Appraisers:
Course 101 (Basic Principles) University of New Hampshire, Passed 101 Exam 1976
Course R-2 (Residential) Passed R-2 Exam 1978
Course 201 (Income Property Appraising) University of Wisconsin,
Passed 201 Exam 1980
Course 202 (Applied Income Property Valuation) Springfield, Massachusetts,
Passed 202 Exam July 1990
Adjusting for Financing Differences Seminar - March 1982
Freddie-Mac, Fannie-Mae Form Seminar - Single Family
Condominium Units and Small Residential Income Property
Uniform Residential Appraisal Report - Seminar (URAR) 1987
Real Estate Valuation Using Spreadsheets Seminar - March 1988
Professional Practice Seminar Part A - October 1988
Professional Practice Seminar Part B - June 1992
Preparing and Understanding the Small Residential Income
Property Appraisal Report Form 72 - Seminar June 1990
American Institute of Real Estate Appraisers:
Condominium Analysis and Valuation - Seminar October 1989
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Appraisal Institute:
Americans with Disabilities Act Seminar - October 1995
Eminent Domain and Condemnation Seminar - October 1997
Appraisal of Local Retail Properties Seminar – September 1998
Partial Interest Valuation Seminar – April 2001
Standards of Professional Practice, Part C – 9/20/01-9/21/01 – Passed Exam
Analyzing Commercial Lease Clauses – April 2002
Regression Analysis – March 2003
Reviewing the Reviewer Seminar – October 2003
Supporting Capitalization Rates Seminar – May 2004
Evaluating Commercial Construction Seminar- October 2004
USPAP Update Seminar – May 2005, July 2015
R.E. Finance, Value and Investment Performance Seminar – March 2007
Appraisal Curriculum Overview – May 2010
Business Practices and Ethics – September 2010
Marketability Studies: Six Steps Process – October 2012
Marketability Studies: Advanced Considerations and Application – March 2013
Analyzing Operating Expenses- August 2015
Forecasting Revenue-September 2015
Massachusetts Board of Real Estate Appraisers:
Capitalization Theory and Techniques - Seminar October 1988
Land Planning and Development - Seminar January 1989
Commercial Site Selection/Financing Workshop - September 1993
USPAP Update Seminar – 2/96, 8/98, 12/03, 9/06, 3/08, 3/10, 2/12, 4/14
Supporting Capitalization Rates Seminar – September 1999
HUD Appraising Seminar – November 1999
Appraisers New England Expo, Commercial Program – 2001, 2003, 2006, 2008, 2010, 2013
Fair Lending Seminar – November 2003
Appraising in the Foreclosure Market – September 2008
Financial Institutions Guide to Commercial Appraisal – January 2013
Northeastern University:
Business Valuation I, passed exam, March 29, 1995
Business Valuation II, passed exam June 28, 1995
American Society of Farm Managers and Rural Appraisers
Yellow Book Seminar-Uniform Appraisal Standards for Federal Land Acquisitions-September
2004
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Business Experience:
Fee Appraiser: FSI Appraisal Company, Inc., October 2012 - Present
President/Owner: FSI Appraisal Company, Inc., March 1986 – October 2012
Chief Appraiser: Northampton Institution for Savings, 9 Years
Staff Appraiser: Vanguard Savings Bank, 3 Years
Organizations and Affiliations:
The Appraisal Institute – Associate Member #15291
The Appraisal Institute Western Mass. Chapter #104 - Second Vice President, 1991 - Treasurer
1985-1990, Director 1994-2000
Massachusetts Certified General Appraisers License #233, Expiration Date 10/20/2021
Corporator-Easthampton Savings Bank 2008-2013
State of South Carolina Certified General Appraiser License #7059, Expired 06/30/2016
PARTIAL LIST OF CLIENTS
Banks and Financial Institutions:
Bank of Boston - West Bank of Western Mass
Bank of America Berkshire Bank
Baybank Mortgage Corporation
Boston Safe Deposit & Trust Co. BankNorth NA
BankNorth Mortgage Charter Home Mortgage Co.
Chicopee Savings Bank Citizens Bank
Connecticut Bank and Trust Federal Deposit Insurance Corporation
Fleet Bank Florence Savings Bank
FNMA-Federal National Mortgage Greenfield Co-Operative Bank
Association Greenfield Savings Bank
Hampden Bank Monson Savings Bank
Lenders Service, Inc. Albank
Litchfield Financial Corporation MFC Mortgage Co., Inc
Monsanto Employees Credit Union Northeast Savings
Northampton Co-Operative Bank Peoples Bank
Recoll Management Corporation Resolution Trust Corporation
Shawmut Bank Shawmut Mortgage Corporation
Sovereign Bank Southbridge Savings Bank
U/Mass Five College Credit Union United Co-Operative Bank
W. Mass Telephone Workers Credit Union Worcester Central Federal Credit Union
Mass Mutual Credit Union Woronoco Savings Bank
First American Title Lawyers Title Insurance Corporation
Citi Mortgage Option One Mortgage Corporation
TD Bank People’s United Bank
Family First Bank
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Companies and Institutions:
Army Corp of Engineers Almer Huntley, Jr. & Associates, Inc
Berkshire Gas Company Colebrook Realty Services, Inc.
Echo Village Corporation Hampshire Property Management Group
Eric Management Inc. Gateway Development Corp.
Kollmorgan Corporation Merrill Lynch Relocation
MFC Mortgage Co., Inc. 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
Lawyers and Legal:
Various Attorneys throughout Massachusetts
Expert Witness:
Probate Court Franklin County, Greenfield, MA
Probate Court Hampshire County, Northampton, MA
United States Federal Bankruptcy Court, Worcester, MA
United States Federal Bankruptcy Court, Springfield, MA
Superior Court Hampshire County, Northampton, MA
Massachusetts Tax Appellate Court, West Springfield, MA
Massachusetts Tax Appellate Court, Northampton, MA
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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 Hatfield – Selectperson’s Office
Town of Longmeadow, Conservation Commission
Town of Monson – Conservation Commission
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
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Map 18, Parcel 001, Boggy Meadow Road, Northampton, MA 06-2020 (20330)
QUALIFICATIONS OF THE APPRAISER
GARY L. ALDRICH, MA CGREA #75488 / FL CGREA #RZ3963
Professional Experience
· FSI Appraisal Company, Inc., Northampton, MA, President 2012 – Current
· Aldrich Appraisals, Agawam, MA, Owner/Founder 2008 – Current
· Fee Appraiser for various local and regional Appraisal Firms 2003-2008
· Area Remarketing Mgr, Enterprise Rent-A-Car, Windsor Locks, CT 1996-2003
Professional Affiliations
· Massachusetts Certified General Real Estate Appraiser
MA License #75488, Expiration Date 05/14/2022
· Florida Certified General Real Estate Appraiser
FL License #RZ3963, Expiration Date 11/30/2020
· FHA Approved
· Massachusetts Board of Real Estate Appraisers (MBREA) – Associate Member
· MLS Property Information Network, Inc. (MLSPin)
· Chamber of Commerce - Northampton, Massachusetts
Educational Background
· Bachelor of Science, Westfield State College, Westfield, MA 1996
Major: Business Management
Minor: Commercial Recreation & Tourism
Appraisal Courses – Continuing Education Courses/Seminars
· Appraising in a Pandemic 04/2020 McKissock
· The Basics of Expert Witness for 04/2020 McKissock
Commercial Appraisers
· Residential Construction and the Appraiser 04/2020 McKissock
· The FHA Handbook 4000.1 04/2020 McKissock
· Legal and Risk Issues for Appraisals Stemming 03/2020 Attorney Peter Christensen
From the COVID-19 Crisis
· Appraising Small Apartment Properties 10/2018 McKissock
· Divorce and Estate Appraisals: 04/2018 McKissock
Elements of Non-Lender Work
· Introduction to Expert Witness Testimony 04/2018 McKissock
For Appraisers: To Do or Not To Do
· Appraisal of Land Subject to Ground Leases 04/2018 McKissock
· Res. Appraising – New Things to Think About 10/2017 MBREA
· Appraisal of Self-Storage Facilities 04/2016 McKissock
· Foreclosure Basics for Appraisers 04/2016 MBREA
· Green in Residences and Appraisals 04/2016 MBREA
· Book of Adjustments 04/2015 MBREA
· Valuation of Conservation Easements 11/2013 Appraisal Institute
And Taxes
· Supervising Beginning Appraisers 10/2013 JMB Acad.
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· Residential Appraisal Review 09/2013 MBREA
· Environmental Awareness 04/2013 Calypso
for Appraisers: Environmental Hazards
· Fannie Mae Form 1004MC Seminar 01/2009 MBREA
· Appraisers New England Expo. – 12/2008 MBREA
Commercial Program
· Appraising Complex Residential Properties 05/2004 MBREA
· Practical Residential Appraising 05/2004 MBREA
· Appraising Single Family Residence 05/2003 MBREA
Appraisal Courses – Primary Education Courses
· 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
· General Appraiser Income Approach I 11/2008 MBREA
· General Site Valuation and Cost Appr. 10/2008 MBREA
· Statistics, Modeling and Finance 09/2004 MBREA
· Basic Appraisal Principles 04/2003 MBREA
· Basic Appraisal Procedures 04/2003 MBREA
· Real Estate Appraisal Basics 04/2003 MBREA
Uniform Standards of Professional Appraisal Practice (USPAP)
· USPAP Update: Bi-Annually 2004-2021 01/2020 MBREA
· Uniform Standards of Appraisal Practice 05/2003 MBREA
Uniform Appraisal Standards for Federal Land Acquisitions
· Yellow Book 2016 Edition 10/2018 MBREA
Florida Appraisal Law and Regulations
· Annual Update 2017-2018 10/2018 McKissock
Property Types Completed
· One to Four Family Dwellings
· Multi-family Apartments (5+ Units)
· Residential Condominiums
· Office Condominiums
· Fraternity/Sorority Buildings
· Office Buildings
· Retail Buildings
· Mixed-use Buildings
· Convenience Stores
· Industrial Buildings
· Manufacturing Buildings
· Warehouse Buildings
· Shopping Centers
· School Buildings
· Churches
· Historic Buildings
Land
· Residential Subdivision
· Agriculture Land
· Recreational Land
· Farms
· Raw/Undeveloped Land
· Easements/Restricted Land
· Conservation Land (APR)
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· Restaurants
· Automotive Garages/Body shops
· Conservation Easements
(Before/After Valuations)
PARTIAL LIST OF CLIENTS
Banks and Financial Institutions
· Academy Mortgage Company · Hampden Bank
· Albank · Mass Mutual Credit Union
· Alden Credit Union · MassMutual Federal Credit Union
· Bank of America · Merrimack Mortgage Company
· BankNorth N/A · Monson Savings Bank
· Berkshire Bank · North Brookfield Savings Bank
· Chicopee Savings Bank · Northampton Cooperative Bank
· Citi Mortgage · People’s United Bank
· Citizens Bank · Peoples Bank
· Community Econ. Dev. Assistance Corp. · Polish National Credit Union
· Country Bank · Regency Mortgage Corporation
· Easthampton Savings Bank · Southbridge Savings Bank
· Florence Bank · Sovereign Bank
· Freedom Credit Union · TD Bank
· Greenfield Cooperative Bank · U/Mass Five College Credit Union
· Greenfield Savings Bank · United Bank
Companies and Institutions
· Almer Huntley, Jr. & Associates, Inc · Pro-Tech Services Ltd.
· Amherst College · Salvation Army
· Berkshire Gas Company · ServiceNet
· Colebrook Realty Services, Inc. · Six Flags New England
· College of our Lady of the Elms · Smith College
· Easthampton Dye Works, Inc. · The Trust for Public Land
· Hampshire College · Trident Realty
· Hampshire Property Management Group · University of Massachusetts
· Kestrel Land Trust · US Small Business Associations
· Knights of Columbus – Amherst · Valley CDC
· Kollmorgan Corporation · Valley Design & Development Corp.
· Massachusetts Housing Partnership Fund · W.D. Cowls
· Nonotuck Land Fund · WD Schock Company, Inc.
· Northampton Manufacturing · Westover Metropolitan Dev. Corp.
· Oasis Development Enterprises, Inc. · Wright Builders
· PHH Home Equity · Zee Enterprises
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Municipalities and Government Agencies
· Town of Amherst - Conservation Commission/ Department of Public Works
· Town of Belchertown - Highway Department and Conservation Commission
· Town of Buckland – Town Administrator
· Town of Chester – Town Administrator
· Town of Deerfield – Superintendent - Water Supply District
· City of Easthampton – Mayor’s Office and Planning Office
· Town of Granby – Town Administrator
· Town of Hadley – Building Commissioner/Zoning Enforcement Officer
· Town of Hatfield – Town Administrator & Selectperson’s Office
· Town of Longmeadow – Conservation Commission
· Town of Monson – Conservation Commission
· Town of Montague – Town Administrator
· 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
· Franklin Regional Transit Authority
· Greenfield Redevelopment Authority
· Westover Metropolitan Development Corp.
· Whately Housing Committee
Lawyers and Legal
Various Attorneys throughout Western Massachusetts