Group Title: Historic St. Augustine: B8-Lot 3
Title: Appraisal report
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Full Citation
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Permanent Link: http://ufdc.ufl.edu/UF00091357/00010
 Material Information
Title: Appraisal report
Series Title: Historic St. Augustine: B8-Lot 3
Physical Description: Report
Language: English
Creator: Broom, Harry B.
Publication Date: 1976
 Subjects
Subject: Saint Augustine (Fla.)
79 Saint George Street (Saint Augustine, Fla.)
Santoyo House (Saint Augustine, Fla.)
Spatial Coverage: North America -- United States of America -- Florida -- Saint Johns -- Saint Augustine -- 79 Saint George Street
Coordinates: 29.895262 x -81.312873
 Record Information
Bibliographic ID: UF00091357
Volume ID: VID00010
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved by the source institution.
Resource Identifier: B8-L3

Full Text






REAL ESTATE APPRAISER CONSULTANT
-! 601 FLORIDA THEATRE BLDG. REALTQF
IJ JACKSONVILLE, FLA. 32202
904-354-7716
MEMBER:
AMERICAN INSTITUTE OF
REAL ESTATE APPRAISERS May 26, 1976
NATIONAL ASSOCIATION OF
REAL ESTATE BOARDS



Dr. Overton G. Ganong, Acting Director
St. Augustine Preservation Board
P.O. Box 1987
St. Augustine, Florida 32084

Dear Doctor Ganong:

In accordance with our several verbal discussions, my proposal
letter dated May 21, 1976, and your authorization to proceed,
I have completed an appraisal of an improved land parcel located
in the Restoration Area of St. Augustine, Florida. This property,
which is commonly referred to as"Sim's Silversmiths", and has a
street address of 12 Charlotte Street, is legally described on a
following page. The property rights appraised are the rights of
fee simple interest.

* The following narrative report describes the property and its
neighborhood environment, my approach to the valuation problems and
contains data gathered in my investigation of the property. Subject
to the limiting conditions found in the body of the report and sub-
ject to the definition of Market Value recited on a following page,
the Estimated Market Value of the Subject Property, as of May 24,
1976, is as follows:

ONE HUNDRED, SEVEN THOUSAND, FIVE HUNDRED DOLLARS ($107,500.00)

Respectfully submitted,




Harry B. Broom, Jr.,M.A.I.


HBBjr/dn






MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS-













APPRAISAL REPORT
SIM'S SILVERSMITH
RECONSTRUCTED HISTORICAL BUILDING
12 CHARLOTTE STREET.
ST, AUGUSTINE, FLORIDA
















PREPARED FOR:
ST. AUGUSTINE PRESERVATION BOARD

PREPARED BY:
HARRY B. BROOM, JR.,M.A.I,


HARRY B. BROOM. JR.


I







MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS,


TABLE OF CONTENTS

PAGE NO.

Purpose of Appraisal 1
Definition of Market Value 1
Definition of Highest and Best Use 1
Present Use of the Subject Property 2
Highest and Best Use of the Subject Property 2
Assumptions and Limiting Conditions 3
Legal Description 5
History of Ownership 5
General Area Data 6
Neighborhood Data 8
Area Map 11
Neighborhood Map 12
Key to Neighborhood Map 13
Site Data 14
Survey of Subject Property 15
Improvement Data 16
Photographs of Subject Property 17
Outline Sketch of Buildings 18
Valuation Premise 19
Sales Map 20
Recap of Sales Data 21
Analysis of Sales 22
Final Value Estimate 23
Certificate of Appraisal 24
Addenda
Qualifications of Appraiser
Sales Data Sheets Sales 1 13


Y B. BROOM.


IHARR


JR.-






AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS.


PURPOSE OF APPRAISAL

The purpose of this appraisal is to estimate the Market Value
of the Subject Property, to provide a basis for the sale of
the property to the State of Florida. The date of this value
estimate is May 24, 1976.

Market Value, as used in this report, is defined as:

The highest price in terms of money which a property
will bring in a competitive and open market under
all conditions requisite to a fair sale, the buyer
and seller, each acting prudently, knowledgeably and
assuming the price is not affected by undue stimulus.

Implicit in this definition is the consummation of a
sale as of a specified date and the passing of title
from seller to buyer under conditions whereby:

1. Buyer and seller are typically motivated.
2. Both parties are well informed or well advised,
and each acting in what he considers his own
best interest.
3. A reasonable time is allowed -for exposure in the
open market.
4. Payment is made in cash or its equivalent.
5. Financing, if any, is on terms generally avail-
able in the community at the specified date and
typical for the property type in its locale.
6. The price represents a normal consideration for
the property sold unaffected -by special financing
amounts and/or terms, services, fees, costs, or
credits incurred in the transaction.

In developing the estimate of Market Value, consideration was
given to the location of the Subject Property within the Histor-
ic "Restoration Area", to any known historic significance which
the property has and to pertinent sales which have occurred in
the general restoration area since 1970.

DEFINITION OF HIGHEST AND BEST USE

That reasonable and probable use that will support the highest
present value, as defined, as of the effective date of the
appraisal.

Alternately, that use, from among reasonably probable and legal
alternative uses, found to be physically possible, appropriately
supported, financially feasible, and which results in highest
land value.

The definition immediately above applies specifically to the
highest and best use of land. It is to be recognized that in
cases where a site has existing improvements on it, the highest
and best use may very well be determined to be different from
HARRY B. BROOM. JR.i


-MEMBER,







MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS

the existing use. The existing use will continue, however,
unless and until land value in its highest and best use exceeds
the total value of the property in its existing use.

Implied within these definitions is recognition of the contribu-
tion of that specific use to community environment or to
community development goals in addition to wealth maximization
of individual property owners.

Also implied is that the determination of highest and best use
results from the appraiser's judgment and analytical skill,i.e.,
that the use determined from analysis represents an opinion,
not a fact to be found. In appraisal practice, the concept of
highest and best use represents the premise upon which value is
based. In the context of most probable selling price (market
value) another appropriate term to reflect highest and best
use would be most probable use. In the context of investment
value an alternative term would be most profitable use.

PRESENT USE OF THE SUBJECT PROPERTY

The Subject Property is presently improved with a reconstructed
building which was built to illustrate housing of a type used
during the American Revolutionary (British) Period. It is
leased by the State of Florida who exhibits the property. The
craft exhibited is an example of colonial silversmithing.

HIGHEST AND BEST USE OF THE SUBJECT PROPERTY

Based on the location of the property in the Restoration Area
and its appeal as a reconstructed historical building, it is
felt the Highest and Best use of the property would be for con-
tinued exhibit as a historical property, either by the State of
Florida or some other non-profit organization. An alternate
use would be for lease to a small business that would be compat-
ible with the Restoration Area theme and which would generate
income to supplement the operation of the Preservation Board.



















HARRY B. BROOM. JR.







MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS


ASSUMPTIONS AND LIMITING CONDITIONS

The Market Value of the Subject Property, as shown and con-
tained in this report, is made Subject to certain assumptions
and limiting conditions. Specifically they are:

1. The date as of which this value estimate applies is
May 24, 1976.

2. No responsibility for matters legal in character is
assumed, nor is any opinion rendered as to the title, which is
assumed to be good. Any liens or encumbrances which may exist
have been disregarded and the property has been appraised as
though no delinquency in the payment of general taxes or special
assessments exists, and as though free of indebtedness, unless
otherwise stated.

3. Certain information in this report was furnished from
sources believed to be reliable; however, such information is
not guaranteed to be correct, although it has been check inso-
far as possible and is believed to be correct.

4. No survey of the Subject Property was made, or caused tQ be
made, by this Appraiser and no responsibility is assumed for
the accuracy of such matters.

5. A visual inspection of the site was made. No engineering
test borings were made to determine soil bearing qualities.
The soil of the area under appraisement appears to be firm and
solid, unless otherwise stated. Subsidence in the area is
unknown or uncommon, but the appraiser does not warrant against
this condition or occurrence.

6. Subsurface rights (minerals and oil) were not considered in
making this report unless otherwise stated.

7. The Appraiser by reason of this report, is not required to
give testimony in court with reference to the property herein
appraised, nor is he obligated to appear before any governmental
body, board or agent unless specific arrangements have been
previously made therefore, concerning time and fees.

8. Any plats or maps in this report are used merely to help
the reader visualize the property and its surroundings and
are not certified to be accurate.

9. Possession of this report, or copy thereof, does not carry
with it the right to publication, nor may it be used for any
purpose by any but the applicant without previous written con-
sent of the Appraiser..





HARRY B. BROOM. JR.'






MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS


10. Neither all, nor any part, of the contents of this report
shall be conveyed to the public through advertising, public
relations, news sale, or other media, without the written con-
sent and approval of the author, particularly as to the val-
uation conclusions, the identity of the appraiser or firm, or
any reference to the Amyerican Institute of Real Estate Apprai-
sers, or the M.A.I. designation.

11. Any distribution of the total estimated value as shown in
this report, between land, improvements, or personal property,
applies only to the planned utiliziation of the property as
described in this report. These separate value estimates must
not be used in conjunction with any other appraisal, or intend-
ed use, and are invalid if so used.

12. Although this property has physical improvements in the
form of two small buildings, and the property is leased to the
State of Florida, it is felt'that lease income is insufficient
to provide a valid value indication for the property. For this
reason, the Economic Approach to value is not considered per-
tinent to the analysis of this property and will not be dis-
cussed. As will be pointed out later, under "Valuation Premise"
in this Appraiser's judgment, a lack of-sales of historically
significant properties such as the Subject Property indicates
the most reliable value approach will be the Cost Approach,
utilizing Market Data for the land value estimate and a depre-
ciated cost estimate for the existing improvements.





























-HARRY B. BROOM. JR.-







MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS


LEGAL DESCRIPTION


A parcel of land known as Lot 12, Block 7, City of St. Augus-
tine, Florida, being more fully described as follows:

Beginning at the Southeast corner of the herein described
property, at the intersection of the North line of Cuna Street
with the West line of Charlotte Street; thence South 82 degrees
00 Minutes West, on the North line of Cuna Street, 90.06
feet to the South end of a fence; thence, on the line of said
fence, North 8 degrees 06 minutes West 75.85 feet to the North
line of a masonry wall; thence, on said North line of Masonry
wall, North 83 degrees 32 minutes East 93.15 feet to the West
line of Charlotte Street, being the West edge of a sidewalk and
the East edge of a low masonry wall; thence, on said West line
of Charlotte Street, South 5 degrees 42 minutes East 73.42
feet to the Point of Beginning; and being that same parcel of
land described in Official Record Book 27, Page 285, Public
Records of St. Johns County, Florida.

HISTORY OF OWNERSHIP

This property was acquired by St. Augustine Restoration Society,
Inc., the present owner, prior to January 1, 1970.



































*HARRY B. BROOM, JR.-


I-






MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS'


GENERAL AREA DATA

St. Augustine, which is the largest City and the County Seat of
St. Johns County, is located approximately thirty-seven miles
South of Jacksonville and approximately three miles West of
the Atlantic Ocean.

St. Augustine is best known as an historical center with its
organized history dating to the first Spanish settlement in
1565. This event predates by fifty-five years the landing of
the Pilgrims at Plymouth Rock and by forty-two years the coloni-
zation of Jamestown by the British. Because of this early
settlement and continuing occupation by a succession of ruling
nations, St. Augustine is recognized as the Nation's oldest
continuously occupied City and first permanent settlement.

The City and County have not experienced rapid growth and the
area is characterized by having a relatively narrow economic
base. The County wide population growth from 1960 to 1970 was
moderate, when compared to the rest of the State, with the 1970
total of approximately 30,000 representing an increase of approx-
imately ten (10%) percent. Growth during the last five years
has not significantly increased that total. Non-farm employ-
ment is currently estimated at slightly less than 8,000 perma-
nent employees. St. Augustine's most important single industry
for many years has consistently been tourism. The City is a
popular tourist attraction because of thc many old landmarks
and buildings, many of which have been restored or reproduced
by individuals or two active historic". groups who have helped
to create a "market" for historically significant properties.

The area has experienced broad tourist interest over the past
ten years and official estimates of visitors to the City had
hovered between 450,000 480,000 between 1965-1969. In 1970
this figure passed 500,000 and 1972 marked a high point with
over 712,000 visitors. Even with the gasoline shortages exper-
ienced in late 1973, that years total of 699,000 was considered
a banner year for area businesses. The oil embargo in late 1973
was felt in reduced tourist travel in early 1974 and the year
end total of 566,000 visitors reflected nationwide economic
problems and unemployment. However, 1975 rebounded strongly and
the 736,000 visitors was an all time high. With the bicentennial
expected to put more vacationers than ever on the Nation's high-
ways in 1976, St. Augustine appears certain to see new records
established.

The area South of St. Augustine along the Atlantic Ocean was
discovered by condominium developers in 1970 and a boom resulted
that saw over 850 units completed before the recessionary period
began in 1974. While this activity was strong, it added only
slightly to the area's population and resulted in no permanent
increase in the area's employment base. Although sales of unsold



HARRY B. BROOM. JR.'







MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS


residential units have been slow to recover, this segment of
the economy should also rebound strongly as the national
economic picture continues to improve.

In summary, St. Augustine's economy is considered basically
stable, although it is dependent to a large degree on tourism.
These interests should, however, remain strong and continue
to prosper as visitors to the State continue to patronize the
Nation's number one attraction, Walt Disney World.


iARRY B. BROOM. JR.,


1 -.







MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS

NEIGHBORHOOD DATA

The Subject Property is located in what is generally referred
to as the "Restoration Area of St. Augustine". This is consid-
ered the most historic portion of a larger historical area that
is bounded on the South by Hypolita Street, on the West by
Cordova Street, on the North by Orange Street and on the East
by Avienda Menendez. This larger area is depicted on the illus-
trated map which follows this section of the report and is out-
lined in red.

The smaller area with greater historical significance is gener-
ally considered to be located East of Spanish Street, South of
Orange Street and West of Hypolita Street. By far, the proper-
ties which front St. George Street have the greatest present
historical interest and the highest market value. Mere location
must, however, be tempered by such factors as a building's
physical integrity (if a building is concerned), original mater-
ials present in the building, original workmanship and the need
for any restoration work. Consideration should also be given
to the question of a particular property's place in a historical
neighborhood since value enhancement attaches to a property
that is part of a larger complex of similar historical proper-
ties. It should be pointed out there are many historical sites
and buildings located throughout the City of St. Augustine
(as can be seen on the referenced illustrated map). However,
the center of restoration activity is currently along the west-
ern portion of St. George Street and nearby surrounding areas.

In St. Augustine, with its diverse history, the historical
value of a building or site is generally related to its place
in time, or its "period". These "periods" are referred to,
basically, as follows:

1. 1st Spanish Period 1565.to 1763
2. English Period 1764 to 1783
3. 2nd Spanish Period 1784 to 1821
4. Colonial Period 1822 to 1900 (Approx.)

There is a significant difference in historical properties in
St. Augustine and other well known areas such as Williamsburg,
Boston, Philadelphia, Charleston or Savannah. These other
areas benefited greatly from more urbanized and stable environ-
ments and older properties have been able to "weather" the
passage of time with less problems. In the case of St. Augus-
tine, the settlement began in a wilderness area and suffered
destruction, pillage and fire on numerous occasions from British
military and pirate conquerors in the Sixteenth and Seventeenth
Centuries.






HARRY B. BROOM. JR.,






AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS


The construction of the fortress, Castillo de San Marcos, began
in 1672 and was completed in approximately 1696. The strength
of this defensive bulwark withstood a two month siege in 1702
and an even stronger attack in 1740. It was after the unsuccess-
ful 1702 siege that the British forces burned the homes in the
City, making the fortress the sole surviving link between the
pre 1702 and post 1702 City. After repeatedly resisting these
British attacks, the Spanish settlement came under British
rule by a treaty signed in 1763. This began a twenty year
period of English rule and sets out the second major period of
St. Augustine's history. This period included the time span
which included the Revolutionary War that won the United States
Independence in 1776.

Again, by treaty, St. Augustine came under Spanish rule in 1783
and remained so for thirty-seven years. This was the Second
Spanish Period and the third major period of St. Augustine
History.

The last period began when.Spain sold Florida to the United
States in 1821, some 255 years after its colonization by Don
Pedro Menendez de Aviles. This began the Colonial period for
St. Augustine. The City suffered through a devastating yellow
fever epidemic in 1821 and the Seminole Wars which began in
1836 before finally achieving Statehood as the twenty-seventh
State in 1845. The Civil War in 1861 saw Florida secede from
the Union, along with other Southern Confederate States. St.
Augustine was not to be a factor in the War, however, as it fell
to a Union blockade in 1862 and remained under Union control
until the War's end in 1865. The City began to prosper in the
years after the War and, under the guidance of Henry M. Flagler,
saw the railroad extended from Jacksonville to St. Augustine in
1883. Flagler was also the force which built the plush Ponce
de Leon, Alcazar and Cordova Hotels in 1885 and which attracted
the wealthy of that day in great numbers. The "progress" repre-
sented by those new,"modern" buildings took its toll on the old,
historical buildings as they were torn down to make way for
these improvements. What old buildings were not lost to con-
struction were damaged or destroyed by two great fires in 1887
and 1914.

This very brief review of some of the highlights of St. Augus-
tine's history points out the fact this was primarily a military
outpost in its beginning. The early settlers came from many
Spanish lands and were mostly poor workers. Their homes were
simple, inexpensive and built with native materials. They were
characterized by thick tabby or coquina walls that helped to
cool the house in summer and retain heat in winter. There were
few large homes and most emphasized very plain exterior design,
many with a second story. Kitchens were usually separated from
the main house as a precaution against fires. The early first


-HARRY B. BROOM, JR.


,MEMBER,







AMERICAN INSTITUTE OF REAL ESTATE I


period Spanish homes were added to, in many instances, during
the English and second Spanish periods. Only a few buildings
can still claim first Spanish period materials and, where
present, their value is enhanced accordingly.

Interest in preserving and restoring historically significant
properties in St. Augustine has been active for many years,
going back to the 1950's, with considerable work completed in
the 1960's. The work of restoring properties to their period
condition has been the work of many different individuals, pri-
vate companies, private foundations and the State of Florida.
After restoration the properties have served many purposes,
including private residences, retail businesses and stores,
restaurants, museums and historical exhibits. While there has
not generally been an active market in restored properties,
there has been sales activity in vacant land parcels and some
improved properties where the improvements had little value.

Later data will be recited concerning these sales of property
within the larger area of historical interest.






































*HARRY B. BROOM, JR.'


MEMBER,


%PPRAISERS1








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RESTORATION BUILDINGS


Gallegos House
Ribera House
Gomez House
Maria Triay House
Gonzalez House
Rest Rooms
Salcedo House
Salcedo Kitchen
Arrivas House
Spanish Inn


Rodriquez House
Sanchez-Ortigosa House
Old Warehouse
Oliveros House
Benet House
Benet Store
Ortega House
Archeological Site
Santoya House
Pan-American Center


UNDER OTHER AUSPICES


"Oldest Wooden Schoolhouse"
Parks Property
Carmona-Salcedo House
Carrera-Avero House
Rodriguez Avero House
Juan Parades House
McHenry House
Casa de Hidalgo


Sanchez House
Fornells House
Juan Triay House
Buchanti House
Peck House
The Cathedral
Old Public Market
Trinity Church


Hispanic Garden
Wells Print Shop
Cerveau House
Leather Shop
Blacksmith Shop
Sims Silversmith Shop
Herrera House
Government House
Heritage House
Spanish Military Hospital




Public Library
Ximenes-Fatio House
Oldest House Complex
Llambias House
State Arsenal
County Building
City Building
Flagler College







MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS

SITE DATA

The Subject Property fronts 73.42 feet on the West side of
Charlotte Street and extends to the West 90.06 feet along
Cuna Street. The westerly and northerly property lines measure
75.85 and 93.15 feet respectively (see survey which follows).
The total tract area is calculated at approximately 6,837 square
feet.

This area of St. Augustine is zoned HP-3, Historical Preserva-
tion District. This is one of three HP classifications which
protect and control development in the Historical areas of the
City. This classification and HP-2 permit business and commer-
cial uses within the district with close control of architectur-
al style on new construction and remodelling. This zoning
applies to properties located north of Hypolita Street in the
Restoration Area.

Utilities available to the site include City water, sewer ser-
vice, electricity, refuse service and police and fire protection

As previously indicated, the site is improved with two small
reconstructed buildings that will be described in the following
section of the report. However, based on the 1764 real estate
map of St. Augustine, the Subject site was not improved with
any buildings. The area which included the Subject site was
shown, at that time, as part of the fort green, an open area
that surrounded the three land sides of the fort. Later histor-
ical documents show a building had been constructed on the site
by 1788 and was shown on a real estate map completed in that
year. It is likely the building on the site at that date was
built during the English Period of St. Augustine's history.
Because of this early recorded knowledge concerning this site,
the property is considered to have historical significance
and value. This property also benefits from its near proximity
to the fort and the large number of visitors who daily pass
this site.

Since the property is owned by a non-profit, charitable organi-
zation, and the property is leased to a division of State
government (St. Augustine Preservation Board), the land and
buildings are exempt from ad valorem real estate taxes. The
assessed value of the property, if it was included on the tax
rolls, would be broken down as follows:

Land $22,410.
Building Improvements 10,940.

Total Assessed Value $33,350.






HARRY B. BROOM, JR.
14




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MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS


IMPROVEMENT DATA

The Subject Property is presently improved with two reconstruc-
ted buildings which were completed in 1966. The larger of the
two buildings is typical of frame homes built during the English
Period. Its size and floor plan are purported to be an authen-
tic and accurate reproduction of the structure on the site
based on maps of that time period. The smaller of the two
buildings has no particular historic significance and is used
for storage and as a restroom facility.

The gross square foot area of the two buildings are calculated
as follows and their basic size and shape are as shown on an
outline drawing which follows on a later page.

Main Building
34.0 x 15.6 = 530 Sq.Ft.
16.5 x 15.9 = 362 Sq.Ft.

TOTAL AREA 792 Sq.Ft.

Storage-Building
20.9 x 8.1 = 169 Sq.Ft.

The main building is of wood lap frame construction on a con-
crete block and reinforced concrete foundation. Floors are
wood, off-grade, with wood baseboards. Interior walls and
ceilings are plastered. Windows are wood, double hung, with
wood sills and jams. Roof is wood, cedar shakes applied to
plywood sheathing on wood roof joists. There is an attic area
in the high gable of the roof that has been floored with ply-
wood that would be suitable for storage or would be typical
of a loft sleeping area. This building has no air-conditioning,
but heat is furnished by a Coleman, gas fired wall heater. The
gas supply tank for the heater is located underground near the
southwestern corner of the site. A brick fireplace is located
on the westerly side of the main building. The fireplace is
functional and is used in the silversmith display.

The storage building is of similar construction as the main
building and has a sink and water closet for the use of employ-
ees working in the nearby exhibits.

The buildings have been well maintained and no deferred items
of maintenance were noted. This building is constructed of
materials which are relatively maintenance free, requiring only
periodic painting. This should keep future physical deteriora-
tion to a minimum level. Since the building improvements were
constructed to resemble an early colonial home, there should
be no functional or economic depreciation affecting these build-
ings in future years. As a continuing part of the historical
exhibits in the Restoration Area, the building improvements
could expect to enjoy a remaining economic life in excess of
seventy-five years.

HARRY B. BROOM. JR.


16



























FROOT V FIW OF SUbJECT PROPERTY, L"COKING NORTiEW.ST.


REAR VIEW OF SUBJECT PROPERI7Y LOOKING SOUTHEAST
ALONG CHARLOTTE STREET, SHOWING STORAGE BUILDING
ON REAR OF PROPERTY.


17











C. AR R OTTE S '.

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15 9


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APPRmc.m vi


ScALE '.


LOcRATIDp"-s AiPE
AT. .

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rI







MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS'

VALUATION PREMISE

In estimating the value of the Subject Property, this Appraiser
gave consideration to thirteen sales of property which have
occurred within the Restoration Area since February 1970. The
sales selected for analysis do not represent all sales which
occurred during the ensuing time period. Many of those sales
included improvements with no historical value, but which con-
tributed too much to the overall property value to allow the
sale to be analyzed for a land value indication. The sales
which are shown on the recap table which follows were felt to
be the most reliable value indications available. Those sales
are fully described on Sales Data sheets in the Addenda section
of the report and are located on a sales map which follows on
the next page.

This appraisal is one of five appraisals being prepared for the
St. Augustine Preservation Board. Some of the properties being
appraised include improvements on the site which generate reven-
ues either from lease and/or rental payments on those improve-
ments, or admission fees charged to visitors touring the prop-
erties. This income source is important and meaningful as a
method of maintaining the properties and supplementing the
budgets of the owning organizations. However, that income
stream would not be considered an element of value in an analy-
sis of this type property and has been disregarded.

Two of the improvements being valued are "reconstructed" build-
ings. These buildings are relatively new with one building
approximately ten years old and one estimated to be less than
fifteen years old. The function of a reconstructed building is
normally to serve as an interpretive illustration of Period
architecture and/or building techniques. This type building
differs substantially from a building with some elements of
original "Period" construction that has been restored to near
original condition, or a building which is predominantly an
original building of the Period which retains a great degree of
physical integrity. In valuing and comparing such improvements
for their historical significance, it is generally "better to
preserve than repair, better to repair than Lestore and better
to restore than reconstruct."

When the valuation analysis deals with a "reconstruction", the
valuation approach taken is the estimated value of the land
from the Market, plus the estimated depreciated value of the
improvements, based on current replacement costs.

When the valuation analysis deals with an original building, the
cost to replace or reproduce is not considered a valid approach
since a "depreciated" cost of the building is precluded by the





HARRY B. BROOM. JR.'





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PROPe.RT.'


-M AT AN ZAS


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clr~ s c n~-E- t'~Z03


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MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS-


lack of a starting base. In this case, the value of the whole
property (land and building) should be considered as one rather
than attempting to separate the property into those two value
elements. This would require a direct comparison of comparable
properties, if such data was available. In this instance,
there have been no sales of that type property which the Apprai-
ser could analyze for a value indication. The Appraiser has
used, therefore, a modified Cost Approach which considers the
basic square foot area of the building and other site improve-
ments and assigns relative, subjective unit values to those
improvements based on the property's historical significance
within the overall Restoration Area complex.

The value of a site and/or building is, as previously mentioned,
determined by its age, condition and location within the Restor-
ation Area. The significance of a site is determined, in some
measure, by whether it shows as a building location on an Area
Map completed in 1764 by Juan Joseph Eligio de la Puente. This
Appraiser viewed a copy of that map in analyzing the sales data
and Subject Property locations.

RECAPITULATION OF SALES DATA


Sale
Date
2-4-70
2-5-70
3-6-70
4-22-70
4-16-73
1-23-73
7-18-73
11-28-73
12-31-73
5-28-74
3-4-75
10-9-75
12-19-75


Sales
Price
$81,000
20,000.
5,500.
10,800.
85,700.
55,000.
30,000.
45,000.
20,500.
21,000.
26,500.
47,500.
10,000.


Land
Area
13,600 S.F.
12,350
850
3,550
7,320 "
11,150
2,800 "
9,770
3,150
3,600 "
3,400 "
10,000 "
3,600 "


Indicated Value/
Square Foot
$5.96
1.62
6.47
3.04
11.71
4.93
10.71
4.61
6.51
5.83
7.79
4.75
2.78


These sales all involved vacant land parcels or
where the buildings added little or no value to
value.


improved parcels
the basic land


The majority of the sale activity shown in this analysis occurr-
ed in Blocks Sixteen and Seventeen, west of the most historic-
ally centered St. George Street. These sales show an overall
upward value trend, as particularly shown by Sales 2,4,6 and 9.
All are vacant land parcels except Sale 9, which is improved.
The purchaser in that sale advised those improvements (an old
two story residence) would be removed from the site, indicating
the sale represented land value only.




HARRY B. BROOM, JR..


Sale
No.
1
2
3
4
5
6
7
8
9
10
11
12
13






MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS'

Three sales occurred east of this area and illustrated the
upward value trend that is occurring in the Restoration Area
in that section. These sales, 1,3 and 7, show significant
upward value adjustments that in earlier years (1970) reflected
commercial influences. However, if the improvement value is
disregarded as an interim use in Sale 7, that sale shows a
large jump in indicated land value that would place land values
in prominent portions of the Restoration Area at a bottom level
near $10.- $11. per square foot.

Sales 5 and 8, while located in the center of a highly desir-
able and historical sub-area, are both felt to be under market
value for a property being sold with normal "arm's length"
criteria. In one case, the Restoration Society conveyed to
the State and in the other sale the owner sold to the Society
who they thought could more properly develop the site.

Based on the indications of these sales data, it is felt a
value range for land in the Restoration Area would fall between
$5.00 and $15.00 per square foot, depending on the location
within the area and the historical significance or other desir-
able traits of the site.

Using this indicated range for land values, it is felt a unit
value of $13.00 per square foot would properly reflect the
historical significance of the Subject Property. This unit
value estimate reflects the indications of Sales 5, 7 and 8, with
greater weight given to Sales 5 and 7. Sale 5 would be rated
superior to the Subject as to location, but would require an up-
ward adjustment for time. Sale 7 was rated inferior to the
Subject as to its historical significance and should be adjusted
upward for both location and time. Sale 8 was not considered
an arms length transaction and is given less weight.

Based on the calculated area of this land tract, the Estimated
Market Value of the Subject land, as of May 24, 1976, would be
as follows:

6,837 Square Feet @ $13.00/Sq.Ft. = $88,881.

Rounded To $88,900.

In order to arrive at a total value estimate for the Subject
Property, the Estimated depreciated value of the various improve-
ments must be added to the Market Value of the land. Based on
estimated current replacement costs, these values would be as
shown in the following Cost Approach to value:

Main Building
792 Sq.Ft. @ $20.00/Sq.Ft. $15,840.
Less Estim. Depreciation 10% 1,580. $ 14,260.

Storage Building
169 Sq.Ft. @ $25.00/Sq.Ft. = $ 4,220.
Less: Estim. Depreciation 10% 420. $ 3,800.
HARRY B. BROOM. JR.'







MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS'


Landscaping, walks and gas storage tank

TOTAL ESTIMATED DEPRECIATED VALUE OF
IMPROVEMENTS

Add: Estimated Land Value

TOTAL ESTIMATED VALUE OF PROPERTY

ROUNDED TO


500.


$18,560.

88,900.

$107,460.

$107,500.


I' il HARRY B. BROOM. JR.'






MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS


CERTIFICATE OF APPRAISAL

The undersigned does hereby certify that, except as otherwise
noted in this appraisal report:

1. I have no present or contemplated future interest in the
real estate that is the Subject of this Appraisal Report.

2. I have no personal interest or bias with respect to the
subject matter of this appraisal report or the parties involved

3. To the best of my knowledge and belief the statements of
fact contained in this Appraisal Report, upon which the analy-
ses, opinions and conclusions expressed heroin are based, are
true and correct.

4. This Appraisal Report sets forth all of the limiting con-
ditions (imposed by the terms of my assignment or by the under-
signed) affecting the analyses, opinions and conclusions con-
tained in this report.

5. This Appraisal Report has been made in conformity with and
is subject to the requirements of the Code of Professional
Ethics and Standards of Professional Conduct of the American
Institute of Real Estate Appraisers of the National Association
of Real Estate Boards.

6. No one other than the undersigned prepared the analyses,
conclusions and opinions concerning real estate that are set
forth in this Appraisal Report.

7. That I have personally inspected the property described
in this report, and have considered all factors which I felt
affected the value thereof.

Therefore, as of May 24, 1976, I have formed an opinion of
value as follows:



ONE HUNDRED SEVEN THOUSAND, FIVE HUNDRED DOLLARS ($107,500.00)











HARRY B. BROOM, JR.,M.A.I.


HARRY B. BROOM. JR.1


)







MEMBER. AMERICAN INSTITUTE OF REAL ESTATE































ADDENDA


, HARRY B. BROOM. JR.


APPRAISERS







MEMBER. AMERICAN INSTITUTE OF REAL ESTATE


QUALIFICATIONS OF APPRAISER

Lifetime resident of the State of Florida
Born in Jacksonville, Florida, June 23, 1930.

Education:

Graduate of the University of Florida in 1953, BS BA
Major field of study: Real Estate
Minor field of study: Investments and Insurance

Continuing Education: Appraisal courses and seminars
conducted by the American Institute of Real Estate Appraisers.

Affiliations: Member, American Institute of Real Estate
Appraisers (M.A.I.), Certificate No. 3478. Registered Real
Estate Broker in the State of Florida since 1952. Member,
National Association of Real Estate Boards (Realtor).

Experience and Partial Client List:

Over twenty-one years experience in the appraisal of real
property values in the Southeastern United States, with pri-
mary territory in the State of Florida.

Qualified as expert witness in Circuit and State Courts of
the State of Florida.

Completed Appraisals for:

U.S. Department of Justice
U.S. Army Corps of Engineers
U.S. Air Force
U.S. Navy
Department of Defense
Department of Labor Manpower Administration
Internal Revenue Service
National Park Service
Veterans Administration
State of Florida, Department of Natural Resources
National Railroad Passenger Corporation (Amtrak)
City of Jacksonville, Florida
Housing Authority of Jacksonville
Jacksonville Junior College
Chase Manhattan Bank, New York, New York
Bowery Savings Bank, New York, New York
Central Savings Bank, New York, New York
Broadway Savings Bank, New York, New York
Prudential Savings Bank, New York, New York


1' -HARRY B. BROOM. JR.


APPRAISERS






MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS

Union Dime Savings Bank, New York, New York
South Brooklyn Savings Bank, Brooklyn, New York
Western Savings Fund, Philadelphia, Pa.
Provident National Bank, Philadelphia, Pa.
Union Commerce Bank, Cleveland, Ohio
Womens Federal Savings & Loan, Cleveland, Ohio
Trust Company of Columbus, Columbus, Georgia
Leon Federal Savings & Loan Association, Tallahassee, Fla.
Arlington Federal Savings & Loan Association,Jacksonville,Fla.
Duval Federal Savings & Loan Association, Jacksonville, Fla.
Barnett National Bank of Jacksonville, Fla,
Flagship State Bank of Jacksonville
Atlantic National Bank of Jacksonville
American National Bank of Jacksonville
Sun Bank of Jacksonville
Prudential Insurance Company of America
Connecticut General Life Insurance Company
New York Life Insurance Company
Acacia Mutual Life Insurance Company
Aetna Life Insurance Company
The Western and Southern Life Insurance Company
Liberty Life Insurance Company of Greenville, S.C.
National Life & Accident Insurance Company
Volunteer State Life Insurance Company
Life & Casualty Insurance Company
John Hancock Mutual Life Insurance Company
Chrysler Corporation
Owens Illinois
Royal McBee
Bell Telephone Laboratories,Inc. .M1~rray Hill, N.J.
Gulf Oil Corporation
Mobil Oil Company
Hudson-Van Oil Company
Shell Oil Company
Volkswagen of America
Argonaut Realty Company
International Utilities Corporation
Unijax, Inc.
Allied Chemical Company
Weyerheauser Company
Ryder Truck Lines
Sears, Roebuck & Company
W.S. Badcock Corporation
I.B.M. Corporation
Carling Brewing Company
Ticor Relocation Management
Monarch Food Company
Cummins Diesel Engine Company
Crow, Pope and Carter Developers
Various individuals, attorneys, developers
and Real Estate Investment Trusts.


B. BROOM.


HARRY


JR.-








Comparable Sale No. 1


Address: S/S Avienda Menendez (Bay Street)


Grantor: Elks Club, Inc.

Recording Data: O.R.16 4,Pg. 82,
CPR, St. Johns County
Sales Price: $81,000.

Lot Size: 80x170, 13,600 Sq.Ft.

Legal Description: Lot 5, Blk. 2
City of St. Augustir


Property Data:


Grantee: Monterey Court,Inc.

Confirmed by: Grantee

Date of Sale: 2-4-70


This land has been improved with an addition
to the Monterey Court Motel since its purchase
in 1970. Indicated value of vacant land was
$5.96 per sq.ft.
This is a high sale per sq.ft, which reflected
the commercial location of this land. It would,
of course, require updating to reflect value
increases since 1970.








Comparable Sale No. 2


Address: N/S Cordova St.

Grantor: Patrick Keena Grantee: St. Augustine
Restoration, Inc.
Recording Data: Confirmed by: Grantee
O.R. 164, Pg. 68, CPR,
it. Johns County
ales rice: $20,000. Date of Sale: 2-5-70

Lot Size: Irreg., approx.
12,350 Sq.Ft.
Legal Description: Lot 9, Block 16
City of St. Augustine

Property Data:

This is a vacant lot located on the North side of Cordova
Street, between Cuna and Orange Streets. Purchase price
reflected a unit value of $1.62 per sq.ft. This price
would be very high when compared to other tracts of similar
land located outside the historically significant area of
St. Augustine. However, it is on the low end of the value
range for properties within that area. This location
would also require updating for value increases since 1970.







Comparable Sale No. 3


Address: W/S Hypolita Street


Grantor: Monterey Court, Inc.

Recording Data: O.R. 166, Pg. 118,
C.P.R., St. Johns County
Sales Price: $5,500.


Grantee: St. Augustine
Restoration, Inc.
Confirmed by: Grantee

Date of Sale: 3-6-70


Lot Size: 5' x 170', or 850 sq.ft.

Legal Description: South 5 feet of
Lot 5, Blk. 2, City of St. Augustine

Property Data:

This was the site of part of the original City wall around
St. Augustine. The property was purchased for its historical
significance. Sales price reflected a unit value of $6.47
per sq.ft. Again, this sale would require updating to
reflect increases in value since 1970.


__








Comparable Sale No. 4


Address: S/W corner of Cuna & Spanish Streets


Grantor: Dorothy Bradley

Recording Data:O.R. 168, Pg. 207,
C.P.R., St. Johns County
Sales Price: $10,800.


Grantee: St. Augustine
Restoration, Inc.
Confirmed by: Grantee

Date of Sale: 4-22-70


Lot Size: 50 x 71, or approx.
3,550 sq.ft.
Legal Description: Lot 16, Blk. 16
City of St. Augustine

Property Data: This is a vacant land parcel located at the
corner of Spanish and Cuna Streets. The price paid for this
property reflected a unit value of $3.04 per sq.ft. This
sale shows a value trend that indicates higher values as you
near the more historically significant area of St. George Street.








Comparable Sale No. 5


Address: E/S St. George Street


Grantor: St. Augustine
Restoration, Inc.
Recording Data: O.R. 228, Pg. 1002,
St. Johns County


Grantee: Historic St. Augustine
Preservation Board
Confirmed by: Grantor


Sales Price:


$85,700.


Date of Sale:


Lot Size: 60 x 122, or approx.
7,320 Sq.Ft.
Legal Description: Lot 7, Blk. 7,
City of St. Augustine

Property Data:

This land was purchased by the State of Florida from the
non-profit St. Augustine Restoration, Inc. This property
is a valuable historical site that has the foundations of
two Eighteenth Century homes. These homes are currently
being reconstructed on those foundations, using original
construction techniques.


4-16-73








Comparable Sale No. 6


Address: W/S Spanish Street


Grantor: George Champion Grantee: St. Augustine
Restoration, Inc.
Recording Data: O.R. 224, Pg. 298, Confirmed by: Grantee
C.P.R., St. Johns County
Sales Price: $55,000. Date of Sale: 1-23-73

Lot Size: 50 x 115 5,750 Sq.Ft.
60 x 90 5 400 Sq.Ft.,
Total of Approx. 11,150 Sq.Ft.
Legal Description:
Lot 24 and 25, Blk. 16
City of St. Augustine
Property Data: These lots are currently vacant land, located
on the West side of Spanish Street, just South of Tolomato
Lane. This area is on the western extremity of the most
important historical area of the City. The unit sales price
for this land reflects a continuing upward value trend for
land located within the boundaries of the area presently
designated most significant historically. The indicated
value was $4.93 per square foot.








Comparable Sale No. 7


Address: E/S Charlotte Street


Grantor: Margaret R. Crawbuck Grantee: Charles O. Barrett

Recording Data: O.R. 235, Pg. 485, Confirmed by: Closing Attorney
C.P.R., St. Johns County
Sales Price: $30,000. Date of Sale: 7-18-73

Lot Size: 29 x 112 x 22 x 112, or
approximately 2,800 Sq.Ft.
Legal Description: Lot 2, Blk. 2,
City of St. Augustine

Property Data: In analyzing this sale, consideration was given
to the Purchaser's comment that he allocated no value to
the existing improvement. The purchaser was buying the\
property based on its value as a location within the histor-
ical area. The existing improvement, a frame, single-family
residence, is presently being used by a retail business.
The rent from this use is considered an offset to the cost
of holding the property as an investment (interest on capital
outlay, taxes, etc.). The indicated value of the land, dis-
regarding the improvements, would be $10.71 per sq.ft.








Comparable Sale No. 8


Address: E/S St. George Street


Grantor: Trebil,Inc. Grantee: St. Augustine
Restoration ,Inc.
Recording Data: O.R. 243, Pg. 764, Confirmed by: Grantee
C.P.R.,St. Johns County
Sales Price: $45,000. Date of Sale: 11-28-73

Lot Size: 65.14(Avg.)x 150
or 9,770 Sq.Ft.
Legal Description: Lot 4, Blk.7, City of St. Augustine


Property Data: This property is a valuable site since it was
the location of buildings which date to the Eighteenth Century.
There are old foundations on this site which are presently
being excavated by trained archeologists. The foundations
will be stabilized and reproductions of the original buildings
will eventually be constructed on the site. This purchase,
by the non-profit, St. Augustine Restoration,Inc., was not
felt to be an "arms length" transaction and the sales price
was felt to be under Market Value at the date of sale. The
indicated value from the sales price was $4.61 per sq.ft.

The Seller in this instance was reportedly influenced in
the sale by the fact the property would be properly developed
as a historical site.









Comparable Sale No. 9


Address: S/E corner of Cuna and Spanish Streets


Grantor:G.C. Giles

Recording Data: O.R. 245, Pg. 763,
C.P.R., St. Johns County
Sales Price: $20,500.


Grantee: St. Augustine Restoration,
Inc.
Confirmed by: Grantee

Date of Sale: 12-31-73


Lot Size: 45 x 70, or approximately 3,150 Sq.Ft.

Legal Description: Lot 11, Blk. 13, City of St. Augustine


Property Data: This property is improved with a small frame
dwelling which is presently being used as a residence. The
improvements were accorded no value by the purchaser who was
buying land only. The present owner advised the existing
improvements will be demolished in the near future. Based
on this information, the sales price reflected a land value
of $6.51 per sq.ft.


_ _


"*W 04" -.-








Comparable Sale No. 10


Address: E/S Cordova Street


Grantor:John T. Trekell

Recording Data: O.R. 254, Pg. 956,
C.P.R., St. Johns County
Sales Price: $21,000.


Grantee: Old Town Distributors,
Inc.
Confirmed by: Grantor

Date of Sale: 5-28-74


Lot Size: 40 x 90, or approx. 3,600 Sq.Ft.

Legal Description: Lot 6, Blk. 17, City of St. Augustine


Property Data: This property is unimproved vacant land that
is used as a parking lot. The sales price reflected a unit
value of $5.83 per sq.ft., far over the value the site
would have if it were located outside of the historical area.








Comparable Sale No. 1 1


IVOL
Nk &N -


Address: W/S Spanish Street, just North of Cuna St.


Grantor: Ellanor W. Rees Grantee: Donahoo & Thelkel

Recording Data: O.R. 272, Confirmed by: Grantee
Pg. 287, C.P.R., St. Johns County
Sales Price: $26,500. Date of Sale: 3-4-75

Lot Size: Irregular, approximately
3,400 Sq.Ft.
Legal Description: Lot 17 and North 10' of
Lot 15, Block 16, City of St. Augustine

Property Data: Property is improved .ith a small one-story frame
house that is in good condition, but which was accorded little
or no value by the Grantees. The house, again, is used for
interim rental purposes as a means to offset holding costs.
The indicated value of the land was $7.79 per sq.ft.








Comparable Sale No. 12


Address: S/S Cuna Street


Grantor: Eddie Mae Morgan

Recording Data: O.R. 287, Pg. 399,
C.P.R., St. Johns County
Sales Price: $47,500 .


Grantee: Elliott L. Maguire

Confirmed by: Closing Attorney

Date of Sale: 10-9-75


Lot Size: Very irregular, containing approximately 10,000 Sq.Ft.

Legal Description: Lot 26 & Part Lot 5, Block 17
City of St. Augustine

Property Data: This is a vacant land parcel with frontage on
Cuna Street. The property is "L" shaped, as
shown on the sales map. The property was report-
edly purchased as a site for a new single-family
residence. The land value indicated by the
verified sales price was $4.75 per sq.ft.


__








Comparable Sale No. 13


Address: S/S Cuna Street


Grantor: E.M. Pomar Grantee: E. L. Maguire

Recording Data: O.R. 292, Pg. 358, Confirmed by: Closing Attorney
C.P.R., St. Johns County
Sales Price: $10,000. Date of Sale: 12-19-75

Lot Size: 40 x 90, or approximately
3,600 Sq.Ft.
Legal Description: Lot 25, Blk. 17,
City of St. Augustine

Property Data: This sale is locatci adjacent to Sale 12 and
the same Grantee was involved in both sales. It would be
assumed this tract, which is also vacant at the present
time, will be used with the land in Sale 12. The land is
currently used as a parking lot for an apartment building
which fronts on Spanish Street and backs up to this property.
The indicated value, based on the sales price, was $2.78
per sq.ft. This value level is considerably lower than
the indication in Sale 12, with no apparent explanation,
other than the seller being uninformed as to current value levels,




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