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Dorsett Appraisals A Consulting LAND APPRAISAL SUMMARY REPDR7 a C lrWill /LV 1 1 Address: t3rootdragow Road 1.369 ac+l- . Efland Stale: NC f>ode: 27243 • Ora D 'on: PIN ~J855-00-3159, O e Count Parerrt Parcel }' AssessofS Parcel #: NIA Tax Year 2010 R.E Tares: $ 81.41 S ' I AsseSSrtlErrtS: S N/A Marke4 Area fits: Efiand Al Reference: 00-E-125'IDC CenSUS Tract N/A ~ Grrrerd Owner d Record: J T. Forrest f3onmrer NIA r A Pro' T i PUD !, De Mmimis PUD ~ Otisr Eesathe HOA: $ ~ per .mntdh Are then: any e>ostfng improvemerrts to the property? ~ No ^ Yes q Yes, jndreale cuRerd ocwpancy: ^ Owner ^ Tenant ^ Vacant ^ Not habiUble q Yes, give a brief description: N/A z ~ The se of th's le to an "ion of ~ Madte<V~ue as , flr ~ -outer of value descrthe This repoR reflects the # value not CtureM, see carnrlerrts : : Currerd trr t)ath is the t7fective Dale P ~ Fee S' ~ Leasehold -' lsacetl Fee ~ Other descnLe . Ifdended Use: To determine the subject's market value for a possible private sale from current owner Joseph T Fonest to Orange County for a ~ sewer station. a Ntended User(s) (by name ortype): Ora a Cou and its asst talent Ora Cora Address: P.O. Box 8181 tiRlsboro N C 27278 'ser: Scott W. Dorsett Address: P.O. t3ox 987 H7~bo h, NC 27278 dtaraderistics Location: ^ Urtran ^ Sntmrbart ~ Rural Predorrarprtt Ors-UnRHoosktg PR1Gf AGF Resetttiandllse Onei~ 35 % GtangeatL~tdt1~ ~ Not tritely Built up: %' Dver 75% ~ 25-75% ^ lkrder 25% ~' Owner 95 $(0(fiij (yrsj 2-4 Unit % ^ Lrkely ` ^ M Process Growth rate: !~; Rapid ^ Stable ~ Slow ;_ Tenard 5 100 Low 1 Multi-lint[ % ` To: Property values: ^ Increasing i=; Stable ~ Dedirgng ^ Varant (0,5%) 500+ ifii 50+ t,orron'I >1 % DemandJsuppty: J Shortage In Balance ~ Over Supply ~ Vacant (>5%j. 50-250 Pred 10-30 Vacant 64 % Marketing time: ^ Under 3 Mos. 3-fi Mos. ~ aver fi Mos. % z a ~ m n w Q Factors Affecting Marketability t-~-t-n Good Average fair Pwr N(A ~ 6aod Averse Fair Poor N/A 6npleymerd Stab!Tdy J ~ i ii Adequacy of UbTdies ; ~ !~ ^ Convenience ffl Errgrloyment ~ ~ ~ ^' ^ Property Compabbiliry J ~ ^ ^ ;^,: Camenlence to Shopping ^ ~ ^ ^ Protection from Detrimer!tal Conditions ^ ~ ^ ^ ^ Convenience to Schools ^ ~ ^ ^ _ Police and fire Protection ^ ~ ~ n, ^ Adequacy of Public Transportation !^ ~; ^ _ Geroera[ A~earance of Properties ^ ~ ^ Recxeationa Facilities i g Jj _ to Mada;t ~ ^ ~ j ~ m Market Area Commends: The subject market area is defined as a three mile radius around the subietk prpperty The Etlar~ area of Orange ~ County is cornenientto stropping trtediral foci rI'bes schools and employment m HiBsbomugh Chapel HiN and Drrfiam The area es ~ established and stable and surround'mg Drooerties appear to be well maintained. The martcet demand for the Efland an>a of Orange Courtly is considered average with typical marketing times similar to ff~e the oountv average Banks and other lending instdutions cordirrue to decline opporhrnities to finance raw undeveloped land as indicated try lire tlxee comparable sates listed in this report (All are rash sales) There are currently 476 residential land parcels for sate iR Orange County vvittr only six under contract Okrsnsions: 139.2T x 400.49 x 481.84' Site Amer: 1-369 Arms Zoning Classification: R-1 (Orange County Jurisdiction) Oescdptiore Residential (40,000 sR minimum lot size) "Acreage cakarlations from Jeff Williams, of Coulter-Jewell-Thames, PA" Do present improvemerds canply with e>osleig inning requiremerds? ~; Yes L No ^ Ne Improvements Uses allowed under current inning: Single family residential Are CC&tis applirabt? IJ Yes ~g No ^ Unknown Have the documerds been n:rie~d? ^~ Yes -i No Ground Rerrt [d applicable) $ Commends: Highest 6 Best Use as improved: I~ Present use, or ~ Olheruse (e~ain) z 0 Actual Use as of Effective Date:. Vacant tot Use az appraised in this report As tuned R-i. Summary of Highest 8 Best Use: Orange County zoning allows single family residential usage. i = a ~ G w Otifdies Public Other Prmida/Description 6ectricity '~ Gas ! Water i i ^ Oranrre Htamance Sanitary Sewer j lI ^ Needs Private Stain Sewer ^ ^ Telephone ^ ;=! Multimedia ± i O(f-stle Improvements Type Public Private Sheet Asplratt ~ (' Width Surface Curb/Guder Sidewalk _ ^ Sheet Lights ^ I Ftnntage Adequate Topography Ro)fin Size T fiat for ttre area Shape Trig ularJSee attached ma . Dra6iage A rs ad ogle View Rural scenefAvg other sikle ~ lrmde Lot Coma tot C Crd de say ~ lArdergroiuid t»s ~ Other describe FEMA ?1 Flood Hanrd Arta I i Yes No F~A9A Fkiad Zone C FHutA Map ?FIRM Parre1965M9655 FEtOA Map 0ate 2-2-2007 Site Commems: The subied is a wooded tnn7dmp lot whose eastern boundary is Oak SVeeC an unbuitt public road, as shown on Vie attached survey- t assume the subied bt has reasonable soil grrality that would sustain a private three tredrooin conventional septic system per Orange County Health Dept. standards. No adverse sde conddiorrs were observed during my site inspection. ~L~ E'+$ 6..~ 0o~'rl~ 2BPl M a to mode, inc.7his tam maybe repioduc~ aimadf~ weMat wridnn Danaissmn, huaever, a m moue, trc.mestbe auonwteopev arw ~. Form GPLND -`TOTAL for Windows' appraisal software by a le mode, inc. - l-BOO-ALAMODE 3/2007