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l <br />t <br />PHILIP H. HOUCK, M.A.I. <br />REALTOR - APPRAISER <br />946A Beachland Boulevard <br />--• <br />P.O. Box 3569 Beach Station <br />Vero Beach, Florida 32960 <br />305.56 i • 1539 <br />February 1, 1977 <br />' t j <br />George Collins,.Jr., Esq. <br />744 Beachland Boulevard <br />Vero Beach, Florida 32960 <br />Re: Appraisal of Three Tracts <br />in Section 25-33-38 <br />Indian River County <br />Dear Aar. Collins: <br />As you requested, I have made an inspection and appraisal of three <br />tracts of land located west of 74th Avenue, south of Oslo Road. The <br />purpose of this appraisal is to estimate their market values as of <br />January 26, 1977. <br />As is described under Area and Market Data, there have been few, <br />if any, sales of acreage tracts of this type during the past three years. <br />Whereas the market for other types of real estate has improved during <br />the past twelve to eighteen months, apparently there has been little <br />demand for comparable unimproved acreage. It appears to me that several <br />such sales of these lands prior to 1974 were made for speculative pur- <br />poses. Today, it is indicated they would be purchased only for improve- <br />ment or specific use. <br />The acreage figures used for Properties No. 1 and 2 were furnished <br />by Mr. James L. Beindorf and Property No. 3 is based on its assessed <br />acreage. <br />r <br />The estimated values of these properties as of January 26, 1977 <br />are summarized as follows: <br />Property No. 1 - 79 Acres @ avg. $2070 A - $163,530 <br />Property No. 2 - 111 Acres @ avg. $1955 A - $217,005 <br />Property No. 3 - 39.77 Acres @ avg. $1955 A - $ 77,750 <br />229.77 Acres @ avg. $1995 A - $458,285 <br />Following is my report of 19 pages. Assumptions and limiting con- <br />ditions are included and I certify I have no present or contemplated <br />interest in these properties. <br />' ccrely <br />e � r <br />FEB 91977 <br />