Real Estate Appraisal Report - AgWare UAAR – Appraisal ...

[Pages:78]File No. 2005-151

Real Estate Appraisal Report

Date of Inspection 6/16/05 Date of Value 6/16/05

Assignment Complete Appraisal Report Type Summary

Regal Ranch

4,500 Acres Deeded Plus: Forest Lease & Soonover Grazing Coop Shares

Harding County, XX

Prepared For:

Demonstration

Intended User:

Same

Prepared By:

AgWare

?1998-2005 AgWare, Inc. All Rights Reserved.

Date Prepared:

2005

Demo Uniform Agricultural Appraisal Report UAAR?

File No. 2005-151

Table of Contents

Page Title

Property Map Summary of Property Facts Market Value Definition

UASFLA Market Val. Definition USPAP and Organizational Reqmts Area - Regional Description Narrative Land Description Ranch Supplement Subject Improvements Highest and Best Use Larger Parcel Discussion Subject Valuation Factors Explanation of Adjustments

Time Trend Worksheet Appraisal Process & Method of Valuation

Comp. Sale to Sub - Cost Land Sales 1-5 Cost Approach (Land Sales 1-5)

Land Conclusion -- Cost Approach Cost Appr Time Adjustment Sales 1-5 Improvements (1-10) Depreciation Analysis Income Approach Comp. Sale to Sub. - S.C. 1-5 Sales Comparison (Improved Sales 1-5) Comp. Sale to Sub. - SCA 6-10 Sales Comparison (Improved Sales 6-10) $/AU Summary Chart Reconciliation Limiting Conditions Appraiser Certification UASFLA Certification Appraiser Qualifications Licenses & Certifications

Unimproved Sales #1 - #5 Improved Sales #6 - #15; plus Land/Building Mix Adjustments

Page #

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

?1998-2005 AgWare, Inc. All Rights Reserved.

Demo Uniform Agricultural Appraisal Report UAAR?

File No # 2005-151

Section Divider I

Subject Maps, Photographs, Legal Description, Value Definition, USPAP Requirements, etc. 1. Subject Maps 2. Subject Summary Information, Value Definition, USPAP Requirements, etc. 3. Subject Land & Improvement Descriptions

?1998-2005 AgWare, Inc. All Rights Reserved.

Demo Uniform Agricultural Appraisal Report UAAR?

File No. # 2005-151

Property Map (Deeded = Yellow; Forest = Red)

Forest Permit

Neighbor

Out

SUBJECT

?1998-2005 AgWare, Inc. All Rights Reserved.

Page 1 of 33

Demo Uniform Agricultural Appraisal Report UAAR?

Summary of Property Facts & Report Criteria

Owner/Occupant : Regal Ranch, LLC/Jack Jarstad Property Location: Rural Route, Highliner, XX Legal Description Attached

File No #

2005-151

Deeded Property Size: 4,500.00 Acres

Effective Unit Size: ( 4,500.00 ) Acres

Total Property Size: (

) See comments below

Purpose of Report: Form opinion of market value.

Intended Use of Report: Demonstration report for appraisal review.

Client(s) & Intended User(s) of Report: Regal Ranch, LLC and/or Jack Jarstad -- including their legal representatives.

Property Rights Appraised: Fee simple subject to easements and reservations of record (no reservations known).

Leased Fee Interest(s): None

Reversionary Interest(s): None known

Comments In addition to the deeded lands appraised, there are 475 AUMs of adjoining Forest permit on the National Forest; plus a 200-head ownership in the Soonover Grazing Cooperative (east of the ranch - not contiguous).

While the "fee simple" estate has been appraised, the minerals (to whatever extent owned) do not contribute to value in this locale. Simply, the minerals are not producing and are not leased. Thus, the mineral right contribution is very minor and likely less than $10/acre overall. There is some merit in owning the mineral right ownership to control surface "trespass" issues, but lacking income and/or production, the market value cannot be easily quantified given the sales data available.

?1998-2005 AgWare, Inc. All Rights Reserved.

Page 2 of 33

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