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Appraisal Report (Prepared by USC REM Students)

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2015
APPRAISAL REPORT
4th
Year Real Estate Management
Students:
Arengo, Manilyn Rose O.
Billones, Suzanne Rafaela G.
Eregi...
Page 2 of 14
REM PIONEERSAPPRAISALFIRM
FOR CLASSPROJECTPURPOSES ONLY
Disclaimer: Attained position,education &achievementi...
Page 3 of 14
REM PIONEERSAPPRAISALFIRM
FOR CLASSPROJECTPURPOSES ONLY
Disclaimer: Attained position,education &achievementi...
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Appraisal Report (Prepared by USC REM Students)

  1. 1. 2015 APPRAISAL REPORT 4th Year Real Estate Management Students: Arengo, Manilyn Rose O. Billones, Suzanne Rafaela G. Eregil, Mario A. Gantalao, Alene D. Vapor, Maria Gretchen M. PreparedFor : Ramon C. Marfori REM PIONEERS APPRAISALFIRM M. Roa Street Barangay Capitol CebuCity Philippines Member of: Philippine Association of Realty Appraisers (PARA), Inc. Website: appraisers.ph
  2. 2. Page 2 of 14 REM PIONEERSAPPRAISALFIRM FOR CLASSPROJECTPURPOSES ONLY Disclaimer: Attained position,education &achievementindicated are fictitious APPRAISAL SUMMARY Prepared For Ramon C. Marfori Location M. Roa Street Barangay Capitol Cebu City Date of Appraisal September 12, 2015 Purpose For possible sale Interest Valued Fee Simple TCT Number 107-2011004219 107-2011004218 107-2011004215 107-2011004214 Register of Deeds Cebu City Property Owner Ramon C. Marfori Land Area 1,200 sqm Lot Identification Lot No. 3, Block No. 29 Lot No. 4, Block No. 29 Lot No. 5, Block No. 29 Lot No. 6, Block No. 29 Shape Rectangular– Regular Topography Flat Brief Description The property is a parcel of land – commercial lot – currently vacant. It is easily accessible from the Osmeña Boulevard main road bounded Southeast by road lot 33-A, PCS 565 F. Ramos Ext. St. and road lot 26-B, PCS 565 Gov. M. Roa Street in the Northwest. In the Southwest, it is bounded by Lots 1 and 2 Block 29 FLS – 1544-D and Lot 7 & 8 Block 29 FLS 1544-D in the Northeast. Coordinates:1020’43.67”N, 12354’13.22”E, 1018’37.82”S, 12352’5.30”W. Highest and Best Use Commercial Basis of Valuation The valuation is based on market value which is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing, wherein the parties has acted knowledgeably, prudently and without compulsion. Market Value Php 50,438,000.00 Certification This certifies that we have inspected the property described above and believe to the best of our knowledge that the valuation is the market value of the property as of the date of the appraisal.
  3. 3. Page 3 of 14 REM PIONEERSAPPRAISALFIRM FOR CLASSPROJECTPURPOSES ONLY Disclaimer: Attained position,education &achievementindicated are fictitious 19 September 2015 Mr. Ramon C, Marfori Property Owner 369 Sta. Catalina St., Carcar Cebu, Philippines Subject: Appraisal of Property Dear Mr. Marfori: In fulfillment with our agreement, we are delighted to present our valuation report on the opinion of the market value of a certain property located at M. Roa Street, Barangay Capitol Cebu City Philippines appraised as of 12 September 2015. The report includes my value conclusion along with supporting data and reasoning that constitutes the basis of our opinion. Our valuation is made based on the market value defined as: “the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.” The value opinion reported is qualified by certain definitions, limiting conditions and disclaimers, set forth on this report. With this analysis, we developed an opinion for the Market Value, as of 12 September 2015, isFifty Million Four Hundred Thirty-Eight Thousand Pesos (Php 50,348,000). Should you have any questions concerning the report, please contact REM Pioneers Appraisal Firm at (+032)888-8888. Respectfully Yours, Mario A. Eregil Jr., REB, REA Certified Property Valuer Lic. No.: 39810 RAMON C. MARFORI APPRAISAL REPORT M. Roa Street Barangay Capitol Cebu Ctiy 12 September 2015
  4. 4. Page 4 of 14 REM PIONEERSAPPRAISALFIRM FOR CLASSPROJECTPURPOSES ONLY Disclaimer: Attained position,education &achievementindicated are fictitious THE PROPERTY The property bears the postal address Lot No. 2 to 6 Block No. 29 M. Roa Street, Barangay Capitol Cebu City. The property is composed of 4 parcels of land – commercial lot – currently vacant. It is easily accessible from the Osmeña Boulevard main road bounded Southeast by road lot 33-A, PCS 565 F. Ramos Ext. St. and road lot 26-B, PCS 565 Gov. M. Roa Street in the Northwest. In the Southwest, it is bounded by Lots 1 and 2 Block 29 FLS – 1544-D and Lot 7 & 8 Block 29 FLS 1544-D in the Northeast. Coordinates: 1020’43.67”N, 12354’13.22”E, 1018’37.82”S, 12352’5.30”W. Representative photograph of the property
  5. 5. Page 5 of 14 REM PIONEERSAPPRAISALFIRM FOR CLASSPROJECTPURPOSES ONLY Disclaimer: Attained position,education &achievementindicated are fictitious Location Map of the Property within Barangay Capitol Cebu City Road map courtesy of Google Earth Neighborhood The subject property is a 1,200 sqm commercial vacant lot owned by Mr. Ramon C.Marfori. It is located at the center of Cebu City along M. Roa Street Barangay Capitol and just few meters away from major landmarks. It is 50m away fromCebu Doctor’s Hospital, 169m from the Provincial Capitol Building, 106m from the DYHP Broadcasting Station, 764m from Robinsons, 952m from Velez College and 843m from the Redemptorist Church.
  6. 6. Page 6 of 14 REM PIONEERSAPPRAISALFIRM FOR CLASSPROJECTPURPOSES ONLY Disclaimer: Attained position,education &achievementindicated are fictitious
  7. 7. Page 7 of 14 REM PIONEERSAPPRAISALFIRM FOR CLASSPROJECTPURPOSES ONLY Disclaimer: Attained position,education &achievementindicated are fictitious Accessibility It is easily accessible by way of Osmeña Boulevard connecting from the Fuente Circle or through Escario Street that connects from either Banawa or Lahug Cebu City. Public transport such as jeepneys and taxi cabs are available on both roads. On Osmeña Boulevard to Escario Street, jeepneys with the codes 17B, 14D, 15 passes by. General vicinity map showing Barangay Capitol, Cebu City Philippines. Map courtesy of Google Community Facilities and Utilities Electric power, water supply and telecommunication facilities are available in the vicinity. Electricity is powered by Visayan Electric Company (VECO) and Metro Cebu Water District (MCWD). Brief Profile ofBarangay Capitol,Cebu City Geographic Location, Topography, Climate and Soil Type. Cebu City is classified as the 1st Highly Urbanized Municipality in the province of Cebu with 80 barangays, one of which is Barangay Capitol located at the Eastern shore of the Cebu Island. Cebu City’s terrain is relatively flat on the coastal plain and becomes rolling and hilly at elevations of 40 to 200 meters, then generally rugged and mountainous at elevation of 200 to almost 800 meters above sea level. The slopes vary from 0 to 60 degrees. Its relatively flat terrain is only approximately 15% of the total land area. The Cebu Metropolitan Area has what is termed by the Weather Bureau as the third type of climate in which there is no distinct wet or dry season. There is more rainfall during the southeast monsoon seasons in the month of September. The summer heat which
  8. 8. Page 8 of 14 REM PIONEERSAPPRAISALFIRM FOR CLASSPROJECTPURPOSES ONLY Disclaimer: Attained position,education &achievementindicated are fictitious generally comes in March reaches its peak in April and May. Humidity is approximately 77%, decreasing during the summer months and increasing during the rainy days by a few percent. As per records of the Weather Bureau, the average temperature in Cebu City is 27.4 0C or 81.3 0F The top soil of Cebu City on the higher elevation is primarily Faraon Clay. It is residual since it is derived from limestone. The top soil for the lower elevation is primarily clay loam. It is fertile since it is organic in nature, and it can also retain water very well. The primary composition of the sub-strait is limestone interspersed with bedrock formation. Severe erosion has extremely exposed the limestone and rock foundation in some areas. According to the Bureau of soils, the type of soil common in the different districts of the city and its environs are Faraon Clay, Mandaue Clay, and silt-loam, Baguio and Bolinao Clay. These types are responsible for the production of different kinds of vegetables and root crops, the ever popular Guadalupe mangoes, the much talked about grapes, sugar cane, corn and other staple products. Lot Data and Technical Description Based on the information furnished to us, the land subject of this appraisal consist of 4 parcels of land, containing areas of 297 sqm, 302 sqm, 298 sqm and 303 sqm totaling to 1,200 sqm, more or less, technically defined as Lot Nos. 5,6,4,3 Block No. 29, situated along M. Roa Street, Barangay Capitol Cebu City. Below are the 4 Parcels’ technical descriptions: 1. Lot No. 4 Block No. 29 of the subdivision plan FLS-1544-D, sheet No. 3being a portion of Lot No. 850 of the Banilad Estate G.L.R.O. Record No. 5988 situated in the City of Cebu, island of Cebu. Bounded on the NE by Lot. No. 3 Block No. 29 of the subdivision plan, on the SE by Lot No. 1 Block No. 29 of the subdivision plan, on the SW by road Lot No. 26-B on plan PCS-565 and on the NW by Lot No. 5, Block No. 29 of the subdivision plan. Beginning at a point marked “1” on plan being N. 14DEG 18’E, 889.86M more or less from mon “C” of the Banilad Estate. 2. Lot No. 5 Block No. 29 of the subdivision plan FLS-1544-D, sheet No. 3 being a portion of Lot No. 850 of the Banilad Estate G.L.R.O. Record No. 5988 situated in the City of
  9. 9. Page 9 of 14 REM PIONEERSAPPRAISALFIRM FOR CLASSPROJECTPURPOSES ONLY Disclaimer: Attained position,education &achievementindicated are fictitious Cebu, island of Cebu. Bounded on the NE by Lot. No. 6 Block No. 29 of the subdivision plan, on the SE by Lot No. 4 Block No. 29 of the subdivision plan, on the SW by road Lot No. 26-B on plan PCS-565 and on the NW by Lot No. 8, Block No. 29 of the subdivision plan. Beginning at a point marked “1” on plan being N. 23DEG 00’E,91166M more or less from mon “C” of the Banilad Estate. 3. Lot No. 3 Block No. 29 of the subdivision plan FLS-1544-D, sheet No. 3 being a portion of Lot No. 850 of the Banilad Estate G.L.R.O. Record No. 5988 situated in the City of Cebu, island of Cebu. Bounded on the NE by Lot. No. 33-A on plan PCS-565, on the SE by Lot No. 2 Block No. 29 of the subdivision plan, on the SW by road Lot No. 4 Block No. 29 of the subdivision plan; and on the NW by Lot No. 6 Block No. 29 of the subdivision plan. Beginning at a point marked “1” on plan being N. 24DEG 18’E,889.86M more or less from mon “C” of the Banilad Estate. 4. Lot No. 6Block No. 29 of the subdivision plan FLS-1544-D, sheet No. 3 being a portion of Lot No. 850 of the Banilad Estate G.L.R.O. Record No. 5988 situated in the City of Cebu, island of Cebu. Bounded on the NE by Lot. No. 33-A on plan PCS-565, on the SE by Lot No. 3 Block No. 29 of the subdivision plan, on the SW by road Lot No. 5 Block No. 29 of the subdivision plan; and on the NW by Lot No. 7 Block No. 29 of the subdivision plan. Beginning at a point marked “1” on plan being N. 23DEG 00’E,91156Mmore or less from mon “C” of the Banilad Estate. These 4 parcels of land are owned by Ramon C. Marfori, of legal age, married to Pilar S. Marfori, Filipino Citizen living at 369 Sta. Catalina St., Carcar Cebu and Gregorio C. Marfori, of legal age, married to Margaret Ann Weis, American Citizen living at Sykesville Baltimore, Maryland U.S.A. SITE
  10. 10. Page 10 of 14 REM PIONEERSAPPRAISALFIRM FOR CLASSPROJECTPURPOSES ONLY Disclaimer: Attained position,education &achievementindicated are fictitious Highest and Best Use Real estate is valued in terms of its "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 value in excess of the value of the site. Considering the property’s size, shape, topography, current zoning classification and the prevailing land uses and trend of development in the area, in our opinion, that a commercial usewould represent the highest and best use of the site as though vacant. ValuationMethodology The purpose of this appraisal is to estimate the Market Value of the property, as of the date of inspection, 12 September 2015, applying the valuation of the Property by the use of the Market Data (or Sales Comparison) Approach. In valuing real property, the Market Data (or Sales Comparison) Approach which is the most common technique used for valuation, and is the most preferred method when comparable sales are available, the sales of similar property or parcels of land are analyzed, compared, and adjusted to provide a value indication for the property being appraised. The comparison process is based on an analysis of the similarity or dissimilarity of the comparables. The appraiser gathers data on actual sales as well as listings, offers, and renewal options; and identifies the similarities and differences in the data; ranks the data according to their relevance; adjusts the sales prices of the comparables to account for the dissimilarities with the land being appraised; and forms a conclusion as to the most reasonable and probable market value of the subject property. The elements of comparison include property rights, financing terms, conditions of sale (motivation), market conditions (sale date), location, physical characteristics, available utilities, zoning, and degree of development. The most variable elements of comparison are the site's physical characteristics, which include its location, size and shape, topography, access, degree of development and existing use. Comparable Properties In the course of our investigation, We looked at a recent sale transaction as well as current market listings of comparable properties in the area – this includes, among others, an investigation of the current market, sales and holding prices.
  11. 11. Page 11 of 14 REM PIONEERSAPPRAISALFIRM FOR CLASSPROJECTPURPOSES ONLY Disclaimer: Attained position,education &achievementindicated are fictitious SUBJECT PROPERTY COMPARABLE 1 COMPARABLE 2 COMPARABLE 3 LOCATION M. Roa St., Brngy. Capitol Cebu City Capitol Site Cebu City (few meters from the road) Capitol Site Cebu City (along the road) Escario St., Brngy. Camputhaw Cebu City LOT SIZE (in sqm) 1,200 1,132 387 600 TOTAL PRICE (in Peso less 5% broker's fee) 32,262,200 17,100,000 34,825,000 PRICE PER SQM (in Peso) 28,500 44,186.05 58,041.67 SHAPE Regular Regular Almost Regular Regular TOPOGRAPHY Flat Flat Flat Sloping CORNER INFLUENCE Not Corner Corner Corner Corner Adjustments: Location: 2 -3 4 Lot size -2 -5 -3 Price (per sqm) -6 5 7 Shape 0 1 0 Topography 0 0 2 Corner Influence -6 -6 -6 Total Adjustments -12% -8% 4% ADJUSTED VALUE 25,080 40,651.17 60,363.34 INDICATED VALUE (Peso per sqm) 42,031.68 TOTAL INDICATED VALUE (In Peso) 50,438,000. 00
  12. 12. Page 12 of 14 REM PIONEERSAPPRAISALFIRM FOR CLASSPROJECTPURPOSES ONLY Disclaimer: Attained position,education &achievementindicated are fictitious The ‘Market Data Table’ shown above contains a summary of previously described adjustments, which provides an indication as to the degree of adjustment made to the different elements in comparison. A numeric indicator indicates the level of adjustments, in terms of percentage when compared with the subject property. The use of (-) indicates a negative adjustment and a (+) indicates a positive adjustment. A downward adjustment (-) used is made to reflect superior characteristics of the comparable sale/offer, while an upward adjustment (+) reflects inferior characteristics of the comparable sale/offer. Finally, a zero (0) is used to confirm similarity between the comparables and the subject or is used when market information is unavailable or does not support an adjustment for any particular element of comparison. Adjustments for conditions of sale reflect the motivations of the buyer and seller. The conditions under which a parcel of land may be sold could differ from property to property. Industry practice dictates that listings/asking/offers have a mark-up allowance of 5% for broker’s fee. In this report, however, we applied an adjustment of -5% for the total price of the comparables to refer to this allowance. On the basis, therefore, of our ocular inspection, research, investigation and analysis, it is our professional opinion that the Current Fair Market Value of subject property (being a vacant commercial lot) as of September 12, 2015 is: FIFTY MILLION FOUR HUNDRED THIRTY-EIGHT THOUSAND PESOS ONLY (Php 50,438,000.00)
  13. 13. Page 13 of 14 REM PIONEERSAPPRAISALFIRM FOR CLASSPROJECTPURPOSES ONLY Disclaimer: Attained position,education &achievementindicated are fictitious PROFESSIONAL PROFILE Mr. Eregil Jr. will have extensive experience in multiple sales, lease, appraisal and transaction consultancy services of properties and investment portfolios on behalf of financial institutions and property clients such as REMgers Money Bank, RDC Savings Bank and Colliers-REM International. He will be one of the country’s leading real estate practitioners and is recognized across the industry. He will also be the President and past Chairman of the largest national association of appraisers, the Philippine Association of Realty Appraisers (PARA) and in the future hold concurrent position as Treasurer of Federation of Real Estate Association. He completed his undergraduate studies at University of San Carlos with the course in Real Estate Management. He will be conducting seminar as director in real estate practice examination review courses and lecturer at 10 REM UniversityCebu City, Philippines. Mario A. Eregil Jr. is a Certified Property Valuer of REM Pioneers Appraisal Firm. With a group of appraisal teams under him namely Suzanne Rafaela G. Billones, Alene D. Gantalao, Maria Gretchen M. Vapor and Manilyn Rose O. Arengo. He will be appointed by the Head Technical Appraisal by the Bureau of Real Estate Management District 2, Finance Cluster as consultant to the Technical Assistance team for the National Adviser Pool Valuation Standards in 2012-2014. He will also sit on the Bureau of taxes sub technical committee to assist in the Zonal valuation of Focal Point Districts. Mario A. Eregil Jr.
  14. 14. Page 14 of 14 REM PIONEERSAPPRAISALFIRM FOR CLASSPROJECTPURPOSES ONLY Disclaimer: Attained position,education &achievementindicated are fictitious Certified Property Valuer: Eregil, Mario Jr. A. Appraiser Team Lead: Vapor, Maria Gretchen M. Appraisal Team: Arengo, Manilyn Rose O. Billones, Suzanne Rafaela G. Gantalao, Alene D.

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