Mundy Appraisal Services
C-2021-32 D
Not Applicable
9622.00
3-021-078-400-386
612 E 2nd Ave
Truth Or Consequences
Sierra
87901
See attached Legal Description.
Not Applicable
N/A
N/A
Exempt
N/A
Not Applicable
City of Truth or Consequences - Client
505 Sims Street, Truth or Consequences, NM 87901
Vacant
Karen I. Mundy, MAI
See attached Addenda for Scope of Work.
60
10
30
5
23,000
475,000
110,000
5
80
25
See attached addenda.
Slightly Irregular
8,100 SF
C-1, Commercial Zone
See attached addenda.
Paved
Level
8,100 SF
Slightly Irregular
Typical Residential
Appears Adequate
I was not provided with a survey for the
subject lot and as such I am not aware of any adverse easements or encroachments. The lot is slightly irregular in shape with 60 feet of
frontage on the north side of E. 2nd Avenue, a paved publicly maintained road with all utilities available for extension to the subject lot. The
lot is level and cleared, and suitable for immediate single-family residential development.
612 E 2nd Ave
Truth Or Consequences, NM 87901
Not Applicable
$/Sq. Ft.
N/A
Urban
8,100 SF
N/A
Not Applicable
924 Camino Del Mesa Dr
Truth or Consequences, NM 879
1.29 miles SW
20,000
1.54
MLS # 20215516 - 30 DOM
11/12/2021
Urban
13,000 SF
No Adj.
Cash to Seller
20,000
911 N Caballo Rd
Truth Or Consequences, NM 87901
1.06 miles NE
22,000
1.50
MLS # 20213121 - 72 DOM
08/19/2021
Urban
14,700 SF
-2,000
Cash to Seller
-2,000
20,000
508 Kopra St
Truth Or Consequences, NM 87901
0.89 miles W
20,000
2.38
MLS # 20212096 - 45 DOM
06/07/2021
Urban
8,400 SF
Cash to Seller
20,000
See attached addenda.
See attached addenda for the Scope of Work.
The Sales Comparison Approach was the only applicable approach in the valuation of the subject lot. Based on the
foregoing, I have reconciled on an opinion of market value of $20,000 for the subject lot.
January 6, 2022
20,000
Karen I. Mundy, MAI
01/18/2022
Owner/Appraiser
1219-G
04/30/2023
January 6, 2022
Form LAND - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
LAND APPRAISAL REPORT
File No.
S
U
B
J
E
C
T
Borrower
Census Tract
Map Reference
Property Address
City
County
State
Zip Code
Legal Description
Sale Price $
Date of Sale
Loan Term
yrs.
Property Rights Appraised
Fee
Leasehold
De Minimis PUD
Actual Real Estate Taxes $
(yr)
Loan charges to be paid by seller $
Other sales concessions
Lender/Client
Address
Occupant
Appraiser
Instructions to Appraiser
N
E
I
G
H
B
ORHOOD
Location Urban Suburban Rural
Built Up
Over 75%
25% to 75%
Under 25%
Growth Rate
Fully Dev.
Rapid
Steady
Slow
Property Values
Increasing Stable Declining
Demand/Supply
Shortage
In Balance
Oversupply
Marketing Time
Under 3 Mos.
4-6 Mos.
Over 6 Mos.
Present
Land Use
% One-Unit
% 2-4 Unit
% Apts.
% Condo
% Commercial
% Industrial
% Vacant
%
Change in Present
Land Use
Not Likely
Likely (*) Taking Place (*)
(*) From
To
Predominant Occupancy
Owner
Tenant
% Vacant
One-Unit Price Range
$
to $
Predominant Value $
One-Unit Age Range
yrs. to
yrs.
Predominant Age
yrs.
Good Avg. Fair
Poor
Employment Stability
Convenience to Employment
Convenience to Shopping
Convenience to Schools
Adequacy of Public Transportation
Recreational Facilities
Adequacy of Utilities
Property Compatibility
Protection from Detrimental Conditions
Police and Fire Protection
General Appearance of Properties
Appeal to Market
Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise)
S
I
TE
Dimensions
=
Corner Lot
Zoning Classification
Present Improvements
Do
Do Not
Conform to Zoning Regulations
Highest and Best Use
Present Use Other (specify)
Public
Other (Describe)
Elec.
Gas
Water
San. Sewer
Underground Elect. & Tel.
OFF SITE IMPROVEMENTS
Street Access
Public
Private
Surface
Maintenance
Public
Private
Storm Sewer
Curb/Gutter
Sidewalk
Street Lights
Topo
Size
Shape
View
Drainage
Is the property located in a FEMA Special Flood Hazard Area?
Yes No
Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions)
M
A
R
K
ET
D
A
T
A
A
N
A
L
Y
S
I
S
The
undersigned has recited the
following
recent sales
of
properties
most
similar and
proximate
to subject and has considered these in the market
analysis.
The
description
includes a dollar
adjustment
reflecting market reaction to
those
items
of
significant
variation between the subject and comparable properties.
If
a
significant
item in the
comparable property is
superior
to
or
more
favorable than the subject property, a minus (–)
adjustment
is made, thus reducing the
indicated
value
of
subject; if a
significant
item in the comparable is
inferior
to
or
less favorable than the subject property, a plus
(+)
adjustment
is made thus increasing the
indicated
value
of
the subject.
ITEM
SUBJECT PROPERTY
COMPARABLE NO. 1 COMPARABLE NO. 2
COMPARABLE NO. 3
Address
Proximity to Subject
Sales Price
$ $ $ $
Price
$ $ $ $
Data Source(s)
ITEM
DESCRIPTION DESCRIPTION
+( )$ Adjust.
–
DESCRIPTION
+( )$ Adjust.
–
DESCRIPTION
+( )$ Adjust.
–
Date of Sale/Time Adj.
Location
Site/View
Sales or Financing
Concessions
Net Adj. (Total)
+ –
$
+ –
$
+ –
$
Indicated Value
of Subject
$ $ $
Comments on Market Data
R
E
C
O
N
C
I
L
I
A
T
I
O
N
Comments and Conditions of Appraisal
Final Reconciliation
I (WE) ESTIMATE THE MARKET
VALUE,
AS
DEFINED,
OF THE
SUBJECT
PROPERTY AS OF
TO BE $
Appraiser
Date of Signature and Report
Title
State Certification #
ST
Or State License #
ST
Expiration Date of State Certification or License
Date of Inspection (if applicable)
Supervisory Appraiser (if applicable)
Date of Signature
Title
State Certification #
ST
Or State License #
ST
Expiration Date of State Certification or License
Did
Did Not
Inspect Property
Date of Inspection
08/11
C-2021-32 D
612 E 2nd Ave
Truth Or Consequences, NM 87901
Not Applicable
$/Sq. Ft.
N/A
Urban
8,100 SF
N/A
Not Applicable
504 Gray St
Truth Or Consequences, NM 87901
0.95 miles SW
16,000
2.46
MLS # 20210749 - 62 DOM
04/15/2021
Urban
6,500 SF
+4,000
Cash to Seller
4,000
20,000
See attached addenda.
Form LAND.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
4
5
6
ADDITIONAL COMPARABLE SALES
File No.
M
A
R
K
ET
D
A
T
A
A
N
A
L
Y
S
I
S
ITEM
SUBJECT PROPERTY
COMPARABLE NO. COMPARABLE NO. COMPARABLE NO.
Address
Proximity to Subject
Sales Price
$ $ $ $
Price
$ $ $ $
Data Source(s)
ITEM
DESCRIPTION DESCRIPTION
+( )$ Adjust.
–
DESCRIPTION
+( )$ Adjust.
–
DESCRIPTION
+( )$ Adjust.
–
Date of Sale/Time Adj.
Location
Site/View
Sales or Financing
Concessions
Net Adj. (Total)
+ –
$
+ –
$
+ –
$
Indicated Value
of Subject
$ $ $
Comments on Market Data
08/11
Form GPDSSLND.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Subject Land Photo Page
Not Applicable
612 E 2nd Ave
Truth Or Consequences
Sierra
87901
City of Truth or Consequences
View of Subject Facing North
Sales Price
Date of Sale
Site Area
Location
612 E 2nd Ave
Not Applicable
N/A
8,400 SF
Urban
2nd Street Facing East
Subject Assessor Map
Borrower
Lender/Client
Property Address
City
County
State
Zip Code
Scope of Work
The client requested an opinion of market value as of the date of property inspection on January 6, 2022, which coincides with
the effective date of appraisal. The intended use of the report is to assist in the potential disposition of the property. The
intended user of the report and client is the City of Truth or Consequences.
Site size was based on information obtained from the Sierra County Assessor. In as much as the subject property reflects a
vacant residential lot, only the Sales Comparison Approach to value was applicable. Land sales were obtained from the New
Mexico Multiple Listing Service and were verified and inspected by the appraiser.
•
Neighborhood Comments
The subject lot is located in the central portion of the City of Truth or Consequences, which had a population of 6,052 residents
as per the 2020 Census, a decrease of 6.5% from the 2010 population. The area in known for its naturally occurring hot springs
and Elephant Butte Reservoir. Visitors to Elephant Butte Reservoir cause the population to increase to over 100,000 on
summer holiday weekends.
Regarding market conditions for residential property, 108 homes sold in 2021 at an average price of $120,701 and 100 days on
the market. This reflects a 21.7% increase from average home price in 2020 of $99,214.
Highest and Best Use
The subject lot is zoned C-1, Commercial Zone, by the City of Truth or Consequences. However, given its location on a
secondary collector road and the surrounding residential development, the highest and best use of the lot is single-family
residential development.
•
Market Data Comments
The four sales selected for comparison to the subject property were the best available in the Truth or Consequences market
area. All four sales had water, sewer and gas available for extension with level topography located on paved, publicly
maintained roads similar to the subject site. Based on a comparison of the sales, Sales 2 and 4 required downward and upward
adjustment for site size, respectively, based on a paired sale analysis with Sales 1 and 3. No other adjustments were required.
Estimated Exposure Period
Based on the average marketing time for the four sales of 52 days, or just under 3 months, an appropriate exposure period for
the subject lot is 6 months or less.
3-Year Property History
The City of Truth or Consequences has owned the subject lot since May 2, 2018. As per Ms. Traci Alvarez with the City of Truth
or Consequences, the subject lot has not been listed for sale in the past three year period.
Extraordinary Assumptions and Hypothetical Conditions
No extraordinary assumptions or hypothetical conditions were required in the valuation of the subject lot.
Supplemental Addendum
Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
C-2021-32 D
Not Applicable
612 E 2nd Ave
Truth Or Consequences
Sierra
87901
City of Truth or Consequences
Borrower
Lender/Client
Property Address
City
County
State
Zip Code
File No.
Legal Description
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Flood Zone Map
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Zoning Map
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Location Map
Not Applicable
612 E 2nd Ave
Truth Or Consequences
Sierra
87901
City of Truth or Consequences
Borrower
Lender/Client
Property Address
City
County
State
Zip Code
Engagement Letter - Page 1
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Engagement Letter - Page 2
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
City of Truth or Consequences
612 E 2nd Ave, Truth Or Consequences, NM 87901
C-2021-32 D
13
Form AI9001 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Client:
Client File #:
Subject Property:
Appraisal File #:
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is subject to the following assumptions and limiting conditions:
This report is prepared using forms developed and copyrighted by the Appraisal Institute. However, the content, analyses, and
opinions set forth in this report are the sole product of the appraiser. The Appraisal Institute is not liable for any of the content,
analyses, or opinions set forth herein.
No responsibility is assumed for matters legal in character or nature. No opinion is rendered as to title, which is assumed to be
good and marketable. All existing liens, encumbrances, and assessments have been disregarded, unless otherwise noted, and
the property is appraised as though free and clear, having responsible ownership and competent management.
I have examined the property described herein exclusively for the purposes of identification and description of the real property.
The objective of our data collection is to develop an opinion of the highest and best use of the subject property and make
meaningful comparisons in the valuation of the property. The appraiser’s observations and reporting of the subject
improvements are for the appraisal process and valuation purposes only and should not be considered as a warranty of any
component of the property. This appraisal assumes (unless otherwise specifically stated) that the subject is structurally sound
and all components are in working condition.
I will not be required to give testimony or appear in court because of having made an appraisal of the property in question,
unless specific arrangements to do so have been made in advance, or as otherwise required by law.
I have noted in this appraisal report any significant adverse conditions (such as needed repairs, depreciation, the presence of
hazardous wastes, toxic substances, etc.) discovered during the data collection process in performing the appraisal. Unless
otherwise stated in this appraisal report, we have no knowledge of any hidden or unapparent physical deficiencies or adverse
conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic
substances, adverse environmental conditions, etc.) that would make the property less valuable, and have assumed that there
are no such conditions and make no guarantees or warranties, express or implied. We will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because I am not an expert in the field of environmental hazards, this appraisal report must not be considered as an
environmental assessment of the property. I obtained the information, estimates, and opinions furnished by other parties and
expressed in this appraisal report from reliable public and/or private sources that I believe to be true and correct.
I will not disclose the contents of this appraisal report except as provided for in the Uniform Standards of Professional Appraisal
Practice, and/or applicable federal, state or local laws.
The Client is the party or parties who engage an appraiser (by employment or contract) in a specific assignment. A party
receiving a copy of this report from the client does not, as a consequence, become a party to the appraiser-client relationship.
Any person who receives a copy of this appraisal report as a consequence of disclosure requirements that apply to an
appraiser’s client, does not become an intended user of this report unless the client specifically identified them at the time of the
assignment. The appraisers written consent and approval must be obtained before this appraisal report can be conveyed by
anyone to the public through advertising, public relations, news, sales, or other media.
A
true
and
complete
copy
of
this
report
contains
pages including exhibits which are considered an integral part of the
report. The appraisal report may not be properly understood without access to the entire report.
If this valuation conclusion is subject to satisfactory completion, repairs, or alterations, it is assumed that the improvements will
be completed competently and without significant deviation.
VALUE DEFINITION
Market Value Definition (below)
Alternate Value Definition (attached)
MARKET VALUE is defined as the most probable price which a property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently and 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 acting in what they consider their own best interests;
3. a reasonable time is allowed for exposure in the open market;
4.
payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
5.
the price represents the normal consideration for the property sold unaffected by special or creative financing or sales
concessions granted by anyone associated with the sale.
Source:
Appraisal Institute Dictionary of Real Estate Appraisal
*
NOTICE:
The Appraisal Institute
publishes
this form for use
by
appraisers where the appraiser
deems
use of the form appropriate.
Depending
on
the assignment, the appraiser
may need to
provide
additional
data,
analysis and
work
product not called for in this form. The Appraisal Institute plays
no
role in completing the form and disclaims any
responsibility for the
data,
analysis or any other
work
product
provided
by
the individual appraiser(s).
AI Reports™ Form AI-900.01 Assumptions and Limiting Conditions/Certification
© Appraisal Institute 2005, All Rights Reserved
11/08/2005
City of Truth or Consequences
612 E 2nd Ave, Truth Or Consequences, NM 87901
C-2021-32 D
Karen I. Mundy, MAI
01/18/2022
1219-G
04/30/2023
Client:
Client File #:
Subject Property:
Appraisal File #:
APPRAISER CERTIFICATION
I certify that, to the best of my knowledge and belief:
The statements of fact contained in this report are true and correct.
The reported analysis, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are
my personal, unbiased professional analysis, opinions, and conclusions.
I have no present (unless specified below) or prospective interest in the property that is the subject of this report, and I have no
(unless specified below) personal interest with respect to the parties involved.
I have no bias with respect to any property that is the subject of this report or to the parties involved with this assignment.
My engagement in this assignment was not contingent upon the developing or reporting predetermined results.
My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value
or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or
the occurrence of a subsequent event directly related to the use of this appraisal.
My analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform
Standards of Professional Appraisal Practice.
Individuals who have provided significant real property appraisal assistance are named below. The specific tasks performed by
those named are outlined in the Scope of Work section of this report.
None
Name(s)
As previously identified in the scope of work section of this report, the signer(s) of this report certify to the inspection of the
property that is the subject of this report as:
Appraiser
None
Interior
Exterior
Co-Appraiser
None
Interior
Exterior
ADDITIONAL CERTIFICATION FOR APPRAISAL INSTITUTE MEMBERS
Appraisal Institute Member Certify:
The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the
requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, which
include the Uniform Standards of Professional Appraisal Practice.
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized
representatives.
Designated Appraisal Institute Member Certify:
As
of
the
date
of
this report, I
have /
have not completed
the continuing education program of the Appraisal Institute.
APPRAISER:
Signature
Name
Report Date
State Certification #
ST
or License #
ST
Expiration Date
Designated Appraisal Institute Member Certify:
As
of
the
date
of
this report, I
have /
have not completed
the continuing education program of the Appraisal Institute.
CO-APPRAISER:
Signature
Name
Report Date
State Certification #
ST
or License #
ST
Expiration Date
*
NOTICE:
The Appraisal Institute
publishes
this form for use
by
appraisers where the appraiser
deems
use of the form appropriate.
Depending
on
the assignment, the appraiser
may need to
provide
additional
data,
analysis and
work
product not called for in this form. The Appraisal Institute plays
no
role in completing the form and disclaims any
responsibility for the
data,
analysis or any other
work
product
provided
by
the individual appraiser(s).
AI Reports™ Form AI-900.01 Assumptions and Limiting Conditions/Certification
© Appraisal Institute 2005, All Rights Reserved
11/08/2005
Appraiser's License
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE