HomeMy WebLinkAboutcoa.Glory Hole Park.Appraisal.1964 Appraisal for: The City of Aspen
Subject Property: The Glory Hole Tract
November 9, 1964
By John M. Hall
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TABLE OF CONTENTS
Item Page Number
Title Page 1
Table of Contents 2
Letter Of Transmittal 3
Photographs of the Subject Property 4
Interpretation of the Estimate of Value 5
Interpretation of the Estimate of Value (continued) 6
Flat of The Glory Hole Tract 7
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E. W. Morse, Broker
S®� John M. Hall, Broker
Basalt Branch Office
Me Box 1015, Basalt, Colorado
OR S E REAL ESTATE P. O. BOX 0 ASPEN, COLORADO 81611 925-7000
S A L E S A N D R E N T A L S "H O U S E C A R E" P R O P E R T Y M A N A G E M E N T
November 9, 1964
The City of Aspen
Aspen, Colorado
Gentlemen:
The property being appraised in this report may be
described as follows:
Legal Description-Land in Tracts 33 and 40, Ute Addition
to the City of Aspen, Pitkin County, Colorado.
The appraiser hereby certifies that he has made a
personal inspection and investigation of the above described
property. The purpose of this appraisal is that of
determining fair market value.
The estimate of value as of November 9, 1964 is as follows:
1. The entire Glory Hole Tract $27,878.40
2. Parcel under consideration for sale $2,762.66
a. Herein called the Larkin parcel
See pages 5 and 6 of this report for full explanation.
Respectfully submitted,
L.
Zv'— ��.. 1�. Lam-
�, ohn Me Hall
JMH:s
4
PHOTOGRAPHS OF THE SUBJECT PROPERTY
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View looking south and east
View of the area looking north
Photo taken adjacent to large pine tree
in the above picture
page.5
INTERPRETATION OF THE ESTIMATE OF VALUE
The subject property is extremely irregular in shape
(see plat) but its area was determined through the use of a
planimeter to be approximately one acre. An acre being 43,560
square feet.
The only approach to value applicable in this appraisal is
the Market Data Approach (Comparable Sales). The second approach
to value, The Income Approach, is not operative due to the fact
that no apparent income is derived from a lease arrangement on
the subject property. The third and final approach is that of
Reproduction or Cost. Since no improvements exist on the
premises, this approach has no significance.
A pattern of comparable sales has been selected from the
most representative purchases in the immediate neighborhood.
These sales may be verified through an inspection of the records
in the Office of the Pitkin County Clerk and Recorder. The
headings of Book and Page pertaining to such records (reference
being made to the chart below) identify our source of information.
Sales Price per
Legal Description Date of Sale Price 2. ft. Book Pace
Emerick- part of Tract 40,
Ute Addition to the City
of Aspen 10-3-64 $1,400 $i.o4 199 333
Lot 12, Ute Addition to the
City of Aspen 6-3-63 $3,500 70¢ 203 119
Lots 6,7,8.9.10.33 & 38,
Ute Addition to the City
of Aspen 4-1-63 $50000 $1.15 2o6 36o
Lots C & D, Block 113,
City of Aspen 9-27-58 $5.000 30 185 210
Average price per sq. ft. = 960
These statistics enable us to evaluate a reasonable square
foot cost to be applied herein. Another determining factor to be
considered here is the portion of the total land being presently
consumed by the presence of a sink hole (see photograph, page 4).
The presence of the hole is a detraction from the land amenities
plus some of the area lacks the proper facilities of access.
Consequently, such conditions cause a 30% deduction in the overall
value.
Furthermore, this appraisal does not take into consideration
any conditions that may possibly be attributed to or the result of
Pase 6
INTERPRETATION OF THE ESTIMATE OF VALUE (continued)
undermining of the earth in this locality. In addition, no
reclamation potential has been analyzed in the sunken area of
the property. A study may be maintained for the eminent solution
to this problem. Engineering advice or aesthetic procedures are
possible sources to rectify the situation.
A. The Total Estimate of Value
29,040 applicable sq. ft. of land (2/3 of total)% 960 = $27,878.40
B. Larkin Parcel
2,877.77 sq. ft. X 960 = $29762•66