HomeMy WebLinkAbout06-12-2014 D McCormickSCHENBERCER, TAYLOR,
WCORMICK & JECKER
N C O R P O R A T E D
Real Estate Appraisers, Consultants and Investment Analysts
Founded in 1972
June 3, 2014
Ms. Carol M. Florence, AICP
Oasis Associates Inc.
3427 Miguelito Court
San Luis Obispo, California 93401
Dear Ms. Florence:
COUNCIL MEETING: __s (O k 2 t
ITEM NO.:,`_�
Emeritus
Richard L. Schenberger, ARA
Principals of the Firm
Gerald C. Taylor, SREA, MAI
Rollie A. McCormick, MAI
Jerald W. Jecker, SRA
Todd O. Murphy, MAI, ARA
Associates
Max R, Knupper
John E. Butler
F IVED 2 2014
' CLERK
This letter is in response to your request for information on possible appraisal scenarios
for a downtown city parking lot at the corner of Higuera and Nipomo Streets identified
as:
City of San Luis Obispo Parking Lot No. 10
Northeast Corner of Higuera and Nipomo Streets
San Luis Obispo, California
We can complete an appraisal on the subject site, considering the land as it currently
exists with zoning in place, etc. We could also appraise the property under the
hypothetical condition that the zoning is modified to allow increased residential
density. Lastly, we could also consider a further hypothetical condition that a new city
parking garage is built at the corner of Palm and Nipomo Streets and its possible value
influence on the subject site.
The hypothetical conditions can be used to allow credible analysis considering future
proposed changes to zoning or nearby improvements that might have an effect on the
subject land value. We would analyze downtown sales and other market data in order
to assess the potential value effect under the hypothetical conditions proposed.
www.stmjappraisers.com
1306 HIGUERA STREET • SAN LUIS OBISPO • CALIFORNIA • 93401 • (805) 544 -2472 • FAX (805) 544 -4396
A hypothetical condition can be useful as long as the hypothetical condition is
reasonable to assume and can produce credible analysis and conclusions. We routinely
use hypothetical conditions or extraordinary assumptions to appraise proposed projects
off of plans. The subject site as a potential redevelopment property is suitable for this
type of appraisal.
If you have any other questions, please give me a call.
Sincerely,
I&Jec a,- /
Rollie A. McCormick, MAI
California License #AG005661
Expires December 28, 2014
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SCHENBERGER, TAYLOR, McCORMICK & JECKER, INC.