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Client: Etienne. R. MYERS, residing @ Sugar Hill Dr. 8, Cell: +1721 581-7386
In accordance with client’s request, the property was inspected, researched and this
appraisal report made for the purpose described in this report. Subject to conditions in this
report, undersigned hereby summarize and present the conclusion. A fact sheet is included
and for more detailed information your attention is invited to the interior pages.
Legal Matters
Inspection date : 04&29 Aug +01 Sept. 2020--Effective date: Wednesday, Sep. 16, 2020
Inspected address: Wellington road # 19, Cole Bay, Sint Maarten.
Description : 3 adjacent parcels of Government Long Lease, having a total area of 1000 M2, situated in district of Cole Bay, further described in respective
Mbr. # 490 / 1987, Mbr. # 293 / 1987 and 224 / 1972 with thereon
standing commercial buildings and appurtenances. Title in name of : Country Sint Maarten, assigned to LANSEAIR N.V. obtained through
deed of granting long lease, as indicated on attached title searches.
Report purpose : Auction.
Users : Owner, Commercial Banks, Notary and Insurance companies.
Description at the moment of inspection
Land : Reclaimed flat land, along a paved road, all having rectangular shapes.
Utilities are available via underground connections. No adverse environmental issues.
Improvement: 3 commercial buildings consisting of; 1. Office, workshop and storage → Office and storage are 40 foot containers. The work shop
is a covered area between the 2 containers. There’s a canopy at the office container. 2. Apt. building → Lower floor being an unused office and storage & top floor apartments.
3. Green roof building → Lower floor, 2 identical two bedroom Apt’s, each with porch, bath,
closet & kitchen. Storage under stairs, laundry and utility room. Upper floor, Studio Apt; living/dining, porch, kitchen & bathroom.
The premises is fenced with a low block wall, columns, topped with deco iron works.
Mid-section of the premises is also fenced with deco iron works. A car & walk gate is in the front and rear fence. The block work and columns are plastered but not painted. The yard is
paved with concrete and or pavers. A walk gate in the middle fence. Parking is arranged in
front of the building. No prized plants. The impression is of a commercial establishment.
APPRAISED VALUES
Renovation only Present Situation
US. $ Naf.
Land Excluded Excluded
Market Value 488,887.00 879,996.60
Auction Value, 70 % market value 342,220.90 615,997.62
Replacement value (insurance) 514,304.40 925,747.92
As is evident from attached title searches the properties are encumbered, 3 seizures.
Rental info: Container structure in own use. Apt. building dilapidated, Green roof blg Upper floor owner use, Lower floor not known.
Appraiser; Mr. J. M. Zimmerman, 16 September 2020, Signature-------------------
Materials used: Traditional block work construction with re-enforced columns, ring beam and floor. Roofing consist of thrushes, covered with T1-11 and galvalume sheets.
Finishing Materials: Ceramic and or porcelain tiles, glazed wall tiles. Alm. windows.
Lumber door frames. Wood and aluminium exterior doors. Wood panel interior doors. Various kitchen cabinets & cupboards. Locks and hardware of common type and American
standard sanitary equipment. Water & oil based paint work.
Subject property is known as: Wellington Road # 19 in Cole Bay.
Wellington Road can best be reached when travelling from the Traffic man round-a-bout in Cole Bay towards direction of Welfare road. Take the second road to your left right
hand side which is Wellington Road.
Count 7 side streets at your left hand and located subject property as second building
after the seventh side street, next to Electech Company.
Access to and from subject property is only via Venus drive. Alternative routing is
indicated in purple. Follow indications in red and land marks in below inserted Google
map.
Latitude: 18° 2'0.41"N and Longitude 63° 5'3.57"W, Altitude 4 meter above sea level.
4. AREA SPECIFICATIONS
Y Urban area / lagoon Y Flood Zone Y Street lighting
In respect with these seizure / attachments, petition has been filed for auction of the
buildings constructed on the land. Land and movable items are not solicited for the
auction.
Appraisal of the property is therefore needed indicating market and auction values.
Focus and scope of work of this report, concentrates on providing the market values,
making use of all possible Value Approaches.
7. STRUCTURAL CONSIDERATIONS
The overall impression is of a commercial compound build on re-claimed land. The office, workshop and storage are housed in 2 apart placed 40 foot containers and the
storage enclosed with roof and floor slab in between.
Structure of the inhabited apartment building are erected in traditional 8” and 6” block work and re-enforced concrete elements. Roofing consist of exposed thrushes, rafters
with a kings post covered with T1-11 and galvalume roof sheets.
The level of skill, workmanship and construction quality of the projection is in line with
present day standards and building code and has an “Average” overall rating as presented blow.
The un-inhabited apt. building is in bad shape and scheduled for demolishing.
Accommodation on subject property includes 3 commercial buildings consisting of;
1. Office, workshop and storage Office and storage are 40 foot containers. The work shop is a covered area
between the 2 containers. There’s an entrance canopy at the office container.
2. Apt. building Lower floor being an unused office and storage & top floor an apartment. The whole building is dilapidated.
3. Green roof building Lower floor, 2 identical two bedroom Apt’s, each with porch, bathroom, closet &
kitchen. Storage under stairs, laundry and utility room. Upper floor, Studio Apt; living / dining, porch, kitchen & bathroom.
The premises is fenced with a low block wall, columns, topped with deco iron works.
Mid-section of the premises is also fenced with deco iron works. A car & walk gate is
in the front and rear fence. The block work and column is plastered but not painted. The yard is paved with concrete and or pavers. Parking is arranged in front of the
building. No valuable vegetation is present.
Inspection revealed that applied finishing materials are common quality as described
in understated table.
Office, Storage,
Workshop
Floors Walls Ceiling Windows Doors
Entrance canopy Porcelain tiles, 60 x 60 cm + base board
Open, no
railings.
Exposed rafters None None
Office space Porcelain tiles, 60 x 60 cm + base board
Paint on sheetrock panels
Paint on sheetrock panels
Alm & glass picture windows.
Steel plated exterior door.
Bathroom 1
From office.
Porcelain tiles, 60 x 60 cm.
Deco tile board panels.
Paint on sheetrock panels
None Interior door
Bathroom 2
From shop.
Porcelain tiles, 60 x 60 cm.
Paint on sheetrock panels
Paint on sheetrock panels
None Interior door
Workshop Finished cement floor. Paint on container steel.
Paint on container steel.
None Double Iron mash grid doors.
Storage Container floor Not inspected Not inspected None Container doors
Isolation materials inserted in the walls and ceiling of the containers office. Locks &
hardware of Euro type and American standard sanitary equipment. Paint work is water based.
Apt. building
Lower floor.
Floors Walls Ceiling Windows Doors
Office space Alm. Single hung windows Wood exterior
door.
Storage Glass blocks. Wood exterior door.
Bathroom Alm. Single hung windows Not inspected.
Apt. building
Upper floor.
Floors Walls Ceiling Windows Doors
Stairs Plaster/craked. None None None
Apt. Bedroom Alm. Single hung windows, with roll up hurricane shutters
Not inspected.
Apt. bathroom Alm. Single hung windows Not inspected.
For safety reasons, this dilapidated building was not inspected at interiors.
Alm. Single hung windows, with roll up hurricane shutters
Not inspected
Kitchen Ceramic floor tiles 30 x 30 cm.
Ceramic tiles 15 x 20 cm.
Paint on finished concrete.
Alm. Single hung windows, with roll up hurricane shutters
Not inspected
Storage under
stairs.
Ceramic floor
tiles 30 x 30 cm.
Ceramic tiles
20 x 40 cm.
Paint on finished
concrete.
None None
Laundry Ceramic floor tiles 30 x 30 cm.
Ceramic tiles 20 x 40 cm.
Exposed rafters None / Open None /Open
Utility room Ceramic floor tiles 30 x 30 cm.
Ceramic tiles 20 x 40 cm.
Exposed rafters None None
Inhabitants of this lower floor units were not available for interior inspection.
Green; Upper.
floor. 1 Studio
Floors Walls Ceiling Windows Doors
Stairs + porch Ceramic floor tiles
Paint on plaster work
Paint on exposed rafters.
None None
Studio area Ceramic floor tiles
Deco plaster work/moulding
Paint on exposed rafters.
Alm. casement windows, roll up hurricane shutters
Steel plated exterior door with burglar bars
Kitchen Ceramic tiles
30 x 30 cm.
Ceramic tiles
between cabinet
Paint on exposed
rafters.
Alm. casement windows, with
roll up hurricane shutters
Steel plated exterior
door.
Bathroom Anti-slip tiles 30 x 30 cm.
Glazed tiles + inlay border.
Paint on drop ceiling.
Alm. Single hung windows, with roll up hurricane shutters
Steel plated exterior door.
Kitchen cabinets & cupboards with sprayed wood doors and drawer fronts and topped
with corian. Locks and hardware of common type and American standard sanitary
equipment. Water based Paint work.
9. BEST & HIGHEST USE
On 01 June 2010, the island territory of Sint Maarten informed the general public that the transitorily zoning regulation that requires a planning permit for Cole Bay area has
been abolished and that government is preparing development plan for the area.
Building regulations & restrictions are outlined in the plan.
Up to 3 stories high is legally permissible in this area for residential / commercial use. Considering the legal and technical possibilities, it is the professional opinion of
undersigned appraiser that the construction would fully qualify for a state of
Available data related to subject has been gathered and evaluated. A value via the
Construction Value Approach has been analysed in order to form a methodical opinion of the value. The analysed information is in opinion of the appraiser, true and based
on current construction costs and market forces in Sint Maarten.
1. Value of land.
Making use of the appraiser’s opinion that the fair value for land pertaining to subject
property should be $ 200, = / M2 and the total area of all 3 parcels at 1.000 M2, the land value is calculated as follows:
All 3 parcels are government long lease land. Land and movable items are not solicited for the auction. Hence the land value will not be further incorporated into the
requested auction value. Above indication serves solely as a reference for the
prospective reader / auctioneer.
2. Construction Value.
On page 2 of this report, undersigned appraiser classified construction of subject as: Dilapidated apt. building: “Simple” for residential type, valued at $ 1.000, = / M2.
Green roof building: “Simple” for commercial type, valued at $ 1.200, = / M2.
The office, workshop, storage containers will be evaluated separately.
A valuation via Construction Value Approach is made by adding, construction cost of all physical components. In this situation the land value is not incorporated. There are
yard pavements, deco fence work and hurricane shutters to be considered.
Depreciation is considered on the dilapidated apt building. This calculation results as
indicated below.
271.92 US. $ Naf.
Value of container structure = see calculations 35,000.00 63,000.00
Value of delapidated building = 2 levels 60, 3 M2 each @ $ 1.000, =/ M2 120,600.00 217,080.00
Depreciation on delapidated building = ± 50 % -60,300.00 -108,540.00
Value of Upper floor green building =127 M2 @ $ 1.200, =/ M2 152,400.00 274,320.00
---------------- ----------------Totals Present Property Value 488,887.00 879,996.60 Via Construction Value Approach, subject’s present value is estimated at $ 488.887, =.
3. Other approaches. The economic value approach could not be utilised for this assignment, as there are
no rental data, the dilapidated apartment building is not in use and the upper floor of
the green roof building is owners inhabited, while the container structures are in use
by owners. Research on Sales comparable for similar compounds resulted futile.
Conclusion It is therefore undersigned professional opinion that the value for subject property via
the Construction Value Approach could be reconciled and rounded as indicated in
The appraiser ascertains that considering the Construction Value Approach, appraised interest, construction quality and the development trends in this area, the value of
this commercial property, excluding the land is appraised as stated below:
Renovation only Present Situation
US. $ Naf.
Land Excluded Excluded
Market Value 488,887.00 879,996.60
Auction Value, 70 % market value 342,220.90 615,997.62
Replacement value (insurance) 514,304.40 925,747.92
Note 1:
The dilapidated apartment building which is not inhabited, neither in use, is not included in the replacement cost for insurance purposes. The building is scheduled for
demolishing.
Note 2:
The calculations via Construction Value Approach shows how the value is build up, leading to the market values. The re-construction value should exclude the land value; however take into consideration cost such as demolition, drawings, building
permit and future increase in construction cost. These cost components are added as
20 % of the calculated construction cost, (excluding the land value).
Note 3:
It is NOT recommendable to exclude insurance on the cost of foundation up to ground floor of the building from the indicated replacement value. This represent ± 11 % of
the insurable value. Client can also opt to insure for the indicated market value. Beware of under & over insurance.
These options should be consulted with your broker.
As is evident from attached title searches the properties are encumbered, 3 seizures.
1976 – 1981 : MTS, department engineering, MTS Curacao N.A.
Graduated for diploma on June 23, 1981.
1981 : Supervisory Management Course. American Management Associations.
Certificate of graduation dated November 30 1981.
1983 : Concrete constructions, University Ned. Antilles.
Certificate of graduation dated ……….1983.
1999 : Training Costumers Skills from Qualitivity Inc.
Certificate granted on March 20 1999.
1998 – 2000 : Real Estate in construction, written course Eurodidakt Holland.
2001 : Workshop for Customer Service Training, CEB Consultancy
Certificate awarded on 13 July 2001.
: UAR, UAV, SAAB from Stichting Intermediar Bedrijfs Beheer.
Certificate awared on 25 August 2001.
2002 : AutoCad 14 & AutoCad 2000.
2006 : Workshop for Customer Service Training.
2006 – 2007 : VKS training.
2008 : Fundamentals of Real Estate Appraisal & Basic Real Estate Appraisal “Principals & Procedures”.
2009 : General Insurance History (ICWI)
2010 : ICWI, insurable interest of immovable properties.
2011 : Auto CAD 2012.
2012 : Capacity development program, Costumer Service Empowerment Program (WSP &Embrace group) USONA
Computer Knowledge: Lotus 1-2-3; Windows 8.1; Microsoft word and Excel; AutoCAD 2013. Also some not trade related diploma’s & certificates, ex:
Parenting & Education; French beginners; French grammatical; Agriculture – Horticulture; Child care; First Responder; Pregnancy course, Rhetoric training
1974 – 1976 : Carpenter at numerous building contractors.
1976 – 1977 : Military service, in camp carpenter and sniper peleton.
1977 – 1979 : Foreman / executer at ABC construction company Curacao N.A.
Executed works : Office complex AOB Architects.
: Surveying height level of Gosie weg pressure line.
: Rainwater drainage project of Koraal Specht.
: Theodolite work on foundation, police office Canario.
: Renovation Banco di Caribe office in Curacao N.A.
1979 – 1987 : Architectural Supervisor at housing foundation FKP in Curacao N.A.
Executed works : Public housing project at Terra Cora, 225 homes.
: Public housing project at Cabo Verde, 105 homes.
: Middle class home project at Jan Thiel, 35 homes
: Public housing project at Muizenberg, 375 homes.
: Project leader 35 homes at Marie Pampoen.
1987 – 1994 : Owner / Director of Carpenter Shop N.V. Kapataz.
1994 – 1996 : Turn Key project Manager. Development, construction and sales of
social housing c.q. district renovation with own work group.
1996 – 1997 : Architectural Supervisor in charge of Home Repair Program, at SMHDF.
Biggest achievement 1,5 mln US $ insurance claim for SMHDF. 1997 - 2008 : Architectural Supervisor, development of Self Building Program and
continuation of Home Repair Program at SMHDF, Sint Maarten N.A.
: Acting interim Head Technical Department SMHDF during the period of April 1999 until March 2000.
2009 - 2011 : Supervisor technical department in charge of restructuring of maintenance department.
02007 – to date : Draftsman, Real estate appraiser and cost calculator as part time activity.
Appraisals done since 1998: Several hurricane claims among others after hurricane “Jose’ & Lenny”.Several private homes & Businesses for diverse
purposes, e.g. Court settlements, Sale & purchase, Insurance purposes, Financing and re-financing, Management information, Succession and estate
planning. Important appraisals: WIB N.V. appraisal project 2008, Point Blanche Prison, Police Stations Philipsburg and Simpson Bay, Police training center, and
Detention Centre Simpson Bay. All catholic and SVBO schools on SXM. Island wide representative & hurricane assessments after Hurricane Gonzalo in
2014. Independent claim consultant after ‘‘IRMA’ in 2018’.
Appraisals Accepted by: Windward Island Bank N.V. / Banco di Caribe / Post Spaar Bank N.V. Henderson Insurance, (ICWI) Naggico Insurances /
Notary offices and SXM Court of justice.
Reference 1 Reference 2
Ir. Herman George. Honourable Mrs. Millicent Lopez-de Weever
Ex. Director of FKP Curacao N.A Professional office manager / Ex. Acting Ltn. Governor
Presently director of Reda social Tel: (0) 5423399
Language
Papiamento : Good writing & verbal.
Dutch : Good writing & verbal.
English : Good writing & verbal.
Spanish : Average writing verbal.
French : Poor writing & verbal.
Creole : Average writing verbal.
Character description
Extravert, Strong perseverance.
Kind person. Deep social feelings and
emotional reactions in stress situations.
Good organizer, Very loyal, critical
towards others. Honest and always
ready with a helping hand.
Computer Knowledge
Lotus 1-2-3.
Windows 2008.
Microsoft word and Excel.
AutoCad 2010
Sports
Basketball FIBA rules. (Official
referee and game administrator)
Chess
Hobby’s
Astronomy
Reading.
Charismatic
Personality Have at least 75% of the personality traits to be a successful sales person.