18 ALMEDA STREET - BUILDING JACKET 1 S 0.�nn�b� S'C
SERAFINI, SERAFINI AND DARLING
ATTORNEYS AT LAW LUIS � � ps
63 FEDERAL STREET
SALEM, MASSACHUSETTS 01970I IT
CI I f '- ,.SS.
JOHN R. SERAFINI. SR. TELEPHONE
JOHN R. SERAFINI,OR. 744-0212
JOHN E. DARLING 561-2743
AREA CODE 617
May 31, 1988
William Munroe
Building Inspector
One Salem Green
Salem, MA 01970
Dear Bill :
Clients of mine own in common a lot of land on 18 .Almeida
Street in Salem. They have been paying taxes for a number of
years . The estate is about to be settled and the issue whether
or not this lot is buildable has come up. I am enclosing a copy
of the assessor ' s map which shows the lot. What I don' t know is
whether or not there are any services, whether the road is paved
and whether there is any likelihood that services could be
practicably installed.
If you could look at it and give me a call, perhaps we could
discuss this on the phone so I could help my clients make a
determination as to the value of the lot.
Sincerely yours,
John R. Serafini, Sr.
JRSSr:mjb
Enc.
(Keasge 31. .�lpaed, i�i31,
Real Estate Appruiser & Tanaultant
1114 - 1111 DIart4 Street
Mast Office Mu 449
Salem. A{ass. 1119711
APPRAISAL REPORT
FOR
Attorney John R. Serafini
63 Federal Street
Salem, Massachusetts, 01970
LOCATION
18 Almeda Street
Salem, Massachusetts, 01970
APPRAISER
George A. Ahmed, M.R.A.
104-110 North Street
Salem, Massachusetts, 01970
LAND APPRAISAL REPORT
aMAW 9__9f:_Af:e of-Frank Rizvotti Census Tract Map Reference -
Property Address 18 Almeda St '
City Salem County Essex State MA Zip Code 01970
Legal Description not available _
Sale Price$ NIA Date of Sale N14 Loan Term yrs Property Rights Appraised Fee Leasehold DeMinimis PUD
Actual Real Estate Taxes$ lyr) Loan charges to be paid by seller$ Other sales concessions
/Client Atty. John R. Sprafini Address fil Fpdpral Sr Salem MA 0197f)_
Occupant unonint la nd Appraiser Instructions to Appraiser
Location [f Urban ❑ Suburban ❑ Rural
fon0 Fau Pooi
Built Up @ Over 75% ❑ 25%to 75% ❑ Under 25% - Employment Stability ❑ C ❑ ❑
Growth Rate ❑ Fully Dev. ❑ Rapid ❑ Steady ® Slow Convenience to Employment ❑ 9:1 ❑ ❑
Property Values FK] Increasing ❑ Stable ❑ Declining Convenience to Shopping ❑ E ❑ ❑
Demand/Supply Shortage ❑ In Balance ❑ Over Supply Convenience to Schools ❑ (}❑ ❑ ❑
Marketing Time ❑ Under 3 Mos. ❑ 4-6 Mos. ® Over 6 Mos. Adequacy of Public Transportation ❑ 0 ❑ ❑
Present Land Use 60 % 1 Family_%2-4 Family_%Apts._%Condo_%Commercial Recreational Facilities ❑ x❑ ❑ ❑
_%Industrial_%VacanAD_% other Adequacy of Utilities ❑ �] ❑ ❑
Change in Present Land Use &j Not Likely ❑ Likely (•) ❑ Taking Place(') Property Compatibility ❑ x-1 ❑ ❑
(•) From To Protectionfrom Detrimental Conditions Z ❑ ❑
Predominant Occupancy ® Owner ❑ Tenant %Vacant Police and Fire Protection ❑ fr] ❑ ❑
Single Family Price Range $ -- to$ -- Predominant Value$1 SOr 000 General Appearance of Properties [I � :1 L1Sin le Family -- - +
9 y A e g yrs to - yrs Predominant Age 40— yrs Appeal to Market ❑ [}� ❑
Comments including those factors,favorable or unfavorable,affecting marketability (e.g.public parks,schools,view,noise) The neighborhood
is basically single family homes with some commercial influence.
Dimensions not available 6290 Sq. Ft.oXANZ ❑Corner Lot
Zoning classification residential Present improvements ® do ❑ do not conform to zoning regulations
Highest and best use: X, Present use :7]Other (specify)
Public Other(Describe) OFF SITE IMPROVEMENTS Topo rising and sloping
t
Elec. ❑ ngl, p;Fpi t ..1.11 ..hl Street Access: ❑ Public ❑ Private Size 'ea'
ty ea neighbor-heed
II Gas ❑ not availablESurface ravel Shape epetanlzular
Water ❑ not availabl Maintenance: ❑ Public ❑ Private View vacant land
San.Sewer ❑ not availabli ❑ Storm Sewel ❑ Curb/Gutter Drainage adequate
❑Underground Elect.&Tel a Sidewalk Street Lights Istheproperty located in a HUD Identified Special Flood Hazard Area?❑No❑Yes
I Comments (favorable or unfavorable including any apparent adverse easements,encroachments or other adverse conditions) The subject sirp
is located on an undeveloped road. Access is very limited, (by foot)
(
The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The descrip.
tion includes a dollar adjustment, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant
r� 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 W adjustment is made,thus increasing the indica-
- ted value of the subject.
ITEM Subject Property COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3
f Address 18 Almeda St. Lot 113 Clark Ave. 103 Highland Ave. 17 Cherry Hill
Proximit to Sub'.
Sales Price $ $ 11
$ $ N121 0A00
• Price $ $ - $ $
Data Source
+1- E �I
Date of Sale and DESCRIPTION DESCRIPTION Adjustment DESCRIPTION Adjustment DESCRIPTION Adjustm
stm
ent
Time Adjustment
Location _1 I_ mo
Site/View -
Poor Superior 1 — 90 uperl.or I noo nr Iinnn
-
- l —
sonf
Sales or Financing N/A N/A N/A N/A N/A N/A Ill/A
Concessions
i I I
Net Adj. (Total) ❑ Plus; Minus ,$ ❑ Plus; Minus :$ ❑ Plus; Minus $
;� Indicated Value _ $3900. i$ 4200. x '$ 5700.
of Subject / �, /
Comments on Market Data All sales assisted in this approach
Comments and Conditions of Appraisal: The gailbliper Ritp, horm,RP nf it',
restricts future develo ment. Value
Final Reconciliation: Final estimate is based on the only npp __h • sed which is the market
approach.
I ESTIMAT E' I)RKET VALUE, AS DEFINED,& SUBJECT PROPERTY AS OF Feb. 9 1966 to be $ 4 000
Apprai erls) / Review Appraiser(If applicable)
T A. med .. .l -1 Did ❑ Did Not Physically Inspect Property
FW-68 Rev.1 F a end W(xme Inmrponi . IS WMlney Ave.,New Heven,CT 06511
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DEFINITION OF MARKET VALUE: The highest price in terms of money which a property will bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting
prudently, 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 each acting in what he considers his own best interest; (3) a reasonable time is allowed
for exposure in the open market; (4) payment is made in cash or its equivalent; (5) financing, if any, is on
terms generally available in the community at the specified date and typical for the property type in its
locale; (6) the price represents a normal consideration for the property sold unaffected by special financing
amounts and/or terms, services, fees, costs, or credits incurred in the transaction. ("Real Estate Appraisal
Terminology," published 1975.)
CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS
CERTIFICATION:The Appraiser certifies and agrees that:
1. The Appraiser has no present or contemplated future interest in the property appraised; and
neither the employment to make the appraisal, nor the compensation for it, is contingent upon the
appraised value of the property.
2. The Appraiser has no personal interest in or bias with respect to the subject matter of the appraisal
report or the participants to the sale. The "Estimate of Market Value" in the appraisal report is not based
in whole or in part upon the race, color, or national origin of the prospective owners or occupants of the
property appraised, or upon the race, color or national origin of the present owners or occupants of the
properties in the vicinity of the property appraised.
3. The Appraiser has personally inspected the property, both inside and out, and has made an exterior
inspection of all comparable sales listed in the report. To the best of the Appraiser's knowledge and belief,
all statements and information in this report are true and correct, and the Appraiser has not knowingly
withheld any significant information.
4. All contingent and limiting conditions are contained herein (imposed by the terms of the assignment
or by the undersigned affecting the analyses, opinions, and conclusions contained in the report).
5. This appraisal report has been made in conformity with and is subject to the requirements of the
Code of Professional Ethics and Standards of Professional Conduct of the appraisal organizations with
which the Appraiser is affiliated.
6. All conclusions and opinions concerning the real estate that are set forth in the appraisal report
were prepared by the Appraiser whose signature appears on the appraisal report, unless indicated as
"Review Appraiser." No change of any item in the appraisal report shall be made by anyone other than
the Appraiser, and the Appraiser shall have no responsibility for any such unauthorized change.
CONTINGENT AND LIMITING CONDITIONS: The certification of the Appraiser appearing in the
appraisal report is subject to the following conditions and to such other specific and limiting conditions as
are set forth by the Appraiser in the report.
1. The Appraiser assumes no responsibility for matters of a legal nature affecting the property
appraised or the title thereto, nor does the Appraiser render any opinion as to the title, which is assumed
to be good and marketable. The property is appraised as though under responsible ownership.
2. Any sketch in the report may show approximate dimensions and is included to assist the reader
in visualizing the property. The Appraiser has made no survey of the property.
3. The Appraiser is not required to give testimony or appear in court because of having made the
appraisal with reference to the property in question, unless arrangements have been previously made
therefor.
4. Any distribution of the valuation in the report between land and improvements applies only under
the existing program of utilization. The separate valuations for land and building must not be used in
conjunction with any other appraisal and are invalid if so used.
5. The Appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil,
or structures, which would render it more or less valuable. The Appraiser assumes no responsibility for
such conditions, or for engineering which might be required to discover such factors.
6. Information, estimates, and opinions furnished to the Appraiser, and contained in the report, were
obtained from sources considered reliable and believed to be true and correct. However, no responsibility
for accuracy of such items furnished the Appraiser can be assumed by the Appraiser.
7. Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of
the professional appraisal organizations with which the Appraiser is affiliated.
8. Neither all, nor any part of the content of the report, or copy thereof (including conclusions as
to the property value, the identity of the Appraiser, professional designations, reference to any professional
appraisal organizations, or the firm with which the Appraiser is connected), shall be used for any purposes
by anyone but the client specified in the report, the mortgagee or its successors and assigns, mortgage
insurers, consultants; professional appraisal organizations, any state or federally approved financial
institution, any department, agency, or instrumentality of the United States or any state or the District
of Columbia, without the previous written consent of the Appraiser; nor shall it be conveyed by anyone
to the public through advertising, public relations, news, sales, or other media, without the written
consent and approval of the Appraiser.
9. On all appraisals, subject to satisfactory completion, repairs, or alterations, the appraisal report
and value conclusion are contingent upon completion of the improvements in a workmanlike manner.
Date:. . . 10/22/.86. . . . . . . . . . . . AppraiserK;e
i�
FHLMC FORM 439 REV. 9/79 ge A. med M .A• FNMA FORM 10040
Forms and Worms(Div. of Collegiate Distributing Co.) 315 Whitney Ave., Haven,CT.06511
PUBL ENGIiUNS
OF
George R. Ahmed, M. R. R.
APPRAISER
UENERHL / •
Uwnert George P. Ahmed, Real Estate Counselor-,
and Certlfied Appraiser.
Located'.Att 104-110 Nor-th Street
Salem, MA 01970
Real Estate Broker- since 1959
Real Estate Appraisals since 1960
ELUFESUIUNAL RFrILI@TIUNS
Massachusetts Board of Real Estate Appraisers
Trustee since 1972
Secretary - '1973-1974
Vice President - 1974-1975
President - 1976
American Society of Appraisers
Treasurer - 1973-1975
Massachusetts Board of Realtors
Executive Committee member 1976
Greater Salem Board of Realtors
President - 1969-1970
Chair-roan of Multiple Listing Service - 1968-1969
Chal►-nran of the Education.Conrrnit-tee - 1966-1967
Treasurer - 1967-1968
' guucgriUN IN LEgL ESTAIE •
Boston University - Financing - Real Estate Law' - Appraising
Essex ngricultu►-al R Technical Institute - Land Surveying
Society of [teal Estate Appraisers - Completed 101, F12, ,201
Society',of Real Estate Appraisers - The appraisal uses of
Regression Analysis. '
Society of Real Estate Appraisers -Appr-aising Residential .
Condominiums.
Society of Real Estate Appraiser-s - Inner City Neighborhood
Analysis and Residential Valuation.
Greater Salern Board of Realto►-s - Residential Appraising
Attend Appraisal Seminars sponsored by the Massachusetts
Board of Real Estate Appraisers and Society of Real
Estate Appraisers.
�w
PROFESSIONAL EXPERIENCE
Appraiser for Law Firms and Estates as well as Business Firms
and Individuals on various properties in the Greater
Salem Area.
Served on Board of. Rediew for Abatements on Real Estate Taxes
for the City of Beverly during 1968.
Appraised equipment for going businesses during Urban Renewal
in Salem..
Appointed as a member. of a Review Board to review valuations
in Salem.
Qualified Level II FNMA Appraisals.
Expert Witness, Suffolk Superior Court, Salem Superior Court.
Appraised.diverse t
ypes of Real Estate: ..
Residential and Historic Homes
Two, Three and Four-Family,Hames
Condominiums
Apartment Buildings
Industrial Buildings
Banks
Lumber Yards
Restaurants
Cocktail Lounges
Post Offices
Gas Stations
Garages .
Raw Undeveloped Land - Residential, Commercial and Industrial
Fire Stations
Office Buildings.
Medical Buildings,
Boat Yards
Auto recycling yard - Land and Building
Library
Veterinary Hospital
PARTIAL LIST OF CLIENTS SERVED
Executrans.
Atwood & Morrill
Honeywell
Eastern Airlines.
Sylvania
Employee Transfer Corp.
Society for Preservation of New England Antiquities
Polaroid
General Electric
Bank of St. Louis
Texas Camierce Bank
Shawmut-Merchants Bank
Beverly Savings Bank
Century North Shore Bank
Bay State National Bank
Naumkeag Trust Company
National Shawmut Bank of. Boston
Roger Conant Co-Operative Bank
Popular Credit Union
City of Salem
Salem Housing Authority
R. M. Bradley Co.
Parker Brothers
Merrill & Lynch
Merrimack Regional Transit Authority
Commonwealth of Mass. - Dept. of Public Works
Ccnmonwealth of Mass. - Division of Fisheries and Wildlife
Commonwealth of Mass. - Dept. of Environmental Management
North Shore Catholic Charities
Small Business Administration
Peabody Housing Authority
Veteran's Administration
U. S. Department of Housing and Urban Development
F'RRTIAL L151DF CLIENTS SERVED (Cont' d)
Salem Housing Authority
R. M. Bradley Co.
Parker Brothers
Merrill & Lynch
Merrimack Regional Transit Authority
Commonwealth of Mass. - Dept. of Public Works
Commonwealth of Mass. - Division of Fisheries and Wildlife
Commonwealth of Mass. - Dept. of Environmental Management
North Shore Catholic Charities
Small Business Administration
Peabody Housing Authority
Veteran' s Administration
U. S. Department of Housing and Urban Development
(,