HomeMy WebLinkAboutPetition for ROW Street Vacation - 2020 - Trent Dykes Upland RoadCITY OF MEDINA
PETITION FOR STREET VACATION
(RCW CHAPTER 35.79)
Instructions. Petitions for street vacations shall be submitted to the City Clerk using
this form. The petitioner shall attach the required information listed below. The Public
Works Director shall review the petition for sufficiency and may request additional
information needed to fully evaluate the vacation request. Completion of the review is
contingent on timely receiving the requested information. When the application is
deemed complete by the Director, the Clerk shall prepare and issue notices required by
RCW Chapter 35.79. Street vacation petitions shall be decided by the City Council sitting
in its legislative capacity.
This Petition for Street Vacation is submitted to the City of Medina by the
undersigned petitioners in accordance with the foregoing and RCW Chapter 35.79, and
seeks vacation of the following described City street or right of way by the undersigned
petitioners:
1. Street/ROW to be vacated: A 7' by 147' strip located to the side of Upland Road that borders
the west side of the residential property located at 426 Upland Road, Medina, WA 98039 (the "Residential Property").
The strip resides inside a large hedge that runs between the Residential Property's current boundary and the road.
2. Reason for seeking vacation and intended use: Petitioner desires to own the property
up to the end of the residential property's "paver" driveway and the base of the privacy hedge in order to
provide more certainty of the ability to maintain the privacy afforded by such driveway and hedge. See attached picture.
3. Addresses and King County Parcel Numbers of all properties abutting the area
to be vacated: Address 426 Upland Road, Medina, WA 98039; King County parcel number 3835502406
4. Names, abutting addresses, and contact information for all Petitioners:
Petitioner: Trenton C. Dykes, 426 Upland Road, Medina, WA 98039, cell: (206) 227-5322, email: trentdykes@hotmail.com
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6. Please attach the following:
6.1 Legal description of land to be vacated
6.2 Survey of land to be vacated
6.3 Detailed map/diagram depicting the survey and abutting properties
6.4 Vicinity map showing surrounding area
6.5 Title guarantee of land to be vacated
6.6 MAI appraisal of land to be vacated
7. Petition Date:
August 11, 2020
8. Signature and Signature Date of all Petitioners
August 8, 2020
City of Medina Petition for Street Vacation
Attachment 6.1
THAT PORTION OF LAND ON, ABOVE AND BELOW THE NORTHWEST 7.00 FEET OF THE SOUTHEAST 27.00
FEET OF HARMON AVENUE (ALSO KNOWN AS UPLAND ROAD) LYING ADJACENT TO BLOCK 15,
KENWOOD PARK, ACCORDING TO THE PLAT THEREOF, RECORDED IN VOLUME 8 OF PLATS, PAGE 26, IN
KING COUNTY, WASHINGTON, LYING BETWEEN THE FOLLOWING DESCRIBED LINES;
THE NORTHEAST LINE OF THE SOUTHWEST 15.00 FEET OF LOT 5 IN SAID BLOCK 15 EXTENDED
NORTHWESTERLY AND THE SOUTHWEST LINE OF LOT 9 IN SAID BLOCK 15 EXTENDED NORTHWESTERLY.
06/18/20
Attachment 6.2
RIGHT OF WAY
VACATION EXHIBIT
20' PORTION OF RIGHT
OF WAY VACATED PER
CITY OF MEDINA
ORDINANCE NO. 804 op 3
PROPOSED 7.0'
AREA TO B
VACATED 3S
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MEDINA, WA 1,0901 Main Street, SuKe 102, Bdevue, VVA 98004
JOB NO. 200189 phone 425,458,4188 su pport,,,bterrane, net
DATE: 06/18/2020 1 olww,terrane,iiet I
Attachment 6.3
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INFORMATIONAL PURPOSES ONLY AND CANNOT BE RELIED ON FOR DESIGN AND/OR
CONSTRUCTION. THE PITCH, LOCATION, AND EXTENT ARE BASED SOLELY ON OUR
GENERAL OBSERVATIONS ON SITE AND OUR CURSORY REVIEW OF READILY AVAILABLE
PUBLIC DOCUMENTS; AS SUCH, TERRANE CANNOT BE LIABLE OR RESPONSIBLE FOR
THE ACCURACY OR COMPLETENESS OF ANY STEEP SLOPE INFORMATION. ULTIMATELY,
THE LIMITS AND EXTENT OF ANY STEEP SLOPES ASSOCIATED WITH ANY SETBACKS OR
OTHER DESIGN OR CONSTRUCTION PARAMETERS MUST BE DISCUSSED AND APPROVED
BY THE REVIEWING AGENCY BEFORE ANY CONSTRUCTION CAN OCCUR.
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JOB NUMBER:
200189
DATE:
05128120
DRAFTED BY.,
JPH
CHECKED BY.
JPS
SCALE:
1 "= 10'
2OF2
(PER STATUTORY WARRANTY DEED REC. NO. 20180319001114)
THE SOUTHWESTERLY 15 FEET OF LOTS 5 AND 33;
Attachment 6.4
AND ALL OF LOTS 6 THROUGH 9, INCLUSIVE, AND LOTS 29 THROUGH
32, INCLUSIVE;
ALL IN BLOCK 15, KENWOOD PARK, ACCORDING TO THE PLAT
THEREOF, RECORDED IN VOLUME 8 OF PLATS, PAGE 26, IN KING
COUNTY, WASHINGTON;
EXCEPT THE SOUTH 8 FEET OF THE SOUTHEASTERLY 25.92 FEET OF
SAID LOT 9, AND EXCEPT THE SOUTH 8 FEET OF THE
NORTHWESTERLY 31.6 FEET OF SAID LOT 29, AS SAID PORTIONS
WERE CONVEYED TO C. CAREY DONWORTH AND MARTHA L.
DONWORTH, HUSBAND AND WIFE, BY DEED RECORDED UNDER
RECORDING NUMBER 8205280142 (SAID DEED BEING A CORRECTION
OF THAT DEED RECORDED UNDER RECORDING NUMBER 7311140332);
TOGETHER WITH THE PORTION OF VACATED ROAD ADJOINING AS
DESCRIBED IN CITY OF MEDINA ORDINANCE NUMBER 804, RECORDED
UNDER RECORDING NUMBER 20071102000047.
SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON.
HELD NORTH 22'55'47" EAST BETWEEN MONUMENTS FOUND ON
THE CENTERLINE OF OVERLAKE DR. E. PER GPS OBSERVATIONS,
NAD83 WASHINGTON STATE PLANE, NORTH ZONE.
R1. RECORD OF SURVEY, VOL.107, PG.281,
RECORDS OF KING COUNTY, WASHINGTON.
R2. RECORDS OF SURVEY, VOL.272, PG.2,
RECORDS OF KING COUNTY. WASHINGTON.
1. THE TOPOGRAPHIC SURVEY SHOWN HEREON WAS PERFORMED IN
MAY OF 2020. THE FIELD DATA WAS COLLECTED AND RECORDED
ON MAGNETIC MEDIA THROUGH AN ELECTRONIC THEODOLITE.
THE DATA FILE IS ARCHIVED ON DISC OR CD. WRITTEN FIELD
NOTES MAY NOT EXIST. CONTOURS ARE SHOWN FOR
CONVENIENCE ONLY. DESIGN SHOULD RELY ON SPOT ELEVATIONS.
2. ALL MONUMENTS SHOWN HEREON WERE LOCATED DURING THE
COURSE OF THIS SURVEY UNLESS OTHERWISE NOTED.
3. THE TYPES AND LOCATIONS OF ANY UTILITIES SHOWN ON THIS
DRAWING ARE BASED ON INFORMATION PROVIDED TO US, BY
OTHERS OR GENERAL INFORMATION READILY AVAILABLE IN THE
PUBLIC DOMAIN INCLUDING, AS APPLICABLE, IDENTIFYING
MARKINGS PLACED BY UTILITY LOCATE SERVICES AND OBSERVED
BY TERRANE IN THE FIELD. AS SUCH, THE UTILITY INFORMATION
SHOWN ON THESE DRAWINGS ARE FOR INFORMATIONAL
PURPOSES ONLY AND SHOULD NOT BE RELIED ON FOR DESIGN
OR CONSTRUCTION PURPOSES; TERRANE IS NOT RESPONSIBLE OR
LIABLE FOR THE ACCURACY OR COMPLETENESS OF THIS UTILITY
INFORMATION. FOR THE ACCURATE LOCATION AND TYPE OF
UTILITIES NECESSARY FOR DESIGN AND CONSTRUCTION, PLEASE
CONTACT THE SITE OWNER AND THE LOCAL UTILITY LOCATE
SERVICE (800-424-5555).
4. SUBJECT PROPERTY TAX PARCEL NO. 3835502406
5. SUBJECT PROPERTY AREA PER THIS SURVEY IS 31,880 S.F.
(0.73 ACRES)
6. THIS SURVEY WAS PERFORMED WITHOUT THE BENEFIT OF A TITLE
REPORT. EASEMENTS AND OTHER ENCUMBRANCES MAY EXIST
THAT ARE NOT SHOWN HEREON.
7. FIELD DATA FOR THIS SURVEY WAS OBTAINED BY DIRECT FIELD
MEASUREMENTS WITH A CALIBRATED ELECTRONIC 5-SECOND
TOTAL STATION AND/OR SURVEY GRADE GPS OBSERVATIONS.
ALL ANGULAR AND LINEAR RELATIONSHIPS ARE ACCURATE AND
MEET THE STANDARDS SET BY WAC 332-130-090.
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STEEP SLOPE/BUFFER DISCLAIMER:
THE LOCATION AND EXTENT OF STEEP SLOPES SHOWN ON THIS DRAWING ARE FOR
INFORMATIONAL PURPOSES ONLY AND CANNOT BE RELIED ON FOR DESIGN AND/OR
CONSTRUCTION. THE PITCH, LOCATION, AND EXTENT ARE BASED SOLELY ON OUR
GENERAL OBSERVATIONS ON SITE AND OUR CURSORY REVIEW OF READILY AVAILABLE
PUBLIC DOCUMENTS; AS SUCH, TERRANE CANNOT BE LIABLE OR RESPONSIBLE FOR
THE ACCURACY OR COMPLETENESS OF ANY STEEP SLOPE INFORMATION. ULTIMATELY,
THE LIMITS AND EXTENT OF ANY STEEP SLOPES ASSOCIATED WITH ANY SETBACKS OR
OTHER DESIGN OR CONSTRUCTION PARAMETERS MUST BE DISCUSSED AND APPROVED
BY THE REVIEWING AGENCY BEFORE ANY CONSTRUCTION CAN OCCUR.
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JOB NUMBER:
200189
DATE:
05128120
DRAFTED BY.
JPH
CHECKED BY.
JPS
SCALE:
N.T.S.
1 OF 2
Attachment 6.5
�-lI1-371y/&IM ki
Issued By:
CHICAGO TITLE INSURANCE COMPANY
CHICAGO TITLE INSURANCE COMPANY
a corporation, herein called the Company
GUARANTEES
Trenton C. Dykes, his successors and/or assigns
Guarantee/Certificate Number:
0188280-ETU
herein called the Assured, against actual loss not exceeding the liability amount stated in Schedule A which the Assured
shall sustain by reason of any incorrectness in the assurances set forth in Schedule A.
LIABILITY EXCLUSIONS AND LIMITATIONS
1. No guarantee is given nor liability assumed with respect to the identity of any party named or referred to in Schedule A
or with respect to the validity, legal effect or priority of any matter shown therein.
2. The Company's liability hereunder shall be limited to the amount of actual loss sustained by the Assured because of
reliance upon the assurance herein set forth, but in no event shall the Company's liability exceed the liability amount
set forth in Schedule A.
Please note carefully the liability exclusions and limitations and the specific assurances afforded by this guarantee. If you
wish additional liability, or assurances other than as contained herein, please contact the Company for further information
as to the availability and cost.
Chicago Title Company of Washington
10500 NE 8th St., Suite 600
Bellevue, WA 98004
Countersigned By:
Authorized Officer or Agent
Chicago Title Insurance Company
By:
Subdivision Guarantee/Certificate
Printed: 08.25.20 @ 09:43 AM
Page 1 WA-CT-FNSE-02150.622475-SPS-1-20-0188280-ETU
CHICAGO TITLE INSURANCE COMPANY
GUARANTEE/CERTIFICATE NO. 0188280-ETU
Title Officer: Eastside Title Unit
Chicago Title Company of Washington
10500 NE 8th St., Suite 600
Bellevue, WA 98004
Main Phone: (425)646-9883
Email: CTIBellevueETU@ctt.com
SCHEDULE A
Liability
Premium
Tax
$1, 000.00
$350.00
$35.00
Effective Date: August 19, 2020 at 08:00 AM
The assurances referred to on the face page are:
That, according to those public records which, under the recording laws, impart constructive notice of matter relative to
the following described property:
SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF
Title to said real property is vested in:
Trenton C. Dykes, as his separate estate
subject to the matters shown below under Exceptions, which Exceptions are not necessarily shown in the order of their
priority.
END OF SCHEDULE A
Subdivision Guarantee/Certificate Printed: 08.25.20 @ 09:43 AM
Page 2 WA-CT-FNSE-02150.622475-SPS-1-20-0188280-ETU
• ; i; I • i'
THE SOUTHWESTERLY 15 FEET OF LOTS 5 AND 33;
AND ALL OF LOTS 6 THROUGH 9, INCLUSIVE, AND LOTS 29 THROUGH 32, INCLUSIVE;
ALL IN BLOCK 15, KENWOOD PARK, ACCORDING TO THE PLAT THEREOF, RECORDED IN VOLUME 8 OF PLATS
PAGE 26, IN KING COUNTY, WASHINGTON;
EXCEPT THE SOUTH 8 FEET OF THE SOUTHEASTERLY 25.92 FEET OF SAID LOT 9, AND EXCEPT THE SOUTH 8
FEET OF THE NORTHWESTERLY 31.6 FEET OF SAID LOT 29, AS SAID PORTIONS WERE CONVEYED TO C.
CAREY DONWORTH AND MARTHA L. DONWORTH, HUSBAND AND WIFE, BY DEED RECORDED UNDER
RECORDING NUMBER 8205280142 (SAID DEED BEING A CORRECTION OF THAT DEED RECORDED UNDER
RECORDING NUMBER 7311140332);
TOGETHER WITH THE PORTION OF VACATED ROAD ADJOINING AS DESCRIBED IN CITY OF MEDINA
ORDINANCE NUMBER 804, RECORDED UNDER RECORDING NUMBER 20071102000047.
SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON.
Subdivision Guarantee/Certificate Printed: 08.25.20 @ 09:43 AM
Page 3 WA-CT-FNSE-02150.622475-SPS-1-20-0188280-ETU
CHICAGO TITLE INSURANCE COMPANY
GUARANTEE/CERTIFICATE NO. 0188280-ETU
4
[•�91:1=111114=1
GENERAL EXCEPTIONS:
H. Reservations and exceptions in United States Patents or in Acts authorizing the issuance thereof.
SPECIAL EXCEPTIONS:
Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, dedications, building
setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any,
including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital
status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal
laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on the Plat of
Kenwood Park:
Ordinance No. 804 and the terms and conditions thereof:
Recording Date: November 2, 2007
Recording No.: 20071102000047
General and special taxes and charges, payable February 15, delinquent if first half unpaid on May 1, second half
delinquent if unpaid on November 1 of the tax year (amounts do not include interest and penalties):
Year: 2020
Tax Account Number: 383550-2406-00
Levy Code: 1836
Assessed Value -Land: $2,958,000.00
Assessed Value -Improvements: $404,000.00
General and Special Taxes: Billed: $29,008.99
Paid: $14,504.50
Unpaid: $14,504.49
A deed of trust to secure an indebtedness in the amount shown below,
Amount: $1,400,000.00
Dated: October 26, 2017
Trustor/Grantor: Trenton C. Dykes and Marelaine R. Dykes, a married couple
Trustee: Chicago Title Insurance Company
Beneficiary: Mortgage Electronic Registration Systems, Inc., solely as nominee for Citibank, N.A.
•- • • • 1 1 i11 '4
An assignment of the beneficial interest under said deed of trust which names:
Assignee: CitiMortgage, Inc.
Recording Date: December 23, 2019
Recordina No: 20191223001012
Subdivision Guarantee/Certificate Printed: 08.25.20 @ 09:44 AM
Page 4 WA-CT-FNSE-02150.622475-SPS-1-20-0188280-ETU
CHICAGO TITLE INSURANCE COMPANY
GUARANTEE/CERTIFICATE NO. 0188280-ETU
SCHEDULE B
(continued)
A deed of trust to secure an indebtedness in the amount shown below,
Amount: $1,300,000.00
Dated: October 26, 2017
Trustor/Grantor: Trenton C. Dykes and Marelaine R. Dykes, a married couple
Trustee: Chicago Title Insurance Company
Beneficiary: Mortgage Electronic Registration Systems, Inc., solely as nominee for Citibank, N.A.
Recording Date: October 30, 2017
Recording No.: 20171030001193
An assignment of the beneficial interest under said deed of trust which names:
Assignee: CitiMortgage, Inc.
Recording Date: December 23, 2019
Recording No: 20191223000996
NOTES:
Note: FOR INFORMATIONAL PURPOSES ONLY:
The following may be used as an abbreviated legal description on the documents to be recorded, per Amended
RCW 65.04.045. Said abbreviated legal description is not a substitute for a complete legal description within the
body of the document:
PTN LTS 5 & 33 & LTS 6-9, LTS 29-32, BLK 15, KENWOOD PARK
Tax Account No.: 383550-2406-00
Note: The Public Records indicate that the address of the improvement located on said Land is as follows:
426 87th Ave NE
Medina, WA 98039
END OF SCHEDULE B
Subdivision Guarantee/Certificate Printed: 08.25.20 @ 09:44 AM
Page 5 WA-CT-FNSE-02150.622475-SPS-1-20-0188280-ETU
https://clients.sentrydynamics.net/geo/wa/king?Iayout=&min= 1 /1
Attachment 6.6
Contributory
, i i i i
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William • & Associates, Inc.
P.O.
Box
Federal A • i + •
•:...I 09'.0 888-401-5737
StudyWilliam King & Associates, Inc File Name: Trenton Dykes Contributory Value
Table of Contents
1
PART 1— INTRODUCTORY DETAILS..............................................................................................4
1.1
PURPOSE OF APPRAISAL...................................................................................................................
4
1.2
GENERAL INFORMATION....................................................................................................................4
1.3
NOTICE TO THIRD PARTIES................................................................................................................
8
2
PROPERTY DESCRIPTION AND DETAILS....................................................................................9
2.1
SUBJECT PROPERTY IDENTIFICATION.................................................................................................
9
2.1.1
Tax Assessment History...........................................................................................................11
2.1.2
Subject Property Sale and Listing History: ...............................................................................
11
2.2
SUBJECT PROPERTY DESCRIPTION ..................................................ERROR!
BOOKMARK NOT DEFINED.
2.2.1
Site..............................................................................................
Error! Bookmark not defined.
2.2.2
Improvements.............................................................................Error!
Bookmark not defined.
2.2.3
Neighborhood and Market..........................................................Error!
Bookmark not defined.
3
SITE SALES ANALYSIS - AGGREGATE.......................................................................................12
3.1
MEDIAN AND AVERAGE SITE PRICES................................................................................................
12
3.2
MEDIAN AND AVERAGE PRICE BY SITE SIZE......................................................................................
14
3.3
CONTRIBUTORY VALUE OF SURPLUS LAND..... ............................................
--- ............................... 16
3.3..1
Median Price Comparison.........................................................................................................16
112
Average Price Comparison.......................................................................................................17
3.4
CONCLUSION..................................................................................................................................
17
4
PAIRED INDIVIDUAL SALES.........................................................................................................18
4.1
AREA SALES PAIRED.......................................................................................................................
18
4A.1
Pair Set #1................................................................................................................................18
4.1.2
Pair Set #2................................................................................................................................19
4.1..3
Pair Set #3................................................................................................................................19
5
ASSESSOR DATA.......................................................................................................................... 21
5.1
KING COUNTY ASSESSOR REGRESSION ANALYSIS
........................................................................... 21
5.2
TAX ASSESSMENT DATA..................................................................................................................
21
6
ASSUMPTIONS & CERTIFICATIONS............................................................................................24
6.1
ASSUMPTIONS AND LIMITING CONDITIONS.... ..............................................
--- ............................... 24
Confidential Page 2 of 30
William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
8.2
CERTF|CxJ|ONS—... ........................................ ........................................... ___ ........................... 25
6.2.1
General Certification: ................................................................................................................
25
6.2.2
Additional Certification: .............................................................................................................
25
7
MAPS AND EXHIBITS .....................................................................................................................
27
71
EXHIBIT ^A^LEGAL DESCRIPTION ....................................................................................................
27
7.2
EXHIBIT ^B^ASSESSOR REGRESSION TABLE ...................................................................................
28
7.3
EXHIBIT ^C^PARCEL Mxp:—............................................ ____ ............................................
--'2A
Confidential Page 3 of 30
The purpose of this assignment is to develop a current opinion of contributory value of 1,029
square feet of land to an existing homesite in the City of Medina. The research and analysis were
done primarily in February and March of 2020; additional analyses were made in April and May
2020. There are certain assignment -specific assumptions and conditions made in conjunction
with development of my opinion of value which are discussed throughout the body of the report.
This is not an appraisal of the entire property at 426 Upland Road.
1.2 General Information
Appraisal Client: My client is Trenton Dykes
Intended Users: Intended users are Trenton Dykes, The City of Medina and their respective
advisors. There are no intended users other than you and those parties
deemed necessary to complete the negotiation process.
Intended Use: The contributory value opinion and report is intended for the sole and
exclusive purpose of assisting you negotiating an agreement with the City
of Medina for your acquisition of some or all of the City owned property
you are seeking to acquire through a vacation of public right-of-way. The
report is not intended for use for any other purpose or by any other party.
Value Conclusion:
Important Dates:
Effective date of Value
Date of property visit:
Report/Signature Date:
Property Interest Appraised:
$15,400
February 22, 2020
February 22, 2020
July 9, 2020
Fee Simple — my opinion of contributory value is for the unencumbered fee simple interest in the
real property appraised.
Scope of Work Comments:
The purpose of this appraisal is to develop an opinion of the contributory value of 1,029 square
feet (a 7' x 147' strip) on the west side of the property. This assignment does not include an
appraisal of the whole property.
Confidential Page 4 of 30
William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
The scope of work applied in this assignment included:
In the course of preparing this report I have read and/or reviewed the several documents
that were provided me by my client. These include an aerial photo marked up to show a
proposed street vacation, the street vacation ordinance, and Medina City Council meeting
minutes form 2007. None of these documents were part of the contributory value
analysis.
• An examination of ubp lic1X available information about the subject property using the
King County Assessor records, zoning maps, and other municipal entities.
• A physical inspection of the subject property was made for the purposes of developing an
opinion of the highest and best use of the property, and for developing an understanding
of the current use, general condition and functional utility of the strip of land being
evaluated. Improvements on the homesite were not inspected and are not valued.
• Research was conducted into national, regional, city and neighborhood economic factors
and trends that might affect the property, including existing zoning codes, comprehensive
development plans, traffic patterns, availability of public utilities and services.
• The Income Approach to value was not applicable in this assignment and not necessary
for credible assignment results and therefore was not developed in this appraisal.
• Data for development of the Sales Comparison Approach to value was researched
through public auditor records and Northwest .Multiple Listing records. Other data was
also obtained through various web -delivered sources, all considered publicly available.
• The Cost Approach to value was not applicable in this assignment and was not
developed.
• Twenty-seven sites/tear-down sales were viewed from the public street.
• Various additional aspects of the scope of work in this assignment are described
throughout the report.
Type and Definition of Value:
The value for this assignment is Contributory Value as defined below:
This is the concept that the value of particular component is measured in terms of its
contribution to the value of the whole property, or as the amount that its absence would
detract from the value of the whole.
Source: The dictionary of real estate appraisal, fourth edition, page 63
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William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
Other Important Definitions:
Fair Market Value. Fair market value (FMV) is the price that property would sell for on
the open market. It is the price that would be agreed on between a willing buyer and a
willing seller, with neither being required to act, and both having reasonable knowledge
of the relevant facts.
Source for Market Value Definition: Internal Revenue Service (IRS) Publication 561.
Additional Fair Market Value information from IRS Publication 561:
The cost or selling price is a good indication of the property's value if:
• The purchase or sale took place close to the valuation date in an open market,
• The purchase or sale was at "arm's-length,"
• The buyer and seller knew all relevant facts,
• The buyer and seller did not have to act, and
• The market did not change between the date of purchase or sale and the valuation
date.
2. Appraisal — (noun) the act or process of developing an opinion of value; an opinion of
value. (adjective) of or pertaining to appraising and related functions such as appraisal
practice or appraisal services.
3. Scope of Work — the type and extent of research and in an assignment.
a. Scope of work includes, but is not limited to, the following:
• the degree to which the property is inspected or identified;
• the extent of research into physical or economic factors that could affect the
property;
• the extent of data research; and
• the type and extent of analysis applied to arrive at opinions or conclusions.
4. Cash Equivalency — All sales used herein and the final opinion of value for the subject
are expressed in terms of cash (US Dollars) and/or terms equivalent to cash. Cash
equivalency analysis is a procedure in which the sales prices of comparable properties
that were sold with atypical financing terms are adjusted to reflect typical market terms.
In this appraisal, any cash equivalency adjustment is applied prior to all other adjustments
in keeping with generally accepted principles and practices.
Extraordinary Assumptions:
This appraisal is based on the specific assumption that the portion of the existing right-of-way
shown on the attached survey has been vacated by the City of Medina and is merged with the
property at 426 Upland Road, King County Assessor Parcel Number 383550-2406.
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William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
Hypothetical Conditions:
The property being appraised is currently owned by the City of Medina and is undeveloped right-
of-way. This appraisal is of the portion of the right-of-way described herein and outlined on the
attached survey. This property as surveyed and described does not exist as either an independent
parcel or as a portion of the existing homesite at 426 Upland Road as of the effective date of
value.
Note: The use of extraordinary assumptions and hypothetical conditions might affect the
opinions and conclusions reached; if any information is discovered that would refute or alter the
extraordinary assumptions or hypothetical conditions, different opinions and conclusions might
be reached.
This report is an appraisal report intended to comply with the reporting requirements of
Standards 2 of the Uniform Standards of Professional Appraisal Practice.
Respectfully submitted,
William King
Certified Residential Real Estate Appraiser
WA 1700641
Expires: April 7, 2021
July 20, 2020
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William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
• •11=10=2
I have made an examination of publicly available information about the subject property using
the King County Assessor records, on-line zoning maps, and other municipal entities. No title
insurance policies or binders were made available for my review.
The intended user of this contributory value appraisal report is the client. The intended use is to
evaluate the property that is the subject of this contributory value appraisal for negotiation with
the City of Medina in pursuit of street vacation, subject to the stated Scope of Work, purpose of
the appraisal, requirements of this appraisal reporting format, and Definition of Market Value.
There were no other intended users or other intended uses communicated by the client to me at
the time of the assignment. However, there are those individuals or entities that might choose to
use or rely on a part of or the entire appraisal report that were not identified as intended users by
the appraiser and the client(s) and this report has not been prepared to address any specific needs
of those individuals or entities. Questions or concerns a third party may have should be directed
to the client(s) identified in this report and not the appraiser.
Confidential Page 8 of 30
2 Property Description and Details
The subject of this appraisal is a small portion of the homesite along the western boundary
adjacent to and abutting Upland Road. The property appraised is 7 feet wide (east to west) and
147 feet long (north to south) for a total of 1,029 square feet of land area.
The existing site to which this proposed vacation would be added is 31,880 square feet in its
current configuration. Upon completion of the street vacation, the site would total 32,909 square
feet. This is not an appraisal of the entire site in either its before or after configuration, this is an
appraisal of the 1,029 square feet of land based on its contributory value to the existing site.
Aerial photographs and maps are in the Appendix Section of this report.
2.1.1.1 Zoning
The subject is zoned R-16 defined in the Medina City Code. The minimum site size required is
16,000 square feet. The subject is a legal use (residential) on a conforming site (site size).
2.1.1.2 Utilities
The subject property is served by public utilities; there are no on -site water or sewage systems.
2.1.1.3 Highest and Best Use
Highest and best use is defined as the reasonable and probable use that supports the highest
present value as of the date of the appraisal. Alternatively, that use from among reasonable,
probable and legal alternative uses, found to be physically possible, appropriately supported,
financially feasible and which results in the highest probable value.
The subject of this appraisal, a strip of land 7' wide by 1.47' long currently undeveloped right-of-
way, has no independent highest and best use. This strip of property cannot be legally divided or
developed. Its only potential uses are:
1. Remained undeveloped as part of the right-of-way,
2. Be improved with pavement to widen Upland Road,
3. Be vacated and adjoined to the existing parcel at 426 Upland :Road.
The most probable and highest value use is to adjoin the property to the existing parcel at 426
Upland Road.
Paving this strip and widening Upland Road would require considerable expense to become
feasible since other frontage along Upland Road has already been vacated. In addition to the
complications of re -acquiring property, the traffic and pedestrian use of Upland Road does not
warrant expanding the paved roadway.
Confidential Page 9 of 30
The continued use by the City of Medina as undeveloped right-of-way has no immediate
negative consequences to the City of Medina, but is not the most financially feasible option.
Under continued ownership by the City of Medina, no ongoing taxes are collected and no current
year revenue is realized.
As noted elsewhere in this report, there is no marketplace in which to sell or trade a strip of land
of this size and configuration. Attempting to establish a "market value" requires identification of
the market, and there simply is no market in which to offer this property.
The highest and best use of the described strip of land is to vacate and adjoin it to the existing
property at 426 Upland Road.
----' `— •
There are no known adverse site conditions.
This is an appraisal of the contributory value of 1,029 square feet of land. The improvements on
426 Upland Road are not material to this assignment and are not considered.
PA HFUNINTAPS M.-
The subject is located in the City of Medina. The client and all intended users of this report are
very familiar with the neighborhood and market, therefore further elaboration is not required.
There is no market in which the subject of this appraisal would trade. There is no ability to create
a separate, legal parcel from this strip of land. Marketing time is not relevant in this assignment
and cannot be developed.
An opinion of exposure time is not relevant in this assignment and cannot be developed.
The following description of 426 Upland Road is provided for reference only. The property
described below is not part of this appraisal and is not being valued.
Property Address:
426 Upland Rd
Medina, WA 98039
Confidential Page 10 of 30
Tax Parcel Number:
383550-2406
Legal Description (from Excise Tax Form, 10/23/2017):
Legal attached as Exhibit "A".
Ostensible Owner:
Trenton :Dykes
Existing Improvements
The existing house on this site was built in 1924.and has approximately 3700 square feet of
finished living area. The east side of the site slopes down to the street and from the back of the
house there are views of Meydenbauer Bay and Mount Rainier.
Assessment Historg
Recent tax assessment history:
Year
Improvements
Land
Current Use
Total Assessed
2020
404,000
2,958,000
SFR
3,362,000
2019
1,173,000
2,001,000
SFR
3,174,000
2018
1,044,000
1,784,000
SFR
2,828,000
2017
830,000
1,640,000
SFR
2,470,000
r, O' r`" i . i w rz =35,1 i
The subject property transfer history is shown below; there are no recent open market sales of the
subject property.
Date
Grantor
Grantee
Deed Type
Price
03/19/2018
Dykes, Marelaine
Dykes, Trenton
Quit Claim
N/A
10/30/2017
Hanson, Donald
Dykes, Trenton, eta]
Warranty
$3,226,250
07/02/1982
Huntington
Hanson
Warranty
$470,000
The last known listing for the subject property was in 2017 when the property was sold to the
current owner. The property had been exposed to the open market for 104 days prior to contract
for sale. The transaction was an arm's length, open market sale.
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William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
Sales
Site
The majority of site sales in the Medina, Clyde Hill and Bellevue area are tear -downs. This area
has been nearly 100% built-up for several decades making vacant parcels rather rare. However,
demand has remained strong and prices have been driven by the relatively high -income jobs in
the area. This results in older houses reaching a point where they no longer contribute value to
the site. Therefore, most site sales involve removal of existing improvements to make way for
new construction.
This study includes the latest sale when more than one recent sale of a given parcel was found,
and removes a sale on the Overlake Golf Course which has a clear premium for its golf course
location. Sites with waterfrontage were also excluded. There were 26 sales identified as relevant
for this analysis.
This graph illustrates the diminishing price on a per -square -foot basis as the overall site size gets
larger:
This reflects purchase of the entire site, not contributory value of surplus land.
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William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
As expected, the crossover point is at the median price in whole dollars.
The sales used in this analysis are listed in the table below. The sites range in size from 6,790
square feet up to 33,287 square feet. The median is 15,226 square feet and the average site size is
16,267 square feet. The median price -per -square -foot is $109.62 and the average is $110.79 per -
square -foot. The median sale price was $1,650,000.
RM
3108 92nd Ave NE
Clyde Hill
r,
6/25/2017
$950,000
6,790
$139.91
1225 100th Ave NE
Bellevue
11/8/2017
$975,000
8,325
$117.12
7611 NE 12th St
Medina
5/10/2017
$1,600,000
8,424
$189.93
9726 NE 5th St
Bellevue
7/26/2016
$1,200,000
8,570
$140.02
1234 99th Ave NE
Bellevue
7/5/2017
$1,150,000
10,610
$108.39
7819 NE 10th St
Medina
3/22/2017
$1,500,000
10,650
$140.85
9436 NE 1st St
Bellevue
3/3/2016
$1,669,000
10,886
$153.32
9468 NE 1st St
Bellevue
9/11/2017
$1,650,000
12,012
$137.36
1006 91st Ave NE
Bellevue
7/24/2018
$1,848,411
11,025
$167.66
8700 NE 11th St
Medina
4/1/2016
$1,308,000
11,288
$115.88
9215 NE 32nd St
Clyde Hill
8/24/2018
$1,480,000
12,516
$118.25
9216 NE 13th St
Clyde Hill
10/24/2016
$1,345,000
13,675
$98.35
9236 NE 1st St
Bellevue
11/26/2019
$1,908,000
14,400
$132.50
7560 NE 10th St
Medina
5/17/2016
$1,750,000
16,051
$109.03
2612 79th Ave NE
Medina
6/2/2016
$1,150,000
16,240
$70.81
2637 77th Ave NE
Medina
3/1/2016
$1,790,000
16,240
$110.22
1632 77th Ave NE
Medina
3/25/2016
$2,225,000
18,449
$120.60
2320 92nd Ave NE
Bellevue
6/10/2016
$1,695,000
18,786
$90.23
9539 NE 31st St
Clyde Hill
4/17/2017
$1,700,000
19,180
$88.63
7823 NE 14th St
Medina
4/3/2018
$1,725,000
19,862
$86.85
7842 NE 14th St
Medina
11/1/2016
$1,500,000
19,868
$75.50
2154 94th Ave NE
Clyde Hill
7/22/2016
$1,620,000
20,022
$80.91
2217 94th Ave NE
Clyde Hill
7/27/2016
$1,650,000
22,574
$73.09
9232 NE 31st St
Clyde Hill
12/8/2017
$1,900,000
30,091
$63.14
2104 92nd Ave NE
Clyde Hill
7/13/2017
$2,250,000
33,119
$67.94
1366 92nd Ave NE
Clyde Hill
3/27/2018
$2,800,000
33,287
$84.12
The sales data are summarized as follows:
Minimum
$950,000
6,790
$63.14
Maximum
$2,800,000
33,287
$189.93
Median
$1,650,000
15,226
$109.62
Average
$1,628,400
16,267
$110.79
StDev
$407,183
7,280
$32.82
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William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
The median and average prices are nearly the same, as are the median price -per -square -foot and
median and average site sizes.
The next step was to separate the sales in groups by site size. There are three groups here, but
there are not true tertiles because the number of sales per group are not the same for each group.
However, this approach was chosen in order to use break points that correspond with site size
requirements under Medina Zoning:
Minimum
Zoning
Minimum Net
Minimum Lot
Street
District
Lot Area
Width
Frontage
R-16
16,000 sq. ft.
70 ft.
70 ft.
R-20
20,000 sq. ft.
70 ft.
70 ft.
R-30
30,000 sq. ft.
90 ft.
90 ft.
When we look at the actual prices paid in each of the three categories, we find that the sites
between 15,000 square feet and 20,000 square feet command the highest actual prices, indicating
that this site size is seen by the market as "optimum" for this area. Smaller sites are attractive
because they can be purchased for smaller total dollar amounts even though they command the
highest price on a per -square -foot basis. These smaller sites essentially establish the "price for
entry" into this exclusive neighborhood; the most significant unit of measure in this category is
"buildable lot" rather than site size. In other words, if the site can accommodate a detached
single-family dwelling, its relative size is less a driver of price.
Once site size exceeds 20,000 square feet, the additional site area is no longer required to support
most any size or type of detached single-family dwelling that would also be appropriate for the
neighborhood. As a result, the contributory value of the surplus land is small.
A review of 13 sites sales up to 16,000 square feet in size (half or less than the subject) shows
the median and average price -per -square -foot to be very similar to each other at $137.36 and
$135.35 per -square -foot respectively.
The next size bracket has eight total sales, 15,001 square feet to 20,000 square feet indicates a
median of $89.43 and average of $93.98 per -square -foot.
There were five sites above 20,000 square feet (the largest of recent sales is 33,287 square feet)
with a median price of $73.09 and average of $73.84 per -square foot.
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William • : Associates,Trenton• r •Study
The fact that the smallest sites command the highest price on a per square foot basis is not only
evident from the data, but it makes intuitive sense as well. The economic principle of increasing
and decreasing returns is evident here:
the principle of increasing and decreasing returns recognizes that increments of the agents
of production produce greater net income (increasing returns) up to a point (surplus
productivity). The point of maximum contribution of the agency and production (point of
decreasing returns) attests to the proper combination of agents resulting in the highest and
best use. Any further increase in the amount of the agents of production will decrease the
Confidential Page 15 of 30
William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
margin between the cost of agents and the gross income they will produce, resulting in a
decrease in the proportionate net income returns.
In the case of sites and site size, the data above shows that the maximum point of contribution in
terms of additional site size is reached somewhere between 15,000 sq.ft. and 20,000 sq.ft. of site
size in this area. Beyond about 20,000 sq.ft., there continues to be an increase in value, but the
additional site area is treated in the market as surplus and therefore has a decreasing marginal
value as the site size continues to increase.
3.3 Contributory . of • #
Using the median price -per -square -foot across the three size bands shows that the value of
surplus land in the midrange, that is, land that exceeds the minimum amount of land required to
support one detached single-family dwelling increases at a rate of about $30 per square foot over
the base cost but once we pass the mid -range, the contributory value of surplus land diminishes.
Mid -Range to Smallest
Largest to Smallest
ITEM
Smallest Sites
Mid -Range Sites
Largest Sites
Site Size Range
Location
Median Price, < 16,000 Sq.Ft.
Medina, Clyde Hill, Bellevue
Median Price, 16,001 - 20,000 Sq.Ft.
Medina, Clyde Hill, Bellevue
Median Price, > 20,000 Sci.Ft.
Medina, Clyde Hill, Bellevue
Median Sale Price
$ $1,480,000 $
$1,712,500
$
$1,635,000
Sale Date Range
2016 - 2019 2016 - 2019
2016 - 2019
Site Price/Sq.Ft
$135.95 $91.98
$54.34
Data Sources
NWMLS NWMLS
NWMLS
Verification
King County Auditor King County Auditor
King County Auditor
Waterfront
Excluded from Data Excluded from Data
Excluded from Data
Median Site Size
10,886 18,618
($232,500)
30,091
($155,000)
Other Factor(s)
N/A N/A
N/A
Net Adjustment
0,00%-13.58% '
($232,500)
-9.48%
($155,000)
Gross Adjustment
0.00% 13.58%
$232,500
9.48%
$155,000
Adjusted Value
$1,480,000
$1,480,000
1$1,480,000
Site Difference, $/SF: F $30.07 $8.07
On this basis, when we take the median price of $1,480,000 for the smallest segment (sites
15,000 sq.ft. or smaller) as the base price for any given site and pair that against the median price
of $1,712,500 for the midrange sites (15,001 sq.ft. to 20,000 sq.ft.) we find that there is a price
difference overall of $232,500; this is the contributory value for the additional 7,732 square feet.
This reflects a market reaction of $30.07 per square foot of surplus land above the median site
size range of 15,001 to 20,000 square feet.
The overall median price paid in whole dollars for the largest sites is lower than the median price
paid for the optimum size sites. When we compare the largest site segment (sites greater than
Confidential Page 16 of 30
20,000 sq.ft.) and pair that median price against the median price of the base, the contributory
value of the excess 19,205 square feet is $155,000, or $8.07 per square foot.
., .•- NO MTIM •
Using average prices show the same pattern as median prices with only slight variation.
Mid -Range to Smallest
Largest to Smallest
ITEM
Smallest Sites
Mid -Range Sites
Largest Sites
Site Size Range
Location
Average Price, < 16,000 Sq.Ft.
ere
Hill, Bellevue
Average Price, 16,001 20,000 Sq.Ft
Medina, Clyde Hill, Bellevue
Average Price, > 20,000 Sq.Ft.
Medina, Clyde Hill, Bellevue
Median Sale Price
$ $1,429,493 $
$1,691,875
$
$1,541,464
Sale Date Range
2016 2019 2016 - 2019
2016 - 2019
Site Price/Sq.Ft
$133.29 $93.55
$55.41
Data Sources
NWMLS NWMLS
NWMLS
Verification
King County Auditor King County Auditor
King County Auditor
Waterfront
Excluded from Data Excluded from Data
Excluded from Data
Median Site Size
10,725 18,085
($262,382)
27,819
($111.,971)
Other Factor(s)
N/A N/A
N/A
Net Adjustment
0.00%-15.51%
($262,382)
-7.26%
($111,971)
Gross Adjustment
0.00% 15.51%
$262,382
7.26%
$111,971
Adjusted Value
Isi,429,493
$1,429,493
$1,429,493
Site Difference, $/SF: $35.65 $6.55 i
The average price comparison produces a wider range, but illustrates a similar pattern.
N EAMDOW
This analysis shows that the estimated contributory value for sites above the median site size of
15,226 square feet is between $6.55 per sq.ft and $35.65 per sq.ft. when using average prices and
between $8.07 per sq.ft. and $30.07 per sq.ft. when using median prices.
Although the median and average prices are very close to each other in this case, median prices
produce a narrower range. I am concluding that the most probable range of contributory value for
surplus land over 16,000 square feet is between $10.00 and $30.00 per square foot.
Most probable range by Median Price: $10.00 to $30.00 per -square -foot
Confidential Page 17 of 30
Paireda Sales
This analysis looks at individual sites sales in the area and in each table, two sales are paired to
one base property for the purpose of isolating the probable contributory value of surplus land.
Each site is suitable for one detached single-family dwelling. Two key findings emerge:
1.) The primary unit of comparison for builders is the "buildable lot" with overall site size
being of far less consideration in the purchase decision;
2.) As site size increases, the contributory value of additional surplus land decreases when
measured on a dollars per square foot basis.
Pair Set #1 compares three building sites all in extremely close proximity to each other. The
smallest site is used as the base property, and two larger sites are paired against the smallest site.
As the table below illustrates, the two larger sites sold at a lower overall price than the smallest
of the three. This pairing of sales illustrates that for most builders, the primary unit of
comparison is the "buildable lot". Based purely on site size, this pairing indicates that the
contributory value of additional land is negative which is counter intuitive.
Pair Property #2 to Property #1
Pair Property #3 to Property #1
ITEM
Property #1
Property #2
Property #3
Address
7611 NE 12th St
7819 NE 10th St
7842 NE 14th St
City, Zip
Medina, WA 98039
Medina, WA 98039
Medina, WA 98039
Sale Price
$
$1,600,000
$
$1,500,000
$ ii
$1,500,000
Closing Date
5/10/2017
3/30/2017
11/10/2016
Site Price / Sq.Ft.
$189.93
$140.85
$75.50
Data Sources
King County Records
King County Records
King County Records
Assessor Parcel #
252504-9202
252504-9204
302530-0220
Financing Type
Cash
Private Party
$0
Conventional
Site
8,424
10,650
$100,000
19,868
$100,000
View
Residential
Residential
Residential
Improvements
Tear -Down
Tear -Down
Tear -Down
Utilities
On -Site
On -Site
On -Site
Net Adjustment
0.00%
6,67%
$100,000
6.67%
$100,000
Gross Adjustment
0.00%
I
i 6.67%
$100,000
6.67%
$100,000
Adjusted Value
1 $1,600,000
1
$1,600,000
$1,600,000
Site Difference, $/SF
In this case, we also know that the base property is a regularly shaped rectangular site, while
properties #2 and #3 are slightly narrower at the street and deeper. The diminished utility of the
additional land results in the surplus land as compared to the base site having no apparent
contributory value.
Confidential Page 18 of 30
William • : Associates,Trenton• r •Study
Pair Set #2 compares three building sites using the same base property as the example above, and
comparing to significantly larger sites, also all in extremely close proximity to each other. These
pairs indicate that contributory value on a dollars per square foot basis diminishes as the site size
gets larger.
Pair Property #2 to Property #1
Pair Property #3 to #1
ITEM
Property #1
Property #2
Property #3
Address
7611 NE 12th St
7650 NE 10th St
7823 NE 14th St
City, Zip
Medina, WA 98039
Medina, WA 98039
Medina, WA 98039
Sale Price
$
$1,600,000
$
$1,750,000
$ ii
$1,725,000
Closing Date
5/10/2017
5/17/2016
4/3/2018
Site Price / Sq.Ft.
$189.93
$109.03
$86.85
Data Sources
King County Records
King County Records
King County Records
Assessor Parcel #
252504-9202
252504-9125
302530-0195
Financing Type
Cash
Conventional
Cash
Site
8,424
16,051
($150,000)
19,862
($125,000)
View
Residential
Residential
Residential
Improvements
Tear -Down
Tear -Down
Tear -Down
Utilities
On -Site
On -Site
On -Site
Net Adjustment
0.00%
-8.57%
($150,000)
-7.25%
($125,000)
Gross Adjustment
0.001
8.57%
$150,000
7.25%
$125,000
Adjusted Value
$1,600,000
$1,600,000
$1,600,000
Site Difference, $/SF: $19.67 E $10.93
This set produces a probable contributory value ranging from $10.93 per square foot to $19.67
per square foot, well within the range revealed by the study of average and median prices overall.
Pair Set #3 compares three large building sites using the smallest of the three as the base site.
Property #3 is adjusted for lack of tear -down improvements which reduces the development cost
for that site. The buyers of the other two sites paid for the acquisition of the site and assume the
cost of demolition and disposal of the existing improvements.
Confidential Page 19 of 30
William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
Pair Property #2 to Property #1
Pair Property #3 to Property #1
ITEM
property #1
Property #2
Property #3
Address
2154 94th Ave NE
2217 94th Ave NE
9232 NE 31st St
Location
Clyde Hill
Clyde Hill
Clyde Hill
Sale Price
$
$1,620,000 $
$1,650,000
$
$1,900,000
Closing Date
7/22/2016
7/27/2016
12/8/2017
Price/Sq.Ft. - Site
$80.91
$73.09
$63.14
N W M LS #
N/A
N/A
1207322
Assessor Parcel#
302505-9177
302505-9142
1 192505-9127
Financing Type
Conv. 50% LTV
Cash
Const Loan
Site
20,022
22,574
($30,000)
30,091
($300,000)
View
Residential
Residential
Residential
Improvements
Tear -Down
Tear -Down
None
$20,000
Utilities
On -Site
On -Site
On -Site
Net Adjustment
Gross Adjustment
Adjusted Value
0.Oo%
0.009/.
-1.82%
1.82%
$1,620,000
($30,000)
$30,000
$1,620,000
-14.74<%
16.84%
($280,000)
$320,000
$1,620,000
Site Difference, $/SF: $11.76 $29.79
These pairs, while within the range discovered when pairing median and average prices, indicate
a lower contributory value for the surplus land on the smaller site and a larger contributory value
for the surplus land on the larger site.
This set of pairs shows that there is a lack of precision in these findings, but confirm that the
indicate range by median and average price comparisons is supported.
The paired data sets show a range of $10.93 per square foot to $29.79 per square foot (excluding
paired set #1 in which site shape was influential) which is consistent with the findings developed
from the median price analysis.
Most probable range by Paired Data Sets: $10.93 to $29.79 per -square -foot
Confidential Page 20 of 30
William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
5 Assessor Data
The graph below illustrates tax assessed values in the subject's market area by site size. This is
graph illustrates that as site size increases, the rate at which assessed value is applied decreased
incrementally as site size increases. This data is for the valuation of an entire site, expressed on a
dollars -per -square -foot basis:
R'=0.6869 2020 Tax Assessed Values by site size RZ-0.8927
Land Sq.Ft. Site / Sq.Ft. Linear (Land Sq.Ft.) Linear (Site / Sq.Ft.)
I
$200.00
$180.00
$160.00
$140.00
$1.20.00
$100.00
$80M
$60.00
$40.00
$20.00
$0.00
The table below shows the King County Assessor Area 33 Base Land Schedule. This table
reflects the assessor's linear regression results for site sales in the greater Medina/Clyde Hill
area. Most notable is the conclusion via linear regression that contributory value for surplus land
to sites greater than 30,000 square feet is concluded at $16.43 per square foot.
This figure is almost at the center of the range developed through a study of median site sale
prices, average site sale prices as well as several sets of matched pairs of specific site sale in the
area.
Confidential Page 21 of 30
William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
Land Value Model Calibration
A. #q
Area 033 LM King County 14
2019 Physical Inspection Department of Assessments
Confidential Page 22 of 30
William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
ConCIUSion
The preceding table shows the King County Assessor Area 33 Base Land Schedule. This table
reflects the assessor's linear regression results for site sales in the greater Medina/Clyde Hill
area. Most notable is the conclusion via linear regression that contributory value for surplus land
to sites greater than 30,000 square feet is concluded at $16.43 per square foot.
This figure is almost at the center of the price -per -square -foot range developed through a study
of median site sale prices, average site sale prices as well as several sets of matched pairs of
specific site sale in the area:
Median Price Comparison: $8.07 to $30.07
Paired Data Sets: $10.93 to $29.79
Assessor Regression: $16.43
The net benefit to 426 Upland Rd of adding this 1,029 square foot strip to the existing site is
minimal; there is no anticipated impact on the value of the whole property as a result of this
addition. Site utility is neither improved nor diminished.
Similarly, there is only minimal net benefit to the City of Medina; the utility of the existing right-
of-way is neither improved nor diminished by removing this 1,029 square foot strip from the
"paper" roadway. Further, because portions of adjoining properties to the north of the subject
have already been vacated, the probability of the City of Median developing this unused right-of-
way is remote.
Giving weight to the lack of utility of this 1,029 square foot strip, value is concluded toward the
low end of the indicated range by Median Price Comparison and by Paired Data Sets. Assessor
regression analysis is also factored as it represents a figure developed using tested Computer
Assisted Mass Appraisal Models (CAMA) and has proven reliable over time.
Value for the subject property, the 1,029 strip of land proposed for vacation, is $15.00 per -
square -foot, or $15,435, rounded to $15,400 as of February 22, 2020.
Value as of February 22, 2020: $1.5,400
Confidential Page 23 of 30
William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
Statement of Assumptions and Limiting Conditions: The certification that follows is subject
to the following assumptions and conditions:
1. 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, under responsible ownership, and
competent management.
2. I have examined the property described herein exclusively for the purposes of
identification and description of the real property. The objective of my subject property
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. No improvements are
included and none were inspected.
3. The contract for this assignment is fulfilled and the total fee is due and payable upon the
completion of the report, unless other arrangements have been made. 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.
4. I will not disclose the contents of this report except as provided for in the Uniform
Standards of Professional Appraisal Practice, and/or applicable federal, state or local
laws.
5. 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 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 identifies 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.
6. A true and complete copy of this report contains 30 pages including exhibits which are
considered an integral part of the report. The report may not be properly understood
without access the entire report.
7. No personal property is included in the value opinion.
Confidential Page 24 of 30
"The word `certify' as used in its various forms herein is understood to be an expression
of professional opinion by me that is based on my best knowledge, information and belief.
As such it constitutes neither a guaranty nor warranty, expressed or implied. "
WAR FINIM
1. I have, at a minimum, developed and reported this report in accordance with the scope of
work requirements stated in this contributory value appraisal report.
2. I understand and meet the requirements of the Competency Rule of the Uniform
Standards of Professional Appraisal Practice. I hereby certify that I am competent to
complete this assignment.
3. I am aware of and have access to the necessary and appropriate data sources, such as
multiple listing services, tax assessment records, public land records and other such
public and/or private data sources for the area in which the property is located.
4. I have taken into consideration the factors that have an impact on value with respect to
the subject neighborhood, subject property, and the proximity of the subject property to
adverse influences in the development of my opinion of market value. I have noted in this
appraisal report any adverse conditions (such as, but not limited to, needed repairs,
deterioration, the presence of hazardous wastes, toxic substances, adverse environmental
conditions, etc.) observed during the inspection of the subject property, or that I became
aware of during the research involved in performing the appraisal. I have considered
these adverse conditions in my analysis of the property value, and have commented about
the effect of the conditions on the marketability of the subject property.
5. I did not base, either partially or completely, my analysis and/or opinions in this report on
the race, color, religion, sex, age, marital status, handicap, familial status, or national
origin of either the prospective owners or occupants of any property or party or of the
present owners or occupants of the properties in the vicinity of any property or on any
other basis prohibited by law.
6. I identified the lender/client in this report who is the individual, organization, or agent for
the organization that ordered and will receive this appraisal report.
7. There is no intent to waive the professional responsibilities of fraud or gross negligence.
:�• •1907 1 H ron. =0
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 analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
• I have no present or prospective interest in the property that is the subject of this report and
no personal interest with respect to the parties involved.
• I have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
Confidential Page 25 of 30
William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
• my engagement in this assignment was not contingent upon developing or reporting
predetermined results.
• I have not performed any services, as an appraiser or in any other capacity, related to the
subject property in the three years prior to the date assignment, nor have I performed any
other services related to this property at any point prior to the date of this assignment.
• my compensation is not contingent on an action or event resulting from the analyses,
opinions or conclusions in this appraisal or review or from their use.
• 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 intended use of this appraisal.
• my analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the Uniform Standards of Professional Appraisal Practice.
• I have made a personal inspection of the subject site.
• no one provided significant assistance to the person signing this certification.
William King
Certified Residential Real Estate Appraiser
WA 1700641, Expiration 04/07/2021
July 20, 2020
Confidential Page 26 of 30
William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
8 Maps and Exhibits
THATPOR11ON OF LAND ON, ABOVE AND BELOW THE NORTHWEST 7.00 FEET OF THE SOUTHEAST 27.00
FEET OF HARMON AVENUE (ALSO KNOWN AS U PLAN D ROAD) LYING AWACENT TO BLOCK 15,
KLNWOOD PARK, ACCORDING TO THE PLAT THEREOF, RECORDED [N VOLUME 8 OF PLATS, PAGE 26, IN
KING COUNTY, WASHINGTON, LYING BETWEEN THE FOLLOWING DESCRIBED LINES;
,THE NORTHEAST LINE OF THE SOUTHWESTIS,00 FEETOF LOT 5, IN SAID BLOCK 15 EXTENDED
NORTHWESTERLY AND THE SOUTHWEST LINE OF LOT 9 IN SAID BLOCK IS EXTENDED NORTHWESTERLY.
06/18120
Confidential Page 27 of 30
8.2 Exhibit "B" Survey Map
RIGHT OF WArm
VACATION EXHIBIT
F -,I,:::HT
Y "V4' -TEE",`
P R 1 2,11 01 SE 1.) 7E—
.0,
"EA Tr
V A C A TEC'
Al
1-pa
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7
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pa,
f
12 Y
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'E `14 TI L E -'E E E X T 1,,,
r"', E"J
N. T
EXERBIT
iml Ono 11ml le, r r a n e
426,Se THAVE NE
=INA, MA
10, 8 NI e, S t r e & S i tc C, 2 5 c fcw u e, V7 A `3 8 00
N b Ca Na. 425A58.4488 IJOS
01 1181213, DATE: 06/ 1,13120,20
Confidential Page 28 of 30
William King & Associates, Inc
File Name: Trenton Dykes Contributory Value Study
1-2
Exhibit "C" Parcel Map:
vp
rym
411
44
1 5
IrO 12 W
i 7
Confidential Page 29 of 30
William King & Associates, Inc File Name: Trenton Dykes Contributory Value Study
8.4 Exhibit T" Aerial Photo with Mark -Up
Confidential Page 30 of 30