| HOME FEATURES:
-- 36 ft. x 44 ft. (1584 sq ft.) living space, with a
-- 12 ft. x 44 ft. covered veranda and attached 10 ft. x 16 ft. tiled swimming pool
-- Home built in 2000
-- 9 ft. ceilings
-- Extra steel 1/2 inch rebar in the foundation
-- Double steel 1/2 inch rebar in the support columns
-- All roof steel cross lapped and tied
-- Cement stairs to roof
-- Roof coated with reflective sealer
-- 12 ft. x 14 ft. master bedroom, with 8 ft. x 12 ft.
walk thru closet, 8 ft. x 12 ft. master bath with walk in shower.
-- 2 spare bedrooms 9 ft. x 12 ft. each
-- Extra bath 6 ft. x 8 ft.
-- Laundry room with pantry shelves 11 ft. x 12 ft.
-- Open kitchen, dining & living area 23 ft. x 30 ft.
-- Glass shutter windows through out, with designer burglar bars
-- Tile floors though out
-- Pantry area floor to ceiling storage shelves 8 ft. x 8 ft.
-- Living room book shelves floor to ceiling 8 ft. x 8 ft.
-- Multi speed fan & light combination in all rooms
-- Track lighting in kitchen
-- Built in Kenmore stove top, oven, microwave and dishwasher
-- Custom kitchen cabinets and bath vanities all in mahogany
-- Kenmore bottom freezer, refrigerator combination
-- Culligan water softener
-- 40 gallon hot water heater with preheater on roof
-- Kenmore washer and dryer, deep sink in laundry area and extra refrigerator
-- Mahogany exterior doors
-- Mahogany interior louvered doors and trim
-- Hurricane covers for all windows
-- Outside lighting in front, back, veranda, carport, dock and street light at entrance
-- Outside faucets, both soft and regular water
-- 3 Ton Air Conditioning
SHOP/2 CAR GARAGE:
-- 24 ft. x 36 ft. (864 sq. ft.)
-- Roof coated and sealed
-- Florescent lights and wall outlets throughout
-- 220 volt electrical sub panel wired for generator use for emergency power
-- Burglar bars and steel curtain doors
-- Three work benches, shelves and metal cabinets
-- Regular water faucet on front corner of shop
-- 20 ft. x 36 ft. attached carport between house and shop (floor compacted and graveled)
CLEARED AREA: Approximately 110 ft. x 300 ft. constructed by compacting 6 inch lifts to grade, all cleared area enclosed with wire fence.
DRIVEWAY: 1,000 ft. Iong x 16 ft. wide, constructed by compacting 6 inch lifts to grade, 30 ft. x 100 ft, graveled parking area, high voltage power lines and poles installed to transformer at home site.
STORM SURGE: There is a land buffer between the property and the ocean of approximately 5 to 7 miles.
WELL: 8 inch drilled private well, 100 ft. deep, 150 gallons per minute, 1 horse power Goulds pump, 60 Ib. water system, Certified water test - bacteria free -.
MISCELLANEOUS: 10 ft. x 16 ft. palapa at water front, miscellaneous fruit trees and decorative trees and plants. Yard area completely landscaped.
FURNITURE AND SHOP EQUIPMENT: All items are negotiable.
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PROPERTY EVALUATION (as of April 2004)
Both adjoining parcels are free and clear from encumbrances and title is Fee Simple Absolute. As shown on attached plans, Parcel 242 has 2.50 acres of land, while Parcel 243 contains 2.76 acres. These parcels form the only point on the entire Lagoon which provides a very pleasant panoramic view of the entire Lagoon. The 16 ft. wide driveway is centered between the two parcels and is approximately 1,000 feet long to a large graveled parking area in front of the boat harbor. This harbor is approximately 6 feet deep by a width of 20 feet and a depth of (length) 75 feet, and similar to the driveway, is centered between the two parcels. Along the northern side of this private harbor, the owners have constructed a sturdy 40 foot dock. Adjacent to this and at the point of the property is a well constructed sitting palapa which enjoys some very pleasant breezes. The main home and garage is tucked away and constructed entirely on Parcel 242 in such a manner that it is not visible from the highway, thus adding to the privacy of the area. The main home has 1584 sq. feet of living area with a 12'x16' tiled relaxing pool.
Details of the home and of the construction of the house and the oversized concrete garage and workshop are supplied by the owners. The property was inspected and the accuracy of the details are guarantee. It should also be noted that the roof of the main home was over-constructed to provide a second storey where it was originally conceived to have built three separate master suites for possible rental income. The cement stairs were constructed for this purpose; again, the view and the pleasant breeze from the second floor is very enjoyable. All of the construction has extra steel rebar for strength and endurance and all has been finished in a good workman-like manner.
The owner spent considerable monies on raising and improving the property, as well as supplying electricity from the main grid to the property; this included the purchase and installation of own transformer. Water supply is by means of an 8 inch drilled well which was pumped at 160 gals/minute and has been health certified as bacteria free. A separate water softener system has been provided for the house with the additional spigots externally for car washing etc. The property has been cleared and filled on parcel 242 specifically for the construction of the home. The water-front has received rocks to prevent erosion in event of any storm surge, and behind the home towards the highway, the owners have cleared, filled and plated a fruit orchard. All in all, the property has been excellently constructed and maintained and has been designed with ease of maintenance in mind.
Area comparisons: In order to establish land values on the water, we have looked at raw land prices in similar situations within the district. For instance, a 75X150 feet lot in Tony’s subdivision at Corozal south end is selling for 60K US, making the value $800US/front foot. A waterfront lot in Consejo Shores of 75X150 feet is selling for 55K US making the value $733US/front foot. A lot on Progresso Lagoon, this also connects to the Sea, measuring 50X150 feet recently sold for 25K US making the value $500US/front foot. Although not as well located as the property on Four Miles Lagoon, the Progresso property is a good guideline for the raw land value before any improvements. Highway Commercial at Santa Rita just outside Corozal Town recently sold for $25K US for a lot measuring 50X120 feet making a value of $500US/front foot. Further from Corozal, the Commercial value would be a little less.
When it comes to construction values, we use Housing and planning guidelines in the appraisals to establish replacement costs. In this case the main home built out of concrete with extra steel, tiled floors, high grade fixtures in the bathrooms and custom cupboards replaces at $110BZE or $55US. These are standard figures used by appraisers for this type of construction and are used by financial institutions and insurance companies for determining values. It is not custom in Belize to include appliances in the sale or in the valuation.
Determination of value:
The raw land value is appraised out at a minimum of $500US/front foot plus improvements plus two highway commercial lots 102 and 110feet by 150 feet ; two lots separated by existing driveway.
Raw land – 328feet @ $500US/feet 164.00K
Improvements:
500 loads fill @ $37.50 ea 18.75K
4 loads gravel @ $237.50 ea 0.95K
3 loads rocks @ $175.00 ea 0.53K
25 loads stones @ $ 75.00 ea 1.88K
Labor/machine/compacting 4.75K
Harbor digging ramp gravel parking 1.5
Driveway 3.0K
Dock 40ft .750K
Well & pump 5.0K
Waterfront Palapa .350K
Transformer & Power line 12.00K
Landscaping 2.0K
Main House -- 1584sq feet @ $55US/sq feet 87.12K
Verandah – 528 sq feet @ $15US/sq feet 7.92K
Tiled Pool (10X16) feet & filter 7.00K
Double garage & shop 864sq feet @ $30US/sq feet 25.92K
Carport area 3.6K
Outdoor Stairs .85K
Fixture and appliances 9.00K
2 Highway Commercial lots 102X 150
110 X 150 each worth min. 20K 40.00K
Total determined value: $396,810 US
Asking Price: $350,000
Additional incidental value, not included in this valuation but of benefit to any purchaser would be 3 north-side driveway lots each 150 X 102 feet and 3 south side driveway lots each 150 X 110 feet all at a minimum value of 10,00K each for a total of 60.00K and if purchaser sold off the lagoon frontage 110 X 500 feet in depth @ $500US/feet would give additional revenue returns of another 55.00K. In other words, if new purchaser were to subdivide the property, it would return $115,000 not included here.
It should also be noted that the sellers have separated details on the sale of the household furniture and furnishings; separate details on all shop equipment; separate details on the boat and the vehicle if a purchaser needs an all inclusive purchase package.
Contact Owner for more information.
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