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Property Valuation Report Front Range Family Law & Leslive Bova Case #2016-DR 14 October 3, 2017 7200 E. Dry Creek, Suite E-206 Centennial , CO 80112 303-913-4912.

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Presentation on theme: "Property Valuation Report Front Range Family Law & Leslive Bova Case #2016-DR 14 October 3, 2017 7200 E. Dry Creek, Suite E-206 Centennial , CO 80112 303-913-4912."— Presentation transcript:

1 Property Valuation Report Front Range Family Law & Leslive Bova Case #2016-DR 14
October 3, 2017 7200 E. Dry Creek, Suite E-206 Centennial , CO

2 About Empire Realty Empire Realty is a full-service boutique real estate firm unlike the rest. This firm has associates with combined real estate experience of over 75 years.  It has adapted today’s Internet and telecommunications technology to make home buying, selling and leasing easy. We are a web-based, technology driven and on-demand customer service firm. We have made our website so user friendly you don't have to leave your couch to find out how much your home is worth or to find that perfect home in the Denver metro and surrounding area. Find your dream home at your pace, allowing our brokers to spend more time with you viewing homes, working with appraisers, and finding that perfect home. We offer all the bells and whistles that you would expect from a full-service real estate company - highly polished marketing and advertising presentations, skilled negotiation tactics and personal attention to buyers and sellers.  Empire Realty goes beyond the service level you would expect from a traditional real estate company by offering opportunities to those with unique needs.  These other opportunities include: Property Management- single and multi-family Property Valuations Residential Leasing We are seeking to expand our brand throughout Colorado, pursuing opportunities to work with new clients.

3 About Rex Gambrell Multi and Single Family Property Management
Property Operations Affordable Housing (Section 8 & 42) Luxury High Rise/ Suburban Garden Style Management Student and Employee Housing Management HOA Condominium/ Townhome Management NOI Growth Analysis Budget Analysis Revenue Management Market Analysis Property Performance Analysis Financial Management Residential Real Estate Home Valuations- present and historical Competitive Market Analysis Property Due Diligence Analysis of: Operating Expenses Capital Improvement Expenses Vacancy rates/ Market rent rates Turnover Expenses WORK EXPERIENCE EMPIRE REALTY Denver, Colorado Managing Broker/ Partner – Present Prepare, review and report monthly profit and loss analysis. Direct the day-to-day operations of the agency. Personally responsible for handling escrow, trusts and earnest money received. Work with brokers and their clients on transactions. Update and train brokers on new regulations set forth by the Real Estate Commission. Connecting with other brokers in the real estate industry in order to expand my network. WAYPOINT HOMES Oakland, California Regional Director - Colorado – 2016 Responsible for startup of the Denver region for Waypoint Homes. A publicly traded REIT that owned and managed in excess of 14,000 homes in 10 regions throughout the US. Oversaw purchasing, renovations, leasing, management and maintenance staff members in the Denver region. Directed and reviewed the acquisition of on average 30 homes per month at approximately $7,000,000 each month for the 2 year period prior to company merger. Responsible for and managed acquisitions, construction, leasing property management and maintenance managers and staff. INDATUS New Albany, Indiana National Account Executive – 2013 Sales to the multifamily property management industry in Colorado, Arizona and Utah that include an Answer Automation service, Call Tracker; advertising/lead call tracking and Zip Digital; mass text, and call blast notification tools.

4 Rex Gambrell Resume (continued)
WORK EXPERIENCE GRIFFIS GROUP RESIDENTIAL, LLC Denver, Colorado President Responsible for developing a startup property management company for parent company Griffis Group (Geared up to acquire 20 apartment properties over a 2 year period.) Hired corporate and on-site property staffs for Denver and Colorado Springs markets. Implemented accounting/property management software and set up operating policies and procedures. Worked with accounting group on setting up approval process for budgets, financials, accounts payable, accounts receivable, etc. Coordinated development of new marketing collateral for new entity and current properties. CORUM REAL ESTATE GROUP, INC Denver, Colorado Senior Vice President Property Management Directed Multifamily property management department including 24 properties totaling approximately 6,120 units located in the Denver metro area, Aspen, Beaver Creek, Breckenridge, Keystone, Steamboat Springs and Vail, Colorado. Property types managed were Section 8, Section 42, Affordable tax exempt 6320 municipal bond financed, conventional, market rate Class A to Class D. Responsible for acquiring new fee management business through marketing efforts, networking and building a strong reputation in the apartment industry. Responsible for preparation, coordination and management of annual operating budgets in excess of $21,500,000 for all properties in conjunction with the Regional and on-site Property Managers. Supervision of 100 employees encompassing the rolls of Director of Marketing & Training, Director of Multifamily Services, Regional Managers, Property Managers, Leasing Assistants, Maintenance, Grounds and Housekeeping. Managed numerous multi million dollar capital improvement projects. VAIL VALLEY PROPERTY MANAGEMENT, INC Avon, Colorado Vice President Property Management Managed operation of property management office and management of properties. Portfolio included multi-family, condominium association and commercial/retail properties. SWEARINGEN MANAGEMENT COMPANY Tulsa, Oklahoma Property Manager Managed Park Towers office building and Warren Place office properties owned by Metropolitan Life Insurance totaling over 1 million square feet. Completed new lease and renewal negotiations with office tenants Managed all tenant finish build outs .

5 Rex Gambrell Resume (continued)
EDUCATION University of Oklahoma Norman, Oklahoma Business Administration Institute of Real Estate Management (IREM) Tulsa, Oklahoma CPM 500 Course (The Long Range Management Plan) CPM 400 Course (Managing Real Estate as an Investment) CPM 300 Course (Management of Residential Property) LICENSE/DESIGNATION Colorado Real Estate Broker Associate License (ER ) Certified Property Manager (CPM) Designation, 1989 (Key # 12828) Housing Credit Certified Professional (HCCP) Designation, 1999 (Certification # 303) BOARD SEATS National Apartment Association (NAA) Alexandria, VA Region VIII Vice President (Board Member) Apartment Association of Metro Denver (AAMD) Denver, CO President, Treasurer, Secretary, Board Member & Committee Chairperson Colorado Apartment Association (CAA) Denver, CO President

6 Summary of Homes Home Info Size/ Sq. Ft. Owner of Record
Original Purchase Price Purchase Date May 2015 – Broker’s Estimated Value September Broker’s Estimated Value Increase in value over a 27 month period 403 Laurel St., Steamboat Springs, 80487 5bd/ 3ba 1,567 sq.ft. Joseph S. Frisch $345,000 12/12/03 $523,408 $556,285 $31,938 2482 West Caithness Pl., #11 #14 Denver 80211 Studio 318 sq.ft. 320 sq.ft. $54,900 $68,000 11/30/07 05/28/13 $86,072 $86,613 $147,043 $147,968 $60,971 $61,355 1101 Bellaire St. Denver, 80220 1bd/ 1ba 594 sq.ft. $45,000 04/09/09 $123,354 $163,498 $40,144 1. Broker’s estimated values for 2015 and 2017 are based on information from MLS, County Records, Trulia and Zillow. Steamboat Springs 2015 and 2017 Comps are based on prices with minimal sales transactions. Overall, these comps for both 2015 and 2017 have the most varied pricing based on the condition of the home and whether they were updated or not.

7 430 Laurel St. Steamboat Springs
Built in 1936 5 bedrooms/ 3 baths 1,567 square feet Single Family Owner- Joseph S. Frisch Values Value as of May 31, 2015 Value as of September 30, 2017 $523,408 $556,285 (Estimated Totals above are Based on Broker’s Research and Assumptions)

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10 430 Laurel St. 2015 Comps 210 Hill St. 222 James St 245 Hill St. 1. 3.
2. 3. Map Key Address City Zip Price PSF Total Sold Date Beds Baths Total Sq.Ft. 1. 210 Hill St. Steamboat Springs 80487 $520,000 $357 06/30/15 2 1 1,455 2. 222 James St. $775,000 $424 06/01/15 1,829 3. 245 Hill St. $997,000 $407 07/22/15 4 3 2,452 210 Hill St. 222 James St 245 Hill St.

11 430 Laurel St. 2017 Comps 420 Laurel St. 233 Hill St. 464 8th St. 3.
1. 2. Map Key Address City Zip Price PSF Total Sold Date Beds Baths Total Sq.Ft. 1. 420 Laurel St. Steamboat Springs 80487 $597,000 $255 08/18/17 Subdivided into 4 Apartments 2,345 2. 233 Hill St $866,500 $499 09/15/16 5 4 1,736 3. 464 8th St $525,825 $420 08/03/17 3 2 1,252 420 Laurel St. 233 Hill St. 464 8th St.

12 Owners- Joseph S Frisch
2482 W. Caithness #11 & #14 Denver Built in 1956 Studio 318 square feet- #11 320 square feet- #14 Condominium Owners- Joseph S Frisch Values (Estimated Totals below are Based on Broker’s Research and Assumptions) Unit Value as of May 31, 2015 Value as of September 30, 2017 11 $86,072 $147,043 14 $86,613 $147,968

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17 2482 W. Caithness Pl. #11 & #14 2015 Comps 2480 W. Caithness Pl #1
1356 Pearl St. #312 1129 E. 16th Ave

18 2482 W. Caithness Pl. #11 & #14 2017 Comps 1419 Lipan St. #2
th St., #20M & #22M 444 17th St.,#208 & #1009

19 1101 Bellaire St., #202 Denver Values Built in 1951 1 bedroom/ 1 bath
594 square feet Condominium Owner- Joseph Frisch Values (Estimated Totals below are Based on Broker’s Research and Assumptions) Value as of May 31, 2015 Value as of September 30, 2017 $123,354 $163,498

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22 1101 Bellaire St. #202 2015 Comps 1101 Bellaire St. #105
799 Dahlia St. #303 & #507

23 1101 Bellaire St. #202 2017 Comps 4110 Hale Pkwy., #3K, #3J, #4J
1620 Colorado Blvd., #1 1208 Albion St. 1101 Bellaire St., #304


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