STAFF REPORT ACTION ITEM

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Report No:

Meeting Date:

Alameda-Contra Costa Transit District

STAFF REPORT

TO:

AC Transit Board of Directors

FROM:

David J. Armijo, General Manager

12-301a

January 23, 2013

SUBJECT

:

Consider the options available with regard to the District-owned property located

at 3500 Seminary Avenue in Oakland

ACTION ITEM

RECOMMENDED ACTION(S):

1.

Consider authorizing the General Manager to dispose of the District owned property at

3500 Seminary Avenue, Oakland, CA at current fair market value.

or

2. Consider authorizing the General Manager to lease the District owned property at 3500

Seminary Avenue, Oakland, CA to a residential tenant at current fair market value.

EXECUTIVE SUMMARY

:

Based on the internal audit report, the District currently has $510,503 invested

in the parcel of

real property located at 3500 Seminary Avenue, in Oakland

.

Disposing of the property at current

market value would result in a loss of approximately $205,500 (or 40% of the invested amount).

Renting the property to a residential tenant would return approximately $14,300 per year to the

District (or 2

.

8% of the value of the investment)

.

BUDGETARY/FISCAL IMPACT:

The District currently has $510,503 invested in this property, including legal fees associated with

the foreclosure on the property.

BACKGROUND/RATIONALE:

Based on the internal audit report, the District currently has $510,503 invested in the parcel of

real property located at 3500 Seminary Avenue

,

in Oakland. The current options with respect

to this property are to dispose of it at current fair market value or to lease the property to a

residential tenant and dispose of the property at a later date when market conditions have

improved

.

Sale of Property

The property was appraised at $300,000 in August 2012

.

The appraisal took into consideration the

number of bank owned and blighted properties in the surrounding neighborhood. The appraiser

indicated that all these factors had a negative impact on the property's value

.

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Report No. 12-301a

Page 2 of 3

Current estimates of the market value of the property on Internet sites are higher than the

August appraisal. These are set out below:

Source

Total Price

Price/Sq. Foot

Trulia.com

$350,000

$165

Zillow.com

$332,247

$156

Realestate.com

$328,700

$155

Balancing the concerns expressed by the professional appraiser with current market prices

identified by these Internet sites, the District could anticipate a gross sales price of

approximately $330,000. From this amount approximately $25,000 in sales expenses would be

deducted, resulting in a loss on the current investment of approximately 40%.

Lease of Property

If the property were leased to a residential tenant the District could expect to receive a rent of

approximately $2000 per month (according to Zillow.com).

As the District does not currently employ a property manager, an outside property

management firm would be required. The fees for this property will be negotiable but the

District should expect to pay approximately a 10% management fee.

In addition, the District will be required to make any necessary repairs to this 92-year old home.

A contingency will be factored into the equation to account for repairs.

The District's estimated monthly return on the rental ofthis property is set out below:

Item

Income

Expense

Net

Monthly Rent

$2,000

Real Estate Taxes

$444

Management Fee

$200

Repair Contingency*

$167

Monthly Proceeds to District

$1,189

• repair contingency based on one month's rent per year spread over 12 months

Based on the foregoing, the estimated annual rate of return on the District's current investment

in this property is approximately 2.8% (i.e. ($1,189 x 12)

+

$510,503).

This return on investment will be negatively affected by repairs in excess of the budgeted

$2,000 annually and/or any period(s) of vacancy of the property.

ADVANTAGES/DISADVANTAGES:

Advantages of the immediate sale of this property are elimination of any further costs of

maintenance and upkeep of the property as well elimination of administrative costs associated

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Report No. 12-301a

Page 3 of 3

with the security of the property. In addition, sale of the property may also more clearly align

with District Policy 336, Investment Policy.

Disadvantages of the immediate sale of this property include the significant loss on investment

as well as missing any potential of a strong, near term turn-around of the Oakland real estate

market, which would result in a higher sale price.

Advantages of leasing the property including providing a small rate of return on the District's

investment; eliminating the administrative costs of monitoring and securing the property, and

potentially taking advantage of an upward trend in the market value of the property by selling

at a later date.

Disadvantages of leasing the property include the inconvenience of holding a property that

does not fit the District's business needs and may conflict with Board Policy 336. In addition,

the property is 92-years old and may require a significant investment to maintain in marketable

condition, particularly if tenants cause any significant damage to the property.

ALTERNATIVE ACTIONS:

The alternative is to maintain the status quo and hold the property without a tenant until a

decision is made to sell or lease at a later date.

PRIOR RELEVANT BOARD ACTIONS/POLICIES:

Staff Report 12-301

ATTACHMENTS:

1:

Appraisal of Property dated August 15, 2012

2:

Property value information from Truilia.com

3.

Property value information from Zillow.com

4.

Property value information from Realestate.com

Department Head Approval:

David Armijo, General Manager

Reviewed

by:

Kenneth

C.

Scheidig, Interim General Counsel

Lewis Clinton, Chief Financial Officer

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APPRAISAL REPORT

of

3500 SEMINARY AVE OAKLAND, CA 94605

As

Of:

AUGUST 15, 2012

Prepared For:

ACTRANSIT 1600 FRANKLIN STREET OAKLAND,CA

Prepared

By:

ALFRED L. WATTS

ALFRED L. WATTS AND ASSOCIATES 2211 HARBOR BAY PARKWAY

ALAMEDA. CA 94502

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[ ACTRANSIT 1600 FRANKLIN STREET OAKLAND, CA RE: File No. Case No. 3500 SEMINARY AVE OAKLAND, CA 94605 Dear MR. BUTLER SR 12-301a Attachment 1

ALFRED L. WATTS AND ASSOCIATES 2211 HARBOR BAY PARKWAY ALAMEDA. CA 94502

In accordance with your request, I have personally inspected and prepared an appraisal report of the real property located at:

3500 SEMINARY AVE, OAKLAND, CA 94605

The purpose of this appraisal is to estimate the market value of the property described in the body of this appraisal report.

Enclosed. please find the appraisal report which describes certain data gathered during our investigation of the property. The methods of approach and reasoning in the valuation of the various physical and economic factors of the subject property are contained in this report.

An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of neighborhood data, led the appraiser to the conclusion that the market value. as of AUGUST 15. 2012 is:

$ 300,000

The opinion of value expressed in this report is contingent upon the limiting conditions attached to this report.

It has been a pleasure to assist you. If I may be of further service to you in the future, please let me know.

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NL-Residential 512007

ALFRED L. WATTS AND ASSOCIATES

SR 12-301a Attachment 1

File No.

CASE NO.

This form may be reproduced unmodified without written permission, however, Bradford Technologies, Inc. must be acknowledged and aecfrted

(8)

NL • Residential 512007

ALFRED L. WATTS AND ASSOCIATES

SR 12-301a Attachment 1

FileNo.

CASE NO.

This form may be reproduced unmodified without written permission, however, Bradford Technologies, Inc. must be acknowledged and credited.

(9)

NL -Residential 512007

ALFRED L. WATTS AND ASSOCIATES

Residential

SR 12-301a Attachment 1

FileNo. CASE NO.

This form may be reproduced unmodified without written permission, however, Bradford Technologies, Inc. must be acknowledged and credited.

(10)

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SR 12-301a Attachment 1

Borrower

Property Address 3500 SEMINARY AVE City OAKLAND County lender/Client AC TRANSIT

ALFRED l. WATTS AND ASSOCIATES EXTRA COMPARABLES 4-5-6

File No.

CASE NO.

ALAMEDA State CA Zip Code Address 1600 FRANKLIN STREET, OAKLAND, CA

Produced by ClickFORMS Software 800-622-8727

94605

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Property Address 3500 SEMINARY AVE

City OAKLAND County

lender/Client AC TRANSIT

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ALFRED L. WATTS AND ASSOCIATES

LOCATION MAP ADDENDUM

FileNo. CASE NO.

ALAMEDA State CA Zip Code

Address 1600 FRANKLIN STREET. OAKLAND. CA

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Lender/Client AC TRANSIT

ALFRED L. WATTS AND ASSOCIATES

COMPARABLES 1-2-3

SR 12-301a Attachment 1

File No. CASE NO.

ALAMEDA State CA Zip Code 94605

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-Address 1600 FRANKLIN STREET. OAKLAND CA

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COMPARABLE SALE# 6031 MAURITANIA AVE OAKLAND, CA 94605 COMPARABLE SALE# 2 6024 MAURITANIA AVE OAKLAND, CA 94605 COMPARABLE SALE# 3432 65TH AVE OAKLAND. CA 94605 3

(13)

Borrower

Property Address 3500 SEMINARY AVE

City OAKlAND County

Lender/Client AC TRANSIT

ALFRED L. WATTS AND ASSOCIATES COMPARABLES 4-5-6

SR 12-301 a Attachment 1

File No. CASE NO.

ALAMEDA State CA Zip Code 94605

Address 1600 FRANKLIN STREET OAKLAND CA

COMPARABLE SALE # 4

3012 RAWSON ST OAKLAND, CA 94619

COMPARABLE SALE# 5

COMPARABLE SALE# 6

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Borrower

Property Address 3500 SEMINARY AVE

City OAKLAND County

Lender/Oient AC TRANSIT

ALFRED L. WATIS AND ASSOCIATES

SUBJECT PHOTO ADDENDUM

SR 12-301a Attachment 1

File No.

CASE NO.

ALAMEDA State CA Zip Code 94605

Address 1600 FRANKLIN STREET. OAKLAND, CA

FRONT OF SUBJECT PROPERTY 3500 SEMINARY AVE OAKLAND, CA 94605 REAR OF SUBJECT PROPERTY STREET SCENE

SEMINARY AVENUE LOOKING EAST

SUBJECT IS ON THE RIGHT

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Borrower

Property Address 3500 SEMINARY AVE

City OAKLAND County

Lender/Client AC TRANSIT

ALFRED L. WATIS AND ASSOCIATES

SUBJECT PHOTO ADDENDUM

SR 12-301 a Attachment 1

File No.

CASE NO.

ALAMEDA State CA Zip Code 94605

Address 1600 FRANKLIN STREET. OAKLAND. CA

STREET SCENE LOOKING WEST SUBJECT IS ON THE LEFT

TYPICAL BEDROOM

LIVING ROOM

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BorrOwer

Property Address 3500 SEMINARY AVE City OAKLAND County

Lender/Client AC TRANSIT

ALFRED L WATIS AND ASSOCIATES

SUBJECT PHOTO ADDENDUM

SR 12-301a Attachment 1

File No.

CASE NO.

ALAMEDA State CA Zip Code 94605

Address 1600 FRANKLIN STREET OAKLAND. CA

TYPICAL BATHROOM

KITCHEN

BASEMENT AREA/LAUNDRY AREA

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Property Address 3500 SEMINARY AVE

ALFRED L. WATTS AND ASSOCIATES

SKETCH ADDENDUM

SR 12-301a Attachment 1

FileNo. CASE NO.

City OAKLAND County ALAMEDA Stale CA Zip Code 94605

Lender/Client AC TRANSIT Address 1600 FRANKLIN STREET. OAKLAND. CA

SKETCH ADDENDUM

Fila No.

28.00' 42.50' 11.00' Galage&Beaement 6.00' 17.00'

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Property Address 3500 SEMINARY AVE

City OAKLAND County Lender/Client AC TRANSIT

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SKETCH ADDENDUM

SR 12-301 a Attachment 1

FileNo. CASE NO.

ALAMEDA State CA ZiD Code 94805

Address 1600 FRANKUN STREET. OAKLAND. CA

SKETCH ADDENDUM

F1Jo No.

2lp Ccclo

SKETCH CALCULATIONS PeiiiiNital Ana

A1:28.0x42.0= 1176.0

A2 : 0.5 X 3.01C2.0 "' 3.0

A3 : 0.S X 1Jix2.0 = 1.0

A4:S.Ox2.0= 10.0

~ 141.8 1190.0

Total Ganlge Ana 141.8 1190.0

A5:42.5x11.0= 467.5 A8:48.5x6.0= 291.0 A7:47.5x1.0:::: 47.5 AB:31.Sx3.0= 94.5 A9: 28.5 X 12.0 = 342.0 A10:29.Sx13.0= 383.5 A11 :26.0x3.0= 78.0 A12:28.0x3.0= 84.0 A13: 0.5 X 2.0x2.0= 2.0 A14:29.5x2.0:::: 59.0 A15: 0.5 x 3..0x2.0 a 3.0 A16! 0.5 X 1.Qx2.0 = 1.0 A17:5.0x2.0= 10.0 Fils1 Floor 211.7 1893.0 A18:10.0x9.0= 90.0 Second A - 38.0 90.0

Total BuDding Area 249.7 1953.0

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Borrower

Property Address 3500 SEMINARY AVE

City OAKLAND County Lender/Client AC TRANSIT

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ALFRED L. WATTS AND ASSOCIATES

PLAT MAP

FileNo.

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ALFRED L. WATTS AND ASSOCIATES

SR 12-301a Attachment 1

FileNo. CASE NO.

This appraisal report is subject to the scope of work, intended use, intended user, definition of market value. statement of assumptions and limiting conditions, and certifications. The Appraiser may expand the scope of work to include any additional research or analysis

necessary based on the complexity of this appraisal assignment.

SCOPE OF WORK:

The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requiremenls of this appraisal report fonn, including the following definition of market value, statement of

assumptions and limiting conditions, and certifications. The appraiser must at a minimum: (1) perform a complete visual

inspection of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from rer>able public and/or private sources, and (5) report his or her analysis, opinions. and conclusions in this appraisal report.

DEFINITION OF MARKET VALUE: As per Fannie Mae the definition of market value is the most probable price which

a property should 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 p~ce is not affected by undue stimulus. Implicit in this definition is the

consummation of a sale as of a specified date and the passing oftiUe 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 or she considers his or her

own

best interest (3) a reasonable time is allowed for exposure in the open market (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represenls the normal consideration for the property sold unaffected by special or creative financing or sales concessions• granted by anyone associated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are

necessary for those cosls which are normally paid by sellers as a resutt of tradnion or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing

adjustmenls can be made

to

the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraise~s judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS:

The appraise~s certification in this report is subject to the following assumptions and limiting conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect enher the property being appraised or the tiUe to

it.

except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the tiUe is good and marketable and will not render any opinions about the tiUe.

2. The appraiser has provided a sketch in this appraisal report

to

show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the apprais~s determination ofns size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other dala sources) and has noted in this appraisal report whether any portion of the subject site is located in an

identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otheowise required by law.

5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otheiWise stated in this appraisal report. the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limned to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions. etc.) that would make the property less valuable. and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property.

6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or atterations of the subject property will be performed in a professional manner.

NL- General Cerlificalion 512007 This fonn may be rep!Oduc:ed un.-ed withoul wrillen pennission, however, Bradfonl Technologies, In~ l!lllsl be -...redged an~ aediled.

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ALFRED L. WAITS AND ASSOCIATES

APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that

SR 12-301 a Attachment 1

FileNo. CASE NO.

1. 1 have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report.

2. 1 performed a visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property.

3. 1 performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared.

4. 1 developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach lor this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otheiWise indicated in this report.

5. 1 researched, verified, analyzed, and reported on any current agreement lor sale lor the subject property, any offering lor sale of the subject property in the twelve months prior to the effective date of this appraisal, and !he prior sales of the subject property lor a minimum of lhree years prior to !he effective date of !his appraisal, unless otherwise indicated in !his report. 6. 1 researched, verified, analyzed, and reported on !he prior sales of the comparable sales lor a minimum of one year prior to !he date of sale of !he comparable sale, unless otherwise indicated in this report

7. 1 selected and used comparable sales !hat are locationally, physically, and functionally !he most similar to the subject property. 8. 1 have not used comparable sales !hat were the resutt of combining a land sale with the contract purchase price of a home !hat has been buitt or will be buitt on !he land.

9. 1 have reported adjustments to the comparable sales that reflect !he markers reaction to the differences between the subject property and the comparable sales.

10. 1 verified, from a disinterested source, all information in !his report !hat was provided by parties who have a financial interest in !he sale or financing of !he subject property.

11. 1 have knowiedge and experience in appraising !his type of property in this market area.

12. 1 am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources lor !he area in which !he property is located. 13. 1 obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct.

14. 1 have taken into consideration the factors !hat have an impact on value with respect to the subject neighborllood, 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 !his appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, !he 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 !he research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on !he effect of !he conditions on !he value and marketability of !he subject property.

15. I have not knowingly withheld any significant information from !his appraisal report and, to the best of my knowiedge, all statements and information in this appraisal report are true and correct.

16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report.

17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either !he prospective owners or occupants of the subject property or of the present owners or occupants of !he properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, !hat I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the -inment of a specific resuR or occurrence of a specific subsequent event.

19. I personally prepared all conclusions and opinions about the real estate !hat were set forth in !his appraisal report. If 1 relied on significant real property appraisal assistance from any individual or individuals in !he performance of this appraisal or !he

preparation of this appraisal report, I have named such individual(&) and disclosed the specific tasks performed in !his appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in !his appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility lor

~-20. I identified the client in !his appraisal report who is !he individual, organization, or agent for the organization !hat ordered and will receive this accraisal recort.

NL -General Certification 512001 This form may be reproduced unmocfJfied wilhoutwrilten permjssion, however, Bradford Technologies, Inc. must be acknowledged and etedited.

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SR 12-301a Attachment 1

ALFRED L. WA TIS AND ASSOCIATES File No.

CASE NO.

21. 1 am aware that any disclosure or distribution of this appraisal report by me or the client may be subject to certain

laws and regulations. Further, 1 am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice

that pertain to disclosure or distribution by me.

22. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings). or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective. enforceable and

valid as if a paper version of this appraisal report were delivered containing my original hand written signature.

S

UPERVI

SO

RY APPRAI

S

ER'

S

CERTIFICATION:

The Supervisory Appraiser certifies and agrees that: 1. 1 directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification.

2. 1 accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions,

statements, conclusions. and the appraiser's certification.

3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the

appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and

promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared.

5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings). or a facsimile transmission of this

appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective. enforceable and

valid as if a paper version of this appraisal report were delivered containing my original hand written signature.

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SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature

Name ~FRED L. WATTS Name

Company Name ALFRED L. WATTS AND ASSOCIATES Company Name

Company Address 2211 HARBOR BAY PARI<WAY Company Address

ALAMEDA CA 94502

Telephone Number5108656745 Telephone Number

Email Address ALWATIS3\a>.COMCAST.NET Email Address

Date of Signature and Report Date of Signature

Effective Date of Appraisal AUGUST 15, 2012 State Certification #

State Certification # AG005996 or State license #

or State license # State

or Other (describe) State# Expiration Date of Certification or license

State CA

Expiration Date of Certification or license 12/04/2012

SUBJECT PROPERTY

ADDRESS OF PROPERTY APPRAISED

3500 SEMINARY AVE

B

Did not inspect subject property

OAKLAND CA 94605 Did inspect exterior of subject property from street

APPRAISED VALUE OF SUBJECT PROPERTY S 300.000

Date of Inspection

0

Did inspect interior and exterior of subject property

CLIENT Date of Inspection

Name

Company Name AC TRANSIT COMPARABLE SALES

Company Address 1600 FRANKLIN STREET

B

Did not inspect exterior of comparable sales from street

OAKLAND CA Did inspect exterior of comparable sales from street

Email Address Date of Inspection

NL-General Certification 5/2007 This form may be reproduced unmodified wllhoul wnlten permiSSIOn, however. Bradford Technologies, Inc. must be acknowledged and credtted.

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SR 12-301a Attachment 2

TrullaMoblle ( Mllsrron~ Oakland, CA HOMES 'I' euy rttnl Atlvl~• lllorluou• Locallnlo Find o Pr1> [ SIGN UP

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PUBLIC RECORD 3500 Seminary Avenue, Oakland CA 94605

Home Facts Map & Nearby Refinance Com parables Trends Schools

For Sale Recently Sold

Distance Properly type Sold price Bod a Baths Sqfl Prlce/sqfl Yr built

Avorogcs

0.96 mi 5263.675 1.75 1.4 65 sqft S206 1935

This property

Slngle·Famlly Home

..

2,121 aqft $1&5 1920

3208 60th Ave 0.23mi Single-FomllyHomu 5162,000 2 880 sqft 5207 1926 3693 DelmonlAvo 0.29mi Singlo-FumilyHomc 5264,500 3 2 1,459 sqft 5181 1938 3226 63rd Avo 0.30 ml Singlo-FomilyHomc 5185,000 2 1,032 sqft 5179 1929 6401 Wokclumno A'u 0.34mi Singlc-FomilyHomo 5185,000 3 2 1,832 sqft 5101 1953 3027 Seminary Avo 0.35 ml Singlo-FomilyHomo 5247,500 4 2 1,716 sqft 5144 1925 6189 HillmonlDr 0.35 ml Singlo-FumilyHomo 5225,000 2 992 sqft 5227 1952 34 32 65th Avo 0.38mi Singlo-FumilyHome 5270,000 3 1.273sqrt 5212 1939 2940 SominoryA'u 0.41 mi Singlo-FomilyHomo 5272,636 2 1,407 sqft 5194 1920 6508 Wokolumno Avo 0.44 mi Singlo-FumilyHome 5295,000 2 2 1.214 sqft 5243 1925 6311 HillmontDr OA5mi Singlc-FomilyHomo 5245,000 4 2 1,508 sqft 5162 1952 6548 ~'okelumno Avo OA8mi Singlc-FumilyHomo 5282,000 2 620 sqft 5455 1925 6435 Brann St 0.51 ml Singlc-FomllyHomo 5189,500 3 1Y, 1.300 sqft 5146 1924 3756 Buell St 0.58mi Singlo-FomilyHomo 5266,000 3 2 1.266 sqft 5210 1940 2645 65th Ave 0.64mi Singlo-FurnilyHomc 5200,000 6 2 2,141 sqft 593 1912 6915 OJUook A\U

0.64 mi Singlc-FumllyHomc 5237,000 4 2 2,092 sqft 5113 1939 trulia.com'homes/compare/Californla/Oakland/sold/1193296-3500-Seminary-Ave-Oakland-CA-94605

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Discussions in Mlllsmont, Oakland, CA

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lWl~ ~:>uu ~emtnary Avenue, Uaktano t;A • 1 ruua 2627 65th Ave 0.65 ml Single-Family Home $189,000 2 1,154 sq~ 516~ 1924 6809 Hillmont Dr 0.66mi Singlc·FomilyHomo 5200,000 3 1.148sq~ $174 1925 2608 64th Avo

0.66 ml Singlc-FumllyHomc $175.000 2 1.026 sq~ $171 19~5

5347 Fleming Avo

0.67ml Slnglc-Fumily Homo 5340.000 3 2 1,459 SQ~ 5233 1925 26 15 66th Avo

0.69ml Single-Family Homo $174,000 2 1,056 sq~ $165 1925 2581 63rd Avo

0.70mi Singlc·FomilyHomo 5206,000 3 2 1,299sq~ 5159 1919 2906 Rows on Sl

0.72 mi Singlo-FumilyHorno 5333,000 3 2 1,411 sq~ 5236 1925 5525 WolnulSl

0.72mi Single-Family Homo 5189,000 2 1,17Gsq~ 5161 1926

3911 Burckhallcr Avo 0.73 mi Singlo-FumilyHomo $240,000 2 1,144sq~ 5210 1948 3355 Birdsall Ave 0.75mi Single-Fumily Homo 5325,000 3 1,168sq~ 5278 1925 2600 Hovcnscourl Blvd 0.75 ml Single-Family Homo 5170,000 2 1.212sqn 51~0 1923

3000 Kings land Avo

0.76 mi Singlc-FornilyHomo 5271,000 3 1.203 sqn 5225 1924 6927 Sunkisl Dr

0.77 rnl Slnglc-Fumily Homo 5250,000 2 96~ sq~ 5259 1939

4528 W.11Uis Cl

0.78 ml Single-Family Hurno 5385,000 3 2 1,689 sqA $228 1963 2817 73rd Ave

0.80mi Slnglo-FurnilyHorno S21J2,000 3 2 2,120 sq~ 5114 1947

Vltw ell compua'bln

Contact local agents near 3500 Seminary Ave

Brinn Cheek (510) 584-9446 Derek Suring (510)878--4612 11

H

Heidi Marchasotti

0

(510)878-3489 12 Wont lo bolide~ hero? ~oom noro

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From

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Mea sago

I am searching lOt a homo In Mllsrronl ond lfound "

3500 Serrinary Ave, Oakland CA 94605 w i1h 4 bedrooms, 1 bathroom. f'loaso send me ITOro inforO"Otion about this or other smlar istilgs in this

tiy son:hna. yau ~;1roo t:l I rufl:~'s I ems of U~ ~nd l'rlv:Jcy Polley.

Fair 1-busing and Equal Opportunity

trulia.comlhomes/compare/California/Oakland/sold/1193296-3500-Seminary-Ave-Oakland-CA-94605

SR 12-301a Attachment 2 553 followers

h AlltQuhlon Recent Activity

I om on out or stole O.vnor and I need o Property r.I'IJnoger. M.rsl bo o licensed Broker/,Agcnl. 3 answers

~

when was tho lasldrivo by? 5 answers

~

Is II possible lo chango conlroclors mldwoylhrough o 203k (stroomllno)? I

om getting bod rooting on tho person 1

huw used. 2 answers

~ Why do short solo negotiations toke so ~I long? 9 answers

wholis lhoprico in2315lh avenue? 2 answers

ll suys 3 roil bulglves no lnroronwhich roil Answer first

a

tr.msil scoro. how is it calculated? what docs ilmean when il soys roil? how lar would lhol be rrorn o bort sloUon?

t answer

VIew recent questions W.oro local ad\Cco

(27)

;j!JUU ~em1nary Avenue, ua111ano t;A- 1 ruua

IMBsrron~ oakland, CA HOMES ., ] Buy rttflt Atlvlct Mortgau•

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PUeLIC RECORD 3500 Seminary Avenue, Oakland CA 94605

Homo Facts Map& Nearby Refinance Com parables Trends Schools Show boundaries: ~ ~lsrnonl

0

94605

'

t

'!I '<7

.

.

For Sale Recently Sold

Distance A\'orugo~ 1.34 mi This property Property lype Single-Family Home 5959Loird Ave 0.08 mi Singlo-FomilyHomo 35 14 6~ lh Ave 0.28 mi Single-Family Homo 30~~ Mllsbrae Ave

0.32mi Single-Family Homo ~ 107 lv'Dunlain ~ow Ave 0.~8 mi Single-Family Homo

5233 Camden 51

0.49 mi 5inglc-FomilyHomc

31221v'Ddcra A'~

0.55 mi Single-Family Home

3~ 68 lv'D rcom A\'e

0.71 mi 5inglc-FamilyHomc

3025 lv'Dnticcllo Ave

0.82 ml Singlc-FamllyHorno 6160 Old Quarry loop

0.89 mi Singlc-FornilyHomu 7516 5unkisl Dr

0.97 mi Singlc-FomilyHomo Pddross Not Dis closed

1.01 mi Single-FamilyHome 7402 Deerwood Ave

1.03 mi Singlc-FomilyHomc 5000 Trask 51

1.07 rni Singlo-FomilyHornc

4352 Allendale Ave 1.1~ rnl Singlc-FomilyHomo 3828 Dale PI 1.37 mi Singlo-FumilyHomc E•.r\)r~e., t.Ce~:e<)• As~ct•3tio, Llslprlce Beds 5326,578 3 5250,000 3 5328,000 3 5379,000 3 5253,000 3 5312,000 2 5390,000 3 5399,000 4 5389,888 3 5359,900 2 5399,000 3 5359,950 3 5269,900 3 5~9.000 6 5315,000 3 5299,000 3 Balhs Sqfl 2.05 1,608 sqfl 2,121 sqft 1,238 sql\ 2 2,050 sql\ 2 1,583 sqft 1A50 sql\ 2 1,327 sqn 1,136 sqn 2 1,855sqn 2 1,795 sqn 3 1,596 ~qn 1,306 sqn 2 1,281 sqn 2 full, 1 purtiul 1,112 sqft 3 2,368 sqft 2 1,215 sqn 2 1,428 sqn Prlce/s qlt Yr buill S220 1937 $165 1920 S202 1927 51 GO 1926 5239 1927 5174 1920 5235 1925 S3~3 1926 5215 1939 5217 1928 5226 2007 530G 1912 5281 1925 S2~3 1911 5147 1918 5259 1939 S209 1922

trulla.comlhomes/compare/California/Oakland/sold/1193296-3500-Seminary-Ave-Oakland-CA-94605

SR 12-301a Attachment 2

TNiia Mobile

Lotallnlo Anti a Pro

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Discussions In Millsmont, Oakland, CA

(28)

1W1;, ;1:>UU ::;emmary Avenue, Uaktano t,;A- 1 ruua 3909 Koller Avu

1.39 rni Singlo-Furnily Homo 5250,000 2 800 sqn 5313 1925 8120 Ulllh St

1.44 rni Singlo-Furnily Home 5399.900 2 1.344 sqn 5298 1937 3300 35th Ave

1.53 rni Singlc-Furnily Home 5369.900 2 3 1,062 sqn 5223 1926 2500 35th Ave

1.77 rni Single-Fmnily Homo 5245,000 2 1,245 sqn 5197 1915 6500 OuUook Avu

0.39mi Singlc·FumilyHorno 5270,000 3 2 2013 6617 Simson Sl

OA9mi Singlu-FumilyHorno 5245,000 3 3'/, 2.668 sqn 592 2210 35th A\'0

1.89mi Single·FumilyHomo 5390,000 4 2 1,815sqn 5215 1914 9001 Burr St

1.97 mi Singlu-FumilyHomc 5328,000 3 2 lull, 1 partiul 2.267 sqn 5145 1954 807 Hawkins Pr 2.41 mi Singlc-FumilyHorne 5280,000 3 2 1,414 sqn 5198 2008 2827 25th Avo 2.57mi Single-FumilyHornc 5299,000 3 1.300 sqn S230 1931 2914 23rd Avo 2.71 mi Single-Family Homo 5290,000 3 2 1.204 sqn 5241 1921 3329 Oclilviu St

1.50 rni Singlc·F<Jrnily Home 5350.000 4 2 1933 3009 BroadmoorVw

2.90 rni Singlc-FumilyHomc 5300,000 3 2 1.580 sqn 5228 1967 1934 22nd AIIO

2.9Gmi Single-Family Home 5318.000 4 2 1.483 sqn 5214 1895 20 1~ E 17lh Sl

3.12 mi Single-Family Home 53~().()00 G 5 3.50G sqn 5100 1927

Vlnr aD com~lta

Contact local agents near 3500 Seminnry Ave

Brl~n Cheek (51 0) 584·94 46

i

~i Tracy Leo Butler

0

~. (510)488·2141 2 Derek Suring (51 0) 878·4612 11

H

Holdi M~rchosotli

0

(510)878-3489 12 W:anllo bo lid.od hen)? Lo:arn m:Jro

Copyright e 2013 Trurlll, Inc. AI rights reserved. 1

From

Subjoct Schodulo a viewing Message

I am searching for a home in Mils mont and I found " 3500 Seninary Ave, Oakland CA 94605 w ilh 4 bedrooms, 1 bathroom F'.oaso send rm more lnrormetion about this or other sinilar listings in this

y

Oy ~~nd1ng. y~u n~rcc to Trulin's 1 crm!iol

Um and Privilty fl:)lfty.

Fair !-busing and Equal Opportunity

trulia.com'homes/compare/California/Oakland/sold/1193296-3500-Seminary-Ave-Oakland-CA-94605

SR 12-301a Attachment 2

553 followers

;;

~Quullon

Recent Activity

Ill

I urn un out of state O.vnor and I need a Properly tv'flnoger. MJst boa licensed Brokcr/Pgcnt 3 answers

~

~

when wus tho lost dri\'0 by? 5 answers

~

Is it possible to chango contractors

midwuythrough o203k (strcamlino)? I

urn gelling bad feeling on the porson I

hD\Il used. 2answers

~

\'111ydo shorts ale negotiations take so

\:(1 long? 9 snsw ers

what is U1o price in2315U1 avenue? 2 answers

it says 3 rail bulgivos no inforonwhich ruil Answer first

a

lrunsitscorc. how is itcalculall!d? what docs it mean when il says rail? how far would U1atbc from a bartstatien? 1 answer

\Aew recent questions t-l.orc local ad \ice

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;,:>uu ::sem1nary Avenue, uaKiano \,;A- 1 ruua

SR 12-301a Attachment 2

Trulia Mobllo . t

(t.t~srron~ Oaldand, CA HOMES T

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Euy Rant Atlvlct lllortgll'~t Locollnlo Find o Prt~

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PUBLIC RECORD 3500 Seminary Avenue, Oakland CA 94605

Home Facts Map & Nearby Refinance comparables Trends Schools

Price HIs tory for 3500 Seminary Ave

Data l!'ient

0511712004 Sold view detels Marl<et Trends for Millsmont

t600K

Average Listing Price

~t'l~tt.Cd

r

kl 1~761<-i---- - -- - -$4001<

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-

-

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---

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-$()(\-- ---.----.----"T"'"-Prlco Source 5350,000 Public records Average llslilg A'k:e $232,31' Mldlan Sales A'k:e $269,7! Average prlce/sqrt $11 11.\JrN:er of Sales +4.1'.: -:" 1·58.7'4. ~. •12.G'.~ ~ •SO~/.

Dec05'12 Otc12'12 Dec19'12 Otc26't2

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~thmort 1/.cre Mltsmonii.\Jrket irends

financing Guides

Why refinance: how to know when

Alort

,.•;·C·W

Y·O·y

Y·O.Y

y·o-y

Refinancing is most often mo~vated by lower inlorestrnlas, which can bring the dual bono fit of lowor mortgage pa)'lllonts and low or interest costs ovar time. But there are many othor logitimoto motiwtions. Somo litO II product or ·croatiw" financing products .. By Trull a (15 Comments

Home equ~y loans: the types, pros, and cons

A home equity loan uses a borrowers •equit{in a homo as collatorol. The term ganerallyrofors to a loan taken outarter tha home has baan owned for a while. The ownor signs a mortgage, plod gas his homo as collateral, and walks awaywilh a chock. But tachnically, •.

ByTrulia 117 Comments

Why pay points?

When pooplo ask whothcrto payup·front "points• on a mortgage loan, it brings to mind on old motor oil ad. A mechanic is holding somo wom engine parts ond tolling us why we should opt for the premium lubricant rather than Brand X "You can pay mo now; ...

ByTruiia 121 Comments

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Contact local agents near 3500 Seminary Ave

Brian Cheek (510) 584-9446

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I am searching for a home in Millsmont and I found 3500 Seminary Ave, Oakland WNW. trulia.com/homes/price/Californla/Oakfand/sold/1193296-3500-Seminary-Ave-Oakland-CA-94605

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5959 Laird Ava, Oakland CA 3514 64th Ava, Oakland CA $250,000 3br I 1 ba 1,238 sqrt Single-Fam1y H:ltTe $328,000 3br I 2ba 2,050sqft

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SR 12-301a Attachment 3 Home• Rentala Mortgage Ratea Advice Find a Pro Local Info Blogo More ...

Location: City, State, or ZJP

California Oakland Millsmont 3500 Seminary Ave

3500 Seminary Ave

,

Oakland, CA 94605

Photos Map Blrd's Eye Street View Not for Sale

Zestimate: $332,247

Rent Zestimate: $1 ,998/mo

Est. Mortgage: $1.167/mc

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Correct home facts Save this home

Description Bedrooms: 4 beds Bathrooms: 1.0 bath Single 2,121 sq ft Family: Lot: 8,160 sq ft Year Built: 1920 Last Sold: May 2004 for

Parking: $350,000

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This 2121 square foot single family home has 4 bedrooms and 1.0 bathrooms. It is

located at 3500 Seminary Ava Oakland, California.

Cooling Unknown Fireplace Unknown Roof Type Unknown #Stories 2.0 .... More Zestlmates Heating Type Unknown Floor Covering Unknown Exterior Material Unknown Deck Unknown Basement Type Unknown Attic Unknown View Unknown

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Value Range 30-day change

$1sqft

Last updale•

Zesllmale $332,247 $189K- -$3,207 $156 12130/2012

$548K

Rent Zesllmate $1,998/mo $1.6K- -$67 $0.94 12131/2012

$2.5Kimo OWner Estimate Post your own estimate

Zesllmate Rent Zestimate more

This home Mlllsmont -Oakland Neighborhood

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1 year 5 years 10 years

Get lifelock Utimate Ran Expanded 10 Theft A'oteclfon

SR 12·301 a Attachment 3 t-or ~ate: $325,000

Beds: 2

Sqft: 1007 Baths: 2.5 Lot: 3250 5959 Laird Ay .. , For Sale: $250,000

Beds: 3

Sqft: 1544 Baths: 1.5 Lot: 3745 3044 Mlllsbra ... For Sale: $379,000

Beds: 3

Sqft: 1583 Baths: 2.0 Lot: 3789

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1r01:i Kealt:.State.com Home value t::sllmator- tjet ACcurate-Home Values

Mulford Gardens

Real Estate Market Conditions ror9460S

Houses in 94605

Median Lis~ Price $300,000 Me'"'" !J~ys on Market 3 t

Condos ;, 94605

Median Listing Price $455,430

Median Days on Market 43

ActM: Listinw; 6 19 n:sulls Loading. .. Address

T~ ~ Z·e Cet:!t· Sold Date Au:h:o:r,. CMx.•t R,"Ji~I•Jt P,1•k

\

Price Estimate www.realestate.com/homevalues/3500+semlnary+ave,oakland,ca,946051?conv:=:rehVJW l.J~p,·,-S,M loml••J f:~H'iY0/1 Beds A Baths 'ltl, .. _

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A ,_, SqFt SR 12-301 a Attachment 4 112

(34)

1rt.11a Kealt:.state.com HOme ValUe tsnmator. ~ P4X:Urate HOme valUeS SR 12-301a Attachment 4 3500 SEMINARY AVE Bslimatcd Value $328,700 4 2121 ~ OAKLAND, CA 94605 3979 OAK HILL RD 611212012 $348,000 4 2 0 OAKLAND, CA 94605 61900VERDAIEAVE 312012012 $345,000 5 2 0 OAKLAND, CA 94605 3101 HOODST 311512012 $331,000 4 2 0 OAKLAND, CA 94605 397411JRNLEY AVE 212212012 $325,000 4 2 0 OAKLAND, CA 94605 '!:

NeigbborbJod and valuation infbrmation proW:I.ed by Onboard Informa&s C2012 Onboard infonnatics. Information deemed relabie but oot guaranteed.

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