The subject property is located in the Town of Milton which is in Southern Ontario and is part of the Halton Region found in the Greater Area of Toronto. The exact location of the subject property is easily accessed since their good connecting roads to the Highways. It is only 40 kilometers in the west part of Downtown Toronto on Highway 401. Also, its easy access is facilitated by the Town of Milton being the Milton line commuter train’s western terminus as well as a GO Transit operated bus corridor. The neighborhood is entirely urban with all the essential public and private amenities including hospitals, recreation centers, schools, and security agencies. Some of the present parks and recreation places in the neighborhood include; Conservation Halton, Drumquin Park BMX track & Oakville Model Flying Club, and John Tonelli Sports Centre. The neighborhood being in the urban place, the housing structure follows the modern model as outlined in the housing strategic plan of the major towns and this counts the high value of houses in the neighborhood. The population of the neighborhood is over 120,000 people with an increasing rate yearly. There were no obvious negative factors that could lead to the significant effect of the value of the subject property. Generally, the neighborhood is considered well locate, attractive, and valuable with shopping, schools, and good security centers.

Site comments

The subject property sits on a one and a half acre lot in the outskirts of the Town of Milton approximately half a kilometer from the town. The lot in which the subject property is located is among the five lots that were meant for commercial real estate establishment that is approaching its finishing line. Adjacent to the subject property lot is a free lot with a playing and relaxing field that is intended for development into real estates.

A title search for the site field was done and was well established that the subject property legally is based on a good and marketable title that cannot be encroached by anyone. A further assumption on the property is that any future consideration for the re-valuation of the subject property will be easy enough and that there will be no significant detriment in the process. With the correct and valid documentation of the site of the subject property, it is evident that the property is permitted for any legal and commercial use with no difficulties. The site is free from criminal and other negative activities that might interfere with the value for the subject property.

Description and Condition of Major Improvements

The subject property can best be described as a still-new average and an excellent quality residential single-detached house. The exterior-part of the house shows its attractiveness with proper elevations though; they do not appear so outstanding but reflects its initial plan. Depending on the expectations of the modern buyers, the house has standard fireplaces, and all its fixtures are good looking. The building size of the property is large enough with a large four bedrooms, two bathrooms, and a finished basement that is fully furnished. The house, in general, is considered in good conditions and all the related improvements doe above average. The value estimate, however, assumed any minor trim work that had not been fully completed and valued the property as an already constructed and finished building.

Sales Comparison Comments

At the time of valuation, the used comparables included houses within the neighborhood that had existed between 20 to 40 years. Other factors that were considered include the location, age, size, utility, and all those factors deemed essentially impact the subject property that any buyer of the property would take into consideration. Though it is not easy to find the comparable whose exterior looks exactly like the subject property because of the smaller nature of the market; the appraiser did everything possible to ensure sales comparison was as accurate as possible mostly considering the interior parts.

Every effort was made to set a comparable sale limit of the last six months period that immediately preceded the date of valuation of the subject property. All these efforts were to ensure more recent comparison was achieved, though, no recent sales were available. The period was further extended to one year period preceding the appraisal report of the subject property only limited to properties most similar. The intended purpose was to have values that are accurate and most common for use in the appraisal process. Finally, some comparables of more close characteristics to the subject property that has been sold within the one-year preceding appraisal report were available for sales comparison.

The adjusted values of the subject property indicate a range of probable values ranging from $1,000,000 to $1,100,000. The values of the comparables showed the lowest, median, and highest values that fall within the designated range. These values were $1,030,000, $1,060, 000, and $1,100,000. The comparable sale #2 was given more weight considering the location of the subject property in Town Milton that commands high prices resulting in an estimate of $1,080,000 for the subject property.

The scope of the Appraisal

The appraisal presented complies with “The Standards” of the Appraisal Institute of Canada. Threes processes were followed in accomplishing the appraisal report. The first process included the gathering of specific and general information about the subject property. The information was gathering from the personal inspection of the property and from the neighborhood. Marketing and sales information was obtained from appropriate sources. The second process involved analysis of the obtained information by the appraiser using the Direct Comparison method of valuation. The third and final process was the correlation of the available data to reach single conclusion on the value ratio of the subject property.

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