1. Interviews with merchant builders in the Fontana area
2. Review of current market conditions including current market rates as well as yields reflected in other markets (i.e., municipal bonds, corporate bonds, etc.)
3. The quality, construction, historical sales and product on the subject property
The homes within the subject property appear to be well constructed and have been selling at excellent absorption rates. Even with the COVID pandemic, new home sales are continuing at strong rates . Due to these factors, coupled with the amount of product remaining, a ten percent discount rate is considered appropriate for this analysis.
Discounted Cash Flow Summary – Lennar Ownership Ridgeview
The discounted revenue for Ridgeview (see DCF Analysis in Addenda) for the builder - owned homes is $5,048,124.
Individual Owners Value Conclusion - Ridgeview
In determining the value for the individually owned homes, we have considered the concluded base price value for the homes, which is considered a minimum market value.
This is due to homebuyers typically purchasing some addition upgrades or options or pay some premiums for the lot. The concluded values are shown below:
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Ridgeview:
Plan 1 (14 x $552,300) $ 7,732,200
Plan 2 (14 x $574,525) 8,043,350
Plan 3 (7 x $581,750) 4,072,250
Plan 4 (7 x $585,325) 4,097,275
Individual Owned Minimum Market Value $23,945,075
In an additional review, we have reviewed the builder sales prices for the 42 closed homes within Ridgeview in Phase Two. Sales occurred between January 2021 and January 2022. The builder’s reported closing prices for the individually owned homes total $22,414,447. The concluded minimum market value of $23, 945,075 equates to 6.8 percent higher than the actual sales prices. The builder’s reported prices include premiums, upgrades , and purchased options as well as took into consideration the concessions given by the builder which typically would result in a higher price than the concluded base value of the homes. However, the subject market has had significant price appreciation over the last few months. Within Ridgeview, the price increases have averaged 16 to 19 percent since the first sale in January 2021. These increases offset the options and upgrades which were purchased. Based on the above information and analysis along with our familiarity with the market, it is our conclusion that the original builder sales prices further substantiate the concluded minimum market value for the individually owned homes.
Gabion Ranch Valuation – Woodridge
Woodridge consists of 228 proposed attached townhomes in a motor court format with 120 proposed townhomes located within Phase Two of Gabion Ranch (Fontana CFD No. 95, subject property). Thirty-three of the townhomes are complete and closed to individuals. Lennar owns 15 houses over 95 percent complete of which 14 are in escrow.
There are an additional 24 townhomes under construction (under 95 percent complete) , 21 of which are in escrow, plus finished pads for 48 townhomes within Phase Two. We will value a home under construction (under 95 percent complete) as a finished lot rather than attribute value to a partially complete improvement. Therefore, we will value 72 pads.
Below is a table showing the break -out of the plans and ownership followed by the valuation for the various plans within Woodridge.
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Plan
Room
Count
Floors/
Parking
Sq.
Ft.
Completed
Ind.
Owned
95% Complete
Bldr.
Owned
Woodridge
1 1 / 1.5 2 / 1 849 5 3
2 2 / 2.5 2 / 2 1,391 11 5
3 3 / 3 2 / 2 1,324 6 2
4 3 / 2.5 2 / 2 1,652 6 2
5 3 / 2.5 2 / 2 1,826 5 3
Woodridge Subtotal 33 15
House Valuation Analysis – Woodridge
The most appropriate new home comparable data for Woodridge Plan 1 are:
Data Plan Rm. Ct. Flrs/Pkg. Sq. Ft. Price/SF
Subj 1 1 / 1.5 2 / 1 849 --
1 2 2 / 2.5 2 / 2 1,391 $377.27
1 3 3 / 3 2 / 2 1,324 $344.00
2 1 2 / 2 3 / 2 995 $520.60
2 2 2 / 2.5 3 / 2 1,164 $492.27
3 1 2 / 2.5 2 / 2 1,160 $354.30
4 1 2 / 2 2 / 2 1,165 $393.99
5 1 2 / 2 2 / 2 1,309 $366.41
The subject is the smallest and only one bedroom home available within the market area.
All of the comparable communities are located in Fontana or the adjoining cities of Rancho Cucamonga or Rialto. All are of similar quality, design, and appeal. Adjustme nts were considered (when applicable) for location, stories, lot size, attached versus detached, view potential, sales concessions, CFD taxes, common area benefits, total square footage, room count, garage space, and other amenities. The subject Plan 1 is the smallest sized home in the market area. The comparable new home sales have base prices ranging from $344.00 to $520.60 per square foot with the highest price per square foot for a tri -level home in Rancho Cucamonga. There has been significant appreciation in the subject market in the past two years due to the demand for new homes in the Inland Empire. The current base asking price for a Woodridge Plan 1 is $469.96 per square foot. There have been five closings of Woodridge Plan 1 with actual sales prices from $391.05 to $458.36 per square foot. There are seven current escrows of Woodridge Plan 1 with a sales price range of $454.83 to $465.42. The escrow sales prices versus the closed sales prices shows the 552
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recent appreciation in the subject marketplace.
All homes appear to be in excellent condition with little to no physical depreciation visible. It has been concluded that Plan 1 has a base current market value of $440.00 per square foot.
This calculates as follows:
All homes appear to be in excellent condition with little to no physical depreciation visible. It has been concluded that Plan 1 has a base current market value of $440.00 per square foot.
This calculates as follows:
849 sf x $440.00 = $373,560
The most appropriate new home comparable data for Woodridge Plan 2 are:
Data Plan Rm. Ct. Flrs/Pkg. Sq. Ft. Price/SF
Subj 2 2 / 2.5 2 / 2 1,391 --
1 1 1 / 2.5 2 / 2 849 $469.96
1 3 3 / 3 2 / 2 1,324 $344.00
2 2 2 / 2.5 3 / 2 1,164 $492.27
2 3 2 / 3 3 / 2 1,263 $459.94
3 2 3 / 2.5 2 / 2 1,375 $327.99
4 2 2 / 2 2 / 2 1,243 $389.62
5 1 2 / 2 2 / 2 1,309 $366.41
5 2 2 / 2.5 2 / 2 1,556 $331.38
All of the comparable communities are located in Fontana or the adjoining cities of Rancho Cucamonga or Rialto. All are of similar quality, design, and appeal. Adjustments were considered (when applicable) for location, stories, lot size, attached versus detached, view potential, sales concessions, CFD taxes, common area benefits, total square footage, room count, garage space, and other amenities. The comparable new home sales have base prices ranging from $327.99 to $492.27 per square foot with the highest price per square foot for a tri-level home in Rancho Cucamonga. There has been significant appreciation in the subject market in the past two years due to the demand for new homes in the Inland Empire. The current base asking price for a Woodridge Plan 2 is $344.00 per square foot.
There have been 11 closings of Woodridge Plan 2 with actual sales prices from $295.11 to $336.81 per square foot. There are 11 current escrows of Woodridge Plan 2 with a sales price range of $330.70 to $345.43. The escrow sales prices versus the closed sales prices 553
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Kitty Siino & Associates, Inc. Page 90
shows the recent appreciation in the subject marketplace. Our search of the local MLS resulted in one resale of a Woodridge Plan 2 within Phase One of Gabion Ranch (not subject portion) within the past six months. The property originally sold for $368,000 and resold for $500,000.
All homes appear to be in excellent condition with little to no physical depreciation visible. It has been concluded that Plan 2 has a base current market value of $325.00 per square foot.
This calculates as follows:
1,391 sf x $325.00 = $452,075
The most appropriate new home comparable data for Woodridge Plan 3 are:
Data Plan Rm. Ct. Flrs/Pkg. Sq. Ft. Price/SF
Subj 3 3 / 3 2 / 2 1,324 --
1 1 1 / 2.5 2 / 2 849 $469.96
1 2 2 / 2.5 2 / 2 1,391 $377.27
2 2 2 / 2.5 3 / 2 1,164 $492.27
2 3 2 / 3 3 / 2 1,263 $459.94
3 2 3 / 2.5 2 / 2 1,375 $327.99
4 2 2 / 2 2 / 2 1,243 $389.62
5 1 2 / 2 2 / 2 1,309 $366.41
5 2 2 / 2.5 2 / 2 1,556 $331.38
All of the comparable communities are located in Fontana or the adjoining cities of Rancho Cucamonga or Rialto. All are of similar quality, design, and appeal. Adjustments were considered (when applicable) for location, stories, lot size, attached versus detached, view potential, sales concessions, CFD taxes, common area benefits, total square footage, room count, garage space, and other amenities. The comparable new home sales have base prices ranging from $327.99 to $492.27 per square foot with the highest price per square foot for a tri-level home in Rancho Cucamonga. There has been significant appreciation in the subject market in the past two years due to the demand for new homes in the Inland Empire. The current base asking price for a Woodridge Plan 3 is $377.27 per square foot.
There have been six closings of Woodridge Plan 3 with actual sales prices from $324.40 to $365.18 per square foot. There are six current escrows of Woodridge Plan 3 with a sales price range of $365.18 to $373.49. The escrow sales prices versus the closed sales prices 554
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shows the recent appreciation in the subject marketplace.
All homes appear to be in excellent condition with little to no physical depreciation visible. It has been concluded that Plan 3 has a base current market value of $360.00 per square foot.
This calculates as follows:
1,324 sf x $360.00 = $476,640
The most appropriate new home comparable data for Woodridge Plan 4 are:
Data Plan Rm. Ct. Flrs/Pkg. Sq. Ft. Price/SF
Subj 4 3 / 2.5 2 / 2 1,652 --
1 2 2 / 2.5 2 / 2 1,391 $344.00
1 3 3 / 3 2 / 2 1,324 $377.27
1 5 3 / 2.5 2 / 2 1,826 $300.38
3 4 3 / 2.5 2 / 2 1,575 $304.12
4 3 3 / 3 2 / 2 1,687 $327.39
5 3 3 / 2.5 2 / 2 1,604 $330.81
6 1 3 / 3 2 / 2 1,724 $342.11
All of the comparable communities are located in Fontana or the adjoining cities of Rancho Cucamonga or Rialto. All are of similar quality, design, and appeal. Adjustments were considered (when applicable) for location, stories, lot size, attached versus detached, view potential, sales concessions, CFD taxes, common area benefits, total square footage, room count, garage space, and other amenities. The comparable new home sales have base prices ranging from $300.38 to $ 377.27 per square foo t. There has been significant appreciation in the subject market in the past two years due to the demand for new homes in the Inland Empire. The current base asking price for a Woodridge Plan 4 is $328.09 per square foot. There have been six closings of Woodridge Plan 4 with actual sales prices from $289.95 to $319.70 per square foot. There are five current escrows of Woodridge Plan 4 with a sales price range of $320.31 to $325.76 per square foot. The escrow sales prices versus the closed sales prices shows the recent appreciation in the subject marketplace
All homes appear to be in excellent condition with little to no physical depreciation visible. It has been concluded that Plan 3 has a base current market value of $315.00 per square foot. 555
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Kitty Siino & Associates, Inc. Page 92
This calculates as follows:
1,652 sf x $315.00 = $520,380
The most appropriate new home comparable data for Woodridge Plan 5 are:
Data Plan Rm. Ct. Flrs/Pkg. Sq. Ft. Price/SF
Subj 5 3 / 2.5 2 / 2 1,826 --
1 4 3 / 2.5 2 / 2 1,652 $328.09
3 4 3 / 2.5 2 / 2 1,575 $304.12
4 4 3 / 2.5 2 / 2 1,771 $298.70
4 5 3 / 2.5 2 / 2 1,895 $297.63
5 3 3 / 2.5 2 / 2 1,604 $330.81
5 4 3 / 3 2 / 2 1,900 $294.01
6 1 3 / 3 2 / 2 1,724 $342.11
6 2 3 / 2.5 2 / 2 1,961 $315.86
All of the comparable communities are located in Fontana or the adjoining cities of Rancho Cucamonga or Rialto. All are of similar quality, design, and appeal. Adjustments were considered (when applicable) for location, stories, lot size, attached versus detached, view potential, sales concessions, CFD taxes, common area benefits, total square footage, room count, garage space, and other amenities. The comparable new home sales have base prices ranging from $294.01 to $ 342.11 per square foot. There has been significant appreciation in the subject market in the past two years due to the demand for new homes in the Inland Empire. The current base asking price for a Woodridge Plan 5 is $300.38 per square foot. There have been five closings of Woodridge Plan 5 with actual sales prices from $262.05 to $291.62 per square foot. There are six current escrows of Woodridge Plan 5 with a sales price range of $292.72 to $297.65 per square foot. The escrow sales prices versus the closed sales prices shows the recent appreciation in the subject marketplace
All homes appear to be in excellent condition with little to no physical depreciation visible. It has been concluded that Plan 5 has a base current market value of $290.00 per square foot.
This calculates as follows:
1,826 sf x $290.00 = $529,540
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Builder Owned Retail Value – Woodridge
Within the subject property, there are 15 houses over 95 percent complete. The models are located within Phase One of Gabion Ranch and not included in this appraisal. The retail base value conclusions for the builder-owned homes are calculated as follows:
Woodridge:
Plan 1 (3 x $373,560) $ 1,120,680
Plan 2 (5 x $452,075) 2,260,375
Plan 3 (2 x $476,640) 953,280
Plan 4 (2 x $520,380) 1,040,760
Plan 5 (3 x $529,540) 1,588,620
Retail Value Builder-Owned $ 6,963,715
Absorption Period
In order to arrive at an absorption period for Woodridge , the absorption rate within the community has been considered along with the absorption rates of the comparable communities used in the valuation. As discussed under the Highest and Best Use section earlier within this report, Woodridge has an average sales rate within Phase Two of 6.8 units per month. The comparable communities have average sales rates ranging from 3.7 to 12.7 sales per month. These sales rates vary due to some projects having temporary sell-outs as the construction couldn’t keep up with the demand. Woodridge 15 homes, 14 which are in escrow and due to close upon completion. We have concluded that the subject 15 units will be absorbed over a three-month period.
Remaining Costs
As discussed under the remaining costs section earlier within this report, there are $44,843.20 in remai ning land development costs associated with each lot. For the 15 builder-owned homes, this equates to $672 ,648 in remaining costs. We are assuming that the costs will be spread evenly over the t hree-month absorption period in our analysis.
Expenses
In determining an expense rate, several builders in the subject area have been interviewed as to their expenses on selling existing inventory. Expenses include marketing and general administrative costs. These costs typically range from six to ten percent depending on 557
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Kitty Siino & Associates, Inc. Page 94
varying factors such as absorption period, intensity of marketing, etc. Six percent has been estimated for marketing expenses and two percent for general and administrative costs for a total of eight percent in expenses for this analysis.
Profit
Several interviews with merchant builders in the area were conducted in order to determine an appropriate profit percentage for the subject properties. In the early 2000s, developers typically attempted to achieve a 10 to 12 percent profit based on gross sales proceeds. During the Great Recession, this range was lowered considerably to six to 10 percent with some builders drastically lowering their profit potential in order to maintain their work force. As the market improved, so did the profits. A ten percent profit is considered appropriate in the analysis for this project.
Discount Rate
In selecting a discount rate, the following was completed:
1. Interviews with merchant builders in the Fontana area
2. Review of current market conditions including current market rates as well as yields reflected in other markets (i.e., municipal bonds, corporate bonds, etc.)
3. The quality, construction, historical sales and product on the subject property
The homes within the subject property appear to be well constructed and have been selling at excellent absorption rates. Even with the COVID pandemic, new home sales are continuing at a very good rate. Due to these factors, coupled with the amount of product remaining, a ten percent discount rate is considered appropriate for this analysis.
Discounted Cash Flow Summary
The discounted revenue for Woodridge (see DCF Analysis in Addenda) for the builder - owned homes is $4,954,790.
Lennar Ownership Valuation Total – Woodridge
Within Phase Two, Lennar owns 48 townhome pads, and 24 pads with homes under construction (under 95 percent complete) located within the subject property. For 558
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Kitty Siino & Associates, Inc. Page 95
purposes of this appraisal, we are valuing a home under construction on the basis of a finished lot rather than attribute value to a partially complete impr ovement. As earlier concluded the lots have a finished lot value of $1 75,000, however there are remaining costs associated with the builder -owned property. As discussed above, the remaining costs equate to $44 ,843.20 per pad/unit. The final value conclusi on for the 72, builder- owned pads is calculated as follows:
72 Pads x $175,000 $12,600,000
Less: Remaining Costs ($44,843.20 x 72) (3,228,710) Woodridge Land Value $ 9,371,290
Builder-Owned Houses Value $ 4,954,790
Total Lennar Ownership Value $14,326,080
Individual Owners Value Conclusion - Woodridge
In determining the value for the individually owned homes, we have considered the concluded base price value for the homes, which is considered a minimum market value.
This is due to homebuyers typically purchasing some addition upgrades or options or pay some premiums for the lot. The concluded values are shown below:
Woodridge:
Plan 1 (5 x $373,560) $ 1,867,800
Plan 2 (11 x $452,075) 4,972,825
Plan 3 (6 x $476,640) 2,859,840
Plan 4 (6 x $520,380) 3,122,280
Plan 5 (5 x $529,540) 2,647,700
Individual Owned Minimum Market Value $15,470,445
In an additional review, we have reviewed the builder sales prices for the 33 closed homes within Woodridge in Phase Two. Sales occurred between April 2021 and February 2022.
The builder’s reported closing prices for the individually owned homes total $15,006,550.
The concluded minimum market value of $15,470,445 equates to 3.1 percent higher than the actual sales prices. The builder’s reported prices include premiums, upgrades, and purchased options as well as took into consideration the concessions given by the builder which typically would result in a higher price than the concluded base value of the homes.
However, the subject market has had significant price appreciation over the last few months. Within Woodridge the price increases have averaged 10 to 17 percent since the 559
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City of Fontana CFD No. 95 (Phase Two of Gabion Ranch)
Kitty Siino & Associates, Inc. Page 96
first sale in April 2021. These increases offset the options and upgrades which were purchased. Based on the above information and analysis along with our familiarity with the market, it is our conclusion that the original builder sal es prices further substantiate the concluded minimum market value for the individually owned homes.
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APPRAISAL REPORT SUMMARY
The appraisal assignment was to value the subject property within Fontana CFD No. 95 which includes portions of five communities within Phase Two of Gabion Ranch in Fontana. The five communities include Stonegate, Iron Walk, Mountainside, Ridgeview, and Woodridge. As of February 15, 2022, individuals have purchased and closed on 181 of the total 280 proposed houses with an additional 47 in escrow which are due to close upon completion. The communities have enjoyed good to excellent sales rates ranging.
All structures appear to be in excellent condition with no visible depreciation. We have reviewed builder sales and reviewed the local MLS for current listings or re-sales.
The subject properties were valued utilizing the Sales Comparison Approach to value, a Discounted Cash Flow Analysis , and a M ass Appraisal Technique for the individually owned homes. A minimum value was determined by concluding at a base value for the individually owned homes. The valuation took into account the improvements/benefits to be funded by the special tax Fontana CFD No. 95 bond proceeds along with the Fontana CFD No. 95 special tax lien. The concluded aggregate value for the subject propert ies, subject to their respective special tax lien, is:
Stonegate
Individual Owners (33 Houses) $ 28,258,800
Iron Walk
Individual Owners (38 Houses) $ 27,916,500
Mountainside
Individual Owners (35 Houses) $ 27,151,350
Ridgeview
Lennar (12 Houses) $ 5,048,124
Individual Owners (42 Houses) $ 23,945,075
Woodridge
Lennar (15 Houses) $ 4,954,790
Lennar (72 Lots) $ 9,371,290
Subtotal Lennar $14,326,080
Individual Owners (33 Houses) $ 15,470,445
Total Individual Owned (181 Houses) $122,742,170
Total Builder Owned $ 19,374,204
Aggregate Total for CFD No. 95 $142,116,374
The above values are stated as of said date of value and subject to the attached Assumptions and Limiting Conditions and Appraiser’s Certification. 561
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Kitty Siino & Associates, Inc. Page 98
APPRAISER’S CERTIFICATION
The appraiser certifies that to the best of his knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased, professional analyses, opinions and conclusions.
3. The appraiser has no present or prospective interest in the property that is the subject of this report, and no personal interest or bias with respect to the parties involved.
4. The appraiser’s compensation is not contingent upon the reporting of a predeter mined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result or the occurrence of a subsequent event.
5. This appraisal was not based on a requested minimum valuation, a specific valuation or the approval of a loan.
6. The analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
7. Kitty Siino has made a personal inspection of the property that is the subject of this report.
8. Kitty Siino has not performed any appraisal services on the subject property in the past three years.
9. No other appraisers have provided significant professional assistance to the pers ons signing this report.
10. The reported analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the requirements of the Appraisal Institute’s Code of Professional Ethics and Standards of Professional Appraisal Practice, which include the Uniform Standards of Professional Appraisal Practice.
11. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.
12. As of the date of this report, Kitty Siino has completed the requirements of the continuing education program of the Appraisal Institute.
Kitty S. Siino, MAI
State Certified General
Real Estate Appraiser (AG004793)
562
ADDENDA
563
FONTANA CFD NO. 95 BOUNDARY MAP
564
565
TRACT MAP Nos. 20214, 20214-2, 20214-3
and 20214-5
566
567
568
569
570
DISCOUNTED CASH FLOW ANALYSES
571
Ridgeview Builder Ownership Discounted Cash Flow Analysis
MONTH Months MONTH 1 MONTH 2 TOTAL
2 INCOME:
Retail Sales 6,889,550 $3,444,775 $3,444,775 $6,889,550
TOTAL INCOME $3,444,775 $3,444,775 $6,889,550
EXPENSES:
Remaining Costs ($269,059) ($269,059) ($538,118)
Marketing & Carrying Expenses 8% ($275,582) ($275,582) ($551,164) Profit 10% ($344,478) ($344,478) ($688,955)
TOTAL EXPENSES ($889,119) ($889,119) ($1,778,237)
NET CASH FLOW $2,555,657 $2,555,657 $5,111,313
Discount Factor 10% 0.9917 0.9835
DISCOUNTED CASH FLOW $2,534,535 $2,513,589 $5,048,124
CUMULATIVE DISCOUNTED $2,534,535 $5,048,124 $5,048,124
CASH FLOW
572
Woodridge Builder Ownership Discounted Cash Flow Analysis
MONTH Months MONTH 1 MONTH 2 MONTH 3 TOTAL
3 INCOME:
Retail Sales 6,963,715 $2,321,238 $2,321,238 $2,321,238 $6,963,715
TOTAL INCOME $2,321,238 $2,321,238 $2,321,238 $6,963,715
EXPENSES:
Remaining Costs ($224,216) ($224,216) ($224,216) ($672,648) Marketing & Carrying Expenses 8% ($185,699) ($185,699) ($185,699) ($557,097) Profit 10% ($232,124) ($232,124) ($232,124) ($696,372)
TOTAL EXPENSES ($642,039) ($642,039) ($642,039) ($1,926,117)
NET CASH FLOW $1,679,199 $1,679,199 $1,679,199 $5,037,598 Discount Factor 10% 0.9917 0.9835 0.9754
DISCOUNTED CASH FLOW $1,665,322 $1,651,559 $1,637,910 $4,954,790
CUMULATIVE DISCOUNTED $1,665,322 $3,316,881 $4,954,790 $4,954,790
CASH FLOW
573
FINISHED LOT LAND SALES MAP
& SUMMARY CHART
574
575
FINISHED LOT LAND SALES SUMMARY CHART – CLUSTER AND ATTACHED PRODUCT
Data
No.
Location / APN / Buyer / Seller
Sales
Date
# Units
Density
Sales Price /
Price per Lot
Est. Finished
Lot Price
Comments
1 Gardens at Arboretum, NWC of
Sierra Avenue & Casa Grande
Avenue, Fontana / 0239-131-45 /
Lennar / Lewis Group of Companies
12 / 21
526
4 du/ac
(blended)
$91,935,447 /
$174,782
$274,000
(blended)
Gardens at Arboretum was closed in
unimproved condition with an approved
tentative tract map. It consists of six (6)
product lines:
• Triplex, 69 Units
• SFD (2,200 sf), 99 Lots
• SFD (2,600 sf), 109 Lots
• SFD (4,000 sf), 97 Lots
• SFD (4,950 sf), 88 Lots
• SFD (6,000 sf), 64 Lots
2 Highland, NW of Beech Avenue &
South Highland Avenue, Fontana /
0228-021-09 / Richmond American
Homes / Stratham Group
12 / 21
107
10 du/ac
(blended)
$18,691,821 /
$174,690
$285,000
(blended)
Highland was closed in unimproved
condition with final engineering in
process. It consists of two (2) product
lines:
• Alley-Load, 46 Lots
• Motorcourt Cluster, 61 Lots
3 Monarch Hills, NW of Duncan
Canyon Road & Interstate 15,
Fontana / 0226-075-18 / Landsea
Homes / Richland Communities
09 / 21
489
4 du/ac
(blended)
$42,736,000 /
$87,395
$285,000
(blended)
Monarch Hills was closed in
unimproved condition with final
engineering in process. It consists of
four (4) product lines:
• Townhomes, 129 Units
• Motorcourt Cluster, 127 Lots
• SFD (5,000 sf), 79 Lots
• SFD (10,000 sf), 154 Lots
4 The Retreat, NWC of Beech Avenue
& South Highland Avenue, Fontana
/ 0228-254-49 / Lennar / Stratham
Group
05 / 21
194
14 du/ac
(blended)
$16,500,000 /
$85,052
$155,000
(blended)
The Retreat was closed in unimproved
condition with final engineering in
process. It consists of two (2) product
lines:
• Villas, Att. Cluster, 100 Units
• Chateau, Det. Cluster, 94 Units
5 Juniper at Shady Trails, NW of
Summit Avenue & Citrus Avenue,
Fontana / 1107-501-03 / PLC
Communities / Lewis Group of
Companies
02 / 21
91 14 du/ac
$7,977,000 /
$87,659
$133,000
Juniper was closed in finished condition
with an approved final map. It consists
of detached triplexes. The transaction
includes a profit participation.
576
Data
No.
Location / APN / Buyer / Seller
Sales
Date
# Units
Density
Sales Price /
Price per Lot
Est. Finished
Lot Price
Comments
6 Birch Bend of Shady Trails, NW of
Summit Avenue & Citrus Avenue,
Fontana / 1107-262-50 / TRI Pointe
Homes / Lewis Group of Companies
02 / 21
139
15 du/ac
$9,277,000 /
$66,741
$100,000
Birch Bend was closed in finished
condition with an approved final map. It
consists of attached townhomes. The
transaction includes a profit
participation. Per the seller, the
estimated finished lot value is closer to
$114,000 –– after factoring in the
anticipated profit participation.
7 Aspen Court of Shady Trails, NW of
Summit Avenue & Citrus Avenue,
Fontana / 1107-501-02 / Taylor
Morrison / Lewis Group of
Companies
01 / 21
60 12 du/ac
$5,022,000 /
$83,700
$132,000
Aspen Court was closed in finished
condition with an approved final map. It
consists of two-story detached cluster
units. The transaction included a seller
carryback loan for $2,510,940.
8 Aurora, SEC of Interstate 15 &
Victoria Street, Fontana / 0228-
091-41 / TRI Pointe Homes /
The Stratham Group
12 / 20
193
11 du/ac
(blended)
$25,315,500 /
$131,168
$215,000
(blended)
Closed in unimproved condition
with final engineering in process.
Aurora consists of two product
lines: 82 detached alley-load units
and 111 detached cluster units with
an overall density of 11 dwelling
units per acre.
577
IMPROVED RESIDENTIAL SALES MAP
& SUMMARY CHART
578
579
IMPROVED RESIDENTIAL SALES SUMMARY CHART
Data
No.
Project Name
Location/Developer
Plan
Room
Count
Size (SF)
Floors/
Parking
Lot Size or
Density /
Absorption
Base
Sales Price
Price/SF
1 Subj.
Woodridge at Gabion Ranch,
Cypress Avenue and Casa Grande
Avenue, Fontana / Lennar
1 2
3 4
5 1 / 1.5
2 / 2.5
3 / 3
3 / 2.5
3 / 2.5
849
1,391
1,324
1,652
1,826
2 / 1
2 / 2
2 / 2
2 / 2
2 / 2
14 du/ac /
6.5 Attached
$399,000
$478,500
$499,500
$542,000
$548,500
$469.96
$344.00
$377,27
$328.09
$300.38
2 Nova at The Resort, 4th Street and
The Resort Parkway, Rancho
Cucamonga / The New Home
Company
1A
2A
3A
2 / 2
2 / 2.5
2 / 3
995
1,164
1,263
2 / 2
3 / 2
3 / 2
20 du/ac /
4.7 Attached
$518,000
$573,000
$580,900
$520.60
$492.27
$459.94
3 Foothill Grove Towns, West Foothill
Boulevard and North Spruce
Avenue, Rialto / Century
Communities
1 2
3 4
2 / 2.5
3 / 2.5
3 / 2.5
3 / 2.5
1,160
1,375
1,481
1,575
2 / 2
2 / 2
2 / 2
2 / 2
16 du/ac /
12.7 Attached
$410,990
$450,990
$472,990
$478,990
$354.30
$327.99
$319.37
$304.12
4 Villas at The Retreat, South
Highland Avenue and Beech
Avenue, Fontana / Lennar
1 2
3 4
5 2 / 2
2 / 2
3 / 3
3 / 2.5
3 / 2.5
1,165
1,243
1,687
1,771
1,895
2 / 2
2 / 2
2 / 2
2 / 2
2 / 2
16 du/ac /
7.4 Attached
$459,000
$484,300
$552,300
$529,000
$564,000
$393.99
$389.62
$327.39
$298.70
$297.63
5 Birch Bend at Shady Trails, Summit
Avenue and Citrus Avenue,
Fontana / TRI Pointe Homes
1 2
3 4
5 2 / 2
2 / 2.5
3 / 2.5
3 / 3
4 / 3
1,309
1,556
1,604
1,900
1,922
2 / 2
2 / 2
2 / 2
2 / 2
2 / 2
15 du/ac /
6.9 Attached
$479,625
$515,625
$530,625
$558,625
$571,625
$366.41
$331.38
$330.81
$294.01
$297.41
6 Chateau at The Retreat, South
Highland Avenue and Beech
Avenue, Fontana / Lennar
1 2
3 4
3 / 3
3 / 2.5
3 / 2.5
3 / 3.5
1,724
1,961
1,987
2,046
2 / 2
2 / 2
2 / 2
2 / 2
10 du/ac /
4.5 Attached
$589,800
$619,410
$606,245
$609,155
$342.11
$315.86
$305.11
$297.73
7 Juniper at Shady Trails, Summit
Avenue and Citrus Avenue,
Fontana / PLC Communities
1 2
3 3 / 2
4 / 3
4 / 3
1,477
1,592
1,611
2 / 2
2 / 2
2 / 2
14 du/ac /
5.5 Carriage
$507,900
$544,900
$549,900
$343.87
$342.27
$341.34
8 Aspen Court at Shady Trails,
Summit & Citrus, Fontana / Taylor
Morrison
1 2
3 4
3 / 2.5
3 / 2.5
4 / 2.5
4 / 3
1,665
1,759
1,891
1,989
2 / 2
2 / 2
2 / 2
2 / 2
12 du/ac /
5.6 Cluster
$595,785
$625,845
$665,305
$653,680
$357.83
$355.80
$351.83
$328.65
9 Goldenrod at Aurora Park, Victoria
Street and Kestral Drive, Fontana /
TRI Pointe Homes
1 2
3 3 / 3
4 / 3
5 / 4
2,006
2,292
2,743
2 / 2
2 / 3
2 / 3
12 du/ac /
3.7 Cluster
$703,410
$718,430
$774,430
$350.65
$313.45
$282.33
580
10 Encore, Baseline Avenue and
Citrus Avenue, Fontana / D.R.
Horton
1642
1872
2043
3 / 2.5
4 / 2.5
4 / 3
1,642
1,872
2,043
2 / 2
2 / 2
2 / 2
2,600 / 7.2
$608,437
$646,805
$661,390
$370.55
$345.52
$323.73
11 Sienna at Aurora Park, Victoria
Street and Kestral Drive, Fontana /
TRI Pointe Homes
1 2
3 3 / 2.5
3 / 2.5
4 / 3
1,879
1,997
2,264
2 / 3
2 / 3
2 / 3
10 du/ac /
4.1 $663,410
$692,495
$696,850
$353.07
$346.77
$341.09
12 Wisteria at Shady Trails, Citrus
Avenue and Knox Avenue, Fontana
/ Richmond American Homes
Lambert
Lewis
Livingston
3 / 2.5
3 / 2.5
3 / 2.5
2,210
2,350
2,440
2 / 2
2 / 2
2 / 2
2,800 / 5.6 $656,990
$676,990
$682,990
$297.28
$288.08
$279.91
13 Mountainview, Lytle Creek Road
and 3 Mile Road, Fontana / D.R.
Horton
1576
1898
2239
2537
2617
2722
3 / 2
4 / 3
4 / 3
4 / 3
4 / 3.5
5 / 3
1,576
1,898
2,239
2,537
2,617
2,722
1 / 2
1 / 2
2 / 2
2 / 2
2 / 2
2 / 3
5,000 / 7.2 $655,490
$715,000
$742,000
$777,000
$784,000
$783,000
$415.92
$376.71
$331.40
$306.27
$299.58
$287.66
14 Bridle Path @ Paradise Knolls,
Limonite and Beach Street, Jurupa
Valley / Richmond American
1 2
3 4 / 2.5
5 / 2.5
4 / 2.5
2,280
2,490
2,610
1 / 2
1 / 2
1 / 2
5,000 / 8.4 $727,990
$765,990
$753,990
$319.29
$307.63
$288.89
15 Exploration at Shadow Rock, Kings
Canyon Drive, Jurupa Valley /
Lennar
1 2
3 4
4 / 3
4 / 2.5
5 / 3.5
6 / 4.5
2,140
2,809
3,325
4,122
1 / 2
2 / 3
2 / 3
2 / 3
6,000 / 5.4 $652,960
$718,900
$831,440
$978,000
$305.12
$255.93
$249.76
$237.26
581
APPRAISER’S QUALIFICATIONS
582
QUALIFICATIONS OF KITTY S. SIINO, MAI
Education
Bachelor of Arts in Business Administration, Financial Investments, California State University, Long Beach, California (1980)
Post-Graduate Study, Real Estate Development, University of California, Irvine, California
Appraisal Institute Classes: Uniform Standards of Professional Appraisal Practice, A & B; Appraisal Principles; Appraisal Procedures; Basic Income Capitalization; Advanced Income Capitalization; Narrative Report Writing; Advanced Applications, Case Studies.
Successfully completed all classes in addition to successfully completing the writing of a Demonstration Report and taking the Comprehensive Exam. Became a Member of the Appraisal Institute in December 1996. Have completed over 100 hours of continuing education through the Appraisal Institute every five years.
Employment
1988 - Present:
Self-Employed Real Estate Appraiser. Duties include the appraisal of various types of properties such as commercial, retail, industrial and vacant land. More complex assignments include easements, right-of-ways and special assessment districts. From 1996 to present, specialized in special assessment districts and community facilities districts appraisals for public entities, including Jurupa Community Services District, Corona Norco Unified School District, City of Corona, City of Chula Vista, City of San Marcos and City of Moreno Valley.
1986-1988:
Project Manager of Development for Ferguson Partners, Irvine, California. Duties included land acquisitions; review of fee appraisals and valuations; analysis of proposed development; planning and design; and management of development, construction and lease-up. The types of properties developed were commercial and industrial. Duties ranged from raw, vacant site development through property management of recently developed projects.
1981 - 1986
Manager of Finance, Construction for Community Development Division, The Irvine Company, Irvine, California. Duties included originating and managing a newly formed division of finance to bridge between the accounting functions and project management func tions. Worked with analysis and budgets for Community Development Division. Coordinated with cities in forming new Assessment Districts and Community Facilities Districts to finance major infrastructure improvements.
Types of properties were apartments and single-family residential lots on a for sale basis to apartment and homebuilders.
1980 - 1981
Investment Counselor, Newport Equity Funds, Newport Beach, California. Duties included obtaining private financing for residential properties, working with appraisals of properties and analyzing the investments.
583
Licenses
Real Estate Sales Person, State of California, 1980
Certified General Appraiser, State of California (#AG004793)
Organizations
MAI #11145 - The Appraisal Institute
Public Financing
CASTOFF Meetings, 2006, 2007, 2008, 2009, 2010, 2011, 2013, 2014, 2015, 2016, 2017, 2018 and 2019
Speaker, Mello- Roos & Special Assessment Financing, UCLA Extension Publi c Policy Program, February 2009 and March 2011
584