Document J34Gvkw9LbyRE7kZ4p4DO5kBe
November 1> 1 9 7 0 '
'- .* l 'r '
' '' V- 'l* ' ,'i*'' ' vV:'S=r"
Coleman, Whitten & `Phillips C *
h 'j'C'X-r-'
324 East McKinney y p .
Denton, Texas
:./y: v/\V;*:;' '
Dear Mr. .Phillips,
'
.v ' '
'
j
At your request, I have prepared this appraisal report on 94 acres of land
:
Hr
.,
owned by, J. N. Newman & wife, Dean, pertaining to 'market value as of January 1,
1970# containing 8 pages. This property shows 10.5 acres i n the city limits of
Frisco, Collin County, Texas, and the .remainder joining the City of Frisco, Texas
on the south-west. This property is joined on the north by the City of Frisco,
*
j`
* *
`on the west b y .the railroad, on the south b y property used b y Gould Inc., and on
the east b y a paved trafficway.' This property has a gentle slope to the south
west, a railroad spur easement on the south-west c o m e r , and is served b y public
electricity, water 'and' natural gas.
.
In m y opinion, the Highest and Best use for this property is light industry.
It is mostly well drained, with utilities and railroad available, With a pre
vailing south wind and is located near "two industries already established in the
last five or six years, Gould Inc. and Earl Bradly & Associates.
I have used what I consider the best limited information and methods availabl
to arrive at a f.air market" valu<eon land as of Jan. 1, 1970, using the market .value approach, arriving at a value of two-thousand dollars (2,000.00) per acre or
one-hundred and eighty^eight thousand dollars (183,000.00).on the improvement,
consisting of one 5 bedroom brick house with approximately 3024 square feet of
'.
\
' .
floor space, 1 metal b a m , 1 frame b a m , 7 grain tanks, 1 implement shed, 2 cattle
b a m s , 1 frame house and 1 well.
N 5336
I have used what I believe to be a fair figure to arrive at a fair value to
a
subject property, and have arrived at value for improvements in the amount of
fifty-seven thousand, eight hundred and sixty dollars (57,860,00) as of Jan.
1, 1970 making a total value of land and improvements as of Jan. 1, 1970 of .
two-hundred and forty-five thousand , eight hundred and sixty dollars(215,860.00)
In m y opinion, as of this date, November 1, 1970, because of the smoke, fumes,
foul smell, pollution,etc. being carried to this property b y the prevailing south
wind, the value of the 94 acres!of land is eight-hundred dollars (800.00) per _
acre or seventy-five thousand and two-hundred dollars (75,200.00) and improvements
have a salvage value of twenty-five hundred dollars (2500.00),making a total
of seventy-seven thousand and seven hundred dollars (77,700.00), leaving a '
depreciation from Jan. 1, 1970 to Nov. '1, 1970 of one-hundred and -sixty eight
thousand, ohehvindred and sixty-dollars (168,160.00) .
-Market Value- the price that a property will bring under normal conditions ..
.on the open market, the amount that an owner, under no obligation or compulsion
.%
.
to sell,' is willing to sell for and the amount a n informed buyer is freely
willing to pay, t he highest price an assetViill bring under normal market
conditions within a reasonable period;of time. .
Value 1) the power of a good or thing to command.other goods or things in exchange
2) value is the present worth of future rights to income.
Highest and-Best'Use- is defined as that possible and legal use or employment
of land which will preserve its ^utility and yield a net income flow that forms
when capitalized- at the proper rate of interest the highest present value of
the land. " _
V _ /' *
yV*:.
'.
0000340
All that certain tract of land in Collin County, Texas, adjoining the
*.
'
Town.of Frisco, and consisting of 21.85 acres in the W. B. Watkins Survey,
. '
*
Abst. No. 1004> and 57.85 acres in the'L. H. McNeil Survey, Abst. No. 618,
.
0
.
ESOBiNING o n 'the E. line of the right of W a y of S. L.S.F. & T. R. R.
'
.
at the intersection of the S. line of Hickory Street of said town of Frisco; '
- THENCES.- 79 1/2 deg. East with* the S. line of said Street 595 var. to"
the middle of a public -road; which point is 460, var. North 78 1/2 deg. West
. ' -* . 4
'
from the S.E. corner of said Watkins Survey and the N. E. c o m e r of said
L. H. McNeil Survey;' .
-
'.
' /THENCE with the middle of old road, South 10 deg. West 389 var. South
77 1/2 deg. East 17 var; S..3 deg. W. 171 var.;
..
-
' THENCE leaving old road, Soyith.88 1/2 deg.W. 356 var. to a
..
.. .
post for comer.;
.
' ..
largeiron
\ THENCE South 65. l/2deg. W. 237var. to large ron post, 3 elmsnarked 3 hacks on
the edge of Frisco Tank or Lake.;
-' - "
. .. -
, ''
*
-
. THENCE North.78 deg. West 91 vrs. to a large iron post for c o m e r ;
" THENCE. North 24 1/2 deg. W. 155 vrs. to a large wooden stake for c o m e r ;
; THENCE North 67 deg.West 72 vrs to the East lineof the right of w a y *
of said railroad; '
. .
THENCE North 23 deg. East with said right of way. 188 vrs.;
. THENCE North 66 deg. East with said rightof
**
. %
-
way 18 vrs. to a largeiron
post for comer;
. , ;
.
.
THENCE North 23 'deg. -East with the line of said right of way, 442 vrs.
to the place of beginning, containing 79.70 acres of land.
ALSO, the following tract;
SITUATED in Collin County, Texas, and a p a r t 'of the W. 3. Watkins Survey,
t 4
' THENCE South.73 1/2 deg. East. 1243 1/2 ft. to the East side of Fourth
street; .
.; *
;'
.
- THENCE with the East, side of said Street South H 1/2 deg. West 360 ft.
to the South line of.Hickory Street, thence North 78 1/2 deg. W. 1303 1/2 ft.
\ to the said right o'way; . '
.
'
THENCE with the said right of way North 26 1/2 deg. East, 372 ft. to the beginning;
. containing 10.56 acres of land, less a small lo}> sold to
T ollison.
;
and a lot occupied b y the.. Colored School, a lot owned and claimed b y a colored
,
' woman named Washington, being the tract of land described in the deed from
* J '
-i* 1
,
rJ *
\
.'
*
.' Blackland .Town;.Site Company to J. R. Newman, b y deed, dated M a y 1, 1919,
. *.
,
recorded in Book 22, page 615# of the Deed Records of Collin County, Texas-,
*
*1 j ;
*
: -:
;
- this deed includes 4 acres' deeded to. Newman b y the Frisco railroad in exchange for two -j
acres of b a i d t r a c t . .... ..
:
' , .
*
:
* r r.
V
-I
\-
I-1
' .
Market Approach to Value
r*
1968 Clark to Acton 207. acres $1,850.00 per acre
'. '
* . 1989 Sonntag to Hulsie 34 acres $1,780.00 per acre
..
* * * 4. . . . .
'>
'
' 1.970 J. B. Collins-worth to First Baptist Church 8 acres $2,000.00 per acre
'O*.;
Newman
to
Gould
.
Inc.
1/3
.
a'c,re.
$3,000.00 : *. .
.
NOTE-the Acton property- is' approximately 3 miles south of Frisco
NOTE the' Hulsie property is south and east of the Newman property*
, ,'
*
NOTE the First Baptist Church. property is located approximately 15 blocks
east of the Newman property and has no vis able access, to property
* -
* ' * I. \
. .' l
NOTE the 1/3.acre sold by Newman.to Gould is being used for railroad spur
easement
v-i-'l" ,
' . v
' .'
' .
' f S7
wi...
P* V
.. \6
J
.' ; 1 Improvements'
5 bedroom brick, house, 3024 sqw.ft. $15.00 ft. ' $45,360.00
1 metal b a m .- ' 1 frame barn .. 2 grain tanks
:.
''v
""v
A `:$
.2,000.00 . ;*v-
vvYv'uV: 1,100.00
i :'CV
' ' 1,400.00
5 grain tanks " . r,/
> ` 1,500.00
1 well used for.stock water
: y -..
'
t * ...', ;
'.
500.00
1 implement shed-'. 2 cattle b a m s
* *
-
' 1,000.00 - / . *
\ '/
.,, 2,500.00
1 frame house.';'
2,500.00
$57,860.00
/.
4> 7
l
:V
.'
' Appraised Value as of Jan. 1, 1970
' *... .
>'
'.*', * \-
94 acres $2,000.00 per acre ;
*,'
Inprovesenta
. ;
$183,000.00 57,860.00
$245,360.00
Appraised Value a s 'of Nov. 1, 1970
94 acres $500.00 per acre
. -
: Improvements'- (Salvage Value)*
.
i* . .
*
, V .
$75,2 0 0 .0 0
2,500.00
$77,700.00
Depreciation Jan 1, 197Q to Nov.-1, 1970
, '
.
*
$245,860.00 " 77,700.00
$168,1 6 0 .0 0
<sa
*
* ' .
' *' *.' r ,-. V,
x.'
This appraiser disclaimes ahy liability pertaining to conditions and
'X
-
items over'which he has no control, .such as false information given him,
surveying,, engineering^law etc, .'. '
I certify that to the best-of my knowledge and belief, the information
and data used herein are true and correct and that I personally inspected
.....the property and that X have no undisclosed interest or prospective therein. O
. -- I
y.y.V'
..
. .j ; .* V %. } * ./ ;. .
* v - . :. -i.
:r , :r- v , ~r ~ 7 r-
. D. B. Boyd, Appraiser
.* * ..
vi
.
. i ; . . -