Appraisal of 414 West Lake Stree Unit 1 Petoskey Michigan.pdf
John P Burg Petitioner V City Of Petoskey Respondent · 26-002664-TT
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File No. APPRAISAL OF LOCATED AT: CLIENT: AS OF: BY: PC-26235 Burg Real Estate Appraisers and Consultants Northern Michigan Appraisal Company, Inc. Michigan Certified General Real Estate Appraiser Jason B. Vizina December 31, 2025 John & Debbie Burg Petoskey, MI 49770 414 W. Lake Street, Unit 1 Single Family Residence 3873 Sturgeon, Indian River, MI 49749, Phone: (231)238-4700
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File No. File Number: In accordance with your request, I have appraised the real property at: The purpose of this appraisal is to develop an opinion of the defined value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the defined value of the property as of is: The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive photographs, assignment conditions and appropriate certifications. PC-26235 Burg Real Estate Appraisers and Consultants Northern Michigan Appraisal Company, Inc. Michigan Certified General Real Estate Appraiser Jason B. Vizina Respectfully submitted, One Million Two Hundred Thousand Dollars $1,200,000 December 31, 2025 Petoskey, MI 49770 414 W. Lake Street, Unit 1 Dear Mr. & Mrs. Burg, PC-26235 John & Debbie Burg July 11, 2026 3873 Sturgeon, Indian River, MI 49749, Phone: (231)238-4700
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Individual Condominium Unit Appraisal Report File No. The purpose of this appraisal report is to provide the client with a credible opinion of the defined value of the subject property, given the intended use of the appraisal. Client Name E-mail Client Address City State Zip Additional Intended User(s) Intended Use PURPOSE Property Address City State Zip Owner of Public Record County Legal Description Assessor's Parcel # Tax Year R.E. Taxes $ Neighborhood Name Map Reference Census Tract Property Rights Appraised Fee Simple Leasehold Other (describe) SUBJECT My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Prior Sale/Transfer: Date Price Source(s) Analysis of prior sale or transfer history of the subject property (and comparable sales, if applicable) Offerings, options and contracts as of the effective date of the appraisal SALES HISTORY Neighborhood Characteristics Condominium Unit Housing Trends Condominium Housing Present Land Use % Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit % Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $(000) (yrs) 2-4 Unit % Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family % Neighborhood Boundaries High Commercial % Pred. Other % Neighborhood Description Market Conditions (including support for the above conclusions) NEIGHBORHOOD Topography Size Density View Specific Zoning Classification Zoning Description Zoning Compliance Legal Legal Nonconforming No Zoning Illegal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe. Utilities Public Other (describe) Public Other (describe) Off-site Improvements—Type Public Private Electricity Water Street Gas Sanitary Sewer Alley Site Comments PROJECT SITE General Description General Description General Description General Description Project Info Data source(s) for project information Project Description Detached Row or Townhouse Garden Mid-Rise High-Rise Other(describe) # of Stories # of Elevators Year Built Effective Age Existing Proposed Under Construction Exterior Walls Roof Surface Total # Parking Ratio (spaces/units) Type Guest Parking # of Units # of Units Completed # of Units Rented Describe the condition of the project and quality of construction. Describe the common elements and recreational facilities. PROJECT INFORMATION GENERAL DESCRIPTION AMENITIES APPLIANCES CAR STORAGE INTERIOR materials Floor # # of Levels Heating Type Fuel Central AC Individual AC Other (describe) Floors Walls Trim/Finish Bath Wainscot Doors Fireplace(s) # Woodstove(s) # Deck/Patio Porch/Balcony Other Refrigerator Range/Oven Disp Microwave Dishwasher Washer/Dryer None Garage Covered Open # of Cars Assigned Owned Parking Space # Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade Comments on the improvements: UNIT DESCRIPTION Page 1 of 4 This form Copyright © 2005-2016 ACI, a First American Company. All Rights Reserved. (gPAR™) General Purpose Appraisal Report 09/2016 GPAR1073_16 09232016 Produced using ACI software, 800.234.8727 www.aciweb.com PC-26235 Burg Summary Report Determination of Market Value as of 12/31/2025 for property tax assessment appeal and decision purposes. None specified. jpburg78@yahoo.com John & Debbie Burg X 9708 N/A Petoskey 12,062 2025 52-19-06-128-101 THE VIEW CONDO PLAN #284, UNIT 1. SECTION 6, T34N, R5W. Emmet Burg Family Trust 49770 MI Petoskey 414 W. Lake Street, Unit 1 There are no known offerings, options, or contracts as of the effective date of the appraisal. The previous sale of the subject property is indicative of the purchase of the property by the current owners. There have been no sales or transfers of the comparable sales within one year of the date of this report. County Records $1,275,000 12/08/2025 X See Attached Addendum. See Attached Addendum. 15 Vacant 5 5 5 70 20 35 1 500 2000 300 The subject property is bounded Lake Michigan to the North and West, Walloon Lake to the South, and Blanchard road to the East. X X X X X X There are no apparent adverse conditions. None X Asphalt X X X X X X Multiple Family Residential District RM-2 LTB/Good Typical for area. Typical for area Varying Topography The project contains little common elements other than common areas, such as green space and access drives. Subject's association consists of five attached units in one building. The subject is well built and well maintained. There are no apparent physical or functional inadequacies. 0 5 5 1 Open 1 2 Shingled Vinyl X 20 2000 1 3 X County Records; MLS; Owner There are no apparent functional inadequacies. The design and quality of construction are common for the area. The overall condition of the property improvements is determined to be "Average". Measurements for GLA are computed in accordance with the American National Standards Institute (ANSI Z765-2021). 2,083 2.0 3 6 2 X 1 X P P P P None Yes X 0 Solid Core Tile Wood Drywall/Wood Wood/Carpet None X Nat.Ga FWA 1 1
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Individual Condominium Unit Appraisal Report File No. FEATURE SUBJECT Address and Unit # Project Name and Phase Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple HOA Mo. Assessment Common Elements and Rec. Facilities Floor Location View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Room Count Gross Living Area sq. ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) Adjusted Sale Price of Comparables COMPARABLE SALE NO. 1 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 2 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 3 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ Summary of Sales Comparison Approach Indicated Value by Sales Comparison Approach $ SALES COMPARISON APPROACH INCOME APPROACH TO VALUE Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) INCOME Methods and techniques employed: Sales Comparison Approach Cost Approach Income Approach Other: Discussion of methods and techniques employed, including reason for excluding an approach to value: Reconciliation comments: Based on the scope of work, assumptions, limiting conditions and appraiser's certification, my (our) opinion of the defined value of the real property that is the subject of this report as of , which is the effective date of this appraisal, is: Single point $ Range $ to $ Greater than Less than $ This appraisal is made "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed subject to the following: RECONCILIATION Page 2 of 4 This form Copyright © 2005-2016 ACI, a First American Company. All Rights Reserved. (gPAR™) General Purpose Appraisal Report 09/2016 GPAR1073_16 09232016 Produced using ACI software, 800.234.8727 www.aciweb.com PC-26235 Burg Summary Report Fireplace Extras Porch 1 CarGrgBuilt-In Typical F.Air C.A/C Adequate Family Room Part./525 Sq. Ft. 2,083 75 2.0 3 6 Average 26+/- Years Frame Modern LTB/Good 1 Adj., WtrFrntPark Typical Fee Simple Petoskey/Adj.Wtr 0.00 1 Petoskey 1, Petoskey, MI 49770 414 W. Lake Street, 1,090,497 22.9% 21.2% 190,497 X Fireplace Balcony 1 Car Garage Typical F.Air C.A/C Adequate +25,000 +13,100 None -2,603 2,118 -5,000 2.1 3 7 Average +25,000 46+/- Years +90,000 Brick/Frame/Inf. Modern LTB/Good 1 +45,000 Waterfront/Infer. Typical Fee Simple Petoskey 0 March 2025 0 Cash Appraisal/County Records NM MLS #475188 424.93 900,000 0.84 miles SW 1 Pine Bluff 2, Petoskey, MI 49770 1200 Charlevoix 1,135,347 11.8% -5.4% 64,653 X Fireplace 0 Porch,Patio 1 Car Garage Typical F.air C. A/C Adequate -75,000 Fam/Beds/Bath -28,200 1654 sf +33,547 1,636 +5,000 1.1 2 6 Average 0 28+/- Years Frame Modern LTB/Good 1 BH Amenities Typical Fee Simple Bay Harbor 0 November 2025 0 Cash Appraisal/County Rcds NM MLS #477034 733.50 1,200,000 2.01 miles SW 1 Cliffs at Bay Harbor 83, Bay Harbor, MI 49770 3232 Cliffs Drive 1,261,847 8.8% -2.9% 38,153 X Fireplace Porch, Deck 1 Car Garage Typical F.air C. A/C Adequate +25,000 +13,100 None -1,253 2,100 -10,000 3.0 3 7 -65,000 Good; Renovatd 0 25+/- Years Frame Modern LTB/Good 1 BH Amenities Typical Fee Simple Bay Harbor 0 December 2025 0 Conv. Mort. Broker/MLS/County Rcds NMMLS #478474 619.05 1,300,000 2.35 miles SW 1 Cliffs at Bay Harbor 28, Bay Harbor, MI 49770 3604 Cliffs Drive 1,200,000 Small community with few similar sales precludes adherence to strict standards for the selection of comparable sales. All of the comparables were given consideration when reconciling the final value estimate of the subject property. Not Applicable. 0 N/A N/A No warranty of the appraisal is given or implied. No liability is assumed for any adverse environmental conditions. The market is stable with no negative conditions present. X 1,200,000 X 12/31/2025 The market approach is the best indicator of the subject's value and the available data is sufficient to estimate the Market Value. The Cost Approach is not applicable in the valuation of condominium units, due to the commonly owned land component. The Income Approach is not applicable, as properties of this type are not purchased for the potential projected income. See below.. X Northern Michigan Appraisal Company
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Individual Condominium Unit Appraisal Report File No. FEATURE SUBJECT Address and Unit # Project Name and Phase Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple HOA Mo. Assessment Common Elements and Rec. Facilities Floor Location View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Room Count Gross Living Area sq. ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) Adjusted Sale Price of Comparables COMPARABLE SALE NO. 4 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 5 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 6 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ Summary of Sales Comparison Approach SALES COMPARISON APPROACH Additional Comparables This form Copyright © 2005-2016 ACI, a First American Company. All Rights Reserved. (gPAR™) General Purpose Appraisal Report 09/2016 GPAR1073_16 09232016 Produced using ACI software, 800.234.8727 www.aciweb.com PC-26235 Burg Summary Report Fireplace Extras Porch 1 CarGrgBuilt-In Typical F.Air C.A/C Adequate Family Room Part./525 Sq. Ft. 2,083 75 2.0 3 6 Average 26+/- Years Frame Modern LTB/Good 1 Adj., WtrFrntPark Typical Fee Simple Petoskey/Adj.Wtr 0.00 1 Petoskey 1, Petoskey, MI 49770 414 W. Lake Street, 1,310,172 27.4% -22.9% 388,828 X Fireplace Cvrd. Deck -50,000 2 Car Garage Typical F.Air C.A/C Adequate +25,000 +13,100 0sf -93,578 3,331 -15,000 3.1 3 9 -83,450 Good -15,000 17 -169,900 Frame/Superior Modern LTB/Good 2 BH Amenities Typical Fee Simple 0 Bay Harbor 0 July 2025 0 Cash Appraisal/Cnty Rcds NM MLS #476498 510.06 1,699,000 3.02 miles SW 1 Harborview Ridge 28, Bay Harbor, MI 49770 4104 Harborview Ridge 1,112,572 13.6% -7.3% 87,428 X Fireplace Balcony 1 Car Garage Typical F.Air C.A/C Adequate +25,000 +13,100 None -50,528 2,757 -15,000 3.1 3 8 -60,000 Average+ 25+/- Years Frame Modern BH Lake/Good 1 0 BH Amenities Typical Fee Simple 0 Bay Harbor 0 June 2025 0 Cash Broker/MLS/ Cnty Rcds NM MLS #474937 435.26 1,200,000 2.65 miles SW 1 Bay Harbor Marina District 26, Bay Harbor, MI 49770 4200 Main Street 0 0.0% 0.0% 0 X 0.00
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Individual Condominium Unit Appraisal Report File No. Scope of Work, Assumptions and Limiting Conditions Scope of work is defined in the Uniform Standards of Professional Appraisal Practice as " the type and extent of research and analyses in an assignment." In short, scope of work is simply what the appraiser did and did not do during the course of the assignment. It includes, but is not limited to: the extent to which the property is identified and inspected, the type and extent of data researched, the type and extent of analyses applied to arrive at opinions or conclusions. The scope of this appraisal and ensuing discussion in this report are specific to the needs of the client, other identified intended users and to the intended use of the report. This report was prepared for the sole and exclusive use of the client and other identified intended users for the identified intended use and its use by any other parties is prohibited. The appraiser is not responsible for unauthorized use of the report. The appraiser's certification appearing in this appraisal report is subject to the following conditions and to such other specific conditions as are set forth by the appraiser in the report. All extraordinary assumptions and hypothetical conditions are stated in the report and might have affected the assignment results. 1. The appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or title thereto, nor does the appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. 2. Any sketch in this report may show approximate dimensions and is included only to assist the reader in visualizing the property. The appraiser has made no survey of the property. 3. The appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangements have been previously made thereto. 4. Neither all, nor any part of the content of this report, copy or other media thereof (including conclusions as to the property value, the identity of the appraiser, professional designations, or the firm with which the appraiser is connected), shall be used for any purposes by anyone but the client and other intended users as identified in this report, nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent of the appraiser. 5. The appraiser will not disclose the contents of this appraisal report unless required by applicable law or as specified in the Uniform Standards of Professional Appraisal Practice. 6. Information, estimates, and opinions furnished to the appraiser, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished to the appraiser is assumed by the appraiser. 7. The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The appraiser assumes no responsibility for such conditions, or for engineering or testing, which might be required to discover such factors. This appraisal is not an environmental assessment of the property and should not be considered as such. 8. The appraiser specializes in the valuation of real property and is not a home inspector, building contractor, structural engineer, or similar "expert", unless otherwise noted. The appraiser did not conduct the intensive type of field observations of the kind intended to seek and discover property defects. The viewing of the property and any improvements is for purposes of developing an opinion of the defined value of the property, given the intended use of this assignment. Statements regarding condition are based on surface observations only. The appraiser claims no special expertise regarding issues including, but not limited to: foundation settlement, basement moisture problems, wood destroying (or other) insects, pest infestation, radon gas, lead based paint, mold or environmental issues. Unless otherwise indicated, mechanical systems were not activated or tested. This appraisal report should not be used to disclose the condition of the property as it relates to the presence/absence of defects. The client is invited and encouraged to employ qualified experts to inspect and address areas of concern. If negative conditions are discovered, the opinion of value may be affected. Unless otherwise noted, the appraiser assumes the components that constitute the subject property improvement(s) are fundamentally sound and in working order. Any viewing of the property by the appraiser was limited to readily observable areas. Unless otherwise noted, attics and crawl space areas were not accessed. The appraiser did not move furniture, floor coverings or other items that may restrict the viewing of the property. 9. Appraisals involving hypothetical conditions related to completion of new construction, repairs or alteration are based on the assumption that such completion, alteration or repairs will be competently performed. 10. Unless the intended use of this appraisal specifically includes issues of property insurance coverage, this appraisal should not be used for such purposes. Reproduction or Replacement cost figures used in the cost approach are for valuation purposes only, given the intended use of the assignment. The Definition of Value used in this assignment is unlikely to be consistent with the definition of Insurable Value for property insurance coverage/use. 11. The ACI General Purpose Appraisal Report (GPAR™) is not intended for use in transactions that require a Fannie Mae 1073/Freddie Mac 465 form, also known as the Individual Condominium Unit Appraisal Report (Condo). Additional Comments Related To Scope Of Work, Assumptions and Limiting Conditions Page 3 of 4 This form Copyright © 2005-2016 ACI, a First American Company. All Rights Reserved. (gPAR™) General Purpose Appraisal Report 09/2016 GPAR1073_16 09232016 Produced using ACI software, 800.234.8727 www.aciweb.com PC-26235 Burg Summary Report
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Individual Condominium Unit Appraisal Report File No. Appraiser's Certification The appraiser(s) certifies that, to the best of the appraiser's 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 the appraiser's personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. Unless otherwise stated, the appraiser has no present or prospective interest in the property that is the subject of this report and has no personal interest with respect to the parties involved. 4. The appraiser has no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. The appraiser's engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. The appraiser's compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The appraiser's analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. 8. Unless otherwise noted, the appraiser has made a personal inspection of the property that is the subject of this report. 9. Unless noted below, no one provided significant real property appraisal assistance to the appraiser signing this certification. Significant real property appraisal assistance provided by: Additional Certifications: Definition of Value: Market Value Other Value: Source of Definition: ADDRESS OF THE PROPERTY APPRAISED: EFFECTIVE DATE OF THE APPRAISAL: APPRAISED VALUE OF THE SUBJECT PROPERTY $ APPRAISER Signature: Name: Company Name: Company Address: Telephone Number: Email Address: State Certification # or License # or Other (describe): State #: State: Expiration Date of Certification or License: Date of Signature and Report: Date of Property Viewing: Degree of property viewing: Interior and Exterior Exterior Only Did not personally view SUPERVISORY APPRAISER Signature: Name: Company Name: Company Address: Telephone Number: Email Address: State Certification # or License # State: Expiration Date of Certification or License: Date of Signature: Date of Property Viewing: Degree of property viewing: Interior and Exterior Exterior Only Did not personally view Page 4 of 4 This form Copyright © 2005-2016 ACI, a First American Company. All Rights Reserved. (gPAR™) General Purpose Appraisal Report 09/2016 GPAR1073_16 09232016 Produced using ACI software, 800.234.8727 www.aciweb.com PC-26235 Burg Summary Report X 05/07/2026 07/11/2026 07/31/2027 MI 1205002970 jason@nmiac.com 231.238.4700 Indian River, Michigan 49749 3873 Sturgeon Northern Michigan Appraisal Company Jason B. Vizina 1,200,000 12/31/2025 Petoskey, MI 49770 414 W. Lake Street, Unit 1 Appraisal of Real Estate X The signing appraiser has not previously provided services regarding the subject property within the prior three years from the inquiry of this assignment. Northern Michigan Appraisal Company
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ADDENDUM Client: John & Debbie Burg File No.: PC-26235 Property Address: 414 W. Lake Street, Unit 1 Case No.: Burg City: Petoskey State: MI Zip: 49770 Addendum Page 1 of 2 Scope of Work This is an appraisal report, which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for an Appraisal Report. As such, it presents only summary discussions of the data, reasoning, and analyses that were utilized within the appraisal process to develop the appraiser's opinion of value. Supporting documentation that is not provided with the report concerning the data, reasoning, and analyses is retained in the appraiser's file. The depth of the discussion contained in this report is specific to the needs of the client and for the intended use of this report. To develop an opinion of value, the appraiser performed a summary appraisal process, as defined by the Uniform Standards of Professional Appraisal Practice. This report was requested by John & Debbie Burg, representative of the Burg Family Trust, for a Determination of Market Value as of 12/31/2025 for property tax assessment appeal purposes. NEIGHBORHOOD MARKETABILITY The three counties of Charlevoix, Cheboygan, and Emmet contain an area of approximately 1700 square miles and have a total population of 50,000 year round residents. Fifty percent (50%) of those people live in the suburban/rural areas. That means that there are approximately 14 people per square mile on an average for the three counties. Assuming an average of 3 people per household and that each property sells once every seven years, there are 4.6 houses per square mile, and .65 sales per year, per square mile. Now, since this is a resort area, let's assume that there is at least one vacation dwelling, house/condo, for every permanent residence. That makes 1.3 sales per year per square mile. In each county there is a large amount of water front properties. Typically, the land contributes 30% to 70% of the total value for water front properties, while only contributing 5% to 15% of the total value for non-water front properties. Water frontage ranges from $100 per front foot for small inland lakes to $7,000 per front foot for Lake Michigan north of Harbor Springs. The other lakes consisting of Burt, Mullett, Charlevoix, Round, and Walloon, range in value from $1,500 to $5,000 per front foot, depending on the location and quality of the frontage. Houses range from small 600square foot cabins to elaborate 6,000 square foot resort estates. Assuming four categories of residential properties and an equal distribution between each category, non-water front under $100,000, non-water front over $100,000, water front under $200,000, and water front over $200,000, there are less than .5 sales per year, per square mile, per category. Neighborhood Description The subject property is situated within the city limits of Petoskey, having access to all its immediate municipal amenities, local schools , shopping, parks, and adequate employment opportunities. The neighborhood consists of a variety of single family dwellings on various land sizes. There are ample winter and summer recreational facilities in the area. There are no apparent adverse conditions that would adversely affect marketability of the neighborhood Neighborhood Market Conditions The neighborhood market segment is currently stable, although available listings have decreased over the last five years, with a remaining stable demand. The marketing time for an improved residential property in the area is approximately 2-6 months, depending on the time of year the property is listed, as real estate activity tends to be seasonal. Exposure time is estimated at 90 days. There are various types of loans available (Fixed 30 yrs., ARM, ect.) from a variety of local sources. Seller discounts, buydowns, and other financing concessions are not common for the area. Comments on Sales Comparison In reviewing the Sales Comparison Adjustment Grid, a zero (0) will be noted to indicate to the reader that a particular item, which varies from the subject property, is recognized although no adjustment is warranted. The differential is deemed to be of no significance, or no measurable difference is identifiable, or that no adjustment was applicable for reasons otherwise noted as follows. View and assocation amenity adjustments, or the lack thereof, are based on the analysis of vacant land sales within the subject's and the comparables immediate neighborhoods, taking into consideration the
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ADDENDUM Client: John & Debbie Burg File No.: PC-26235 Property Address: 414 W. Lake Street, Unit 1 Case No.: Burg City: Petoskey State: MI Zip: 49770 Addendum Page 2 of 2 overall quality of each individual parcel when compared to the subject property. The utilization of other sales would have resulted in greater adjustment variations. The appraiser typically attempts to utilize sales that require less than the allotted amounts for net (15%), gross (25%), and individual line adjustments (10%), as well as sales that have occured within the past six months from the date of this analysis, that are in close proximity, and that bracket units of measurement. However, improved property characteristics within the subject property's neighborhood are highly diversified, requiring adjustments for varying individual features, having seasonal market trends with the majority of real estate transactions occuring between the months of May and October., with a limited concentrated popoluation, as discussed previously within this report. Extra Comments Appraisers are required to be licensed by the State of Michigan Department of Licensing and Regulatory Affairs, P.O. Box 30219, Lansing, MI 48909. Jason B. Vizina has completed the required amount of continuing education hours necessary for Michigan Certified General Real Estate Appraisers. See Addendum for contingent and limiting conditions. No warranty is given or implied. No liability is assumed for the structural or mechanical elements of the property. This appraisal assignment is not based on a required minimum valuation, a specific valuation, or for the approval of a loan. Appraisers are required to be licensed by the State of Michigan Department of Licensing and Regulatory Affairs, P.O. Box 30219, Lansing, MI 48909. Zachary R. Giegler has completed the required amount of education hours necessary for a Michigan Real Estate Appraiser License, License #1203078374. Zachary R. Giegler assisted in the inspection, data collection, and reconciliation process.
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SUBJECT PROPERTY PHOTO ADDENDUM Client: File No.: Property Address: Case No.: City: State: Zip: FRONT VIEW OF SUBJECT PROPERTY Appraised Date: Appraised Value: $ REAR VIEW OF SUBJECT PROPERTY STREET SCENE 49770 MI Petoskey Burg 414 W. Lake Street, Unit 1 PC-26235 John & Debbie Burg 1,200,000 December 31, 2025
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Client: File No.: Property Address: Case No.: City: State: Zip: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 49770 MI Petoskey Burg 414 W. Lake Street, Unit 1 PC-26235 John & Debbie Burg Additional Photos of the Subject Property Bedroom Bedroom Bath Kitchen Area Dining Area Living Area
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Client: File No.: Property Address: Case No.: City: State: Zip: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 49770 MI Petoskey Burg 414 W. Lake Street, Unit 1 PC-26235 John & Debbie Burg Additional Photos of the Subject Property Fireplace Bedroom Bath Lower Level Family Room Interior View of Oversized One Car Garage View of Little Traverse Bay
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FLOORPLAN SKETCH Client: File No.: Property Address: Case No.: City: State: Zip: 49770 MI Petoskey Burg 414 W. Lake Street, Unit 1 PC-26235 John & Debbie Burg 3873 Sturgeon, Indian River, MI 49749, Phone: (231)238-4700
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AERIAL MAP Client: File No.: Property Address: Case No.: City: State: Zip: 49770 MI Petoskey Burg 414 W. Lake Street, Unit 1 PC-26235 John & Debbie Burg 3873 Sturgeon, Indian River, MI 49749, Phone: (231)238-4700
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LOCATION MAP Client: File No.: Property Address: Case No.: City: State: Zip: 49770 MI Petoskey Burg 414 W. Lake Street, Unit 1 PC-26235 John & Debbie Burg 3873 Sturgeon, Indian River, MI 49749, Phone: (231)238-4700
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COMPARABLE PROPERTY PHOTO ADDENDUM Client: File No.: Property Address: Case No.: City: State: Zip: COMPARABLE SALE #1 Sale Date: Sale Price: $ COMPARABLE SALE #2 Sale Date: Sale Price: $ COMPARABLE SALE #3 Sale Date: Sale Price: $ 49770 MI Petoskey Burg 414 W. Lake Street, Unit 1 PC-26235 John & Debbie Burg 900,000 March 2025 2, Petoskey, MI 49770 1200 Charlevoix 1,200,000 November 2025 83, Bay Harbor, MI 49770 3232 Cliffs Drive 1,300,000 December 2025 28, Bay Harbor, MI 49770 3604 Cliffs Drive
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COMPARABLE PROPERTY PHOTO ADDENDUM Client: File No.: Property Address: Case No.: City: State: Zip: COMPARABLE SALE #4 Sale Date: Sale Price: $ COMPARABLE SALE #5 Sale Date: Sale Price: $ COMPARABLE SALE #6 Sale Date: Sale Price: $ 49770 MI Petoskey Burg 414 W. Lake Street, Unit 1 PC-26235 John & Debbie Burg 1,699,000 July 2025 28, Bay Harbor, MI 49770 4104 Harborview Ridge 1,200,000 June 2025 26, Bay Harbor, MI 49770 4200 Main Street