Appraisal Desk Review

4000 W. Lake Blvd #2

1) Yes. The subject section is complete and the contract section was not applicable. The subject is presently listed at $6,990,000 for 79 days.

2) Yes. The subject is located in the highest priced resort condominium development on the shore of Lake Tahoe. There are 22 units in the development.

3) Yes. The report indicates that property values are presently stable with an oversupply of inventory and marketing times exceeding six months. The 1004MC is skewed due to the lack of sales in the subject’s neighborhood. The appraiser added additional comments and data in the addendum to support her conclusion that property values are stable.   Additional data sources are not reliable due to limited sales activity and the wide range of sales prices in the market area.

5) Yes. The subject's development is located on the shore of Lake Tahoe. The development contains approximately 16 acres and the density is 1.37 per acre which is relatively very low. The property has 75’ of lake water frontage. Per a prior report, the subject has a 30’ boat slip. No apparent adverse site conditions were disclosed or indicated in the report.

7) Yes. The improvements were adequately described and appear to be complete and accurate based upon an exterior inspection. I also requested a prior report with an interior inspection in 2009. The subject’s interior was gutted and completely remodeled by a well know high end contractor in the area, per the 2009 report.   However, the interior inspection and photos at that time do not represent the complete remodeling which is now depicted in the current MLS photos.   The subject remodeling is substantially superior to what was depicted in 2009. The subject’s unit is attached to one other unit with only 16’ of shared exterior wall, per the prior report. However, a site plan indicates that the shared common wall is substantially larger. For the most part, the subject has an overall appeal that could compete with SFR’s...