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Home My WebLink About56-24 Sharp, Tucker J � ,et STATE y� ROY COOPER s ` Governor r _° ELIZABETH S.BISER Secretary QUWAM TANCRED MILLER NORTH CAROLINA Director Environmental Quality Exemption Number—EX 56.24 July 26, 2024 Tucker Sharp(St. Moritz Homeowner's Association, Inc.) c/o Prime South of the Carolinas, 1163 Sagamore Avenue, Unit 65 Portsmouth, NH 28460 RE: EXEMPTED PROJECT(Statutory Exclusion)—MAINTENANCE AND REPAIR OF EXISTING STRUCTURES- [G.S. 113.103(5)(B)(5)and 151 NCAC 7K.0103(a)] PROJECT ADDRESS—4110 Island Drive, North Topsail Beach NC AREA OF ENVIRONMENTAL CONCERN—Ocean Hazard AEC Dear Mr. Sharp, THIS LETTER SUPERSEDES CAMA EXEMPTION 49-24. I have reviewed your inquiry concerning the necessary filing of an application for a minor development permit under the Coastal Area Management Act, After making a site inspection on June 3, 2024, 1 have determined that the activity you propose is exempt from needing a minor development permit as long as it remains consistent with the work description submitted on June 17,3024, and meets the conditions specified below. If your plans should change and your project will no longer meet these conditions, please contact me before proceeding. MAINTENANCE AND REPAIR-[G.S. 113-103(5)(B)(5)and 15 NCAC 7K.0103(a)]—Maintenance and repairs(excluding replacement) necessary to repair damage to structures caused by the elements are specifically excluded from the definition of development under the conditions and in the circumstances set out in G.S. 11 3A-1 03(5)(b)(5). Individuals required to take such measures within an AEC shall contact the local CAMA representative for consultation and advice before beginning work. Structures may be repaired in a similar manner, size, and location as the original structure. No expansions or additions are permissible. The repairs are limited to 50%of the market value of the existing structure and the following specific conditions. 1. The project consists of the repair of the St. Moritz condominium building as described in the contractor affidavit, ®�Q North Carolina Department of Environmental Quality I Division of Coastal Management Morehead City Office 1 400 Commerce Avenue I Moorehead City,North Carolina 28557 NpRlH CnRd INA - � ^«++f^roe^^�^+ � /'� 252.808.2808 COST OF COST OF LABOR TV TOTAL ELEMENT MATERIAL ' FOUNDATION 0 SUPERSTRUCTURE 563,155 DEMILOITION 70,756 EXTERIOR FINISH 507,G79 DOORS/WINDOWS 1,581,590 GENERAL CONDITIONS 185,488 FLOOR FINISH 25,00 SCAFFOLDING/EQUIPMENT 9-49,776 ELECTRICAL 24,000 EXTERIOR RAILINGS 328,900 INTERIOR FINISH 174.103 DECK REPAIRS 678,678 4,364,125 1 AN APPRAISAL REPORT OF 32 RESIDENTIAL CONDOMINIUM UNITS LOCATED WITHIN 'THE ST. MORITZ CONDOMINIUM PROJECT IN NORTH TOPSAIL BEACH, NORTH CAROLINA 1 .- Iva � o 4 PREPARED FOR: MR.TUCKER SHARP ST. MORITZ HOA BOARD OF DIRECTORS 4110 ISLAND DRIVE NORTH TOPSAIL BEACH,NORTH CAROLINA 28460 PREPARED BY: EARL M.WORSLEY,JR.,MAI WORSLEY REAL ESTATE COMPANY 123 NORTH CARDINAL EXTENSION DRIVE,SUITE 120 WILMINGTON, NORTH CAROLINA 28405 RECEIVED JUL 2 2 2024 DCM-MHD CITY WORSLEY REAL ESTATE COMPANY worsi p � 77 1133 Military Cutoff Road,Suite 100•Wilmington,NO 28405 y"V Phone:910.256.0044 ■ Fax:910.256.0488 real estate.com July 19,2024 Mr.Tucker Sharp St. Moritz HOA Board of Directors 4110 Island Drive North Topsail Beach,NC 28460 Dear Mr.Sharp: At your request and authorization, the following is an opinion of the market value of the improvements only of 32 residential condominium units located within the St. Moritz condominium project. It has a street address of 4110 Island Drive in North Topsail Beach,North Carolina 28460. This report is intended for use by Mr. Tucker Sharp to assist in his effort to repair/restore the subject property in accordance with the guidelines set forth by the Town of North Topsail Beach. Therefore, the intended user is Mr. Tucker Sharp and/or the Town of North Topsail Beach. No other party than the intended user may rely on this report. In completing this assignment, I have inspected the land and the improvements and submit the following estimate. The contents of the appraisal contains the introductory descriptive material, the investigative process of collecting market data and the processing of it into conclusions of the Highest and Best Use and ultimately,the market value of the property. Also, the accompanying appraisal report has been made in conformity with, and is subject to, the Code of Ethics and Standards of Professional Practice of the Appraisal Institute (AI) and the guidelines of the Uniform Standards of Professional Appraisal Practice(USPAP)adopted by the Appraisal Foundation. All estimates and conclusions are subject to the Limiting Conditions in which context the report has been written. RECEIVED JUL 2 2 2024 DCM-MHD CITY Please see the following chart for the segregation of the value associated with the land and the contributing value of the improvements. The opinion of market value(s),as of July 2,2024,was: St.Moritz Units UnItType Slze(SF+/- $/SF I Market Value of Condo Less Allocated Land Value Value of Improvements N of Units Total Value of Im rovements 01&06's 3 Bedroom/2 Bathroom 1,497 $445 $666,165 ($85,000) $581,165 x 10 — $5,811,650 02&OS's 2 Bedroom/2 Bathroom 1,171 $405 $474,255 ($85,000) $389,255 x 10 — $3,892,550 03&04's 2 Bedroom/2 Bathroom 1,322 $405 $535,410 ($85,000) $450,410 x 10 — $4,504,100 601&606 4 Bedroom/3 Bathroom 2,820 $380 $1,071,600 ($85,000) $986,600 x 2 — $1,973,200 ' L I ! Totals j 32 16,181,500 -- -----------�----1----- — --- ----------�------- -- ---._�_...---Rounded ---- ----- ---1-------- $161OOOA00_._..— *The opinion of market value is based on a hypothetical condition described in detail within the body of this report. Sincerely, •, .... AIL 14 NNORryF�.�0,�� r4iERg (�� Earl M.Worsley,J" �Q e'e� File No.: 24-016 RECEIVED JUL 2 2 2024 DCM-MHD CITY Certification I certify that,to the best of my knowledge and belief: — the statements of fact contained in this report are true and correct. — the reported analyses,opinions,and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. — I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. — I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. — my engagement in this assignment was not contingent upon developing or reporting predetermined results. — my 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. — Earl M. Worsley, Jr., MAI and Alonzo C. Edwards, III made a personal inspection of the property that is the subject of this report. Alonzo C. Edwards, III, state registered trainee number T5897, provided significant real property appraisal assistance to the person signing this certification. — I have performed no services,as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. — the reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. — the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. — As of the date of this report, I, Earl M.Worsley,Jr., MAI,have completed the continuing education program of the Appraisal Institute. July 19,2024 Signature Date RECEIVED JUL 2 2 2024 DCM-MHD CITY LIMITING CONDITIONS Unless specifically stated otherwise in this report, this appraisal is contingent upon the following premises and conditions: I assume no responsibility for legal matters nor do I render any opinion as to the title,which is assumed to be good. Any existing liens or encumbrances, now securing the payment of money,have been disregarded. The parcel dimensions have either been taken from the plat furnished or the deed of record. They are assumed to be accurate. I have made no survey of the property. The plats in the report are included only to assist the reader in visualizing the property. The opinions, estimates, data and statistics furnished by others are assumed to be correct. I assume no responsibility for errors or omissions, nor for undisclosed information, which might otherwise affect the valuation estimate. I am not required to give testimony or to appear in a court of law by reason of this appraisal with reference to the property in question. These services must be contracted for separately. The undersigned appraiser reserves the right to alter the opinion of market value on the basis of information withheld and/or not discovered in the course of diligent investigation. In the event that any material data provided to the appraiser is found to be erroneous,the sole liability of the appraiser is to provide an amended appraisal report based upon the correct data. The liability of the appraiser and/or his employees is limited to fee collected for the report. There is no accountability or liability to any third party. The distribution of the total valuation between land and improvements applies only under the hypothesis of highest and best use. The separate valuations for land and improvements must not be used in conjunction with any other valuation estimate. They are invalid if so used. Values are reported in dollars based on currency prevailing on the effective date of the appraisal. Inflation has been a fact of life in our economy for decades. Its erosive effect on purchasing power has been more apparent in the past decade. The appraiser is faced with a choice between constant or changing dollars, in conducting the various analyses. Constant dollars implies a constant purchasing power regardless of the time frame. Changing dollars are those expected to be paid or recovered. Rates of return on realty investments are typically quoted in changing dollars, particularly mortgage interest rates and land yield rates. It is neither customary nor convenient to convert future income estimates to constant dollar equivalents with the passage of time. Thus,the analyses and value estimates are conducted in the context of changing dollars. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or approval of a loan. RECEIVED JUL 2 2 2024 DCM-MHD CITY It is assumed that there are no hidden or unapparent conditions of the property,subsoil,or structure which would make it more or less valuable. Unless otherwise stated on this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such material on or in the property. The appraiser, however,is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation, fuel in underground storage tanks, or other potentially hazardous material may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. This report is based on the Hypothetical Conditions and Extraordinary Assumptions found herein. If it is later determined that this information is incorrect,the estimate of value,as reported herein, may vary. Acceptance of and/or use of this report constitutes acceptance of these conditions. RECEIVED JUL 2 2 2024 DCM-MHD CITY