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BCL APPRAISALS, WC. Market Conditions Addendum to the Appraisal Report FileNo. 112881J The purpose of this addendum is to provide[he lenderlclient with a clear and accurate understanding of Ihe market trends and conditions prevalent in the subject neighborhood.This is a required addendum(or all a raisal re or[s with an effective date on or after A ril 1,2009. Pro erc Address 1120 Cox Farm Road Cit Orono state MN zi Code 55356 Borrower Gre or and Laura Wa ener Ins[ructions: The appraiser must use the information required on this form as the basis for his/her conclusions,and must provide suppor[for those conclusions,regarding housing trends and overall market condi[ions as repor[ed in the Neighborhood section of the appraisal report form.The appraiser must fll in all the information to the extent it is available and reliable and mus[provide analysis as indicated below.If any required data is unavailable or is considered unreliable,the appraiser must provide an explanation.It is recognized that not all data sources will be able to provide data for the shaded areas below;if it is available,however,the appraiser must include the data in the analysis.If data sources provide the required information as an average instead of the median,the appraiser should report the available figure and identify it as an average.Sales and listings must be properties that compete with the subject property,determined by applying the criteria that wouid be used b a ros ective bu er o(the sub ect ro ert .The a raiser must ex lain an anomalies in the data,such as seasonal markets,new construction,foreclosures,etc. Invenrory Analysis Prior 7-12 Months Prior 4-6 Months Current-3 Months Overall Trend Total#of Comparable Sales(SetUed) 12 11 13 X Increasing Stable Declining Absorption Rate(Total SaleslMonths) 2.00 3.67 4.33 X Increasing Stable Declining Total k of Comparable Active Listings 41 41 30 Declining X Stable increasing Monfhs of Housing Supply(Total Listings/Ab.Rate) 20.50 11.17 6.93 X Declining Stable Increasing Median Sale&List Price,DOM,Sale/List% Prior 7-12 Months Prior 4-6 Months Current-3 Months Overall Trend Median Comparable Sale Price 772,500 841 000 1 460 000 X Increasing Stable Declining Median Comparable Sales Da s on Market 84 216 186 X Declining Stable Increasinq Median Comparable List Price 1 185 000 1 499 000 1 295,000 Increasin Stable X Deciining Median Comparable Listin s Days on Market 182 167 160 Dedining X Stable Increasing ' Median Sale Price as%of List Price 91.84% 87.95% 89.53% Increasing X Stable Declining � Seller-(developer,builder,etc.)paid financial assistance prevalent? Yes X No Declining X Stable Increasing . Explain in detail the seller concessions trends for the past 12 months(e.g.,seller contributions increased from 3%to 5%,increasing use of buydowns,closing costs,condo fees,options,etc.). : Of the 36 com arable sales, onl three, or 8%, had seller contributions to the sale. Com arables were considered to be an two-stor built 1990 or newer sold in Orono over the last ear. • Are foreclosure sales(REO sales)a(actor in the market? X Yes No If yes,explain(induding the trends in listings and sales o(foreclosed properties). Of those 35 com arable sales, nine of them, or 25%, were REO ro erties. However, of the current 30 listin s, onl one is listed as an REO, so the trend a ears to be slowin . Cite data sources for above in(ormation. Northstar MLS and local newS SOurCeS, online and in rint. Summarize the above information as support for your conclusions in[he Neighborhood section of the appraisal report form.If you used any addi[ional information,such as an analysis of pending sales andlor expired and withdrawn listings,to formulate your condusions,provide both an explanation and support for your conclusions. There were 12 sales the first half of the ear, and 24 sales the second half, but that can be ex ected, durin the s rin and summer market seasons. Median sale rice has been risin , and the last uarter, median com arabie list rice dro ed. Those ro erties that sell at the u er end of the median values are most likel lakeshore ro erties. IF[he subject is a unit in a condominium or cooperative project,comple[e the following: Project Name: Subjecl Projec[Data Prior 7-12 Months Prior 4-6 Mon[hs Current-3 Months Overall Trend Total#of Comparable Sales(SetUed) Increasing Stable Declining Absorption Rate(Total Sales/Months) Increasing Stable Declining To[al k of Active Comparable Listings Declining Stable Increasing Months of Unit Supply(Total Listings/Ab.Rate) Declining Stable increasing Are foreclosure sales(REO sales)a facror in the project? Yes No If yes,indicate the number of REO listings and explain[he trends in Ilslings and sales of foredosed properties. ' � Summarize the above trends and address the impact on the subject unit and project.