PDP - NV814137 - Greely Club Trl, Henderson

PROPERTY DISPOSITION PLAN

Address 9 GREELY CLUB TRL, HENDERSON, NV 89052 Loan # 814137
Listing Agent 14.60 miles
Craig Tann Proximity to Subject

SUBJECT PROPERTY DATA

Property Type Single Family Area Type Suburban Subject Front

Sq. Ft (total) Total Rms # Bed # Bath Age Garage Pool, Hot tub, Wine Closet, 3 Fireplaces, Gated
6,451 13 5 6 12 4 Car Community
Other

CONDITION AND INSPECTIONS

This property is the victim of major deferred maintenance. The inspections revealed the following:

• HVAC – all five units need to be replaced. An outside chance exists that they may be able to repair; however,
the vendors are doubtful in that the parts may no longer be made. So the plan should be made to replace.

Description Average Cost will be $20,400
HVAC
• Roof – minor roof repair needed due to broken tiles

• Pest – evidence of spider, ants and roaches.
The rest of the repairs will be mainly cosmetic, thus addressing the deferred maintenance. Flooring refinishing or
replacement, pool acid-washing and landscaping are the bulk of the issues that will be repaired.

Roof Pest Well/Septic

Obtained Not Needed Obtained Not Needed Obtained Not Needed Obtained Not Needed

Two AC vendors recommended While performing roof inspection Found evidence of spider, ants and Public Sewer services
replacement of five units. The tech found several broken roof tiles roach activity due to heavy foliage
system used is not common and they
anticipated difficulty finding parts to including hip tiles also prior repairs around the property. Recommend a
repair two of the existing units.
Three units definitely needed to be are questionable. Based on roof monthly service program for $45 to
replaced. being tile it should last several years prevent any insect activity in and

possibly decade depending on around the home. Initial spray
repairs made and integrity of them would be $100.

currently roof after repairs would be

trouble free unless a tree or object
struck tiles and repairs went long

periods of time without repair.
Estimated cost to cure: $1,450

TITLE, TAXES AND TRIVIA

Title Taxes

Clear Not Clear Current Not Current Next Due:

Vesting: Wilmington Savings Fund Society, FSB, Doing business as Christiana Comments: Next installment $2,925.78 due 08/21/17. 2018 Taxes $11,697.69
Trust, not in its individual capacity but solely as Trustee of BCAT 2014-12TT
Flood Zone
HOA

Yes No Yes No

Comments: Elevation Cert Needed? Yes No

Utilities

Gas On Off Comments

Electric On Off Comments

Water On Off Comments

SUBJECT PROPERTY MARKETING RECOMMENDATIONS

Strategy Full Repair Commission – Agents 5.00% FINAL RA BUDGETS

Recommended List Price $1,749,900 REO Servicing Fee 1.00% Type Amount

Anticipated Sales Price $1,700,000 Management Fee $750 Upgrade $88,243

Anticipated Concessions $0 Anticipated Days – List to Close 120 Full Repair $69,642

Net Anticipated Sales Price $1,700,000 Staging None Lendable $20,457

Repair/Upgrade costs $88,243 Anticipated Time to Repair 45 Preservation $2,957

Description of Repairs Agent Comments: (1) Water damage on floor in kitchen, recommend removal of all wood as we won’t be able to match &
replace with limestone or travertine. Slight water damage in garage. (2) Recommend marketing this property repaired.
Demand in the luxury market in Las Vegas is competitive. The finishes products/ Finished property move in a timely
manner and buyers are likely to pay a premium for a home that does not need finishing or remodeling. The return on
investment justifies doing repairs for the subject property. (3) Estimated $68,645 in repairs, inlcuding the following big
ticket items: (a) Appliance – new high-end fridge, $14,000 (b) Flooring – Tile on the kitchen to replace damaged wood and
carpet for upstairs, $18,725 (c) HVAC – new HVAC units, $25,000

2nd BPO: The appraiser suggested only minimal repairs, other than the pool: Fixing some minor drywall damage and
addressing stain on the kitchen stairs. As for the pool, he recognized the need for repairs but did not hazard a guess as to
the amount.

Blueprint Repair Determination: Blueprint recommends full repair at the UPGRADED level on this property. Therefore,
the following repairs/rehab should be made:

Blueprint Asset Management
Prepared: 8/3/2017

PROPERTY DISPOSITION PLAN

• Flooring – (1) Tile: Part of the kitchen floor has been damaged by water from a kitchen sink leak. While that
leak has been fixed, the wood floor is warped. Matching the wood will be impossible. In addition, the dark

wood of the floor is too close in color to the dark wood of the cabinets. Replacing the wood with a nice

travertine tile will take care of the damaged wood issue and brighten up the entire kitchen. (2) Carpeting –
Replacement of the worn carpeting throughout the house (3) Hardwood – the entrance that is usually used

to enter the house is through the garage and into the kitchen. The wood in this area (stairs, floor, door,
handrails) should be touched up and redone.

• Interior Paint – Overall, the interior paint is in decent shape. Minor touchup is needed through the house.

• Appliances – (1) Refrigerator – the former owner took the refrigerator as part of the CFK agreement. This
area is a gaping hole in an upscale kitchen. Ideally, the fridge would be replaced with the same quality

appliances as the remaining ones…that would mean Sub-Zero. However, Sub-Zero would cost close to

$20,000. The recommendation is to replace with the next step down at GE Monogram. (2) Exterior Grill –
Another gaping hole was created in the outdoor living space with the removal of the exterior grill. Now we

would never recommend replacement of an outdoor appliance. However, at this level a home, a seamless
outdoor living space should be created. Hence, the recommendation to replace.

• HVAC – All five units are at various stages of disrepair: three do not work at all; two are close to the end of
life. The plan is to replace all of the units and to advertise the fact that all are brand new.

• Lights – The interior of the house is rather dark due to the dark wood finishes. The agent has suggested that
all the light bulbs in the house be replaced with dimmable LED white light bulbs. He has apparently used this

practice in many other properties to help show the details of the interior better and with great success.

• Landscaping – the yard has been neglected for several years apparently. The agent has provided evidence
that the HOA has cited the owner/property for years about the lack of keeping up to community standards.

Many plants are dead and others are overgrown. The goal will be to bring the yard back to a beautiful desert
landscape and up to a look acceptable to the HOA.

• Power washing – The entire exterior of the home will be power washed, as well as the garages. The exterior
will then be assessed for possible painting. The hope is that the power washing will eliminate any need for

paint.


The above repairs at the upgrade level will cost approximately $88,243. Keep in mind that restoration of the pool area

and fountain will cost $10,858 (amount already approved under Initial Pool Care task); the initial yard clean-up was
$4,000. Total investment in repair/rehab of this property will be $103,101.


Staging will be completed by Intuitive Solutions, a company used by Selene previously on another high-end property. The
areas to be staged are the following: entry, formal living room, dining room, family room, office, kitchen/breakfast nook,

nursery, workout room, master bedroom & bathroom and guest bathroom. The total cost for staging is expected to be
$13,095.

VALUATION

Valuation #1 Valuation #2 Valuation #3 BLUEPRINT RECONCILED VALUES
Value Type
Valuation Provider Interior BPO Appraisal AVE Repaired Value $1,700,000
Name
Listing Agent AVM ‘As-Is’ Value $1,450,000
Agent Proximity to Subject
Craig Tann John Patton 16 miles to the heart of the Strip
Valuation Date
As-Is ASP Value 14.6 miles 7.0 miles
Repaired ASP Value
07/19/17 08/02/17

$1,400,000 $1,564,100 $1,530,098

$1,600,000 $1,564,100



Estimated Repairs $68,645 $370

GENERAL AREA – The subject is located in Henderson, a city in Clark County. Henderson, the second largest city in Nevada, is located about 16 miles from Las

Vegas. Only one guess is allowed for the largest city in Nevada. With an estimated 2015 population of 286,000, Henderson was ranked one of the Top 10 Safest
Cities in the United States by the FBI Uniform Crime Report. This safety is supported by investment in a great police force. Henderson also has a great school

system, with Coronado High School, one of the top high schools in the state.


An increasing number of major shopping malls, movie theater complexes, concert venues, restaurants and casino

resorts offer residents a variety of choices for leisure time in Henderson. Eastern Avenue, which leads up to the
subject’s neighborhood, is one of the bustling hubs with shopping and restaurants. In fact, this street is also a

negative, in that congestion along the avenue brings traffic to a crawl at certain times in the day.


SUBJECT NEIGHBORHOOD – The subject is located in Anthem, a master planned community in Henderson. Anthem

is among the most affluent neighborhoods in the state, with an average household income of $131,445. The photo
in the upper right of the collage to the right shows all the communities located in Anthem. The subject is more

specifically located in Anthem Country Club; this community features a clubhouse, golf course, fitness center, pool

and numerous waterfalls. Anthem Country Club is a guard-gated community and they take security seriously.


Anthem Country Club consists of many smaller sections, some of these sections have gates and some have no
additional gates. Each of the sections has anywhere from 12 to 25 homes. Of course, those with gates are considered
Security is key in Anthem
to be more exclusive; the homes are generally custom-built or at the very least, semi-custom built. The subject is

Country Club located in one such gated section, Inverness. Twelve homes are in Inverness; all appear to be beautiful custom
homes.


Those sections without gates are generally more tract home style houses. The value of the homes in Anthem can range from $450,000 to $9,000,000. Criss

Blueprint Asset Management
Prepared: 8/3/2017

PROPERTY DISPOSITION PLAN
Angel, the illusionist who has had a long standing show at the Luxor on the Vegas strip, has a home in Anthem Country Club. Overall, Anthem Country Club is
considered to be less exclusive than many of the gated communities in the Vegas area, due to the mixture of values.

SUBJECT – Built on a 0.49 acre lot in 2005, this custom-built 6,463 square foot dwelling has seven bedrooms and
6.1 bathrooms. The house has the following amenities: four car garage, pool, hot tub, wine closet, three
fireplaces, upgraded finishes, three courtyards. Even though the house was built 12 years ago, the house has a
modern feel that is desirable by current buyers.

Two points worth mentioning: (1) Lack of view: the house does not have either a golf course view or a view of
the Vegas Strip. Or even of the ugly mountains above Henderson. Apparently, people in this area value even
the mountain view. I live in Park City, UT. We have beautiful mountains…what do I know? Anyway, the agent
indicates that the lack of view is a major negative in this community. See discussion in the valuation section. (2)
Three courtyards – The property does not have a continuous flow to the yard. Neither the agent nor I believe
this layout will be a negative. Each of the courtyards are big enough for entertaining on their own. And each of

the courtyards allows for privacy. Therefore, each patio will be staged to promote the positive attributes of the
environment. See the graphics and table at the end of this report.
Agent produces top quality marketing
LIKELY BUYER – The potential buyer will likely come from the Vegas or Henderson area; they will know the area booklets for each property.

and want to move into this neighborhood. The community appeals to golfers: the membership is relatively low

and the club is good for every day golfers. The agent believes that the main breadwinner will likely be a casino executive with a family.


The agent is the owner of a local boutique brokerage. He has an excellent understanding of the classy marketing that has to be done in order to sell in the higher
end. His paper marketing booklets for each property are second to none. He caters his marketing to the high-end brokers: (1) Maybe only 15 brokers are truly

active in this range. He calls each of those agents personally to describe the opportunity in his

listings. (2) He contacts, via email or phone, the top 30 seller agents to invite them over to his listings
(3) Broker tour – he doesn’t necessarily believe in the effectiveness of such tours. His experience has

shown that looky-loos who want free food or drink show up. (4) Open Houses – in this gated
community, open houses would not be effective.



The agent will create the following marketing materials: (1) one-page website devoted to the listing
(2) Marketing booklet – See photo above. (3) Dispersion through the internet – he believes that

most buyers have already done their homework by looking through the internet. So he wants to
create great photos but not give them too much. The buyers still need to be intrigued enough to

come to the house. Therefore, he doesn’t like Matterport. He has access to the software; he just

doesn’t like to use that software in his marketing.


VALUATION – Due to the custom builds of all the homes in this price range and in this community,

the final sales price for this property can be anyone’s guess. I visited this home and just loved
everything about it. The property has many positives: (1) exclusivity within Anthem Country Club –

within a smaller gated section within the larger gated community (2) Beautiful layout/finishes – The
light fixtures are gorgeous (see collage to the left). The bathrooms are all nicely done. The

bedrooms are roomy. The floorplan layout is made for entertaining. (3) Outdoor Living – when the

temperature isn’t over 100 degrees, the outdoor living spaces are pretty, private and perfect. But…

Light fixtures and bathrooms are stylish and modern. The agent emphasized that the property does not have a view. He indicated that the lack of

view could affect the price by hundreds of thousands of dollars. Interestingly enough, the

appraiser made two large adjustments on his first three sold comparables for lack of view: one for $240,000 and one for $320,000.


What does this mean for the subject? The house has to be perfect in order to compete with the properties that have a view and to get the highest price

possible. Therefore, UPGRADED repairs are needed, specifically the following:

• No holes – (1) High-end refrigerator – we can’t have a gorgeous kitchen with a massive opening where the Sub-Zero should have gone. OK, we are

going to try to get away with a GE Monogram. But the buyers can’t feel that jarring effect of a missing refrigerator. (2) Outdoor grill – the idea is
to sell the serenity and fun or outdoor living. Again, having a hold where the outdoor grill should have gone would mess with the dream and the

vision.

• Tile floor – Though we didn’t price cheaper tile, the decision was made to go with tile that would be expected in a kitchen in this neighborhood.
Certainly a cheaper tile, or even a high even wood laminate could be an option.

• Landscaping – We almost didn’t have a choice on this one. The yard had been cited several times. The deferred maintenance almost required
that we start over. Many plants and trees had to be added in order to compensate for all the dead ones.


How to value a property in an area in which all the homes in the price range are custom? The two valuation providers virtually agreed on the repaired price; the

listing agent thought $1,600,000 and the appraiser thought $1,564,100 (interesting number, right?). But one big difference to get to those numbers…the agent

thought the repairs to attain the $1,600,000 figure would be $68,645. One wonders what the appraiser might think as his final number if he would add in those
same repairs. Maybe $1,650,000?


The two valuation providers used two of the same sold comparables: (1) 8 Paradise Valley Ct which sold for $2,300,000 on 03/20/17 and (2) 9 Anthem Pointe

which sold for $1,450,000 on 04/18/17. The MLS photos for Paradise Valley reveal that the property is on the golf course and has spectacular views of the Strip;

the interior finishes are clearly superior to the subject (and the subject is pretty nice!). These two differences alone could easily account for a $500,000
difference in value. The MLS photos for 9 Anthem reveal a beautiful home on the golf course (some golf course views); but the house is old traditional in design.

The agent reports that current buyers will place value on the subject’s more modern design. The subject’s slightly larger square footage and more desirable
design would make its sales price higher.



The best active comparable is one that I visited in June; the property is located at 16 Bloomfield Hill Drive. This property has a similar feel to the one located on
Anthem Pointe...beautiful but old style. I loved the master suite! Large and has everything, including a zen room. The property also has golf course views.

However, I still like the style of the subject way better. The property has not sold and has been listed at $1,859,000 since 06/10/17. The agent believes that the

property will sell at the $1,700,000 level. He also thinks that the views make this property slightly superior to the subject.


So will buyers place that much of a negative on the lack of views? Maybe. Maybe the agent is totally right in his assessment of value. But the appraiser thinks
the value is $1,564,000 without any major repairs. Therefore, I think we have to try for a slightly higher price point than the listing agent recommends…at least

to start.

Blueprint Asset Management
Prepared: 8/3/2017

PROPERTY DISPOSITION PLAN

Blueprint recommends that the property be listed at $1,749,900 after completion of full upgraded repairs in the amount of $88,243; the anticipated sales price
would be $1,700,000.

COMPARABLES

Best Sold Comparable Property

Property Address Sale Date Sq. Ft. # Bed # Bath Garage Age DOM List Price Sales Price

8 Paradise Valley Court 03/20/17 7,238 5 4.3 4-car 9 152 $2,500,000 $2,300,000

http://www.realtor.com/realestateandhomes-detail/8-Paradise-Valley-Ct_Henderson_NV_89052_M28285-89729

Gorgeous custom home located in the prestigious guard gated luxury community of Anthem Country Club. This magnificent 7238 sq. ft. home is located on the
15th fairway and has fabulous views of the golf course and Las Vegas Strip. The interior features of this 5 bedroom, 6 bath home include, soaring ceilings, open

floor, pocket doors that enhance the fabulous entertaining space, great room with wet bar, gourmet kitchen with SS Wolf appliances, custom cabinets, natural

stone slab surrounds and custom wood and stone flooring throughout. The master suite is located on the 1st floor, as is the 2 room guest quarters, wine room
and home office. Upstairs there is a huge game room with wet bar, powder bath, and two secondary bedrooms with private baths. The back yard is an

entertainers dream with BI-BBQ, heated pool and spa, sports court, fire pit and exterior staircase to large covered balcony. This home has so many unique
features that it is a must see to truly appreciate all the finer details it holds. VIEWS! VIEWS! VIEWS!** SPECTACULAR CUSTOM HOME W/ GOLF FRONTAGE &

STRIP VIEWS!!! GOURMET KITCHEN/ SS WOLF APPLIANCES* MASTER ON 1ST FLR* OPEN FLR PLAN W/ SOARING CEILINGS* 2 WET BARS* WINE RM* HUGE GAME

RM UPSTAIRS * 2 LAUNDRY RMS* TEEN STUDY RM THAT CAN BE CONVERTED TO A BDRM IF NEEDED* 2 RM GUEST SUITE ON MAIN LEVEL* SPORTS COURT*
ENTERTAINERS DREAM BACKYARD* CUSTOM WOOD & STONE FLRS* TOO MANY UPGRADES TO LIST! A MUST SEE!
# Bed # Bath Garage Age DOM List Price Sales Price
Property Address Sale Date Sq. Ft. 6
9 Anthem Pointe Court 7 3-car 13 193 $1,692,500 $1,450,000
04/18/17 5,770

https://www.zillow.com/homedetails/9-Anthem-Pointe-Ct-Henderson-NV-89052/7230861_zpid/

A rare opportunity to acquire this luxury soothing retreat away from your busy city life , where the sense of tranquility and escape is total. Quietly nestled
behind the gates of Anthem Country Club and privately set on the most desirable street in the community, you will be seduced by the charms of this elegant

property superbly positioned and surrounded by the most enchanting golf course scenery and is in many ways a safe haven from the frantic pace of city living.

Best Active Comparable

Property Address List Date Sq. Ft # Bed # Bath Garage Age DOM Original LP Current LP
16 Bloomfield Hills Drive 06/10/17 6,298 5 6 3-car 15 53 $1,859,000 $1,859,000

https://www.zillow.com/homedetails/16-Bloomfield-Hills-Dr-Henderson-NV-89052/7230789_zpid/

Stunning custom home located on 5th fairway in exclusive guard gated Anthem Country Club. Enjoy golf/mtn/city views. Courtyard entry w fireplace welcomes

guests upon arrival. Great home for entertaining. Large family room is the heart of this home and overlooks sparkling pool/spa, golf course. Gourmet kitchen w
Viking SS appl, butlers pantry, wine cellar. Amazing master suite and spa retreat. Outdoor/indoor living at its finest. Welcome home!

MARKET STRATEGY
List the property at $1,749,900 after completion of full upgraded repairs in the amount of $88,243; the anticipated sales price would be $1,700,000.

Completed By: Maggie Matthes Phone # 801-580-2645 Email [email protected]





Blueprint Asset Management
Prepared: 8/3/2017

PROPERTY DISPOSITION PLAN

Patio Area #1 – Pool has been Patio Area #2 Patio Area #3
emptied since this photo was taken








Blueprint Asset Management
Prepared: 8/3/2017