Page 2 - 470 Knollwood Dr. Market Update 2024

April 10, 2024

Dear Mechelle Folch,

During my walk-through, the tenant pointed out a few items of concern. The back
wrought iron fence will need to be repaired as most of the bases have rusted out,
and the rod iron fence is very wobbly. There is also a leak in the pool pump that
needs to be repaired. Other than that, the home is in good condition; walls and
baseboards need to be touched up, and baseboards in the bathrooms are water-
damaged in some spots and may need to be replaced. The floors on the stairs have
some scuff marks that need to be touched up. All of this you would want to do to
prepare it to put it on the market.

Attached are the most recent comparables of similar properties in size and year
built. As you can see, our average closed price of homes that are approximately
3,033 ft.² are closing on average at $1,437,464. Some of the homes are newer
construction and in better interior condition, meaning fresh paint, new flooring, etc,
but what the majority of them do not have is a pool and or a view; therefore, I feel
with a bit of touchup paint and some other items repaired on the property, it should
sell for somewhere between $1,475,000 to $1,525,000. I don't believe you have a
loan on the property, but I have included a seller net sheet based on selling at
$1,485,000.

If you decide to sell it to the tenants directly, I can reduce the commission from 5%
to 3 1/2% and represent both parties (I normally charge 4% to represent both
parties).

Please let me know when you have time to discuss a price you would like to offer to
the tenants, and then I will set up a time to meet with them and review the comps we
are looking at.

Sincerely,

Curt Sommers
Pinnacle Estate Properties
Cell: 805 494-7653 1
curt4re@gmail.com | www.curt4re.com | DRE # 01128027