Sample letter of Opinion

By: Maureen  09-12-2011
Keywords: Real Estate

The Estate of ...
Line Road, WHS
Caledon, Ontario


This Letter of Opinion is an estimate of the market value of the subject property as set out below as of May 24, 1996


Market Value is the highest price, estimated in terms of money, which a property will bring if offered for sale on a competitive and open market, allowing a reasonable time to find a purchaser who buys with the knowledge of all the uses to which it is adapted and for which it is capable of being used; buyer and seller each acting prudently and not affected by undue pressure.

Market value is an estimate of the price for which the property will sell under four average sale circumstances which include:
· An informed buyer and seller;
· Rational or prudent behavior by both buyer and seller;
· No undue pressure on either party;
· Reasonable time is allowed to find a buyer.MARKET VALUE is the worth of a parcel of real estate viewed in the light of the prices at which other comparable parcels of real estate have been sold recently.MARKET PRICE is the price at which any parcel of real estate sells. Market price does not require all four of the average sale circumstances which market value does.
Value emerges from many sales; price emerges from every sale.


The subject property is located at Line Road, WHS, Caledon, Ontario. The parcel of land is approximately X acres, situated about X miles north of Hwy #401 at Mississauga Road. The dwelling is a very large four bedroom, brick, detached bungalow, about 20 years old, tastefully decorated and upgraded during the past three years. It contains an almost complete, self-contained in-law suite. It has a private illuminated driveway, an inground pool and an eight stall barn with hay storage, tack room, office, heat, water and hydro.


The opinion of market value is based on a personal inspection of the subject property on May 24, 1996 and a property information research regarding properties which have sold over the past three years in the same area. It is my opinion that if the property were exposed on the market for a reasonable length of time the said property would sell in the range of X HUNDRED to Y HUNDRED dollars.


 Address Lot size Bdrms Wshrms Sale Price
 13473 Mississauga Rd., Ching, Cal. 20 acres 4 4, 4, 2 $414,000 /94
 C6 L33, WHS, (Ching)Caledon 30 acres 3+ 5, 4, 4, 2, 2 $465,000 /94
 16148 Shaws Creek, Caledon 17.5 acs 5 5,4,4,4,2 $485,000 /95
 15429 Shaws Creek, Caledon 3+acres 5 5,4,4,2 $305,000 /96
 17999 W.C. Blvd, Caledon 27 acres 4 5,4,2 $325,000 /96
 15558 Shaws Creek Rd, Caledon 2 24 acres 4+2 5,5,4,3 $330,000 /96
 14494 Heart Lake Rd., Caledon 37 acres 4 5,4,4,2 $390,000 /96
 L1 Mississauga Rd., Caledon 49.5 acs 3 4,4,3,2 $520,000 /96


 Address Lot Size Bdrms Washrooms Asking Price
 18850 Shaws Creek, Caledon 97 acres 3+1 4 pc $319,000/96
 16005 W.C. Blvd., Caledon 47.5 acs 4 4,4,3 $369,000/96
 16541 Mississauga Rd., Caledon 10 acres 4 4,3,2 $455,000/96
 16012 Shaws Creek Rd., Caledon55 acres 4 4, 3, 3, 2 $475,000/96
 2055 Boston Mills Rd., Caledon 10.6 acs 5 5,4,4,2 $478,888/96
 16795 Mississauga Rd., Caledon 10 acres 3+2 5,4,3,2,2 $599,000/96


 Address Lot Size Bdrms Washrooms Asking Price
 18850 Shaws Creek, Caledon 97 acres 3+1 4 pc. $347,777 /95
 15558 Shaws Creek, Caledon 24 acres4+2 5,5,4,3 $399,000 /95
 16541 Mississauga Rd., Caledon 10 acres 4 4 $490,000 /95
 17854 Shaws Creek Rd., Caledon 54 acres 4 4 pc. $495,000 /95
 16012 Shaws Creek Rd., Caledon 55 acres 4 4, 3, 3, 2 $495,000 /96
 536 Olde Base Line Rd., Caledon 27 acres 4+2 6,3,3,2 $497,000 /95
Subject property has the house, pool and barn on 12 acres with a separate deed for the remaining 15 acres. The subject property is under the jurisdiction of the Niagara Escarpment Commission. The above market value is based on one parcel of land, 27 acres and the work and improvements that the tenant has made over the past eight months. See attached list of improvements.The market has been falling slightly during the past few years but seems to be up slightly this spring.Please do not hesitate to contact me should you have any questions concerning this opinion of market value.

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The information in this article was current at 06 Dec 2011

Keywords: Real Estate

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