The Contractor shall complete appraisals to establish the fair market value for up to 22 individual condominium units located at The Block 803 Waimanu in Honolulu, Hawaii and identified by Tax Map Key No.: (1) 2-1-049: 084 (the "Property") for use in determining HHFDC's proposed purchase price for designated condominium units. A list of the 22 condominium units at 803 Waimanu Street may be requested. The report must clearly explain how the valuation was determined and include the following elements: A. Property Inspection. The Contractor shall conduct physical site inspections of up to 22 condominium units and common areas. Contractor shall consider unit square footage, floor plans, parking, amenities, and any other related improvements and unit conditions. B. Market Analysis. The Contractor shall analyze current real estate market conditions in Honolulu, Hawaii, as well as recent sales within the subject project and comparable sales within the surrounding neighborhood to support the fee simple valuation. C. Legal Review. The Contractor shall review title, zoning, condominium documents, and any other relevant rules or restrictions which may affect the valuation of the property.
