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<br />The Sales Comparison Approach was utilized to estimate the value of the subject land <br />parcels after an investigation and analysis was conducted of the sales within the subject <br />vicinity. Due to the built-up nature of the immediate neighborhood, and resultant lack of <br />sales involving vacant residential land, our search for sales data was expanded to include <br />fairly distant sales as indicators of value. They are summarized below: <br /> <br />Data Sale Date APN Zoning Land Area Land Value $/SF Land <br />A 10/05 094-233-11 R-I 8,100 $290,000 $35.80 <br />B 10/05 292-441-02 R-l 77,690 $2,150,000 $27.67 <br />C 07/05 198-261-26 R-2 51,692 $1,355,500 $26.22 <br /> 198-261-33 <br />D 02/05 108-731-06 R-I 14,200 $500,000 $35.21 <br />E 09/04 398-182-03 R-2 6,250 $239,000 $38.24 <br />F 12/03 198-252-68 R-2 7,500 $198,000 $26.40 <br />G Asking 408-336-17 R-I 14,080 $305,000 $21.66 <br />H Asking 398-181-11 R-2 9,000 $449,000 $49.89 <br /> <br />The land value indicators surveyed range in size horn 6,250 to 77,690 square feet, and <br />represent recent sale transactions in the general subject market area. The land value <br />indications range horn $21.66 to $49.89 per square foot ofland area. <br /> <br />All of the sale transactions conveyed title to the lee simple interest. Financing terms of <br />each sale were generally typical considering current market conditions, and all represent <br />arm-length transactions. No adjustments, therefore, were warranted for property rights <br />conveyed, financing, or conditions of sale. <br /> <br />Certain of the land value indicators considered extended over a time period back to the last <br />quarter of2003. The time frame permitted the development of a rather comprehensive real <br />estate market prollle lor the subject residential community. The sales employed in this <br />report are set forth in chronological order, except for the two listings, and took place <br />between Deeember, 2003 and October, 2005. Differing market conditions among the <br />various sale dates were considered in the analysis of the land value indicators. <br /> <br />After viewing each of the sale properties, and obtaining certain information pertinent to <br />land value, the appraiser analyzed the various elements of comparability for each sale <br />property which, among others, include the immediate environnlental influences, <br />vehicular/pedestrian access, availability of secondary access, land configuration, land size, <br />etc. <br />