GRANITE-MYERS-RADOS-2006 - Laserfiche WebLink

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Overall marketability of each sale property was also considered. Marketability is the practical aspect of selling a property in view of all the elemcnts constituting value, and certain economic and linancing conditions prevailing as oftbe datc of sale. As previously stated, all of the sales employed herein are located within the immcdiate subject residential community. All of the properties arc similar with respect to locational characteristics; certain ofthc sales back to relatively beavily traveled thoroughfares, as in thc subject case. CONCLUSlON OF UNIT VALUE: Based on an analysis ofthe land value indicators, which considered thc date of sale, various elements of comparability (when compared to the subject site), as wcll as the appreciating value treud in recent years, the valuc of the subject rmderIying land parccl is estimated at: $40.00 per square foot The monetary compensation for the temporary construction easement amounts to the rcntal value ofland. The applicable rate of return is based on an analysis of consummated land lease transactions in the greatcr Southern California area. Typical land lease rates generally range between 7% and 10% of the nnencumbered fee simple land value. Forthc purpose of this analysis, and in consideration of the relatively short teml, an aImual rate of I 1% (10% annual rate, plus I % for estate taxes) is considered applicable to the subject property. As stated, the temporary construction easement is estimated to be in place for a period of six months. COST TO CURE: The proposed sound barrier wall will be located on the State Freeway right of way, thus, creating a small gap between the existing side wall or fence and the new sound wall. In order to mitigatc this effect, the property owner shall be compensated the estimated cost to extend the side wall or fcnce using similar material. Where the adjoining property owners share a common wall or fence, the estimate cost has divided equally with the intent that each owner will share in his/her proportionate cost to construct the extensions. This is considercd a cost-to-cure item, which has been estimated at $500 for wall or I"mce end posts and for the "small job premimu" aspect of the work involved. ASSUMPTIONS: It is assumed that thc project contractor will either protect in placc or replace, repair, or restore in kind any privately owned improvements impacted daring the construction period. A compensation allowance for same, therefore, is not warranted or included.