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Summary of the Basis for Just Compensation <br />There are three conventional methods (approaches) which can be utilized to estimate <br />value. They are the Sales Comparison Approach, Cost -Summation Approach, and <br />Income Capitalization Approach. The Sales Comparison Approach has been applied to <br />the subject property for the purpose of estimating the value of the main dwelling. <br />Certain elements of the Income Capitalization Approach have been employed herein in <br />order to determine the contributory value applicable to the rear commercial building. <br />The Cost -Summation Approach is without meaningful application due to the age and <br />nonconforming status of the existing development and resultant difficulty in accurately <br />estimating accrued depreciation. <br />Sales Comparison Approach: <br />The Sales Comparison Approach takes into account properties which have sold in the <br />open market. This approach, whether applied to vacant or improved property, is based <br />on the Principle of Substitution, which states, "The maximum value of a property tends <br />to be set by the cost of acquiring an equally desirable substitute property, assuming no <br />costly delay is encountered in making the substitution." Thus, the Sales Comparison <br />Approach attempts to equate the subject property with sale properties by analyzing and <br />weighing the various elements of comparability. <br />The Sales Comparison Approach has been applied to the subject property after an <br />investigation and analysis was conducted of single family residential properties located <br />within the immediate and general subject market area. Following is a summary of those <br />sales considered helpful when estimating the value of the subject property as presently <br />improved. <br />75F-27 <br />Dwelling <br />On-site <br />Land/Bldg. <br />$/SF Land <br />Data <br />Date Lot Size Size Br/Ba <br />Built <br />Parkino <br />Ratio <br />Sale Price <br />/SF Dwel. <br />1. <br />5-16 5,175 sf 1,264 sf 3 br/l be <br />1918 <br />2 -gar. <br />4.09:1 <br />$405,000. <br />$ 78.26 <br />405 Franklin Street, Santa Ana <br />$320.41 <br />2 <br />6-16 7,239 sf 1,314 sf 4 br/2 be <br />1954 <br />2 -gar. <br />5.51:1 <br />$42500. <br />$ 58.71 <br />1402 West Pine Street, Santa Ana <br />$323.44 <br />3. <br />7-16 6,000 sf 1,358 sf 3 br/2 ba <br />1949 <br />2 -gar. <br />4.42:1 <br />$479,000. <br />$ 79.83 <br />1522 West Washington Avenue, Santa Ana <br />$352.72 <br />4. <br />8-16 6,659 at 1,279 sf 3 br/2 be <br />1948 <br />open <br />5.21:1 <br />$491,000. <br />$ 73.73 <br />1710 West 11 " Street, Santa Ana <br />$383.89 <br />5. <br />10-16 5,112 sf 1,235 sf 3 br/l ba <br />1941 <br />2 -gar. <br />4.14:1 <br />$418,000. <br />$ 81.77 <br />1016 North Flower Street, Santa Ana <br />$338.46 <br />6. <br />10-16 6,120 sf 1,249 sf 3 br/2 be <br />1954 <br />2 -gar. <br />4.90:1 <br />$530,000. <br />$ 86.60 <br />1806 West 15th Street, Santa Ana <br />$424.34 <br />75F-27 <br />