75M - PH - RESO NECESSITY - 2102 S BRISTOL

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Summary of the Basis for Just Compensation (Coutinued) Sales Comparison Approach: (Continued) A Relative Comparison Analysis (RCA) has been conducted between the individual comparable properties and the subject property. The RCA is a qualitative technique for analyzing comparable sales, and is a valuable tool employed to illustrate whether the characteristics of a comparable property are inferior, superior, or similar to those of the property under appraisement. The Relative Comparison Analysis is similar to paired data analysis without the use of arbitrary or unsupportable quantitative adjustments. This technique acknowledges the imperfect nature of the subject real estate market. The primary objective is to bracket the subject property between the comparable sales with respect to the similarity, superiority, and inferiority thereof. Superior elements of comparability of an individual sale property would reflect a downward adjustment to the value indication thereof. Conversely, inferior elements suggest an upward adjustment. Additionally, it is important to note that the above elements of comparability were not assigned equal weight in making the analysis of each property. The general location, immediate environmental influences, land size, building size and features, building age/condition, as well as site prominence/exposure were considered the most important factors in the subject case. Overall marketability of each sale property was also considered. Marketability is the practical aspect of selling a property in view of all the elements constituting value, and certain economic and financing conditions prevailing as of the date of sale. Allowance was made for these factors when considered applicable. Another important factor considered in analyzing the overall purchase price per square foot of building area is that of the land building area ratio. The sale properties have ratios ranging between 6.56:1 and 12.59:1. The subject property has a ratio of 8.51:1. All of the sale transactions employed herein were considered helpful in the valuation analysis of the subject property. Following is a summary relating the overall comparability of the individual sale properties to the subject site: Based on the foregoing, the value of the subject property, as indicated by the Sales Comparison Approach, is estimated at $1,100,000, which reflects $99.40 per square foot of land area, and $846.15 per square foot of building area. 75M-29 Overall Data Comparability Sale Price 4 inferior $ 865,000. 2 slightly inferior $ 975,000. 3 similar $1,000,000. Subject - - - - $1,100,000. 1 similar $1,200,000. 5 superior $1,232,500. Based on the foregoing, the value of the subject property, as indicated by the Sales Comparison Approach, is estimated at $1,100,000, which reflects $99.40 per square foot of land area, and $846.15 per square foot of building area. 75M-29