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Summary of the Basis for Just Compensation (Continued) <br />Sales Comparison Approach: (Continued) <br />The Relative Comparison Analysis is similar to paired data analysis without fire use of arbitrary or <br />unsupportable quantitative adjustments. This technique acknowledges the imperfect nature of the <br />subject real estate market. The primary objective is to bracket the subject property between the <br />comparable sales with respect to the similarity, superiority, and inferiority thereof. Superior <br />elements of comparability of an individual sale property would reflect a downward adjustment to <br />the value indication thereof, Conversely, inferior elements suggest an upward adjustment. <br />Additionally, it is important to note that the above elements of comparability were not assigned <br />equal weight in malting the analysis of each property. The general location, immediate <br />environmental influences, land size, building size and features, building age/condition, as well as <br />site prominence/exposure were considered the most important factors in the subject case. <br />Overall marketability of each sale property was also considered. Marketability is the practical <br />aspect of selling a property in view of all the elements constituting value, and certain economic and <br />financing conditions prevailing as of the date of sale. Allowance was made for these factors when <br />considered applicable, <br />Another important factor considered in analyzing the overall purchase price per square foot of <br />building area is that of the land/building area ratio. The sale properties have ratios ranging between <br />2.90:1 and 6.92:1. The subject property has a ratio of 5.13:1. <br />All of the sale transactions employed herein were considered helpfal in the valuation analysis of the <br />subject property, Following is a summary relating the overall comparability of the individual sale <br />properties to the subject site: <br />After considering the various elements of comparability, as well as economic and financial <br />conditions prevailing during the consummation of the various sale properties, as compared to <br />current market conditions, it is the appraiser's opinion that the value of the subject property is <br />estimated as follows: <br />Building factor: <br />1,194 SF @ $550.00 = $656,700. <br />Inasmuch as the subject property is an improved property, and would be acquired for the utility <br />and/or income producing capability of the building improvements, the value indication produced by <br />the building factor has been assigned the most weight. The value of the subject property, as <br />presently improved, and as indicated by the Sales Comparison Approach, is adjusted to $655,000. <br />75R-20 <br />Overall <br />$ Per <br />Data <br />Comparability <br />SF Bldg. <br />2 <br />inferior <br />$457.18 <br />5 <br />inferior. <br />$472.12 <br />1 <br />inferior <br />$526.32 <br />3 <br />slightly inferior <br />$539.34 <br />Subject <br />- - - - <br />$550.00 <br />4 <br />superior <br />$666.67 <br />After considering the various elements of comparability, as well as economic and financial <br />conditions prevailing during the consummation of the various sale properties, as compared to <br />current market conditions, it is the appraiser's opinion that the value of the subject property is <br />estimated as follows: <br />Building factor: <br />1,194 SF @ $550.00 = $656,700. <br />Inasmuch as the subject property is an improved property, and would be acquired for the utility <br />and/or income producing capability of the building improvements, the value indication produced by <br />the building factor has been assigned the most weight. The value of the subject property, as <br />presently improved, and as indicated by the Sales Comparison Approach, is adjusted to $655,000. <br />75R-20 <br />