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1,N VaIbridge EXHIBIT 3 Public Pay Parking Lot <br />� PROPERTY ADVISORS LAND VALUATION <br />Land Valuation <br />Methodology <br />Land is most often valued using the Sales Comparison Approach. This approach is based on the <br />premise that a buyer would pay no more for a specific property than the cost of obtaining a property <br />with the same utility. In the sales comparison approach, the opinion of market value is based on <br />closed sales, listings, and pending sales of properties similar to the subject property, using the most <br />relevant units of comparison. The comparative analysis focuses on the difference between the <br />comparable sales and the subject property using all appropriate elements of comparison. <br />A systematic procedure for applying the sales comparison approach includes the following steps: (1) <br />researching and verifying transactional data, (2) selecting relevant units of comparison, (3) analyzing <br />and adjusting the comparable sales for differences in various elements of comparison, and (4) <br />reconciling the adjusted sales into a value indication for the subject site. <br />Unit of Comparison <br />The unit of comparison depends on land use economics and how buyers and sellers use the <br />property. The unit of comparison in this analysis is price per square foot. <br />Elements of Comparison <br />Elements of comparison are the characteristics or attributes of properties and transactions that cause <br />the prices of real estate to vary. The main elements of comparison that are considered in sales <br />comparison analysis are as follows: (1) real property rights conveyed, (2) financing terms, (3) <br />conditions of sale, (4) expenditures made immediately after purchase, (5) market conditions, (6) <br />location, and (7) physical characteristics. <br />Comparable Sales Data <br />A search of data sources and public records, a field survey, interviews with knowledgeable real estate <br />professionals in the area, and a review of our internal database were conducted to obtain and verify <br />comparable sales and listings of vacant land properties. We used five sales in our analysis, which <br />were judged to be the most comparable in developing an indication of the market value of the <br />subject property. <br />The following map displays the location of each comparable in relation to the subject. Following <br />those, are plat maps of the comparable sales and a discussion of relevant adjustments. <br />@2016 VALBRIDGE PROPERTY ADVISORS I Penner and Associates, Inc. <br />SA4-60 <br />Page 28 <br />