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VALUATION ANALYSIS (Continued) <br />SALES COMPARISON APPROACH: (Continued) <br />Land Value: (Continued) <br />The properties surveyed are located within the general subject vicinity, and <br />represent the most recent comparable land sales available for analysis. The <br />properties range in size from 11,900 to 16,150 square feet of land area and <br />have developable densities ranging from one unit per 403 square feet to <br />one unit per 2,381 square feet. The overall purchase prices range from <br />$510,000 to $1,030,000, reflecting a range of value between $42.86 and <br />$65.48 per square foot of land area. <br />Due to the absence of a representative number of land sale properties <br />having recently sold within the immediate subject market area, it was <br />necessary to expand the (1) chronological time frame, and (2) geographic <br />search area to include the neighboring communities of Huntington Beach, <br />Stanton, and Orange. Particular consideration has been assigned to <br />differing market conditions, general location and immediate environmental <br />influences in the analysis of the individual sale properties. <br />All of the sales employed herein conveyed title to the fee simple interest, and <br />represent arm's length transactions. Financing terms of each sale are <br />considered generally typical of the subject market area. Adjustments for <br />property rights conveyed, conditions of sale, and financing terms, therefore, <br />are not warranted. <br />Market Conditions: <br />Certain of the land sales data considered extended over a time period back <br />to the first quarter of 2016. The time frame permitted the development of a <br />rather comprehensive real estate market profile. The sales employed in this <br />report are set forth in chronological order, and took place between March, <br />2016 and July, 2017. <br />Based on discussions with residential brokers and salespersons, as well as <br />extensive media coverage, a substantial upward trend in value and market <br />activity commenced in 2012 after relatively stagnant market conditions. The <br />escalating value trend continues, albeit at a slower pace. It is apparent that <br />the supply of residential properties is generally in equilibrium with the <br />demand. This condition is anticipated to continue throughout the remaining <br />portion of this year. Differing market conditions impacting the sale <br />properties were considered in the valuation analysis employed herein. <br />YJ GARD AND ASSOCIATES <br />APPRAISERS -CONSULTANTS <br />7 <br />20D-45 <br />