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VALUATION ANALYSIS (Continued) <br />SALES COMPARISON APPROACH: (Continued) <br />Land Value: (Continued) <br />Elements of Comparability: <br />After viewing each of the sale properties, and obtaining certain information <br />pertinent to land value, the appraiser analyzed the various elements of <br />comparability for each sale property which, among others, include the <br />following: <br />General location. Availability of public alley <br />Immediate environmental influences. <br />Zoning. <br />Vehicular and pedestrian access. <br />Vehicular and pedestrian traffic. <br />Overall developab ility. <br />Site frontage/depth ratio. <br />Site prominence and exposure. <br />Proximity to freeway. <br />A Relative Comparison Analysis (RCA) has been conducted between the <br />individual comparable properties and the subject property. The RCA is a <br />qualitative technique for analyzing comparable sales, and is a valuable tool <br />employed to illustrate whether the characteristics of a comparable property <br />are inferior, superior, or similar to those of the property under appraisement. <br />The Relative Comparison Analysis is similar to paired sales data analysis. <br />This technique acknowledges the imperfect nature of the subject real estate <br />market. The primary objective is to bracket the subject property between <br />the comparable sales with respect to the similarity, superiority, and inferiority <br />thereof. Superior elements of comparability of an individual sale property <br />would reflect a downward adjustment to the value indication thereof. <br />Conversely, inferior elements suggest an upward adjustment. <br />Additionally, it is important to note that the above elements of comparability <br />were not assigned equal weight in making the analysis of each property. <br />The general location, immediate environmental influences, vehicular <br />accessibility, overall developable density, site conditions, site prominence/ - <br />exposure, and land plottage were considered the most important factors in <br />the subject case, as follows: <br />General Location: <br />Social, economic, and governmental forces have a substantial <br />influence on property values. Locational factors considered <br />include, but are not limited to, demographics such as proximity <br />LIDGARDAND ASSOCIATES <br />APPRAISERS -CONSULTANTS <br />I <br />20D-46 <br />