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VALUATION ANALYSIS (Continued) <br />SALES COMPARISON APPROACH. (Continued) <br />Land Value: (Continued) <br />Sales Comparison Analysis: (Continued) <br />All of the sale transactions employed herein were considered helpful in the <br />land valuation analysis of the subject property. The purchase price per <br />square foot of land area has been utilized herein as the primary indication of <br />value due to the wide variation of developable densities among the sale <br />properties. Following is a summary relating the overall comparability of the <br />individual consummated sale properties employed in the subject land value <br />analysis. <br />Value <br />Data <br />Indication <br />Per SF <br />C <br />lower range <br />$29.84 <br />F <br />lower range <br />$30.70 <br />E <br />slightly lower range <br />$35.76 <br />B <br />slightly lower range <br />$35.86 <br />Subject <br />- - - - <br />$40.00 <br />A <br />slightly upper range <br />$42.48 <br />D <br />upper range <br />$48.25 <br />After considering the various elements of comparability, as well as economic <br />and financial conditions prevailing during the consummation of the various <br />sale properties, when compared to current market conditions, it is the <br />appraiser's opinion that the unencumbered fee simple market value of the <br />subject site, as if vacant and available for a highest and best use <br />development, is estimated at $40.00 per square foot of land area, as follows: <br />26,598 sf Q $40.00 = $1,063,920. <br />Adjusted: $1,065,000. <br />FINAL ESTIMATE OF MARKET VALUE: <br />Based on the foregoing valuation study, the unencumbered fee simple <br />market value of the subject property, as of the date of value employed <br />herein, is estimated at $1,055,000. <br />LIDGARD AND ASSOCIATES <br />APPRAISERS -CONSULTANTS <br />1s <br />20D-53 <br />