03-03-1996 WS - Laserfiche WebLink

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iAltfiti;4:10dairtiApPkoitOttIOUSOOLVta The land value estimate is documented by recent sales of comparable sites in the subject neighborhood and surrounding area. In arriving at the market value of the subject site, we have relied entirely upon the sales and offerings of vacant land. Sales and/or offerings are considered to best reflect the thinking of the typical buyer in the marketplace. This approach, which is referred to as the Sales Comparison Approach, is employed whenever dependable sales data is available for properties that are truly competitive with the subject property. We have investigated the terms and conditions of the comparable sale transactions to determine the attitude and aims of the purchaser. We have attempted to be objective in the analysis of the comparable sale transactions without inferring motivations. It should be realized that there is a wide spectrum of buyer and user motivations and purposes in the real estate field. A comparison has been made on the basis of the subject property having a highest and best use if vacant for commercial and/or PUD development, similar to that of most of the comparable properties. In establishing a basis for value, the major characteristics of a site that require analysis include: 1. Physical characteristics: size, shape, dimensions, topography, drainage, bearing capacity and permeability of the soil. 2. Zoning and other public controls: use restrictions, structural restrictions, setback requirements, height limitations, on-site parking requirements, safety requirements and fire code requirements. 3. Title limitations: liens, easements, special assessments and covenants. 4. Access (location): transit, highway, visual access, electricity, fire and police protection, availability, capacities, and costs. 5. Availability: price, financing terms. Precise and specific factual information can be obtained concerning most of the above factors. Some require further analysis. It is in terms of this analysis that standards of what is appropriate, and acceptable, must be developed. The following land sales are considered to provide the best indication of value for the subject property assumed to be vacant. In providing comparable land sales for our analysis, we have researched real estate transactions over the past several years for those which have occurred in, and around the subject neighborhood. We have focused our efforts on those transactions which have similar sized lots. A summary of the most comparable transactions are considered to provide the best indication of value for the subject property, assumed to be vacant, is presented on the following table. Individual data sheets for each sale are presented on the pages following the Land Sales Map. 411 -36-