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<br />Nagell Appraisal Incorporated | 952.544.8966 Page 53 <br /> <br />Sales Comparison Approach – Continued <br /> <br /> <br /> <br /> <br />Conclusion: The comparables used are rated to be the most indicative of data analyzed and bracket the <br />subject value. Other sales reviewed were older, further and/or needed more adjustment. Adjustments are <br />made on a per unit basis. The comparables utilized in this analysis each have several similar <br />characteristics in common with the subject. While none are totally identical to the subject, each <br />represents a viable alternative to a prospective buyer of the subject property and, after adjustment, can <br />be utilized as an indicator of market value for the subject property. <br /> <br /> <br />Indicator Un-Adjusted Price per Unit Adjusted Price per Unit <br />Range $10,000 - $18,659 $10,000 - $14,524 <br />Average $14,028 $13,095 <br />Median $14,458 $13,994 <br /> <br /> <br />Land Sales 1, 2, and 4 are given more weight due to proximity to the subject (average $12,994). Sales 3 <br />and 5 are given secondary weight. Based on the subject characteristics a rate at the mid-range is <br />considered appropriate. <br /> <br /> <br />Opinion of Value per Unit $13,000 <br /> <br /> <br /> <br /> <br /> <br />As noted previously, the city provided two potential proposals for development. The values are calculated <br />by multiplying the number of units by the price per unit: <br /> <br /> <br /> 135-unit development: 135 x $13,000 = $1,750,000 rounded <br /> <br /> 63-unit development: 63 x $13,000 = $820,000 rounded <br /> <br /> <br /> <br /> <br />