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i1 I I I I I I I I I I I I I I I I ,t; " I~' í . Page 8 December 3, 2002 Sale 12 ($O.211sj): This parcel was purchased in August 1996. It is situated directly south of the subject and is the most comparable in location. The sale requires a positive adjustment for time. A higher value is indicated. The sales in McMahon EStates 2rd Sulxlivision were then compared to one another as to a sale price per lot. Since Lot 25 (sale 8 and resale 4), Lot 24 (sale 7) and Lot 23 (sale 2) are located adjacent to oœ another, these sales were paired agaillst one another for a potentia] sale price per lot. First, sales 7 and 8 were paired for comparison purposes. Sale 7 (Lot 24) has a gross size area of 63,000 square feet, but fronts on 5200 Avenue or County Road 6. Sale 8 (Lot 25) has a gross site area of 57,000 square feet but does not front on 5200 Avenue. Although both of these lots sold for $27,500, the per square foot value of sale 7 is $0.04 per square foot less than sale 8. This is reasoned to be an offset of size versus location, which is more aptly demonstrated by sale 4 (the resale of sale 8) and sale 2 (Lot 23). These sales took place about 6 months apart, and yet sale 4 which is the older of the two sales sold for $2,400 more than sale 2. Sale 2 is larger than sale 4 by 5,000 square feet, but it also fronts on 5200 Avenue South. Sale 4 was then paired with sale 3 (Lot 20), which is also located off 5200 Avenue. These sales took place about 5 months apart with sale 3 selling for $35.500 or $400 less than sale 4. Sale 3 has a gross area of 55,000 square feet which is 2,000 square feet less than sale 4. In summary, it is the opinion of the appraiser, that this analysis, again substantiates, that sales in the MSA do not sell on a per lot basis but rather on a price per square foot basis. Reconciliation of Sale Data As adjusted, the sales represent a value range from $0.39 per square foot to $0.46 per square foot. 6 $0,93 3 $0.65 4 $0,63 2 $0.54 8 $0.48 7 $0.44 1 $0.46 10 $0.39 = 11 $0.33 + 9 $0.29 + + 5 $0.25 + + 12 $ 0 .21 + + + Weighing the data, a value of $0.40 per square foot is reconciled for the subject considering its location which is impacted by a mobile home court on the north side of 64111 Avenue. This value estimate appears reasonable and in line with current market conditions and assumes the fee simple estate of the subject. Calculations are as follows: (110,000 sq. ft. x $0.40/ sq. ft. = $44,000.00) Say, $44,000.00