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~rht..~ COlllparat i \.c analysj s enlp loys ten has ic C' k~111ents of cOlllp3rison: i.e.. rc~d proper1y 1"1 ghts conveyed. 11 nanc l ng tenns. expendi tures inltlled iatc 1 y a fter purchase ~ condi lions of sale ~ 111arket condi lions. IOCJt ion~ physical characterist ics (i ne I ud l ng sub-categories). ZOIl i ng a IH,tor use. cconolnic c haractcrist ics. and non- really itC111S. \\-,rh~n analyzing data. thes~ char.1ctcristics \\'ill cause the price of real estate to \-'ary. Elelllents rnay he added or deletc-d depending upon their fc It.~\-'ancy to the appraisa I prohlenl. Th 1 S process lllay enlploy.! q uan t itat 1 \"~ or qua] it~H i \'C adj ustnlcnts~ either ~~paralcl)' or in conlbi nat ion. Quant itative adj Llst t11ents 3] lo\\' for those Elctors t hat can be quanti fied through an analysis 0 r ] ) pa i red sa les, .2) grouped data~ ?,) stat] stlcs~ 4) di reet conlparisnn~ .5) trends. (,) costs. and the 1 i kc. 'rhey can be app hed to the data as percentage or dollar anlOlll1 t s. ()lla]ltati\'~ adjustnlents identify the d~grce o1'sill1darity the sales have to th~ ~llbject through an analysis of I) a rclali\"e cOlllpari son. ::) ran ki ng and/:or ~) personal i nter\' le\\-"Sr The ad.i ust rllents are idcnt died as ei ther superior or inferior to the subject and bracket lt~ prohah~c vaJue range. \Vhile both techniques are appropriate. the qualitQti\:c anal.Y~ls recognizes lllarkct inadequacies and the difficulty in lllaking exact nunl~rical adj ustnlcnts to the sales. Th is tllethodology is 1110rC cons l5t("l1t \vith the 111arkct. si nee partie ipants recogn ize inferIor and superior qualitl~s as opposed to precise dollar adjustl11cnts. -rhis is the Jnalysis used in this appraisal. ~rhe cOll1parison anal y'sis lS sin1ply" a st udy! of rc lationshi ps ind icatcd by' 111arket data \vit hout recourSe to quant i fication. lJ nl ike q uant ita t j ve ana 1 ys is. the adjustnlents considered in the conlpari son ana l~lS 1S arc not expressed as dollar or percentage a1l10unts but. rat heL t he tee hn iq ue enlphasizes the! no] vidual sale or list ing as the 1110S{ [l1ean i ngfu lunit of cO!llpari son. l\ ran king ana ly~i s. another fornl of qual [tati ve analysis~ 111ay also be llsed 1 n \vh ie h the c0r11parahlc sales arc ranked in an ascending or descend ing order and tht.~ relati ve posit ion of the sub.i eet property is then detcrnlincd. "rh i s re-Iati Vc c0111parison Jna l YStS or --site-to-sitelt c01l1pari son is 1110rc rcllccti vc of typica llllarkel heha\"ior anu tends to pro\"ide a 1110re JCCLlrale Illarket value range. 'rhe fol lo\\.j ng sa !cs \\.'c:rc considered 1 h~ best n f t he a \'ai 1 able data. Please note that due to COlllputcr generated progranls the ligure he ]0\\' 111t.l Y va ry ~ l igh t l Y fronl t hose produced by a ea]cu latnr. r or purposes of analysis. the sales arc displayed on the ~rid accordinu to ~i7e and to\vnship location. Sale Grantor Grantee Sale Date Sa~e Price Size Size Price/Sf Price/Acre acres Sq.Ft. Small Acreages less than 60 acres 18 SOloll Holol en Pt See 7-' 38-4 9 10/18/2002 $150 000.00 884 385,070.40 039 $16,968 19 Holm an Reynold~ Pt See. 30.138.49 4....1 9/2002 $5D ,000 00 10.00 435,600.00 0.11 $5,000 17 BoU Hulber1 Pt See 6-138-49 12....2/2003 $12000000 1226 534,045.60 0.22 $9,788 16 Horseshoe Bem' Cap Holding Co p[ See fJ-13B-49 4/1/2004 $420.000 00 27 53 1 199.206.80 0,35 S 15.256 2r, Beactl Osgood 1 n \/stm ts Pt See 33-1 39-4~~ 4/11/2002 5275.775.00 40,00 1,742.400.00 o 16 $6.894 1S Stine Lutheran Church Pt See 28.1 39.4g 12/27..'2000 $683.020 00 5426 2,363,565.60 0,29 $12.588 i: 1 6rakken Ht1lorRn Pt See 7.138-49 9/7.12001 5400.00000 57.92 2,522,995.20 o 16 $6,906 Resid e nt ia I Lots 40 B urnU5 WOlbye RI '/8rbend Subdi Vl 51 on . 7/17/2001 $20.000.00 1.81 78. 712,92 0.25 $11,070 29 Schma Ilz Blmba um Country Acres 1 /9/2004 S37.500.00 3.63 158,035.68 0.24 $10,336 24 Nelson Ktfwelfl Nelson Acres 6/1 5/2004 $40.000 00 3,65 1 59.08 1 . 1 2 0,25 $10,954 23 Hanson Preisler Nelson Acres 2nd 1 0/1 /2004 $68 500 00 4.14 1 80,51 2,64 0.38 $16,528 22 E ri r;k son Ash eim Nelson Acres 1 1/5/2004 $75 500 00 4.58 199.461,24 0,38 $16.490 35 La rk In DlssettE- Greyh 8W~. E swtes ~ 11/8/2002 $75000.00 5.88 256.132.80 0.29 $12.755 ~ rl ver 10t5 Aga i n ~ the parcc 1 111 lIst be va 1 lied as a ....\V ho] e ..... For condclnnat ion puqJoses. this \ra luation rule uea ls \vlth aspects of o\vncrship and phy'sical C0I11pOnents. ~rhc first part of this rule ~ J Iso referred to as the undivided fee rule. req uircs that propC'rt y be valued as a \.vhole rather than by the sunl of the \.alues of the various l nterests into \vhic hit 1l1ay/ ha ve been carved (sue h as lessor and lessee. 1 i fe tenant and re 111 a inder nlan~ and tllortgagor and 111ortgagee. etC. )~ ~i nee it is t he property. not t he interests~ that is heing aCl} uired. -[he second part of this rule slates that the phy.'sic a I c lelllents or conlpOll~nts of a tract of land (sue h as the \'a l Ue of ti 111bcr Jnd the RM HOEFS & ASSOCIATES ]5