Amended items - Laserfiche WebLink

\'al LIe 0 rill i nera ls on the SaJ11c land ~ irrigated crorla nd 3nd dry cropland on the sa[lle parce L etc. ) cannot be ,"al ued separately and added together. I r an al Iocat ion lS necessary.', it IS 1l1ade a ner the \'3 I lie cstilnate. 'I'hc application of the qualitative analysis in the c0111parahle sales indicated reasonahl~y good sinlilarity in 1110St c ICl11t?nts of con~lderatjon or property rights con \"eyed, fi nanc i ng ternlS, and cond ition of sale. /\ II sales in vol ved the transfer of. or \\'erc percei vcd to hav~ sold t he fee sin1ple estate-. 'I'herefore ~ no adj Llstnlcnts are requ 1 r~d for o\vn~rsh i p righ ts. ;\] f listed pric~~ reflect cash or cash-cqui \.a lent tc-rn1S: thus. no adj ustn1cnts are necessary for spec ial fi nanc i ng. I no ivid ua 1 1110t iVDllons for eac h sale arc .1pt to be as diverse as the nlarket Jnd. ('on~cquclltl)!. it is sinlply' inlPossible to adjust ("ach sak' for individual sale and.....'or purchaslng tllotivations. -rinlc or a L~hangt:" in 1113rket conditions aJso needs to he considered in this anaJysis. The ~a]es sold frorll July ~oo 1 through Novelllher 2004. /\n anafysis of the data indicates increasing prices over this nc?arly four-year t ilne franle. l'here fore. 1110St \vcight \viI 1 he gi \'en to the lllost recent sa lcs. 'rhe renlal n i ng factors rcq u j ring anal yt leal considerat lon rc latc pri t11aril y to di ffe-rences in ph)/s ical charactcri~tics. including locatlon. size'. utility. and use or potentia] uSe. f\gain~ the subject parcel in\'oives a -+-acr~ resident ia] tract. The saJes arc groupc-d accordi ng 10 s~l1al1 acreages and resident ia 1 lots \\!ithout 3 U\'l c\\"': i.t'. ~ ri V~ r. \\.ood s~ cou l ee ~ etc. 'rhc grou ping 0 f SI11a 11 ac reages (1 e ss than 60 acrL~s) rep resent s a nlix u f sales in hoth Barnes and Stanley To\vnships. 'rile ti rs! group(ng of sa lcs (h igh] ighted in blue) are 1'ron1 n bout 9 QC res to :' X acres in size and range in price frolH S 5 .noo to S ] 7 JH)O per ac rc. Five of these seven sales are located in Stanley -r ()\vnship. /\gai]1, sale ~O is an assenlblage for the ()sgood SubcJi visions. Sa Ie 15 is located along 45111 S treeL a bout I,'. 2 nlile south of _121Hi :\ venUe, ]Y1 ng j LIst n011 h of C'ounty! Drai n ]. 7. The appra iscr is personal l:y hIll'll liar \vith th 1 S sale ~ havi ng appraised lhi~ tract at least t\,-ice prior to sale, Sales 21 and 1 R \vere purchased by anoth~r ar~a de\'~loper: hO\\'e\'eL the R. R4-acrc parcL.~1 i~ locat~d along the Sheyenne River. It \vas devc loped \\"it h a si ngle-Elt111ly rcsldcncl.? after purchase. C)nly sale] l) at SSJ)()O per acre (Holnlcn to f{cynolds) is locatc-d in the inl111ediate neighborhood: hO\\'ever. this sale is ] 0 acres In size. and is nearly J y'cars old, l~he second grouping or ~al("s con~ists or residential I()t~ \\.'jth and \\'jthout a yie\v. These sales range in size frorn 1. ~ 1 acres to .5. X R acres and in price fr0111 S9.600 to S] (1.500 per acre. ()f these, sales ~9 and 40 are loc3ted south of Iloracc ~ \vith sale ~l) 1110St slnlilar in vie\\-' to the suhject. This parcel is located in the ('olllltr:! _\cres Suhdi\'is1on. Sale.+O on the southeast corn~r ofRivcrhend SuhdivislOJ1 on a ["iver lot. Th~ halance of the lot sales is located in ne\\;er suhdi\'isions nnnh of J lorucc. E-;scntially~ t\\'O different price or \-aluc ranges arc indicated by the assenlblcd tnarkct data. In CiroLlp 1 ~ the sales indicate a price range approxirllating 55.000 at a ]0\\' for ~ tract in the subject nc-ighhorhood to a high of S 1 7.000 for a tract adjacent to the S heyenne R iv~r. In (,roup ::. ~ the sizes are stllallcL hut the price or va 1 ue range is n~l[To\\'ed fi.otll S I O.~()O to S 16.500 per acre. ..\It hough the collect i ve characteristics oCthe suhjel't do not indicate a \'aluc L-stiJllatc in excess of S [:..OOO..i'acre (sale _15)~ they! do indicate sOlllelhlng greater than S t O~~OO denlonstratcd by sa le 29. due to recent i nc rease~ in the nlarkct. Sale 29 is considered very cOll1parahle to the subject in location and is onJy slightly sll1aller. \\/cighing the overall data. it appears that;] va l ue csti lllatc of S 12.500 per ac re is reasonahle \\'hen consider1 ng the SpeC i fie (haractcristics of t h~ subj eel. l-here fore. it s fee si lll}l le [narket va] ue ~ as of ;\prl1 4~ 2005 ~ is cone 1 udcd aC 1.44 <A.. ( ~I~ES X S 12 .500:/~A.C<RE - S 1 X.OOO RM HOEFS & ASSOCIATES 16