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Executive Summary <br />historically or prospectively. In a historical analysis, this is referred to as exposure time. Exposure <br />time always precedes the date of value, with the underlying premise being the time a property <br />would have been on the market prior to the date of value, such that it would sell at its appraised <br />value as of the date of value. On a prospective basis, the term marketing time is most often <br />used. The exposure/marketing time is a function of price, time, and use. It is not an isolated <br />estimate of time alone. In consideration of these factors, we have analyzed the following: <br />•exposure periods for comparable sales used in this appraisal; <br />•exposure/marketing time information from the CBRE, Inc. National Investor Survey and the <br />PwC Real Estate Investor Survey; and <br />•the opinions of market participants. <br />The following table presents the information derived from these sources. <br />EXPOSURE/MARKETING TIME DATA <br />Investment Type <br />PwC Strip Shopping Center <br />National Data <br />Local Market Professionals <br />CBRE Exposure Time Estimate <br />CBRE Marketing Period Estimate <br />Exposure/Mktg. (Months) <br />Range Average <br />2 18 6.8 <br />6.0 -12.0 9.0 <br />6 -12 Months <br />6 -12 Months <br />Source: CBRE National Investor Survey, RealtyRates.com Survey & PwC Real Estate Survey <br />IX Hobby Lobby Center, Fargo, North Dakota CBRE <br />Page 49