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<br />. <br /> <br />. <br /> <br />. <br /> <br /> <br />11'( <br /> <br />RECONCILIA nON <br /> <br />As Medium Densitv <br /> <br />Commercial <br /> <br />Cost Approach: <br /> <br />N/A <br /> <br />N/A <br /> <br />Sales Comparison Approach: . <br /> <br />$1,251,000 <br /> <br />$1,472,000 <br /> <br />Income Approach: <br /> <br />N/A <br /> <br />N/A <br /> <br />The Cost Approach is not applicable in this situation since the building improvements are not <br />considered in this appraisal report. <br /> <br />I <br /> <br />The Direct Sales Comparison Approach to value analyzed recent sales of vacant land as <br />compared with the characteristics of the subject property. Adjustments were made to the <br />comparables to make them as similar to the subject as possible. This results in an indication <br />of market value at which the typical buyer would be willing to pay for the subject property. <br />The comparables used are all competing properties located in the subject market, and are <br />considered to provide a reliable estimate of market value. <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />The Income Approach is typically preferred for income producing properties. Due to limited <br />data available, the lncome Approach was not used. <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />. <br />. <br /> <br />Conclusion <br /> <br />Since there are no site improvements and limited rental data available, the Sales Comparison <br />Approach is the only approach deemed reliable. The derived market value estimate for the <br />subject property, as of November 23, 2004, is: <br /> <br />Final Estimate of Market Value (as medium density): <br /> <br />$1,251,000 <br /> <br />Final Estimate of Market Value (as commercial): <br /> <br />$1,472,000 <br /> <br />*Note: A commercial/residential mixed use for the subject property is not considered <br />appropriate given the appeal of the immediate area. <br /> <br />52 <br /> <br />. <br />