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<br />LAND VALUE
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<br />In arriv:ing at the market value of the subject sites, we have relied entirely upon the sales
<br />and offerings of vacant land. Sales and/or offerings are considered to best reflect the thinking of
<br />the typic31 buyer in the marketplace. This approach, which is referred to as the Direct Sales
<br />Comparison Approach, employs dependable sales data available for properties that are truly
<br />competitive with the subject property including the terms and conditions of the transactions. It
<br />should be realized that there is a wide spectrum of buyer and user motivations and purposes :in the
<br />residential real estate field. A comparison has been made on the basis of the subject properties
<br />having a Highest and Best Use if vacant for single family residential development similar to that
<br />of the comparable properties. In establish:ing a basis for value, the major characteristics of a
<br />residential site that require analysis include:
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<br />1. Physical characteristics: size, shape, dimensions, topography, drainage, etc.
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<br />2. Zoning and other public controls: use restrictions, structural restrictions, setback
<br />requirements, height limitations, and on-site parking requirements.
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<br />3. Location: access, transit, highways, visibility, utilities, capacities, corner influence, costs,
<br />and characteristics of surrounding property.
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<br />4. Availability: priCes of comparable property, fipancing terms.
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<br />Precise and specific factual information can be obtained concerning most of the above
<br />factors. Some require further analysis. It is in terms of this analysis that standards of what is
<br />appropriate, and acceptable, must be developed. The foIIowing lot sales are considered to provide
<br />the best indication of value for the subject property assumed to be vacant.
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