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<br />.. <br /> <br />LAND VALUE <br /> <br />In arriving 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 typical 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 establishing a basis for value, the major characteristics of a <br />residential site that require analysis include: <br /> <br />1. Physical characteristics: size, shape, dimensions, topography, drainage, etc. <br /> <br />2. Zoning and other public controls: use restrictions, structural restrictions, setback <br />requirements, height limitations, and on-site parking requirements. <br /> <br />I <br />I <br />I <br />I <br /> <br />3. Location: access, transit, highways, visibility, utilities, capacities, comer influence, costs, <br />and characteristics of surrounding property. <br /> <br />4. Availability: prices of comparable property, fmancing terms. <br /> <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 following lot sales are considered to provide <br />the best indication of value for the subject property assumed to be vacant. <br /> <br />I <br />I <br /> <br />26 <br />