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<br />6. Physical differences - The adjustment process is an attempt to account for significant <br />adjustment factors between comparables and the subject. The comparables are adjusted <br />to the subject to make them like the subject. Therefore, if the comparable has a feature <br />that is better than that found in the subject, a downward adjustment is applied. If the <br />feature is worse than that in the subject, or nonexistent in the comparable, an upward <br />adjustment is applied. The physical differences that exist between the comparables and the <br />subject are adjusted to indicate a reasonable value conclusion for the property being <br />appraised. One of the basic characteristics of real estate is that it is unique. Because real <br />estate is unique and there are generally numerous differences between properties, only <br />quantifiable or significant differences should be adjusted. The physical differences are best <br />obtained (as are all adjustments) from a direct comparison of comparables. However, <br />because properties are generally not alike except for one difference, physical (and other) <br />adjustments are not easily abstracted from sales. <br /> <br />Adjustments for this category include size, shape topography, etc and each comparable was <br />adjusted as we deemed appropriate. <br /> <br />7. Lake Quality - This adjustment considers the quality of the subject lake as it compares to <br />the lakes on which the comparable sale are located. Some lakes are higher quality in that <br />they provide superior fishing and recreation opportunities and therefore are higher demand <br />and reflect higher front foot costs. Each sale property was adjusted for this category based <br />on our knowledge of these various lakes. <br /> <br />8. Other - The other adjustment category is a catch-all for relevant adjustments that cannot <br />be categorized in the previous adjustments. The encumbrance of subject sites with a water <br />line easement that requires special development cousiderations is adjusted under this <br />category as well as utilities. <br /> <br />Following is a list of comparable sale data used in the valuation of the subject property as <br />well as the adjustment grid prepared for the properties. <br /> <br />I. <br /> <br />" <br /> <br />I <br />I' <br /> <br />29 <br />