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<br />DAHLEN & DWYER, INC. <br /> <br />MARKETING TIME <br /> <br />Marketing time can be defined as the amount of time necessary to expose a <br />property in the open market in order to effect a sale. Implicit in this definition is that <br />the property is priced competitively and is aggressively marketed by seasoned and <br />experienced professionals. It also makes the assumption that the owner of the <br />property is a willing seller and is not under any duress with the desire to dispose of <br />the property to a willing buyer that is financially capable of completing the <br />transaction. Also it is assumed that: <br /> <br />. ..The property will be actively exposed and aggressively marketed to potential <br />purchasers through marketing channels commonly used by sellers of similar <br />types of properties. <br /> <br />... The property will be offered at a price reflecting the most probable mark-up- <br />over market value used by sellers of similar properties. <br /> <br />...A sale will be consummated under the terms and conditions of the definition <br />of market value stated in this report. <br /> <br />An estimate of marketing time is usually derived from an analysis of <br />comparable sales. It is important to note, however, that market conditions continually <br />change. There are several factors that influence the marketability of investment real <br />estate. Factors such as zoning, interest rates, tax policies, and economic conditions <br />have a profound impact on most industrial properties. Using the marketing time of <br />properties that have sold in the past does have some shortcomings. The appraiser's <br />estimate of market time derived in this analysis is based upon a survey of informed <br />market participants, a study of marketing times of comparable properties, and a <br />survey of real estate brokers currently and actively engaged in the marketing of these <br />types of properties. I have also investigated current listings of similar types of <br />properties. <br /> <br />Based upon an analysis of all available information including the Korpacz Real <br />Estate Investors Survey, I anticipate the marketing time for a property such as the <br />subject, under current economic conditions, to be from 6-12 months. <br /> <br />