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<br />DAlß.EN & DWYER, INC. <br /> <br /> <br />LAND SALE COMPARABLES <br /> <br />In arriving at the market value of the subject site, I have relied entirely upon <br />the sales and/or offerings of vacant medium to high density residential land as, in my <br />opinion, sales and/or offerings of vacant medium to high density residential land <br />reflects the thinking of the typical buyer in t he marketplace. This approach which <br />is referred to as the Direct Sales Comparison Approach is employed whenever <br />dependable sales data are available for properties that are competitive with the <br />subject property. Your appraiser has investigated the terms and conditions of the <br />comparable sales transactions to try and determine the attitude and aims of the <br />purchaser. Your appraiser has tried to be objective in the analysis of the comparable <br />sales transactions without inferring motivations. It should be realized that there is a <br />wide spectrum of buyer and user motivations and purposes in medium to high density <br />residential land. In establishing a basis for value, the major characteristics of a site <br />that would be analyzed include: <br /> <br />1. <br /> <br />Physical characteristics: size, shape, dimensions, topography, drainage, <br />bearing capacity and permeability of the soil. <br /> <br />2. <br /> <br />Zoning and other public controls: use restrictions, structural restrictions, <br />setback requirements, density, height limitations, on-site parking <br />requirements, safety requirements and fire code requirements. <br /> <br />3. <br /> <br />Title limitations: liens, easements, special assessments and covenants. <br /> <br />4. <br /> <br />Access (location): transit, highway, visual access, electricity I fire and <br />police protection, availability, capacities, and costs. <br /> <br />5. <br /> <br />Availability: price, finÇincing terms. <br /> <br />Most of these factors are items about which precise and specific factual <br />information can be obtained. Some require analysis beyond this. It is in terms of the <br />analysis that standards of what is appropriate and what is acceptable, must be <br />developed. The following land sales in my opinion, are most indicative of value and <br />provide the best indication of value for the subject property. <br /> <br />