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Mr. Ron Moorse <br />September 21, 1984 <br />Page 2 <br />In arriving at the market value of the subject property both <br />before and after soil corrections, we have relied entirely upon the <br />sales and offerings of comparable vacant land as, in our opinion, <br />sales and/or offerings of vacant high density residential land best <br />reflected thinking of the typical buyer and seller in the market <br />place,. This approach, which is referred to as the Direct Sales <br />Comparison Approach, is employed whenever dependable sales data are <br />available for properties that are truly competitive with the subject <br />property. Your appraiser has investigated the terms and conditions <br />of the comparable sales transactions to try and determine the attitude <br />aims of the purchaser. Your appraiser has tried to be objective in <br />his analysis of the comparable sales transactions without inferring <br />motivations. It should be realized that there is a wide spectrum <br />of buyer and user motivations and purposes in the purchase of high <br />density residential land. In establishing a basis for value estimation, <br />the major characteristics of the high density residential site that <br />would be analyzed include: <br />1. Physical characteristics: size, shape, dimensions, <br />topography, drainage, bearing capacity and <br />permeability of the soil. <br />2. Zoning and other public controls: use restrictions, <br />structural restrictions, set back requirements, <br />height limitations, on -site parking requirements, <br />safety requirements and fire code requirements. <br />3. Title limitations: liens, easements, special <br />assessments and covenance. <br />4. Access (location): transit, highway, visual access; <br />electricity, fire and police protection, availability, <br />capacities and costs. <br />5. Availability: price, financing, and terms. <br />Therefore, after a thorough analysis of all factors, it is lily <br />opinion that the following values are applicable to the subject property <br />as of September 10, 1984: <br />Va?.ue before soil corrections: <br />98 units at $21500/unit = $245,000.00 <br />Value after soil corrections: <br />130 units at $2,250/unit = $292,500.00 <br />