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- utility of a raw site that is not <br />for General Retail use, it was <br />PSF. <br />The majority of the sales data sug <br />of that range or about $0.80 PSF <br />was, in round figures, <br />red by old improvements or bisected by an alley, and zoned <br />about I S% or $0.10 PSF and the sale indicated about $0.79 <br />a value between $0.75 and $ L 10 and a value in low center <br />most reasonable. Thus, the estimated value of the subject <br />$55,000 <br />In this appraisal, the subject was value using the sales comparison approach. I[ estimated the value <br />of the fee simple estate at $55,000 hich was a$1Q000 increase over the contract price. This <br />increase was earned through the ad ed utility of closing the alley and re-zoning to a higher <br />classification. <br />Consequently, my opinion of the <br />August 14, 2001 was, <br />value of the fee simple estate in the subject properry as of <br />FIFTY <br />THOUSAND DOLLARS <br />($55,000) <br />Exnosure Period <br />The opinion of value assumed the su <br />months prior to the date of value. <br />was properly exposed to the market for nine to [welve <br />Marketing Analysis <br />The actual marketing history of some of the sales has been quite long as the subject itself shows. <br />Propedy listed at $50,000 or wi[hin % of the sales price, it still took over 18 months to reach <br />contract <br />The present overall demand for real e! <br />is plentiful and as new constructio <br />entrepreneurial effort. Therefore, the <br />command the appraised value was ata, <br />exposed to the market. <br />te in this strip is the best in several years, mortgage money <br />rates show, numerous individuals are interested in an <br />imated future marketing time necessary for the subject to <br />t nine to twelve months from the date of value if properly <br />PAT MUIRPHY & ASSOCIATES i i <br />