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<br />utility of a raw site that is not encumbered by old improvements or bisected by an alley, and zoned <br />for General Retail use, itnvas adjusted about IS% or $0.10 PSF and the sale indicated about $0.79 <br />PSF. <br />The majority of the sales data suggested a value between $0.75 and $1.10 and a value in low center <br />of that range or about $0.80 PSF seems most reasonable. Thus, the estimated value of the subject <br />was, in round figures, <br />$55,000 <br />Reconciliation and Final Value Estimate <br />In this appraisal, the subject was valued using the sales comparison approach. It estimated the value <br />of the fee simple estate at $55,000 which was a$10,000 increase over the contract price. This <br />increase was earned through the added utility of closing the alley and re-zoning to a higher <br />classification. <br />Consequendy, my opinion of the market value of the fee simple estate in the subject property as of <br />August 14, 2001 was, <br />FIFTY FIVE THOUSAND DOLLARS <br />($55,000) <br />Exposure Period <br />The opinion of value assumed the subject was properly exposed to the marke[ for nine to twelve <br />months prior to the date of value. <br />Marketiniz An al vs is <br />The actual marketing history of some of the sales has been quite long as the subject itself shows. <br />Properly listed at $50,000 or within 5% of the sales price, it s[ill [ook over 18 months to reach <br />contract. <br />The present overall demand for real estate in this strip is the best in several years, mortgage money ~ <br />is plentiful and as new construction rates show, numerous individuals are interested in an <br />entrepreneurial effort. Therefore, the estimated future marketing time necessary for the subject to <br />command the appraised value was about nine to twelve months from the date oF value if properly <br />exposed to the market. <br />PAT MURPHY & ASSOCIATES i i <br />