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SALES COMPARISON APPROACH Sales comparison may be used to value land that is actually vacant or land that is being considered as though vacant for valuation purposes. Sales comparison is the most common technique for valuing land, and it is the preferred method when comparable sales are available. To apply this method, data on sales of similar parcels of land is collected, analyzed, compared, and adjusted to provide a value indication for the site being appraised. In the comparison process, the similarity or dissimilarity of the parcels is considered. Source: The Appraisal of Real Estate, Fifteenth Edition, Appraisal Institute, 2020. The subject property contains a surveyed area of 87,660 square feet or 2.0124 acresw. The client is in the process of entitling the property for future condominium development in accordance with the LDR. The plan is to acquire said bonuses and purchase TDR's to achieve the maximum allowable development rights via FAR. There are several methods in estimating the cost to purchase TDR's. The first is to purchase the TDRs from the City Bank. , This requires presenting a valuation estimating said costs by a comparable land sales method. The second would be to compare private purchases of TDRs, or purchases not involving the City Bank. The oceanfront of Suuny Isles Beach is fully developed with no available sites along the ocean. Although rare the most recent transactions have typically required the buyout of an older condominium project. This has also been the case for neighborhing municipalities such as Bal Harbour, Surfside and Miami Beach. The last land transaction on Sunny Isles Beach occurred in 2014. While condominium unit pricing has fluxuated over the years, it has generally been higher since the pandemic. However, recently due to an increase in available inventory and higher ownership costs there has been notable declines in pricing, especially on a per squaer foot basis. This coupled with higher construction costs, current interest rates and costs of obtaining the necessary capital, has delayed many of the proposed condominium projects. In addition, the timing and cost of obtaining development approvals on Sunny Isles Beach, especially when mamimizing FAR and density, has also been a factor when deciding when to begin or plan a project. It is for these reasons that construction activity has been limited with only three projects currently approved, with one under construction and the other breaking ground. The purchase of this appraisal is to establishing a purchase price, or cost, to obtain the necessary TDR's from the City's TDR bank to entitle said project. While there have been private purchases of TDR's, between two land owners, most have been from the City. Sunny Isles Beach is unique in terms of their LDR and condominium development. Unlike said neighboring oceanfront communities Sunny Isles Beach permits considerably higher FAR's, density 32 570