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SALES COMPARISON APPROACH (Continued) <br />Land Sale 4 is the buyout, of the La Playa Beach Club. The buyer had razed the existing <br />improvements and plans to construction two, high-rise, condominium towers. The project received <br />site plan approval, with bonsues, and an agreed cost to purchase the TDR's. The project is fully <br />approved as the St. Regis Sunny Isles Beach. This project also included a similar negotiation, <br />purchase and termination of an existing condominium project. The purchase price was predicated <br />upon an appraisal of the land. <br />Anal <br />The sales included a range in pricing from $23,855,468 to $37,090,952 per acre. The sales will be <br />analyzed for approvals & improvements, property rights conveyed, conditions of sale, financing, <br />market conditions (i.e. time), zoning, site size, and location. The comparable sales will be compared <br />to the subject on a quantitative basis. For the purposes of the quantitative adjustments, percentage <br />(%) estimates or $ amounts as supported by the comparables will be applied as necessary. <br />Approvals & Improvements <br />Land Sales 2 through 4 included no development entitlements or approvals at the time of sale. Land <br />Sale 1 was fully entitled. When Land Sales 1 and 2 are compared about a 15% difference in pricing <br />is measured. A downward adjustment of 15% is applied to Land Sale 1. <br />Property Right Conveyed: <br />The sales each included transfers of fee simple estates. <br />Conditions of Sale: <br />The sales were all arm's length transactions. The subject property included the assemblage or <br />individual purchases of 108 condominium units within a low-rise project. The higher cost per acre <br />represents an assemblage premium due to the opportunity cost of developing on of the land <br />remaining, available, oceanfront parcels, on Sunny Isles Beach. In other municipalities the <br />assemblage premium has been about 30% to 70% higher than a typical land purchase. The higher <br />the unit count, or larger the assemblage, the higher the adjustment. <br />For the purpose of this appraisal an adjustment of 65% is applied to the subject sale. <br />37 <br />575 <br />