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SALES COMPARISON APPROACH TO VALUE (Continued) <br /> Land Sale 4 includes a dated transaction of the subject property. <br /> The sales will be analyzed for property rights conveyed, conditions of sale, financing, market <br /> conditions(i.e. time), zoning, site size, location and approvals and other. The comparable sales will <br /> be compared to the subject on a quantitative basis. For the purposes of the quantitative adjustments, <br /> percentage(%)estimates or$amounts as supported by the comparables will be applied as necessary. <br /> Property Right Conveyed: <br /> The sales each included transfers of fee simple estates. <br /> Conditions of Sale: <br /> The sales were each considered to be arm's length transactions. An adjustment for this factor is not <br /> applied. <br /> Financing: <br /> The sales each included cash or cash equivalent purchases of real estate. An adjustment for this factor <br /> will also not be applied. <br /> Market Conditions(Time): <br /> The sales occurred from May 2012 through a recent closed sale and contracted dated November and <br /> December 2014. A direct comparison of Sales 3 and 4 indicate an increase in pricing of about 40% <br /> since 2012. Other coastal locations exhibit similar increases over the past few years for commercial <br /> land. <br /> Zoning: <br /> The sales include varying zoning codes with different FAR requirement and development rights. <br /> Sales 2 through 4 include similar zoning codes. Sale 1 includes a superior zoning code. However, <br /> this property is considerably larger in size. As such, an adjustment for this factor will not be applied, <br /> but considered in the final reconciliation of market value. <br /> Site Size: <br /> Sale 1 is larger in size while Sale 2 is considerably smaller. According to market evidence a larger <br /> property will tend to sell for less on a per square foot basis than a smaller one. A direct comparison <br /> of Sales 1 and 4 illustrate an approximate 10% difference due to site size. Sales 2 and 3 illustrate an <br /> approximate 15% difference. For the purpose of this appraisal a 10% upward adjustment will be <br /> applied to Sale 1, while Sale 2 is adjusted downward by the same amount. <br /> 21 <br />