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INTRODUCTION 3 <br /> Boundary Survey 44 <br /> Improvement Description 45 <br /> Market Participants/Most Probable Purchaser 45 <br /> Marketability (SWOT Analysis) 45 <br /> Exposure Time 46 <br /> Reasonable Marketing Time 46 <br /> ANALYSIS OF DATA 47 <br /> The Appraisal Process 48 <br /> Highest and Best Use 49 <br /> Highest and Best Use As Though Vacant 49 <br /> Estimate of Land Value 53 <br /> Sales Comparison Approach 53 <br /> Comparable Land Sales Location Map 55 <br /> Analysis of Sales 56 <br /> Reconciliation 57 <br /> Land Residual Technique 58 <br /> Reconciliation and Final Estimate of Value 59 <br /> ADDENDA 60 <br /> ASSUMPTIONS, CONTINGENT AND LIMITING CONDITIONS <br /> DEFINITIONS <br /> LAND SALE PROFILES <br /> ZONING <br /> DEMOGRAPHICS <br /> QUALIFICATIONS <br /> Index of Tables <br /> South Florida MSA Largest Cities 22 <br /> Demographic Characteristics—South Florida vs. United States 24 <br /> South Florida Population 25 <br /> Population Projections by County— South Florida MSA—2015—2025 26 <br /> Employment Industries—South Florida Region 27 <br /> South Florida MSA— Largest Employers 28 <br /> Southeastern Florida— Unemployment Rate Trends 31 <br /> Annualized Population Growth by County— South Florida —2002 - 2012 38 <br /> Comparable Land Sales Summary 54 <br /> Value Indication —Sales Comparison Approach 58 <br /> Value Indication — Land Residual Technique 58 <br /> Clobus, McLemore & Duke, Inc. <br />