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<br />LAND VALUE
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<br />A land value estimate is concluded by comparing the subject site to comparable land sales.
<br />Generally, the comparable land sales are adjusted by time, property, and location to indicate the
<br />Market Value of the subject site as though unimproved. This process is known as the Direct Sales
<br />Comparison Method.
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<br />The Direct Sales Comparison Method is a process of analyzing sales of similar recently sold land
<br />parcels in order to derive an indication ofthe most probable sales price of the site being appraised.
<br />The reliability of this approach is dependent upon the availability of comparable sales data, the
<br />verification ofthe sales data, the degree of comparability and the absence of non-typical conditions
<br />affecting the sale.
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<br />The following pages contain sales of similar land sites which have recently sold. Several other sales
<br />are considered, but are not included because there is too wide a difference in physical factors,
<br />location and time.
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<br />In comparing the sales to the subject, consideration is given to factors of time, location, property
<br />characteristics, and terms and conditions of the sale. The sales are analyzed on a price paid per
<br />square foot of land area.
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<br />The commercial areas of Sunny Isles Beach is almost entirely developed; therefore, there are few
<br />vacant sites and few sales. Because of the absence ofland sales in the immediate neighborhood of
<br />the subject property, the appraisers searched in nearby competitive commercial areas.
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<br />Sale 1 is located on the corner ofN .E. 29th Avenue and N.E. 188th Street in A ventura, approximately
<br />1 Yz miles northwest of the subject. This 68,389 square foot site sold in June of2001 for $2,500,000
<br />or $36.56 per square foot ofland area. The site is zoned for commercial use. The site is vacant and
<br />at a grade suitable for development. The site is located adjacent the Loehmann's Plaza Shopping
<br />Center, one of the major retail facilities in Aventura. A retail building is under construction on this
<br />site.
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<br />Sale 2 is located on Collins Avenue in Sunny Isles, adjacent to the south of the subject site. This
<br />122,900 square foot site sold in November of200 1 for $2,400,000 or $19.51 per square foot ofland
<br />area. The site is zoned for commercial use. The site has over 200 feet of frontage on Collins Avenue
<br />and Altantic Boulevard. At the time of sale, the site was improved with a restaurant building. The
<br />City of Sunny Isles Beach purchased the site for the construction of a city hall. The city will also
<br />construct the shell of a restaurant building and lease the building back to the current tenant.
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<br />Sale 3 is located on North Miami Beach Boulevard in North Miami Beach, approximately 1 Y4 miles
<br />southwest ofthe subject. This 45,000 square foot site sold in November of200 1 for $1,400,000 or
<br />$31.11 per square foot of land area. The site is zoned for commercial use. The zoning of the site
<br />is similar to the zoning of subject site. The site was improved at the time of sale with a one-story
<br />office building. The existing building has been demolished and a 52,000 square foot office building
<br />is planned for the site. The site is located on the mainland, east of Sunny Isles Beach. The location
<br />of the Sale 3 site is inferior to the location of the subject site.
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<br />QUINLIVAN APPRAISAL
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