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<br />SCOPE OF THE APPRAISAL <br /> <br />The value of a site can be estimated by various methods which include Direct Sales Comparison, <br />Allocation, Extraction, Development Approach, Land Residual or Ground Rent Capitalization. <br />However, the Direct Sales Comparison Approach is the most preferred and utilized technique when <br />sales of comparable sites are available. The other methodologies are indirect techniques which are <br />generally used when an area is primarily built-up and sales of comparable sites are scarce. <br /> <br />The Direct Sales Comparison Method of valuing the subject site was relied on due to the availability <br />of recent land sales. <br /> <br />In the Direct Sales Comparison Method, sales of similar recently sold sites with a similar highest and <br />best use as the subject site are analyzed, compared and adjusted by time, property characteristics and <br />location to indicate the Market Value of the subject site as though unimproved. The reliability of <br />this approach is dependent upon the availability of comparable sales data, the verification of the sales <br />data, the degree of comparability and the absence of non-typical conditions affecting the sale. <br /> <br />A search for sales of vacant sites in the general location of the subject site was conducted. Sales of <br />sites with similar highest and best uses as the subject site are utilized in this analysis. <br /> <br />Data related to the subject property was derived from various sources including but not limited to <br />the Miami-Dade County Property Appraiser's Office, Miami-Dade County plats as complied by First <br />American Real Estate Solutions, Inc., FEMA flood zone maps, Land Development Regulations of <br />the City of Sunny Isles Beach, and tax roll information by ISCNET. <br /> <br />Comparable sales sources include First American Real Estate Solutions, Inc., on-line computer <br />service provided by ISCNET, Board of Realtors' Multiple Listing Service, Tri-County Clipping <br />Service and CoStar. Sales prices are typically confirmed with a party to the transaction, i.e. buyer, <br />seller, real estate agent or attorney to the transaction. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />27 <br />