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LAND VALUE A land value estimate is concluded by comparing the subject site to comparable land sales. Generally, the comparable land sales are adjusted by time, property, and location to indicate the Market Value of the subject site as though unimproved. This process is known as the Direct Sales Comparison Method. The Direct Sales Comparison Method is a process of analyzing sales of similar recently sold land parcels in order to derive an indication of the most probable sales price of the site being appraised. The reliability of this approach is dependent upon the availability of comparable sales data, the verification of the sales data, the degree of comparability and the absence of non-typical conditions affecting the sale. The following page contains sales of similar land sites which have recently sold. Several other sales were considered, but were not included because there was too wide a difference in physical factors, location and time. In comparing the sales to the subject, consideration is given to factors of time, location, property characteristics, and terms and conditions of the sale. The sales are analyzed on a price paid per square foot of land area. The appraiser considered other units of comparison to include price paid per front foot, price per dwelling unit and price paid per buildable area. Since the number of units per acre and the buildable areas vary, these units of comparison do not form a consistent pattern. Since most of the sales are located in Sunny Isles Beach or Bal Harbour with ocean frontage and have the same or similar zoning classifications, the price per square foot should be a relatively consistent unit of comparison. The land sales are located within a three mile distance from the subject property and similarly have ocean frontage. Four of the six sales are located within a mile distance of the subject site. The subject site and five of the six sale properties are zoned MU-R, Mixed-Use Resort District Sale 1 is located on the southeast comer of Collins A venue and 170lh Street, approximately two miles south of the subject property. This 104,544 square foot site sold in June of 2003 for $25,000,000 or $239.13 per square foot. This site is zoned MU-R, Mixed Use Resort District. This site is currently vacant. A 284-unit condominium apartment building is planned for this site. Sale 2 is located on the east side of Collins A venue between lnnd Street and 174th Street, approximately one and one-half miles south of the subject property. This 39,099 square foot site sold in September of 2003 for $8,500,000 or $217.40 per square foot. This site is zoned MU-R, Mixed Use Resort District. A high-rise condominium apartment building is planned on the site. The sale price included building plans and approvals. Sale 3 is located on the northeast comer of Collins Avenue and I OOth Street, approximately four and one-half miles south of the subject property. This 223,118 square foot site sold in January of2004 for $50,400,000 or $225.89 per square foot. This site is zoned OF, Ocean Front. The Regent, a luxury condominium apartment building, is under construction on this site QUINLIVAN APPRAISAL 28