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<br />LAND V ALlUlE <br /> <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, propeliy, 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. <br /> <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 of the 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 of the sales data, the degree of comparability and the absence of non-typical conditions <br />affecting the sale. <br /> <br />The following page contains sales of similar land sites which have recently sold. Several other sales <br />were considered, but were not included because there was too wide a difference in physical factors, <br />location and time. <br /> <br />In comparing the sales to the subject, consideration is given to factors of time, location, property <br />characteristics, and telms and conditions of the sale. The sales are analyzed on a price paid per <br />square foot of land area. The appraiser considered other units of comparison to include price paid <br />per front foot, price per dwelling unit and price paid per buildable area. Since the number of units <br />per acre and the buildable areas vary, these units of comparison do not form a consistent pattern. <br />Since most of the sales have the same or similar zoning classifications, the price per square foot <br />should be a relatively consistent unit of comparison. <br /> <br />The land sales are located within a three mile distance from the subject property. One of the <br />comparable sales is located on the same block as the subject site with similar bay frontage. The <br />subject site and one of the sale properties are zoned TC, Town Center. Four of the seven comparable <br />sales are located in the Town of Bay Harbor Islands. <br /> <br />A detailed profile of each sale, a photograph of the sales, a sales map, a summary of the sales and <br />a value conclusion follows herein. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />30 <br />