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<br />ANAL YSIS OF SALES <br /> <br />The land sales range in unit price from $86.67 to $234.89 per square foot and range in time from <br />December of2004 to May of2006. <br /> <br />Property Rights <br /> <br />The fee simple interest is the property right of the subject property being valued. The comparable <br />sales involved the same type of properiy rights. <br /> <br />Financing <br /> <br />The financing of the sales does not indicate any adjustments of the sale prices for favorable/below <br />market financing. <br /> <br />Condition of Sales <br /> <br />All of the sales were ann's-Iength transactions. An arm's-length transaction is defined as a <br />transaction freely alTived at in the open market unaffected by abnormal pressure or by the absence <br />of normal competitive negotiation as might be true in the case between related parties. <br /> <br />Date of Saie (Market Conditions) <br /> <br />The sales occulTed between November of2004 and May of2006. An upward trend in price for land <br />sites in the subject market area is evident over this time period. <br /> <br />Location <br /> <br />The land sales are located in A ventura, Bay Harbor Islands and Sunny Isles Beach,. The sale sites <br />are all similar in general location to the subject site. Sales I is located in the same block as the <br />subject site and has frontage along Sunny Isles Boulevard. The subject site and Sales 1,3,4,6 and <br />7 have frontage on a bay and may have some potential for boat access; although, Sales 3 and 6 have <br />a smaller amount of water frontage. Sale 2 has canal frontage and Sale 5 has no water frontage. Sale <br />8 is a recent sale of the subject property. <br /> <br />Land Size <br /> <br />The land sales range in size from I 1,250 to 132,209 square feet. The sales do not indicate a <br />difference in sale price based on size. <br /> <br />Zoning <br /> <br />The subject site, Sale I and Sale 8 are zoned TC, Town Center by Sunny Isles Beach, which permits <br />mixed use. All of the remaining land sales are zoned for multi-family residential usage. Sales 2 <br />through 7 have a lower density than the subject site. Generally, a site with a higher density will sell <br />at a higher price per square foot. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />41 <br />