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possibly reflect the various attributes of each of the 112 lots.
Therefore, for purposes of this valuation, we determine that the
use of an average estimate for the price per lot is appropriate.
Further, we do not assume that every lot would sell for this
average price, but rather that the lots would sell for a range of
prices and the use of an average selling price within that range
is appropriate for valuing the Property as a whole.
Using Mr. Avery's lot price estimates, the average selling
price of a developed lot on the Property would be $169,696.13 Mr.
Dallamora's estimates produced an average lot price of $168,859
for the entire Property.14 Messrs. Segel and Handverger both
estimated that the average price per lot would be $200,000.
Based on the comparable sales data submitted for individual lots,
13Calculation of Mr. Avery's average lot sale price:
Standard Marlborough (17)x $150,000 = $2,550,000
Standard Framingham (60)x 165,000 = 9,900,000
Marlborough pond (9)x 165,000 = 1,485,000
Framingham pond (15)x 181,500 = 2,722,500
Framingham oversize lots (6)x 250,000 = 1,500,000
107 $18,157,500
$18,157,500 � 107 = $169,696.26
14Calculation of Mr. Dallamora's average lot sale price:
Framingham (84)x $175,000 = $14,700,000
Marlborough (28)x 150,000 = 4,200,000
Southborough ( 2)x 175,000 = 350,000
114 $19,250,000
$19,250,000 � 114 = $168,859.65
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