James H. Japhet - Page 8




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          the apartment building because 7518 Windsor Oaks had 2,768 square           
          feet and the apartment building had 4,409 square feet, a                    
          difference of 37 percent.                                                   
          D.   Respondent’s Expert--Kurek                                             
               Kurek estimated that the fair market value of the apartment            
          building was $139,900 as of August 10, 1993.  He inspected the              
          property in May 1996 and March 1999.                                        
               Kurek testified that 7592 Windsor Oaks and 7600 Windsor Oaks           
          were so similar to the apartment building that no adjustments to            
          their prices were needed.  He testified that the greater                    
          aesthetic appeal of the apartment building, as compared to the              
          boxlike appearance of 7600 Windsor Oaks and 7592 Windsor Oaks,              
          offsets the amount of any adjustment for the smaller amount of              
          exterior brick and the smaller area for parking.  Kurek also said           
          that 7518 Windsor Oaks was not comparable to the apartment                  
          building because it was only about half the size of the apartment           
          building.                                                                   
          E.   Analysis                                                               
               We find that Glen’s and Wolff’s analysis is more reasonable            
          than Kurek’s.  Glen estimated that the apartment building at                
          issue was worth substantially more than 7518 Windsor Oaks, which            
          sold for $63,000, because the apartment building at issue was               
          larger.  He estimated that it was worth substantially less than             
          7600 Windsor Oaks and 7592 Windsor Oaks because the apartment               






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