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concluded that Phase 5 had a fair market value on the valuation
date of $7.50 per square foot, or $3,420,000.
Mr. Pio acknowledged that Hillsboro was a completely
different market with characteristics distinct from Sherwood. As
such, we find that comparables 7, 8, and 9 are not reliable
indicators of value. Likewise, comparables 12 or 13 are not
reliable indicators of value. The sales occurred more than 3
years after the valuation date, and because of the
reconfiguration, the character of the property was significantly
different than it was on the date of death. Therefore, we take
into consideration comparables 10 and 11 only.
3. Fair Market Value of Phase 5
Mr. Kelley’s comparable 1 was the same property as Mr. Pio’s
comparable 10 (comparable 1-10). Likewise, Mr. Kelley’s
comparable 2 was the same property as Mr. Pio’s comparable 11
(comparable 2-11). Both comparables were located in the Town
Center area of Sherwood, and the sales dates were within 6 months
of the date of death. Thus, we find that comparables 1-10 and 2-
11 are the most helpful in determining the fair market value of
Phase 5. Based on the expert reports, we find that there are
five major factors that must be weighed in comparing comparables
1-10 and 2-11 to Phase 5: Location, exposure, configuration,
accessibility, and zoning.
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