- 19 -
a residential zoning classification. Adjustments were made in
order to account for the date of sale, location, size, and
utility. The adjustment for utility accounted for numerous
factors, including topography, shape, availability of utilities,
and site development estimates.
Tidwell's comparable sales analysis for parcel B also
involved four real estate sales of properties located in the
general vicinity of the subject property. All four properties
had a commercial zoning classification and similar adjustments
were made to account for the variables noted above with respect
to parcel A.
The results of Tidwell's appraisal can be summarized as
follows:
FMV of Decedent’s
Parcel FMV per Acre FMV of Parcel 50% Interest
A $19,000 $1,235,000 $617,500
B 95,000 975,000 487,500
7. Schoel Engineering Study
On September 18, 1992, the Walter Schoel Engineering Co.,
Inc. (Schoel), provided Holman's attorney with a brief report
(Schoel report) regarding parcel A. The Schoel report was in
response to a request that Schoel evaluate the physical
characteristics of parcel A. The objective of the Schoel report
was to identify the development potential of the parcel.
Schoel is an organization consisting of numerous engineers,
land surveyors, and hydrologists. As part of its business,
Page: Previous 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 NextLast modified: May 25, 2011