- 11 -
In preparation for trial, both parties caused the rental
property to be appraised. Petitioner's appraiser did not appear
at the trial, and his report was not received into evidence.
Although Berry testified regarding the property's description and
use, petitioner offered no evidence of the property's fair market
rental value.
Respondent's expert, Daniel G. Barker (Barker), appraised
the fair market rental value of the leased property at $8,300 per
year. Respondent served a copy of Barker's report on petitioner
on October 26, 1994. Petitioner did not dispute Barker's
qualifications as an expert witness or his methodology.
Respondent's trial memorandum indicated that she would move to
amend the pleadings to conform to the proof and request an
increased deficiency.
Barker based his appraisal on the highest and best use of
the property as residential property. He considered the property
too small to rent for agricultural use, the only other use
permitted by the zoning. Using the market comparison approach,
Barker considered four residential rental properties, three of
which were located within Greensboro city limits, as comparables.
According to Barker, the Neelley Road property was in better
condition, slightly larger in size, and in a more attractive
neighborhood that any of the comparable properties. However,
Barker believed that properties located in or near Greensboro
would be in greater demand because of proximity to employment,
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011