- 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