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Based on his assumptions as to highest and best use and lot
yield, Mr. Sapperstein reached the conclusion that (1) if 15 lots
could be developed on the land, the fair market value of the
easement on the conveyance date was $518,000, and (2) if 16 lots
could be developed on the land, the fair market value of the
easement on the conveyance date was $563,000. Mr. Sapperstein
provides the following tables to illustrate his calculations (the
entries for improvements reflect a dwelling on the land):
15 Lot Scenario
Valuation Land Improvements Total
Before $675,000 $375,500 $1,050,500
After 157,000 375,500 532,500
Easement Value (15 lots) $518,000
16 Lot Scenario
Valuation Land Improvements Total
Before $720,000 $375,500 $1,095,500
After 157,000 375,500 532,500
Easement Value (16 lots) $563,000
Respondent’s Expert
M. Ronald Lipman
Respondent presented the expert testimony of M. Ronald
Lipman of Lipman Frizzell & Mitchell, LLC, real estate appraisers
and consultants. Mr. Lipman is a certified general real estate
appraiser in Maryland and other States. Mr. Lipman has an
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Last modified: May 25, 2011