Charles H. Browning, Jr., and Patricia L. Browning - Page 10

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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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