Allen M. Glick - Page 19

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          possibly reflect the various attributes of each of the 112 lots.            
          Therefore, for purposes of this valuation, we determine that the            
          use of an average estimate for the price per lot is appropriate.            
          Further, we do not assume that every lot would sell for this                
          average price, but rather that the lots would sell for a range of           
          prices and the use of an average selling price within that range            
          is appropriate for valuing the Property as a whole.                         
               Using Mr. Avery's lot price estimates, the average selling             
          price of a developed lot on the Property would be $169,696.13  Mr.          
          Dallamora's estimates produced an average lot price of $168,859             
          for the entire Property.14  Messrs. Segel and Handverger both               
          estimated that the average price per lot would be $200,000.                 
          Based on the comparable sales data submitted for individual lots,           


               13Calculation of Mr. Avery's average lot sale price:                   
                    Standard Marlborough    (17)x $150,000 = $2,550,000               
                    Standard Framingham     (60)x  165,000 =  9,900,000               
                    Marlborough pond         (9)x  165,000 =  1,485,000               
                    Framingham pond         (15)x  181,500 =  2,722,500               
                    Framingham oversize lots (6)x  250,000 =  1,500,000               
                                             107            $18,157,500               
                         $18,157,500 � 107 = $169,696.26                              
               14Calculation of Mr. Dallamora's average lot sale price:               
                    Framingham               (84)x $175,000 = $14,700,000             
                    Marlborough         (28)x  150,000 =   4,200,000                  
                    Southborough             ( 2)x  175,000 =     350,000             
                                             114            $19,250,000               
                         $19,250,000 � 114 = $168,859.65                              




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Last modified: May 25, 2011