Allen M. Glick - Page 20

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          the expert reports, and Mr. Dallamora's extensive experience in             
          real estate sales, we conclude that the individual developed lots           
          would sell for an average price of $170,000.                                

          Time Required To Sell the Lots                                              

               The length of time required to sell all the lots on the                
          Property is a factor of both market conditions and the amount of            
          time required to receive the necessary approval of the                      
          development permits from the various municipalities.  Both                  
          petitioner and respondent estimated that this approval process              
          for the development of the Property would take 6 months to 1                
          year.  However, the parties disagree as to when this period of              
          time would begin to run.  Mr. Handverger testified that the                 
          approval period would have begun during the purchase and sale               
          agreement phase, which was prior to the final purchase date.                
          Petitioner's experts reason that a typical buyer for a parcel of            
          land, such as the Property here, would conduct the approval                 
          process during this time, or, in the alternative, the buyer would           
          enter into an agreement, whereby the purchase of the Property               
          would be subject to the required approval process.  Respondent's            
          expert Mr. Avery, on the other hand, used a 1-year period in his            
          valuation, which began on the actual transfer date of the                   
          Property to the Commonwealth.                                               
               The application of any valuation method involves the use of            
          certain hypotheticals.  In the SDM, the property is developed               




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