Allen M. Glick - Page 22

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          sell the developed property given the desirability of the area              
          and the market conditions existing at that time.  Furthermore,              
          Mr. Dallamora believed that it would be relatively easy to sell             
          the lots in bulk to home builders, rather than to individual home           
          buyers.  Mr. Avery, however, believed that the market in the area           
          was shallow for high-priced homes at the time of transfer and,              
          thus, estimated a 5-year absorption period.                                 
               In light of all the evidence presented, we consider Mr.                
          Avery's appraisal unduly pessimistic with respect to the                    
          absorption period.  Given the booming real estate market and the            
          premium location of the Property, and assuming bulk sales of the            
          lots to builders, we find a 3-year absorption period more                   
          realistic.                                                                  

          Development Costs                                                           

               A. Sewer Improvements                                                  

               The parties differ significantly over the estimated expense            
          of the sewer system necessary for the development of the                    
          Property.  The experts all agreed that the lots in Marlborough              
          would be serviced by septic systems on the individual lots, while           
          the Framingham and Southborough lots would be tied into the                 
          Framingham sewer system.  Exactly how this would be accomplished            
          is the subject of dispute.                                                  







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Last modified: May 25, 2011