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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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