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Messrs. Monger and Griffin estimated the value of the
improved portions of Port Ludlow using a cost approach. An
income approach was also used for those properties for which
there was sufficient revenue and expense data (i.e., the
restaurant, marina, and golf course). The sales comparison
approach was not considered a reliable value indicator, since
individual resort components sell infrequently, and they derive
their value mostly in connection with the larger resort property.
Messrs. Monger and Griffin utilized the sales comparison
approach, however, to estimate the value of the land underlying
the improvements. That method is discussed below. Messrs.
Monger and Griffin determined the following fair market values
for the land and improvements at Port Ludlow:
Land and Improvement Value
Golf course $2,350,000
Convention center and sales
office 270,000
Restaurant 500,000
Marina 1,080,000
Total $4,200,000
In addition, Messrs. Monger and Griffin utilized the cost
approach to estimate the value of certain retail and commercial
facilities that were under construction in 1985 at $130,000.
Finally, in estimating the value of the vacant, undeveloped
land, Messrs. Monger and Griffin divided the parcels into
functional units, or a smaller number of property groups with
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