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conclusion, the BAAS appraisal relied principally on
comparable #1, the August 1989 sale of between 101.137 and
120.379 acres to Hillsborough County for $1,446,783. The
operative passage of the BAAS appraisal states as follows:
The sale by [sic] Hillsborough County [comparable
#1] is of great significance, due to the date the
sale took place, the similarity of the size, and
the parcel's proximate location.
The Hillsborough County purchase of a parcel to
buffer its sewer plant reflects a price of
between $12,056 and $14,325 per acre. Centex,
the seller, obviously placed a value on the land
based on its residential potential. The county
typically pays somewhat of a premium, like most
governmental and quasi governmental agencies.
This occurs due to disadvantages in negotiations
and a desire to avoid confrontation or legal
action. Consequently, we have adjusted the sale
price that we split between the $14,325 high and
$12,056 low indicator. We also adjusted this
comparable up for its inferior location. We have
concluded a value indicator of $14,000/AC from
this sale.
The other comparables are at least 18 months old.
The unadjusted sale price, on a per acre basis,
varies from $13,464 [comparable #2] to $18,285
[comparable #5]. Interestingly, the oldest
comparable [comparable #6] is for a 90 AC
defunct orange grove which sold in December,
1986 for an unadjusted price of $14,525/AC.
This parcel encompasses a 5 AC lake and has
no environmentally sensitive land. Hence, our
sales do not indicate an upward trend in value.
We believe that the major fall in construction
activity in Hillsborough County accounts for
the stable prices of large, raw acreage tracts.
Few developers can afford to tie up major funds
in warehousing future development sites.
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