- 20 - 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.Page: Previous 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Next
Last modified: May 25, 2011