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On the whole, the comparable sites offer similar
opportunities to a developer of a large acreage
subdivision. We believe that what the subject
lacks in percentage of buildable land compared
to other sites, it makes up in its development
potential that allows a much higher density.
Except for the Cathryn Sheldon site [comparable
#2], the approved density at the comparables
under zoning or present land use designation is
much lower. In light of the value indicators
derived from an analysis of the comparable sales,
we conclude a total market value of $791,000.
The BAAS appraisal notes that "Approximately 40% of the
total site [comparable #1] is environmentally sensitive."
The appraisal also notes that approximately 20 acres of the
usable land was reserved for a school and park.
Petitioner complains that the BAAS appraisal does not
set forth the purchase price for each comparable on a "per
usable acre" basis. According to petitioner, when the
comparable sales used in the BAAS appraisal are analyzed
on a price per usable acre basis, it shows that the
comparables were sold for approximately $20,000 per usable
acre. Petitioner's analysis is as follows:
Percent Price Per
Comparable Purchase Price Acres Wet Usable Acre
1 $1,446,783 101.137 40 $23,842
1,446,783 120.379 40 20,031
2 826,700 61.400 35 20,714
909,300 61.400 35 22,784
3 8,300,000 577.800 30 20,521
4 11,146,000 648.820 35 26,429
5 2,975,000 162.700 25 24,380
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