- 23 - and Mr. Wegman testified, that the uncertainty of the road project at that time made it difficult to sell the property and temporarily decreased the property's value. This is confirmed by that fact that Mr. Sirmans received no offer to purchase the property as a result of the marketing efforts of Wegman Realty from late 1989 through the date of death. The BAAS appraisal purports to value the property as of June 18, 1990. However, the appraisal makes clear that BAAS did not take into account the road project. Assumption No. 5 of the appraisal states as follows: We have valued the subject in its current con- dition, prior to an announced taking of right- of-way for a 122' wide strip connecting Gunn Highway and Sheldon Road that will transverse the subject. It is evident, therefore, that the BAAS appraisal fails to take into consideration a significant factor that bears on the value of the decedent's property as of the date of death. Fishback Appraisal The Fishback appraisal utilized a three-step process in arriving at the market value of the 4.83 acres to be acquired for the proposed right-of-way, including damagesPage: 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