Estate of Juanita F. Sirmans, Deceased Dan L. Sirmans, Executor - Page 25

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                  development, it is our opinion that a prudent                       
                  purchaser would pay substantially less in today's                   
                  Sale Nos. 1, 2, 4, 5, and 6 were considered                         
                  superior to the subject for reasons previously                      
                  mentioned (zoning and/or location).  Sale No. 3                     
                  is located in close proximity to the subject and                    
                  is considered a more reliable indicator of value.                   
                  Listing 1 is a property listing which would                         
                  indicate the upper value limit for the subject.                     
                  Based on the preceding, it is our opinion that                      
                  the estimated market value of the property would                    
                  be $13,000 per acre based on the gross acreage.                     
                  The [sic] equates to $19,520/acre for the usable                    
                  20 acre size.  Therefore:                                           
                       $13,000/acre X 30.03 acres = $390,390                          
                                      ROUNDED TO  = $390,500                          

                  The second step in the appraisal was to value the                   
             part of the property taken by the County, consisting of a                
             4.83-acre strip which the Fishback appraisal described "as               
             part of the upland area of the parent tract".  The Fishback              
             appraisal describes the value of the part of the property                
             taken as follows:                                                        

                  The value of the upland area of the parent tract                    
                  [i.e., usable land] was estimated at $19,500 per                    
                  acre (rounded).  The same sales that were used in                   
                  valuing the entire parcel in the before situation                   
                  have been utilized in valuing the subject taking.                   
                  Sales of lands similar to the strip taking [sic]                    
                  are scarce in the market place.  Therefore, we                      
                  have relied on the documented sales which were                      
                  used to provide an indication of value for the                      
                  parent tract.  It is our opinion that the exist-                    

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Last modified: May 25, 2011