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vacant land on Holly Road, Holly Township, Michigan, which is
located in Oakland County, Michigan.
Following the decedent's death, the estate paid $39,450 to
the real estate appraising and consulting firm of Allied Real
Estate Appraisers, Inc., to ascertain the "current market value"
on August 12, 1992, of each parcel of the subject property for
Federal estate tax purposes. Wayne E. Knecht (Mr. Knecht), MAI,4
and Lawrence F. Piper (Mr. Piper), SRA5 (collectively referred to
as the appraisers), two of the firm's certified real estate
appraisers, inspected and valued most of the larger interests,
taking into account the "highest and best use" of each parcel and
assuming that each of the apartment complexes, the Burger King
property located at 11325 S. Saginaw St., Grand Blanc, and the
residential rental property at 6642 Kings Pointe, Grand Blanc,
would be marketed for a period of 18 months, 1 year, and 3 to 6
months, respectively.6 The appraisers arrived at their values by
employing a sales comparison method, income capitalization
4 The designation of MAI is awarded to qualifying members of
the American Institute of Real Estate Appraisers, and it is the
most highly recognized appraisal designation within the appraisal
community. Mr. Knecht has held this designation for
approximately 35 years.
5 The designation of Senior Residential Appraiser is awarded
to qualifying members of the Society of Real Estate Appraisers.
6 In 1992, the average listing for residential property in
Genesee County was 92 days, and the average listing for unsold
properties of all types was 170 days.
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