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Woodhaven, Michigan, that sold in August 1992, (3) the 81-unit
complex in Springfield Township, Michigan, that sold in
September 1991, (4) the 80-unit complex in Ann Arbor, Michigan,
that sold in December 1992, (5) an apartment complex in
Farmington, Michigan, that sold in May 1991, and (6) a 228-unit
apartment in Meridian Township, Michigan, that sold in August
1990. The appraisers considered each property's gross income
expectancy, expected reduction in gross income for less than full
occupancy and collection losses, expected annual operating
expenses, the pattern and duration of the property's income
stream, and the anticipated value of the resale of other real
property interest reversions. The appraisers took into account
the relationship of supply and demand, information on trends and
market anticipation, and the fact that two insurance companies
were looking in August 1992 to make a low-interest loan on the
purchase of income-producing property in or near Genesee County.
The appraisers concluded that the values derived under the
income capitalization method were the best indicia of value for
each of the apartment complexes, and that the market values of
The Landings, Fox Hill, and Stonehenge were $8,172,000,
$9,190,000, and $4,710,000, respectively.
The appraisers used one or more of the three valuation
methods to ascertain the following market values of the other
parcels of real estate which they had inspected. This real
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