- 47 -
Fourth, the Court recognized Bruce G. Pollack (Mr. Pollack), who
the estate called as a rebuttal witness, as an expert in the real
estate industry, but whose expertise did not extend to the appraisal
of real estate. Mr. Pollack is a realtor, and he serves as the
president of a general real estate brokerage business that bears his
name. He began his real estate career in 1948 in Genesee County and
has continued to work in that county ever since, specializing in
general commercial real estate since 1966. He has handled
approximately $200 million of real estate in his 49-year career. He
testified that it would have taken him from 3 to 10 years to sell all
three apartment complexes in 1992 at their "appraisal value", and
that he uses the term "appraisal value" to mean "a ready, willing and
able purchaser and a ready, willing and able seller get together and
determine to do business and arrive at a price with no duress, no
pushing from either side."
We do not find any of these experts to be extremely helpful to
us. With respect to Dr. Perry, his testimony goes directly to the
subject property's market value (i.e., fair market value without
regard to a market absorption discount), and the parties have agreed
that the properties' market values equal the amounts ascertained by
the appraisers. The appraisers knew about the economic condition of
Genesee County at the time of the decedent's death, and they took
this condition into account when they formulated their opinion on
Page: Previous 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 NextLast modified: May 25, 2011