Estate of Eldon L. Auker, Deceased, Kimberlee J. Auker, Independent Personal Representative - Page 49

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        concerns with his ability to testify persuasively on market                   
        absorption discount, and, now that we have heard his testimony and            
        reviewed the record in full, our concerns have blossomed into firm            
        convictions.                                                                  
             Even if we were to consider Mr. Shanker's opinion on its merits,         
        we still would not adopt it.  It is full of holes.  First, he assumed         
        incorrectly that the appraisers valued the subject property by a              
        "market comparable method".  The appraisers valued the apartment              
        complexes on the basis of an income capitalization method, and they           
        valued the remaining parcels of real estate on the basis of an                
        assortment of methods, one of which was a sales comparison method.            
        Second, he assumed incorrectly that the appraisers' values of the             
        subject property were based on the necessity of marketing each parcel         
        for 18 months.  The only marketing periods taken into account by the          
        appraisers were an 18-month period for each of the apartment                  
        complexes, a 1-year period for the Burger King property, and a                
        3-to-6-month period for the residential rental property at 6642 Kings         
        Pointe, Grand Blanc.  Third, he assumed incorrectly that any market           
        absorption discount for the subject property could be tied directly           
        to the RTC's disposition of real estate held by insolvent S&L's.  The         
        RTC was obligated to sell the S&L's real estate within a relatively           
        short time; the hypothetical seller, on the other hand, has a                 
        reasonable time in which to sell the subject property. The RTC                







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