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we find little market activity in apartment complexes similar to the
three at hand. We conclude that the market could not have handled
the sale of all three apartment complexes, the aggregate value of
which was $22,072,000, even if the estate were afforded a limited
period of time in which to market them. To be sure, the appraisers
came to the same conclusion. They based their value of the complexes
on the assumption that each complex would be marketed for 18
months.18 We also bear in mind that sales of real property in
Genesee County totaled $254,681,378 in 1992, and that the annual
growth in real estate sales in Genesee County was approximately
4.1 and 9.1 percent in 1991 and 1992, respectively, before ballooning
to approximately 31.5 and 24.3 percent in 1993 and 1994,
respectively. Although a hypothetical person on the applicable
valuation date would have known about an upward trend in sales and
could have expected the upward trend to continue into 1993 and 1994,
we do not believe that he or she could have predicted the large
increases that occurred in 1993 and 1994.
4. Reasonable Time To Market
We ascertain how long after the valuation date it would have
taken to sell each apartment complex at its market value. For
blockage purposes, the test is not the amount of proceeds that
18 Although the appraisers arrived at their values on the
basis of a "competitive and open market", we read nothing in
their reports to suggest that their competitive market included
competition from the other subject properties.
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