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estate prices in California between 1981 and 1986, Carneghi gave
the May 1981 sale of the Redwood City Fox to Jacobs secondary
consideration “because significant appreciation occurred between
the date of this sale and the appraisal date.”
Using both price per seat and price per square foot as units
of measurement, Carneghi found that the comparable sales
indicated a range of unit values of between $1,307 and $1,737 per
seat, and $71.71 and $88.36 per square foot. Carneghi determined
that the Circle Star sold basically for land value, and
consequently he did not further consider its sale in his
analysis. Carneghi adjusted the sales prices of the San Jose Fox
and the Stanford on the basis of physical condition, date of
sale, location, size, seating capacity, and other physical
characteristics.
On a per seat basis, Carneghi estimated a value of $1,600
per seat. Carneghi determined the appropriate number of seats
for the Redwood City Fox, based on modern standards (including
seat width and handicapped seating and accessibility), to be
1,130 seats. Thus, with 1,130 seats at $1,600 per seat, the
indicated value was $1,810,000 (rounded).
On a per square foot basis, Carneghi concluded that a value
of $85.00 per square foot was indicated. With 24,358 square feet
of gross building area, Carneghi estimated the value of the
theater to be $2,070,000.
As mentioned above, Carneghi concluded that the value on a
per square foot basis was slightly less subjective than on a per
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