- 75 - Among his comparables, Mansbach considered the San Jose Fox to be the most comparable to the Redwood City Fox. Mansbach adjusted the $1,300 per planned seat purchase price of the San Jose Fox downward on the basis of its purchase by a public entity and its urban San Jose location. Mansbach then considered this downward adjustment to be largely offset by the San Jose Fox's lack of seating and carpeting at the time of purchase. Overall, Mansbach found that the purchase of the San Jose Fox supported an estimated value of the Redwood City Fox of $1,300 per seat. With respect to the Circle Star Theater and the Laurel Theater, Mansbach determined that the purchase prices equated to land value only, with little allocation to the improvements. Mansbach concluded that these sales supported a value for the Redwood City Fox equivalent to land value. Allocating 20,089 square feet to a footprint of the theater site and a land value of $25.00 per square foot, Mansbach determined a land value of $502,225 for the theater component of the property. Mansbach found that this $502,225 value allocation equated to $835 per seat for the 602 seats in the theater. After considering the $1,300 per seat value supported by the purchase of the San Jose Fox and the $835 per seat value, assuming a land only value allocation, Mansbach concluded that a "mid-range average per seat value" of $1,100 was appropriate. With 602 seats, Mansbach valued the theater portion of thePage: Previous 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 Next
Last modified: May 25, 2011