- 23 -
No. 6, he reduced the rental rate from $7.02 to $6.24 per square
foot. For Lease Comparable No. 7, he lowered the rental rate
from $6.63 to $5.62 per square foot. Lambert changed a zero
percent adjustment for Improved Sale No. 2 to negative 10 percent
to reflect market conditions. For Lease Comparable No. 4, he
changed the $5.24 rental figure to $3.28 per square foot.
Lambert deleted Lease Comparable No. 9 entirely from his report
at trial.
Despite the numerous changes to his data, affecting each of
the approaches Lambert used to determine value, Lambert
incongruously refused to alter his final estimated FMV for the
Property. Under the circumstances, we think this is
inappropriate.
B. Petitioners' Experts
Petitioners rely upon the reports and testimony of two
certified general real property appraisers, George Parker
(Parker) and Rodolfo J. Aguilar (Aguilar), both of whom the
parties stipulated are experts. (Prior to trial, respondent
filed a motion in limine requesting that the Court not admit into
evidence appraisal reports prepared by Monies dated February 16,
1987, and December 1, 1987, as Monies died before trial and
therefore could not be cross-examined by respondent as to the
factors Monies considered in his valuation of the Property. The
Court granted respondent's motion on March 13, 1995.)
Page: Previous 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 NextLast modified: May 25, 2011