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lots. Mr. Lohr noted that an estimate of the costs for 14 lots
in 1989 would have been $6,642.41 per lot. Petitioner compares
this to the roughly $12,000 per lot for the 48 Lots in the
Exchange Property. According to petitioner, the estimated profit
per home of about $8,000 per lot would be wiped out by the
increased off-site cost of $6,000 per lot.
Our evaluation of petitioner's argument is restricted
because it did not submit any projected profit analysis for the
development (besides Mr. Baker's testimony). In regard to the 14
lots, only after construction did Mr. Baker check the costs and
he felt there was a profit somewhere around "4- to 5-, $6,000 per
house, maybe a little higher." Later, Mr. Baker testified that
petitioner made profit of around $8,000, maybe $8,000 to $10,000.
The parties submitted a summary by petitioner's accountant
Eadie and Payne reflecting the following income on the sale of
the 14 houses:
Date of Sale Address Selling Price Income
07/21/87 1202 E. 10th Street $79,950 $17,812.74
09/30/87 1050 Pennsylvania Avenue 87,950 21,312.48
12/22/87 1070 Pennsylvania Avenue 77,950 13,469.04
01/08/88 1090 Pennsylvania Avenue 87,950 25,859.29
09/16/88 1010 Pennsylvania Avenue 89,500 23,297.54
09/23/88 1110 Pennsylvania Avenue 77,950 12,891.26
11/17/88 1202 E. 11th Street 79,950 13,133.62
11/22/88 1201 E. 11th Street 77,550 13,502.00
01/27/89 1130 Pennsylvania Avenue 80,950 13,403.44
02/10/89 1120 Pennsylvania Avenue 89,950 22,556.98
02/28/89 1030 Pennsylvania Avenue 77,000 2,875.26
03/06/89 1100 Pennsylvania Avenue 87,950 20,469.47
03/13/89 1140 Pennsylvania Avenue 89,950 23,236.19
03/31/89 1150 Pennsylvania Avenue 89,950 22,667.19
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