- 22 -
4. Because of the lack of sales of gulf front properties,
the expert found it necessary to expand the marketing timeframe.
Generally, sales of comparable properties represent the best
evidence of the fair market value of real estate, and a sale of
the subject property itself proximate in time to the relevant
valuation date is the best evidence of fair market value. Estate
of Spruill v. Commissioner, 88 T.C. 1197, 1229, 1233 (1987).
The following table describes and compares 300 Gulf Boulevard to
three properties that were sold between September of 1992 and May
of 1993, a period of approximately 17 to 29 months after the
valuation date:
ITEM Subject Comparable No. 1Comparable No. 2Comparable No. 3
300 Gulf Blvd.148 Aleta Dr.320 Gulf Blvd.360 Gulf Blvd.
Proximity 1 Mile Northeast1 Lot North 2 Lots North
Data Source Inspection Public RecordsPublic RecordsPublic Records
VALUE ADJUSTMENTS
Lot Size sq.ft.19,600 12,000+75,00019,600 19,600
View Gulf Bay Gulf Gulf
Construction/ CBS CBS - 2,000CBS - 2,000CBS
Roof Shingle Conc. Conc. Shingle
Age (years) 43 24 - 4,00043 20 - 5,000
Condition Avg- Avg- Average+5,000 Avg-
Good Good Good
Total Room Count9 9 - 1,0009 9
Bedrooms 3 4 4 4
Baths 3 3.5 3 3
Gr. Living Space2,367 3,290 -18,6003,412 -20,9002,730 - 7,300
Garage 2 car 2 car 3 car - 2,0002 car
Porch, Patio, None Pool &-10,000None Pool & - 8,000
Pools, etc. Spa Covered
Patio
Fireplaces 1-Brick None + 1,0001-Brick None + 1,000
Net Adjustment +40,400 -19,900 -19,300
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