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different part of Lubbock--and a comparable that was being
offered for sale at $1.00 per square foot. Additionally, Mr.
Cantrell chose to use offers for sale and uncompleted sales in
his analysis. Furthermore, Mr. Cantrell's reason for applying
positive adjustments totaling 50 percent to a property that was
similar in size to the 11.656 acres, that had a better location
than the 11.656 acres, and that sold for $0.25 per square foot
was "perhaps the purchasers just got a good deal when they bought
this land." We conclude that Mr. Cantrell's adjustments are
unwarranted.
Under the sales comparison method, Dr. Friedman determined
the fair market value of the 11.656 acres on December 17, 1992,
to be $97,000 based on a value of $0.19 per square foot. Dr.
Friedman compared the 11.656 acres to four other land comparables
that ranged in size from 217,800 square feet to more than
1,409,000 square feet, that were sold between August of 1985 and
April of 1993, and that had sale prices between $0.23 and $0.75
per square foot. Three of the four comparables Dr. Friedman used
were also used by Mr. Cantrell.
We find that Dr. Friedman's report provides a better
indication of the fair market value of the 11.656 acres. Dr.
Friedman reasonably discounted all of his comparables due to
their more desirable location--two were located closer to the
airport and the two were located on more desirable parts of Loop
289. Dr. Friedman's adjustment for time, however, was
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