John T. Talkington and Margaret K. Talkington - Page 26

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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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