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unreasonable, and we shall not apply an adjustment for time.
There was a slow market for land in the neighborhood in which the
Litton property was located, and since 1984 Lubbock had virtually
no growth.
After removing Dr. Friedman's time adjustment, the adjusted
sale prices of the four comparables he used are $0.24, $0.25,
$0.25 and $0.38 per square foot.
Based upon our review of all the valuation evidence, giving
due consideration to our observation at trial of the witnesses
for both parties and considering their testimony and the expert
reports, we conclude that the 11.656 acres was worth $0.28 per
square foot for a total value of $142,164.
B. The Litton Building
Under the sales comparison method, Mr. Cantrell determined
the fair market value of the Litton building (which was 48,215
square feet) on December 15, 1992, to be $819,655 based on a
value of $17 per square foot. Under the sales comparison method,
Dr. Friedman determined the fair market value of the Litton
building on December 17, 1992, to be $723,225 based on a value of
$15 per square foot.
Mr. Cantrell compared the Litton building to five other
comparables which were as follows:
Building Sale Date Bldg. Size (Sq. Ft.) Price Per Sq. Ft. For Bldg.
LB1 12/88 72,500 $12.69
LB2 3/90 24,140 28.47
LB3 1/89 26,505 41.58
LB4 9/92 10,850 6.08
LB5 12/92 34,560 12.17
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