- 28 - Dr. Friedman compared the Litton building to four of these same five comparables. Mr. Cantrell adjusted the comparables for time, location, size, quality, condition, and "other". Dr. Friedman adjusted the comparables for location, quality, condition, and "other". Dr. Friedman did not adjust the comparables for time, but Mr. Cantrell applied a negative time adjustment of 5 percent to LB1 and LB3. These two properties were sold in December of 1988 and January of 1989. We conclude that these adjustments are reasonable due to the slow market in Lubbock and the fact that since 1984 Lubbock had virtually no growth. LB1 was located near the Litton building, but LB2, LB3, LB4, and LB5 were located in southern Lubbock. As both parties pointed out, southern Lubbock was where the bulk of industrial development had taken place; therefore, comparable properties located in southern Lubbock were in a more desirable location than the Litton building. Mr. Cantrell's report, however, only made a negative location adjustment to LB3 (negative 10 percent). Instead, he made positive location adjustments to LB2 and LB5 and none to LB4. Dr. Friedman, however, applied negative location adjustments to LB2 (negative 10 percent), LB3 (negative 20 percent), and LB5 (negative 5 percent). We are more persuaded by Dr. Friedman's location adjustments than by Mr. Cantrell's. We shall not adjust LB1 for location and shall apply a negative adjustment of 10 percent to the other fourPage: Previous 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Next
Last modified: May 25, 2011