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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 four
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