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Land Sale Date Size (Acres) Price Per Acre
TA1 8/85 290.0 $2,000
TA2 12/92 20.4 5,144
TA3 4/91 62.0 3,387
TA4 4/97 31.0 2,063
TA5 N/A 68.4 2,000
TA6 N/A 172.5 381
TA1, TA2, and TA3 were completed sales; TA4 was a listing on a
property that had been held for sale for 5 years; TA5 and TA6
were tax comparables and were not for sale, and the price per
acre was based on the assessed value of the land. Dr. Friedman
adjusted the comparables for time, location, size, and the nature
of the site.
We note that Dr. Friedman, in reaching his conclusion about
fair market value, relied on the three sales (TA1, TA2, and TA3)
and the property listed for sale (TA4). He did not rely on the
tax comparables (TA5 and TA6). On this basis, we also shall not
rely on the tax comparables in reaching our conclusion as to the
fair market value of the parcel of 30.3 acres.
Dr. Friedman's negative adjustment for time was
unreasonable. 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. We shall not adjust any of
the comparables for time in order to determine the value of the
parcel of 30.3 acres.
TA1 was located closer to the airport than the parcel of
30.3 acres, and TA1 had extensive frontage along MLK. Dr.
Friedman did not adjust TA1 for location because he felt that the
parcel of 30.3 acres' frontage on Loop 289 offset TA1's proximity
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