- 33 - 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 proximityPage: Previous 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Next
Last modified: May 25, 2011