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of the nature of the site; however, we shall apply a positive
adjustment of 40 percent.
Petitioners contend that TA3 was a highly motivated sale.
There was credible testimony that this sale was motivated. We
therefore shall apply a positive adjustment of 20 percent to TA3
for motivation of the sellers in order to determine the value of
the parcel of 30.3 acres.
After applying the adjustments we find proper to the
comparables, the adjusted price per acre for the four comparables
is as follows:
TA1 TA2 TA3 TA4
Price Per Acre $2,000 $5,144 $3,387 $2,063
Adjustments
- Location 0% (20%) (10%) 30%
- Size 30% 0% 10% 0%
- Site 0% 40% 0% 0%
- Motivation 0% 0% 20% 0%
- Time 0% 0% 0% 0%
Total Adjustment 30% 20% 20% 30%
Adjusted Price
Per Acre $2,600 $6,173 $4,064 $2,682
We give less weight to TA4 because it was a listing rather than a
completed sale. 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 parcel of 30.3 acres
was worth $4,000 per acre for a total value of $121,200.
D. Conclusion
We have found the fair market values of the 11.656 acres,
the Litton building, and the parcel of 30.3 acres on December 17,
1992, to be $142,164, $723,225, and $121,200, respectively.
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