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however, in his report he concluded that the highest and best use
for the Bates Center was for use in conjunction with the
adjoining church property and that the Bates Center's location
made commercial uses not feasible.
Dr. Friedman determined the fair market value of the Bates
Center on September 23, 1992, to be $170,000. Dr. Friedman
placed greater weight on the sales comparison method in
determining his final estimate of the Bates Center's fair market
value.
A. Bates Center Land
Under the sales comparison method, Mr. Cantrell determined
the fair market value of the Bates Center land (which was 50,507
square feet) to be $177,000 based on a value of $3.50 per square
foot. Under the sales comparison method, Dr. Friedman determined
the fair market value of the Bates Center land to be $45,000
based on a value of $1 per square foot for the five lots, which
comprised 39,298 square feet, and $0.43 per square foot for the
excess lot, which was 11,209 square feet.
Mr. Cantrell compared the Bates Center land to five other
comparables which were as follows:
12(...continued)
indicated that the zoning of the Bates Center could be changed,
petitioners did not call him as a witness. We infer that his
testimony would not have been favorable to petitioners. Wichita
Terminal Elevator Co. v. Commissioner, 6 T.C. 1158, 1165 (1946),
affd. 162 F.2d 513 (10th Cir. 1947).
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