- 40 -
founded and shall apply a positive adjustment to BL2 of 10
percent and a negative adjustment to BL1 of 10 percent. We are
unconvinced, however, by Mr. Cantrell's unexplained "other"
adjustments to BL3, BL4, and BL5 and shall not apply Mr.
Cantrell's proposed "other" adjustments to these properties in
order to determine the fair market value of the Bates Center
property.
After applying the adjustments as we find proper to the
comparables, the adjusted price per square foot for the five
comparables is as follows:
BL1 BL2 BL3 BL4 BL5
Price Per Square Foot$4.87 $2.65 $3.26 $5.69 $3.81
Adjustments
- Location (40%) (40%) (10%) (40%) (40%)
- Size (10%) (10%) (10%) (10%) (10%)
- Zoning (20%) 0% 0% (20%) (20%)
- Other (10%) 10% 0% 0% 0%
Total Adjustment (80%) (40%) (20%) (70%) (70%)
Adjusted Price Per
Square Foot $0.97 $1.59 $2.61 $1.71 $1.14
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 Litton building was worth $1.60 per
square foot for a total value of $80,811.
B. Bates Center Building
Under the sales comparison method, Mr. Cantrell determined
the fair market value of the Bates Center property, which was
10,022 square feet, to be $165,363 based on a value of $16.50 per
square foot. Under the sales comparison method, Dr. Friedman
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