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determined the fair market value of the Bates Center building to
be $125,000 based on a value of $12.48 per square foot.
Mr. Cantrell compared the Bates Center building to five
other churches that were sold in Lubbock between January of 1989
and September of 1992. He made no adjustments to these sales
prices. He determined that the sales price per square foot for
these buildings ranged from $6.01 to $26.46. He removed the low
and high sales prices and was left with sales prices of $10.82,
$13.95 (the adjoining church), and $18.74 per square foot. He
determined that $16.50 per square foot was the most reasonable
value estimate based on these three sales.
Dr. Friedman compared the Bates Center building to four
other churches that were sold in Lubbock between January of 1989
and September of 1992. Three of these four sales were
comparables that Mr. Cantrell used in his report. He determined
that the sales price per square foot for the buildings he
compared the Bates Center building to ranged from $12.06 to
$20.47. He determined that the sales price for the adjoining
church building was $16.70 per square foot.
Dr. Friedman calculated that the average unadjusted sale
price for the buildings was $15.60 per square foot. He adjusted
this average price downward by 20 percent because he believed
that the motivation to purchase a church building was stronger
than to purchase an activities building. He determined the
adjusted price per square foot to be $12.48.
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