- 11 -
(Wieme),10 whom we recognized as an expert in real estate
valuation. Wieme determined two values for Wolverine Tower using
a valuation date of December 31, 1992. First, Wieme determined
that the "market value" was $9 million. In reaching this value,
Wieme concluded the highest and best use of Wolverine Tower was
"represented by its current use as an 11 story general office
facility with adjacent one story extension." Wieme employed a
sale comparison method, an income capitalization method, and a
cost method. Wieme took into account various data on Ann Arbor,
Michigan (Washtenaw County), including its location,
demographics, population, and economy. Wieme followed an
industry definition of the term "market value", under which the
term meant:
"Market value" means the most probable price which a
property should bring in a competitive and open market
under all conditions requisite to a fair sale, the
buyer and seller each acting prudently and knowledge-
ably, and assuming the price is not affected by undue
stimulus. Implicit in this definition is the
consummation of a sale as of a specified date and the
passing of title from seller to buyer under conditions
whereby:
1. Buyer and seller are typically motivated;
10Wieme holds a bachelor of arts from Wayne State University
and has been appraising real estate since 1964. He holds several
professional designations, including the MAI designation
(American Institute of Real Estate Appraisers), the SRPA
designation (senior real estate property appraiser), and the SRA
designation (senior residential appraiser).
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011