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with the closing of the escrow. We believe that Mr. Talmage’s
marketing period better represents the actual time required to
close and collect the sales proceeds of a property.
We agree with Mr. Talmage’s use of MLS and Comps data in
determining the number of available apartment buildings in the
Marina District and greater northern San Francisco area during
the year at issue. The MLS figures showed that in 1992 and 1993
there was an average of 29 listings per year in northern San
Francisco (includes the Marina District). Taking into account a
6-month normal marketing period, there were approximately 14 to
15 properties listed in northern San Francisco at any given time
during 1992 and 1993. The Comps data showed that there were only
18 listings in the Marina District during 1993. Again,
accounting for a 6-month normal marketing period, only nine
properties were listed in the Marina District in 1993 at any
given time. Mr. Talmage concludes from these statistics that the
addition of 8 new properties from the Brocato estate on the
market in 1993 would have increased the market by at least 30
percent (4 new properties/14 properties in northern San Francisco
market) and could have increased the market by 44 percent (4 new
properties/9 properties in the Marina District market).
We, however, disagree with Mr. Talmage’s conclusions with
regard to how many of the Brocato properties would compete with
each other and deserve a blockage discount. Mr. Talmage and Ms.
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