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unimproved real properties. According to Mr. Guice, the com-
parable sales method is the preferred method of valuing real
estate, and that method was used in arriving at the stipulated
value as of the valuation date (i.e., $20,366,470) of the re-
maining unimproved real properties. Consequently, in Mr. Guice's
opinion, that stipulated value is the aggregate fair market value
on that date of those properties.
Mr. Guice's approach to determining the fair market value of
each of the remaining unimproved real properties appears to be
inconsistent with his approach to determining the fair market
value of each of the other unimproved real properties that
Marrero Land owned on the valuation date. With respect to the
remaining unimproved real properties, the fair market values of
which are in dispute, Mr. Guice did not apply an absorption
discount; with respect to the other unimproved real properties,
the fair market values of which the parties have stipulated, Mr.
Guice used a discounted cash-flow analysis which included an
absorption discount. In an attempt to explain the apparent
inconsistency in his approaches, Mr. Guice stated in his expert
report:
(1) The properties in question ($20,366,470) consist of
varying size lots and parcels of ground (varying from a
few thousand square feet up to � 13 acres) both with
and without building improvements.
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