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(2) These various individual sites lie in developed
subdivisions having different zoning classifications
and different highest and best uses.
(3) Unlike large tracts of raw land, many of these
subdivisions were developed more than a decade ago;
hence there is no reasonable definitive pattern of
recent sales and pricing.
(4) The appraiser can only rely on pertinent market
activity, market expectations, and market experience.
Market value and the Discounted Cash Flow (DCF) Anal-
ysis should be supported by market-derived data, and
the assumptions should be both market and property
specific.
The appraiser judged that there was not a reasonable
pattern of market activity and market expectations for
said properties. The appraiser chose to arrive a [sic]
the indicated value of these various properties using
the Sales Comparison or Market Data Approach of direct
comparison using recent sales of similar or like prop-
erties.
We do not believe that the foregoing points justify Mr.
Guice's view that no absorption discount should be applied in
valuing the remaining unimproved real properties. In our opin-
ion, points (1) and (2) above set forth Mr. Guice's concerns
about the manner in which Mr. Egan, the estate's real estate
valuation expert, calculated the amount of the absorption dis-
count that he applied to the remaining unimproved real prop-
erties; they do not support Mr. Guice's opinion that no such
discount should be applied. With respect to point (3) above, we
agree with Mr. Egan that that point supports Mr. Egan's valuation
approach because
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