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subdivision or tract of land, but is used in any valuation of
multiple real properties if they cannot be sold within a rea-
sonable period of time.
In applying a discounted cash-flow analysis to the remaining
unimproved real properties, Mr. Egan separated those properties
into the following categories or types, based on the zoning
applicable to those properties: Commercial, industrial, multi-
family residential, single-family residential, wetlands, un-
restricted, and miscellaneous. Except for the wetlands and
unrestricted categories for which no empirical data were avail-
able, Mr. Egan estimated based on available data how long it
would take for the market to absorb each category or type of
property by comparing (1) the volume of unimproved real estate
located on the west bank of the Mississippi River in the New
Orleans metropolitan area that fit within each such category and
that was sold over certain time periods to (2) the value of the
remaining unimproved real properties of each such category that
Marrero Land owned on the valuation date and that also was
located on the west bank of the Mississippi River in that area.
Mr. Egan assumed that as of the valuation date Marrero Land could
have captured 50 percent of the demand for real estate in the
prevailing market. He estimated that, except for the wetlands
and the unrestricted categories of real property, it would have
taken the market from two years to 13 years, depending on the
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