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Lafayette Property of $3,417,000, $3,960,000, and $3,618,000, and
for the Parker Property of $1,468,000 and $1,240,000.
As a result of the foregoing, we have qualms about relying
on Hulberg’s judgments even as to those matters that do not
involve obvious errors.
Petitioner also presented the testimony of W. Jack Kidder,
hereinafter sometimes referred to as Kidder, and John J. Kirby,
hereinafter sometimes referred to as Kirby. Kidder and Kirby are
hereinafter sometimes referred to jointly as Kidder/Kirby.
Kidder has 37 years of experience valuing real property, and
Kirby has more than 25 years of experience valuing real property.
Kidder’s and Kirby’s testimony and report were introduced for the
sole purpose of rebutting Hulberg’s report and testimony with
regard to the Lafayette and Parker Properties.
A. Quito Property
Both Atkinson and Hulberg valued the Quito Property using
both the comparable sales approach and a second approach, which
Hulberg calls the land development approach and Atkinson calls
the cost approach.
Table 3 shows Atkinson’s and Hulberg’s conclusions as to the
fair market value of the Quito Property under the different
approaches.
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