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adjustments. His descriptions of these sales were scattered in
his expert witness report, requiring some search. These brief
descriptions do not include explanations of the adjustments made
in the matrix. After adjusting the sale prices on account of
location, topography, etc., Atkinson arrived at an average fair
market value per acre of $178,972. He multiplied that amount by
11.23 acres and arrived at an indicated value of $2,009,855 for
the Quito Property.
For his comparable sales analysis, Hulberg selected six
sales of other properties, sold between March 1988 and November
1995. Although Hulberg stated in his report that in making his
adjustments to the comparable properties’ sale prices, he
“considered access, site influences, school district attendance
areas, site development costs, favorable financing and overall
neighborhood aesthetics”, he did not favor us with information as
to how much of an adjustment he made to any comparable property’s
sale price, and why. He chose to compute price per lot, rather
than per acre. Hulberg was “inclined to value the subject at the
lower end of the indicated valuation range” and informed us that
this inclination led him to a value of $300,000 per lot. Because
the Quito Property could be subdivided into eight lots, Hulberg
came to a valuation of $2.4 million. From this, he subtracted
$35,000 to demolish the building on the Quito Property, resulting
in a net comparable sales approach value of $2,365,000.
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