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improvements, and parking and utilities. Unlike the
corresponding portion of his report as to the Quito Property, see
supra, Atkinson provided a brief explanation of why he made each
of the matrix adjustments to the Lafayette Property comparable
sales.
Atkinson’s matrix contains 36 entries, of which 25 are other
than zero. In the case of 14 of these nonzero entries, Atkinson
stated that the comparable property is inferior to the Lafayette
Property but he made a downward adjustment to the comparable
property’s sale price.17 Atkinson used his matrix to conclude
that the 400,000 square feet of “excess land” should be valued at
$6.60 per square foot, leading to a value of $2,640,000 for this
component of the Lafayette Property. If we were to accept
Atkinson’s choices of comparable sales and Atkinson’s evaluations
of the characteristics of the comparable properties, but correct
the direction of the adjustments, then the 400,000 square feet of
“excess land” should be valued at $9.20 per square foot, leading
to a value of $3,680,000 for this component of the Lafayette
Property.
Atkinson used the “excess land fair market value” of
$2,640,000 directly in his income approach and the “land value
17 As explained in the text at supra note 13, if the comparable
property has an element that is inferior to the property being
appraised, then the comparable property’s sale price is to be
adjusted upward.
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