Estate of Ethel Josephine Spowart Hinz - Page 45




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          D.  Richard Property                                                        
               Atkinson valued the Richard Property using three approaches:           
          (1) The comparable sales approach, (2) the income approach, and             
          (3) the cost approach.  Under the cost approach, Atkinson valued            
          the land component of the Richard Property using the comparable             
          sales approach.                                                             
               Hulberg valued the Richard Property using the comparable               
          sales approach and the income approach.  He considered, but                 
          rejected, the cost approach for the same reasons he gave with               
          respect to the Parker Property.  See supra note 19.                         
               Table 8 shows Atkinson’s and Hulberg’s valuations of the               
          Richard Property under their respective approaches.                         
                                       Table 8                                        
          Approach                    Atkinson             Hulberg                    
          Comparable sales         $223,860            $321,000                       
          Income                   190,000             301,000                        
          Cost                     221,000                  --                        
          Conclusion               200,000             320,000                        
               In their comparable sales approaches both Atkinson and                 
          Hulberg valued the Richard Property solely by reference to the              
          floor area of the machine shop building, and not by reference to            
          the total area of the property.  Atkinson concluded that the                
          Richard Property should be valued at $39 per square foot of floor           
          area in the machine shop building; Hulberg concluded $65 per                
          square foot.  Atkinson also valued the Richard Property by                  







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