- 45 - 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 byPage: Previous 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 Next
Last modified: May 25, 2011