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building was inferior to those buildings in several ways. We
believe Glen reasonably adjusted for the differences between the
comparable properties and the apartment building. We disagree
with Kurek’s estimate because he did not adequately consider
those differences, and because he did not use 7518 Windsor Oaks
as a comparable. Wolff’s report is helpful because he estimated
in 1991 that the apartment building was worth $85,000, and he
testified that it could reasonably have increased in value to
$106,000 in 1993.
Respondent contends that Glen’s use of 7518 Windsor Oaks as
a comparable property caused him to undervalue the apartment
building. We disagree that the properties are not comparable.
The apartment building and 7518 Windsor Oaks were both built in
1985 and are of identical construction. 7518 Windsor Oaks, 7600
Windsor Oaks, 7592 Windsor Oaks, and the apartment building each
have four residential apartments. 7518 Windsor Oaks is much
smaller, but Glen considerated that difference in estimating the
value of the apartment building. Properties need not be the same
size to be used as comparables.2
Glen subtracted 10 percent from his estimate of the value of
the apartment building compared to 7600 Windsor Oaks and 7592
2 Wolff testified that properties may not be comparable if
they vary greatly in size, but he did not state an opinion on
whether 7518 Windsor Oaks and the apartment building were
comparable.
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