James H. Japhet - Page 9




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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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