- 27 -
properties. He also supplied sales data for two sales that
occurred after his original appraisal.
Mr. Gilman or his associate, Ed Hawkes, verified each sale
and personally inspected each comparable property. In his report
Mr. Gilman provided the date of sale, location, price, number of
acres, and price per acre of each comparable property. Prices
per acre ranged from a low of $200 (an 11,250-acre ranch near
King City, about 120 miles to the north of decedent's Nipomo
properties) to $1,100 (several properties in Santa Barbara, San
Luis Obispo, and Monterey Counties). The report contained a
summary description of each comparable property, with comments
indicating similarities and differences between the comparable
and subject properties.
Without indicating exactly what adjustments were necessary
between the comparable and subject properties, Mr. Gilman
concluded:
It is our opinion based on the sales data that a
sales price of $1,000 per acre is an appropriate
estimate of value for ranches with strong residential
characteristics or ranches that are located in areas
with strong urban influence that appeals to upscale
buyers. It is our opinion that Machado Ranch fits
within this category. Because of its shape,
topography, and location the Rancho El Suey presents
fewer opportunities for residential development. The
Rancho Nipomo parcels appear to offer access
difficulties and even greater topographic difficulties
than the Rancho El Suey. It is our opinion that these
parcels compete lower in the range; inferior to the
sales with strong residential characteristics, but
superior to the strictly grazing properties and the
Page: Previous 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 NextLast modified: May 25, 2011