- 13 - Estate Appraiser”. The qualification sheet attached to his reports indicates that he has passed examinations of various subjects relating to appraisal and that he has extensive experience in valuing real estate. Mr. Schmidt and Mr. Bollinger used similar methods to value the restaurant property. Each appraised the property on the basis of sales of comparable properties, on the basis of capitalized earnings, and on the basis of the cost needed to replace the properties, less depreciation. Mr. Schmidt determined that an appropriate value for the building, based upon comparable sales of similar properties, is $42.50 per square foot. Mr. Schmidt’s report multiplied the $42.50 figure by the 6,474 total square feet of the building’s floor space to arrive at a value of $275,145 for the building. He also determined that the value of the property without improvements was $55,000. The total figure, rounded off, was $330,000. In preparing his valuation of the restaurant property for respondent, Mr. Bollinger consulted Mr. Schmidt’s 1991 valuation report and township assessment cards. He also performed a visual inspection of the exterior of the building in January 2000. He was not asked to perform interior inspections. Because the property was being leased to its owners, he did not inquire into what the leasing arrangements for the building located on thePage: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Next
Last modified: May 25, 2011