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comparable properties had a lesser amount of land when compared
to the area of the restaurant buildings located on those
properties. The per-square foot value of their properties was
therefore somewhat higher. Using figures based upon these
comparable sites thus tended to overstate the square-foot value
of the Latina restaurant.
The value of the land upon which the restaurant was located
had a street frontage of only 64 feet, compared to frontages of
comparable properties of 147 feet, 150 feet, and 197 feet. Mr.
Schmidt’s downward adjustments of 55 to 80 percent for comparable
properties, however, is not justifiable. On the other hand,
while Mr. Bollinger’s valuation does take into account the
inferior frontage, it does not do so enough. Having considered
both reports, we believe that the value of the land, separate
from the value of the improvements upon it, was $100,000 as of
the valuation date.
The two appraisers’ values of the improvements on the
property are very close. Mr. Schmidt arrived at a value of
$275,145. Similarly, when Mr. Bollinger’s valuation of the land,
some $125,000, is subtracted from his overall appraisal of the
property of $388,000, the resulting value of the improvements is
$264,000. We conclude that the building was worth $270,000.
Accordingly we believe that, based on comparable sales, the
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