Estate of Duilio Costanza - Page 20

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          Rexroth graduated with a B.A. degree from Olivet Nazarene                   
          University in Kankakee, Illinois.  He is a State-certified                  
          appraiser in the State of Michigan and a member of the Appraisal            
          Institute.  He has been a full-time real estate appraiser since             
          1973.  Mr. Bollinger was again the appraiser who prepared a                 
          report and testified on behalf of respondent.                               
               Mr. Rexroth examined comparable sales of small retail/office           
          properties and concluded that a fair price for the subject                  
          property would be $44.75 per square foot of building space.  This           
          amount, multiplied by the 11,000 square feet of the subject                 
          retail/office building, yielded a value of $492,000 at the time             
          of sale.                                                                    
               Mr. Bollinger also examined comparable sales and arrived at            
          a value of $52 per square foot, yielding a comparable value of              
          $572,000 for the subject property.                                          
               Mr. Rexroth and Mr. Bollinger reviewed sales of three of the           
          same closely comparable properties.  Their separate evaluations             
          of two such properties were fairly consistent.  Mr. Rexroth                 
          generally applied a more substantial discount.  With respect to             
          the third common comparable property, Mr. Rexroth and Mr.                   
          Bollinger went different ways.  Mr. Rexroth applied a discount to           
          the sale price, while Mr. Bollinger added a premium.  Their                 
          difference is principally attributable to differing evaluations             
          of the property’s location, access, and visibility.                         

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