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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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