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instant cases, the values assigned to the properties at
issue under EPIC's contracts with the sellers are the
discounted purchase prices paid for the properties. To use
respondent's terminology, these values are the wholesale
values of the properties. The following schedule shows the
aggregate contract prices of the properties purchased by
each partnership, less the aggregate rental deficit
contributions, the aggregate builder fees, and the
aggregate rent advances and compares the net amount to
respondent's valuation:
Single
EA 83-XII Properties Family Condos Total
Aggregate contract prices $880,595 $3,020,700$3,901,295
Less: Aggregate rental deficit contributions 67,643587,676 655,319
Less: Aggregate builder fees 55,993 205,408 261,401
Less: Aggregate rent advances 17,557 68,625 86,182
Contract prices less discounts, fees,
& advances 739,402 2,158,991 2,898,393
Respondent's valuation 858,600 1,800,000 2,658,600
Single
EA 84-XII Properties Family1 Condos Total
Aggregate contract prices 908,700 3,048,000 3,956,700
Less: Aggregate rental deficit contributions 122,873632,414 755,287
Less: Aggregate builder fees 61,792 207,264 269,056
Less: Aggregate rent advances 22,425 62,640 85,065
Contract prices less discounts,
fees, & advances 701,610 2,145,682 2,847,292
Respondent's valuation 789,150 2,100,000 2,889,150
1 Includes the condominium at 4107 Medical Drive in San Antonia, Texas.
Single-Family Houses and the Condominium at 4107
Medical Drive
As discussed above, all of the appraisals, including
respondent's, valued the single-family houses and the
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