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the comparables that were sold in 1982 or 1983, the fair
market values per square foot of the comparables that were
sold in 1987, and the fair market value per square foot
that was selected by Mr. Brown as the value of the subject
property:
Adjusted FMV Per Sq. Ft. of Adjusted FMV Per Sq. Ft. Subject Property
EA 84-III Properties Tract Comparable Sales in 1982 & 1983 of Comparable Sales in 1987 FMV Per Sq. Ft.
3518 Tower Hill Ln. I$54.40 $56.21-0- $40.98 $38.14$40
12347 Northcliff Manor Dr. II44.73 48.64-0- 35.89 31.7735
13066 Clarewood Dr.III 50.40 38.35-0- 32.43 -0- 35
6351 S. Briar Bayou Dr.IV 52.91 42.66-0- 34.07 -0- 30
12231 Carola Forest Dr. V48.97 56.18$57.12 30.87 35.3140
12115 Kings Lake Forest Dr. VI49.47 56.8257.70 31.20 35.6335
12111 Kings Lake Forest Dr. VII44.70 51.6052.51 28.29 32.2735
12107 Kings Lake Forest Dr. VIII44.70 51.6052.51 28.29 32.2735
12103 Kings Lake Forest Dr. IX47.09 56.8255.06 29.78 33.9535
5419 Heronwood Dr. X45.88 48.00-0- 32.31 -0- 35
5411 Heronwood Dr. XI45.88 48.00-0- 33.95 -0- 35
It is readily apparent that, in every case, Mr. Brown
selected a fair market value per square foot that is
roughly equivalent to the value of the comparable sales in
1987 and is substantially below the value of the comparable
sales in 1982 and 1983. In doing so, we believe that
Mr. Brown gave undue weight to the comparable sales in 1987
that took place after the value of the subject properties
had "declined sharply".
For the above reasons, in comparing the fair market
value of the property and the principal amount of the debt,
we will treat the amount set forth in the contemporaneous
appraisal of the property made by Mr. Lang as the fair
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