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Retail Valuation of the Subject Properties
Respondent's appraisers valued the 26 single-family
houses and the condominium unit at 4107 Medical Drive in
the retail market. As discussed above, in the case of 19
of these properties the difference between respondent's
value and the contract price of the property is not
material. As to those properties, we have used
respondent's values in comparing the aggregate fair market
value of the properties to the aggregate principal amount
of the debt. As to 8 of these 27 properties, as discussed
above, we do not agree with respondent's appraisals and,
for purpose of making the value comparison required in
these cases, we accept the values established by the
contemporaneous appraisals.
As to the 39 units of Paseos Castellanos purchased by
EA 83-XII and the 40 units of the Reflections purchased by
EA 84-III, respondent's appraisers used the wholesale
market, rather than the retail market, to value the units.
However, the aggregate retail value of the 39 units of
Paseos Castellanos is implied in Mr. Mogul's appraisal
report when he finds that the total retail sales potential
of the units is $2,962,000. Similarly, the aggregate
retail value of the 40 units of the Reflections is implied
by Messrs. Dalton and Ramos in the memorandum that
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