Hunt & Sons, Inc. - Page 12




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          lower values by making smaller or larger adjustments to the sale            
          prices per square foot used in adjusting the comparable                     
          properties.  Because the “comparables” used by Mr. Harris were so           
          different from the subject properties, and thus required such               
          significant discretionary adjustments in order to provide a basis           
          for comparison, we are left with some doubt about the reliability           
          of Mr. Harris’s conclusions.  Presumably, these were the most               
          “comparable” properties that Mr. Harris was able to find.                   
               Next, Mr. Harris used the adjusted per-square-foot values              
          for the “comparable” properties to determine the value of the               
          subject properties.  For two of the properties (Watt Avenue and             
          Fee Drive), Mr. Harris computed an average adjusted price per               
          square foot for the “comparable” properties, which was rounded up           
          to the nearest whole dollar amount per square foot.  For the                
          remaining property (Mother Lode Drive), Mr. Harris eliminated the           
          high and low comparable values and used a whole dollar amount in            
          the range of the remaining three values.                                    
               Mr. Harris then computed a fair market value for the subject           
          properties by multiplying the per-square-foot values he                     
          determined from his average or median adjusted “comparable”                 
          properties by the number of square feet of each of the subject              
          properties.                                                                 
               After deriving a current fair market value for the subject             
          properties, Mr. Harris computed the annual fair market rental               






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Last modified: May 25, 2011