Estate of Michel Dunia, Deceased, Renee Hawley and Michel Dunia, Jr., Executors and Trustees - Page 19

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          Victorville property frontage, at the time of its sale.  He                 
          stated that it had also received “widening [of] interior streets,           
          signals, walks, curbs, gutters, etc.,” prior to its sale.  He               
          applied a downward adjustment of 35 percent to the Jess Ranch               
          sale price.5                                                                
               Mr. Perdue stated that the Jess Ranch property was left as             
          raw land at its sale date, and needed the same improvements that            
          the Victorville property needed.  However, he admitted that the             
          Jess Ranch property did have some curbs, gutters, sidewalks, and            
          a traffic signal, and some of the road was done.  He made a                 
          negative adjustment of 2 percent for offsite improvements.                  
               Neither expert provided a clear explanation of the amounts             
          of their final adjustments for offsite improvements.  Mr.                   
          Thompson explained that he believed that the Jess Ranch property            
          required 25 percent less improvement than the Victorville                   
          property.  Mr. Perdue claimed that he based his adjustment on a             
          conversation he had with the seller of the Jess Ranch property.             
          From this conversation, he speculated that the only improvements            
          that had been made were to service a Target store that was                  
          adjacent to, but not actually a part of, the Jess Ranch property.           
          The Jess Ranch development plan allocated 27.34 acres, or 25.6              

               5Mr. Thompson split utilities out from offsite improvements.           
          He made a negative 25-percent adjustment for offsite                        
          improvements, and a negative 10-percent adjustment for utilities.           
          Because we believe the term “offsite improvements” sufficiently             
          encompasses utilities, we do not separate the two.                          





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