Estate of F. Wallace Langer, Deceased, Clarence D. Langer, Jr., Executor - Page 19

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          concluded that Phase 5 had a fair market value on the valuation             
          date of $7.50 per square foot, or $3,420,000.                               
               Mr. Pio acknowledged that Hillsboro was a completely                   
          different market with characteristics distinct from Sherwood.  As           
          such, we find that comparables 7, 8, and 9 are not reliable                 
          indicators of value.  Likewise, comparables 12 or 13 are not                
          reliable indicators of value.  The sales occurred more than 3               
          years after the valuation date, and because of the                          
          reconfiguration, the character of the property was significantly            
          different than it was on the date of death.  Therefore, we take             
          into consideration comparables 10 and 11 only.                              
               3.   Fair Market Value of Phase 5                                      
               Mr. Kelley’s comparable 1 was the same property as Mr. Pio’s           
          comparable 10 (comparable 1-10).  Likewise, Mr. Kelley’s                    
          comparable 2 was the same property as Mr. Pio’s comparable 11               
          (comparable 2-11).  Both comparables were located in the Town               
          Center area of Sherwood, and the sales dates were within 6 months           
          of the date of death.  Thus, we find that comparables 1-10 and 2-           
          11 are the most helpful in determining the fair market value of             
          Phase 5.  Based on the expert reports, we find that there are               
          five major factors that must be weighed in comparing comparables            
          1-10 and 2-11 to Phase 5:  Location, exposure, configuration,               
          accessibility, and zoning.                                                  







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