Estate of F. Wallace Langer, Deceased, Clarence D. Langer, Jr., Executor - Page 21

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          development.  These issues must be resolved before a reliable               
          comparison can be made.                                                     
               Mr. Kelley valued the land zoned for exclusive farm use at             
          $400,000, based on an option retained by the seller to repurchase           
          that portion of the land.  Mr. Pio testified that,                          
          hypothetically, if a buyer and seller believed that the land was            
          worth $400,000, then $400,000 would be an appropriate value.                
          However, Mr. Pio did not believe the land was actually worth                
          $400,000.  He concluded that it was worth $100,000, but did not             
          offer any support for his conclusion other than that he “happened           
          to be familiar with that property”.  Because the parties to the             
          sale agreed to an option price of $400,000, we find that it is an           
          appropriate measure of value for the exclusive farm use portion             
          of comparable 2-11.                                                         
               Mr. Kelley also reduced the sale price of comparable 2-11 by           
          $350,000 to account for an option exercised by the seller to                
          repurchase a 1.59-acre pad site on the property.12  Mr. Pio did             
          not make the adjustment because he was not aware that the seller            
          retained and exercised the option.  However, he testified that it           
          would be appropriate to reduce the sale price by $350,000, so               
          long as the acreage was also reduced by 1.59 acres.                         



               12  A pad site is a building site within a shopping area               
          that is ready for construction of a retail establishment and is             
          usually surrounded by customer parking areas.                               




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