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We conclude that the sale price of comparable 2-11 should be
reduced by $750,000, to reflect the exclusive farm use portion
and additional pad site. Thus, we use an adjusted sale price for
comparable 2-11 of $3,723,194.
Mr. Kelley determined that comparable 2-11 was 24.35 acres,
and “approximately 50% of the site” was zoned for exclusive farm
use. He used 12.18 acres (approximately 50 percent of 24.35) to
calculate the adjusted sales price per square foot. Even though
he deducted the option price of the pad site, he did not deduct
the pad site’s 1.59 acres from the usable acres.
Mr. Pio determined that comparable 2-11 was 24.39 acres, and
12.97 acres was usable. Mr. Pio’s determination was based on a
plot map and is thus more reliable than Mr. Kelley’s
approximation. From the 12.97 acres, we must also subtract the
1.59-acre pad site because we reduced the adjusted sale price by
the pad site’s option price. Thus, we find that 11.38 acres of
comparable 2-11 was suitable for commercial development by the
buyer, resulting in an adjusted sale price of $7.51 per square
foot.
Because of its location on Pacific Highway, comparable 2-11
had superior location and exposure to Phase 5. It also had
superior configuration due to its relatively square shape. Mr.
Pio argues that these factors are offset by comparable 2-11’s
inferior accessibility and zoning. We disagree. As discussed
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