Estate of F. Wallace Langer, Deceased, Clarence D. Langer, Jr., Executor - Page 23

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          above, Phase 5’s accessibility is unclear.  Even assuming                   
          arguendo that Phase 5 had superior accessibility, this would not            
          offset the other three factors.  Additionally, comparable 2-11              
          was zoned light industrial instead of retail-commercial.                    
          However, given the fact that comparable 2-11 was sold to Home               
          Depot for the construction of a Home Depot store, we find that              
          its zoning did not have a significant impact on the ability to              
          develop the property.  Thus, comparable 2-11, at $7.51 per square           
          foot, is a high indicator of value.                                         
                    c.   Fair Market Value of Phase 5                                 
               Due to the importance of the traffic count, we find that               
          location and exposure are the most significant factors in                   
          determining Phase 5’s fair market value.  In 2000, Pacific                  
          Highway had an average daily traffic count of 37,800, while T-S             
          Road had an average daily traffic count of only 22,946.  Because            
          of their location on Pacific Highway, comparables 1-10 and 2-11             
          had superior location and exposure to Phase 5.  Additionally,               
          Phase 5 was less suitable for commercial development due to its             
          awkward configuration.  To take these factors into consideration,           
          we find that a 25-percent discount from the average sales price             
          per square foot of the comparables is appropriate.  We conclude             
          that Phase 5 had a value of $5.52 per square foot on the date of            









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