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Compar- Sale Sales Adj. price
able No. Location date price Acres per sq. ft.1
1 Edy Rd., Just West of 6/99 $775,4043.03 $5.87
Pacific Highway,
Sherwood, Oregon
2 19740 SW 72nd St., 3/00 320,352 0.92 7.99
Tualatin, Oregon
3 Smith Blvd. at 2/99 210,000 1.06 4.55
Pacific Highway,
Sherwood, Oregon
4 Intersection of Sherwood11/97 349,919 0.95 9.05
Blvd. and Pacific
Highway,
Sherwood, Oregon
5 Intersection of T-S Rd.3/97 660,000 2.46 6.71
and Pacific Highway,
Sherwood, Oregon
1 Because comparables 4 and 5 were sold 28 months and 36 months before
the valuation date, respectively, Mr. Kelley adjusted the sales prices upward
by 7 percent and 9 percent to account for appreciation and inflation. No such
adjustments were made to comparables 1-3.
Mr. Kelley’s expert report provided only a summary analysis
of the comparables:
The high end of the value range is indicated by
Comparable 4 ($9.05/SF), a pad site with superior
exposure. In concluding a value for the subject,
primary emphasis is placed on Comparables 1 and 5
($5.87/SF to $6.76/SF) both located in the immediate
area. Considering the subject’s secondary locational
characteristics, a value of $6.00 per square foot is
concluded for this phase of the subject property.
2. Mr. Pio’s Report
Mr. Pio used six comparables to determine Phase 2’s fair
market value on the date of death:
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