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price. The average amount of time on the market is 29 months and the average asking price per square <br />foot is $267.19. Based on these indicators, the decline in the market since the sales occurred is <br />reflected in lower asking prices, larger discounts, and longer marketing periods. As these properties still <br />have not sold, their eventual sales prices and prices per square foot will be lower still. <br />The current assessment of the subject property is $502,000, which is well above all of the sales prices <br />and current offering prices of the comparables. The subject's assessment per first floor square foot of <br />$418.33 is also above all of the sales and listings value indicators. It is our opinion that as of the <br />1/1/2011 date of value, the subject would have sold for no more than $300,000, or $250.00 per first <br />floor square foot. Based on the sales and offering data, as well as the still vacant and for sale Quick Lube <br />in Elk River, it is our opinion that this value is more than reasonable. <br />Please review this information. I would like to discuss it with you prior to the local and County Board <br />meetings to see if we can come to a reasonable agreement. You can reach me at 201-670-7400 ext. <br />3115. <br />Thank you for your cooperation in this matter. <br />Sincerely, <br />~ ~ n <br />lane Youn <br />g~ <br />Property Tax Consult~'nt <br />