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RECONCILIATION <br /> Value Opinion by Cost Approach Not Applied <br /> Value Opinion by Income Approach Not Applied <br /> Value Opinion by Sales Comparison Approach $81,000 $2.48 per SF <br /> The subject is vacant land. Therefore, the Cost Approach is not applicable. <br /> The Income Approach is not used. Very limited rental data of vacant land renders the <br /> Income Approach an unreliable indicator. <br /> The Sales Comparison Approach to value analyzed recent sales of properties as compared <br /> with the characteristics of the subject property. Adjustments were made to the comparables to <br /> make them as similar to the subject as possible. This results in an indication of market value at <br /> which the typical buyer would be willing to pay for the subject property. The comparables used <br /> are all competing properties located in the subject market and are considered to provide a <br /> reliable estimate of market value. Sales data for the subject property was average. <br /> Conclusion: The Sales Comparison Approach is considered the only relevant indicator of <br /> value. Therefore, the appraised value opinion is: <br /> Final Value Opinion <br /> Final Value Opinion $81,000 $2.48 per SF <br /> Note: Properties that are unstable, distressed, or have unusual condition and/or motivated <br /> sellers tend to sell below market value. Based on market observations and discussions with <br /> various market experts, discounts for such properties can range from 10 to 50% + when <br /> compared to normal market transactions. <br /> Nagell Appraisal&Consulting 1 952-544-8966 1 www.callnagell.com 47 <br />