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MARKET CONDITIONS OVERVIEW <br /> Development Land Market <br /> Vacant remnant land parcels in the subject market are rare and <br /> they typically do not get openly marketed nor do they sell on the <br /> Remnant Land Listings: open market as the only potential buyers are typically the adjoining <br /> property owners. That being said, virtually no listings of remnant <br /> land parcels found. <br /> Market Balance <br /> Market Area: Greater Metro Area <br /> Scope: Remnant Land Parcels <br /> Supply: No current listings found of remnant land parcels <br /> Demand: Typically adjoining property owners <br /> Subject Market: Overall, the Elk River market is in a state of recovery <br /> Market exposure time varies based on seller motivations; typically 6 <br /> Marketing Time: to 18 months if listed competitively <br /> Market Participant Comments&Observations <br /> Typically, remant parcels sit idle for years until an adjoining owner is motivated to purchase it or use it. <br /> If an adjoining owner is not interested in assembling with the remnant parcel, potential buyers/users <br /> become even more scarce and/or non-existant. <br /> The appraiser has viewed the neighborhood, considered recent publications, news articles and <br /> interviews/comments from local market participants. Listing prices for vacant land properties have been <br /> recovering from a preceding declining period during the "Great Recession". <br /> Remnant parcels like the subject have very limited market appeal; typically, the only viable buyer is the <br /> adjoining land owner(if interested). As such, remnant parcels typically sell at a discount due to captive <br /> seller and/or need for assemblage. Conversely, in some circumstances, remnant parcels that are <br /> needed to create a larger, buildable site for an adjoining property owner can sell for a premium due to <br /> captive buyer. <br /> Overall Market Condition: Somewhat Stable <br /> 8 Nagell Appraisal&Consulting 1 952-544-8966 1 www.callnagell.com <br />