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RECONCILIATION <br />Cost Approach Not Applied <br />Income Approach ~ ~ Not Applied <br />Sales Comparison Approach ~ ~ $1,467,000 <br />Since the subject is vacant land, the Cost Approach is not considered appropriate. <br />The Income Approach to value is not applicable in this situation. Very limited rental data of <br />vacant land renders the Income Approach an unreliable indicator. <br />The Direct Sales Comparison Approach to value analyzed recent sales as compared with <br />the characteristics of the subject property. The comparables reflect what a typical buyer <br />would be willing to pay for the subject property. The comparables used are all competing <br />properties located in the subject market and are considered to provide a reliable opinion of <br />market value. <br />Conclusion: The Sales Comparison Approach is deemed to be the only reliable indicator of <br />value because it represents the actions of buyers and sellers in the area for competing <br />properties. The derived market value opinion for the subject property as of November 5, <br />2007 is: <br />FINAL OPINION OF MARKET VALUE: $1,467,000 <br />Final Value reflects "market exposure" time of under 1 year before effective date of appraisal. <br />Changes in the market and/or the building management subsequent to the effective appraisal <br />date could impact the market value of the property. <br />Nagel) Appraisal & Consulting ~ 952-544-8966 (www.callnagell.com 29 <br />