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Expenditures at Purchase <br /> This adjustment is appropriate in situations where the sale price has been influenced by <br /> expenditures that the buyer intended to make immediately after purchase. Examples include <br /> buyer-paid sales commissions, buyer-paid back taxes, and costs to demolish obsolete structures <br /> to clear a site for redevelopment. <br /> In this analysis, any expenditures at purchase were included in the effective sale price listed in <br /> the table, and therefore are reflected in the per unit indication. <br /> The previous adjustments, if required, are applied sequentially. <br /> Time - Market Conditions <br /> Real estate values normally change over time.The rate of this change fluctuates due to investors' <br /> perceptions of prevailing market conditions. This adjustment category reflects value changes, if <br /> any, that have occurred between the date of the sale and the effective date of the appraisal. <br /> In this analysis, we determined the "as-is" market value using the date of December 2, 2016. All <br /> of the comparables were adjusted to this date. The sales that are included in this analysis <br /> occurred between September 2011 and October 2016. The market has improved over this time <br /> period; as such, we apply a compound annual market conditions adjustment of 2.0 percent. <br /> Time - Market Conditions adjustments are applied after the previous adjustments, but before <br /> any of the following adjustments. <br /> Location <br /> Location has a great impact on property values. This adjustment category considers general <br /> market area influences as well as a property's accessibility and visibility from a main <br /> thoroughfare. <br /> In this analysis, we first applied macro-level location adjustments to comparables 1, 3 and 4 to <br /> account for overall differences in locations, surrounding development, proximity to the core <br /> TCMA and general neighborhood access characteristics. <br /> Subsequently, we applied specific adjustments for access and visibility, as follows: <br /> DERIVATION OF ACCESS ADJUSTMENT <br /> Rating Scale: Incremental Adjustment: <br /> -Poor 5.00% <br /> -Below Average <br /> -Average <br /> -Above Average <br /> -Excellent <br /> SALE#1 SALE#2 SALE#3 SALE#4 <br /> Access Rating of Comparable Excellent Average Above Average Excellent <br /> Subject Access Rating Poor Poor Poor Poor <br /> Difference in Rating(1 per Increment) -4 -2 -3 -4 <br /> Adjustment Percentage(per increment) 5.00% 5.00% 5.00% 5.00% <br /> Final Indicated Access Adjustment -20.00% -10.00% -15.00% -20.00% <br /> 66 <br />