Laserfiche WebLink
Sales Comparison Approach -- continued <br />Discussion of Adjustments <br />Property Rights: Refers to the ownership interest conveyed at the time of sale. Properties with leases or <br />other encumbrances in place can sell for more or less than comparable properties that sell fee simple <br />interest. Market did not reflect an adjustment to the comparables. <br />Financing: The impact financing may have had on the sale price, favorable interest rate or term. All <br />sales were cash or estimated to be near or at market rates. <br />Conditions of sale: Reflects non -market conditions, which may or may not have impacted the sale <br />price, such as differing motivations of buyer or seller (related parties, distressed or liquidation sale, <br />listings, pending, occupancy, assemblage, etc.), impending eminent domain proceedings, influence due <br />to tax ramifications, or lack of market exposure. Comparable 1 adjusted for adjacent owner/buyer, it <br />appears a premium price was paid as the buyer wanted to expand his RV dealership. <br />Market Conditions: Comparables are relatively recent, no time adjustment deemed appropriate. <br />Location: This adjustment is based on the appraiser's judgment. It takes into consideration surrounding <br />land uses, intended use, neighborhood characteristics, traffic, exposure and access. Comparable 5 <br />adjusted for higher value area in a recreational/lake town setting. Comparable 6 adjusted for less <br />exposure. <br />Zoning/Use: Comparables have competing uses. <br />Design: The comparables have competing designs, no adjustment. <br />Site Size/ Land to Building Ratio: Site size adjusted using Site SF/GBA SF ratio. Adjustment based on <br />1 % per difference in land to building ratio. The adjustment is based on discussions with market <br />participants as well as previously observed sales. <br />Age: Adjustment is based on effective age, adjusted at 1/2% per year difference from subject. The <br />adjustment is based on discussions with market participants as well as previously observed sales. <br />Quality/Appeal: Buildings with better design (more detail and variation) are typically considered more <br />appealing. Comparables 1 and 2 adjusted for superior appeal and quality buildings. Comparable 3 <br />adjusted for fair quality building. Comparable 8 adjusted for metal building (less appeal as compared to <br />concrete block). The adjustment is based on discussions with market participants as well as previously <br />observed sales. <br />Condition: This is a more subjective item, which is based on reported building condition and external <br />viewing. Comparables 1, 2, 4, 5, 6, and 8 adjusted for superior condition buildings. The adjustment is <br />based on discussions with market participants as well as previously observed sales. <br />Nagel) Appraisal Incorporated 1952.544.8966 <br />