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BETTENDORF ROHRER KNOCHE WALL,INC. <br /> Appraisal Process Comments <br /> ' The Cost Approach separates the value of a property into land and improvements components. <br /> The subject property constitutes vacant land with no improvements. As such, the Cost <br /> Approach is not applicable. <br /> The Income Approach is typically used in the valuation of properties which can be rented for <br /> Pp Yp Y p p <br /> ' investment purposes. Vacant land such as the subject is rarely rented for such use. The <br /> Income Approach is not appropriate in the valuation of the subject property. <br /> The Direct Sales Comparison Approach involves an analysis of sales of similar properties. <br /> After appropriate adjustments to comparable sales, a value conclusion for a property is <br /> ' developed. The Direct Sales Comparison Approach is the most applicable method in <br /> estimating the market value of the subject property. Full weight in this appraisal is placed upon <br /> the value conclusion obtained from the Direct Sales Comparison Approach. <br /> The subject land is presently undeveloped acreage. It has been platted, however, into eight <br /> ' single family lots. One lot has 130' of frontage on Wildhurst Trail. The remaining seven lots <br /> have no public road access. The lot which has frontage on Wildhurst Trail has adequate public <br /> road access for immediate development. The balance of the subject land requires significant <br /> ' road and utility improvements before any development can be initiated. For purposes of <br /> analysis, the subject lot with frontage on Wildhurst Trail will be valued using an analysis of <br /> comparable lot sales in Orono. Sales of raw acreage will be analyzed to ascertain a reasonable <br /> ' value per acre for the balance of the subject land. The subject Lot 58 with frontage on <br /> Wildhurst Trail contains 46,036 SF or 1.06 acres. The subject land area excluding Lot 58 totals <br /> ' 10.19 acres. The 10.19 acres of undeveloped subject land will be valued using an analysis of <br /> comparable sales of raw acreage. The valuation of the subject property is described in detail <br /> on the following pages. <br /> 1 <br /> ' 35 <br />