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inicipal <br />has a <br />een the <br />aphy is <br />found <br />subject <br />Kelley <br />idential <br />oad for <br />al Bay <br />low <br />After adjustments for sale date, physical differences, and local development costs. <br />comparable sales ranged from $11,669 to $17,399 per unit. Comparable sales #2. #3, and <br />#4, are most similar to the subject property and were given most weight. <br />CONCLUSION; <br />I have estimated that the 9.6 acres of high ground on the subject propert>' could <br />reasonably be developed at a density of 5 units per acre or 48 total units. The actual <br />number could end up higher or lower than my estimate. <br />In my opinion, the market value of the subject property as of August 16,1999, is 515,000 <br />per town home unit or $720,000. <br />SEVEN HUNDRED TWENTY THOUSAND DOLLARS <br />:nsity <br />density <br />pcrty, <br />liighest <br />>Tnouth