RockSpringCluB-Hendricks Appraisal.pdf

THE COMPARATIVE APPROACH - AS A VALUATION INDICATOR Residential Single Family Subdivision Sales Number Topography LotSize Unadjusted Sale Date/Price BuildingLots _ Utilities Location Per Lot #4 7114/2014 25 Level-Rolling 79.555 Acres $ 4,921,000.00 Lots G,E,W,S Randolph $196,840.00 #2 7/18/2013 50 Level-Rolling 65.292 Acres $13,000,000.00 Lots G,E,wW,S Branchburg $260,000.00 #3 12/31/2016 78 Level-Rolling 111.31 Acres $30,000,000.00 Lots G,E,W,s Mahwah & USR $394,231.00 ca) 712112017 62 Level-Rolling 31.01 Acres $12,710,000,00 Lots G,E,W,S North Caldwell $205,000.00 The comparable sales tabulated above represent recent transactions of competitive single family residential subdivision sales available within the subject's immediate market as well as other similar areas of Northern New Jersey. In view of the paucity of transactions involving single family detached residential subdivisions, it was necessary to employ two older transactions - Sales one and two. These conveyances have been adjusted upwards for inferior time and market conditions as of the date of each sale to the date of valuation estimate. The comparable sales tabulated above have been directly compared with the subject of this appraisal. As previously noted | have utilized a percentage adjustment process in the comparison analysis. The percentage adjustments have been converted to a dollar conclusion based on a price per individual building lot. In the adjustment process, if a significant item or condition in the sale property is considered inferior to or less favorable than the subject property, a positive or upward percentage adjustment will be shown, i.e., +05%. Conversely, if a significant item or condition in the sale property is considered superior to, or more favorable than the subject property, a downward or negative percentage adjustment will be shown, i.e., -05%. In some instances during the comparison process a positive or negative element may be off-set by another positive or negative factor. In addition, | have also considered the principal of economies of scale which is based on the inverse relationship between size and price. For example, when a significantly smaller (sale) property is compared with a larger (subject) property, the individual price per lot may warrant downward adjustment as the smaller sale property would typically reflect a higher cost on a per lot

ale) property is compared with a larger (subject) property, the individual price per lot may warrant downward adjustment as the smaller sale property would typically reflect a higher cost on a per lot basis. Conversely, if the sale property is significantly larger than the subject, an upward adjustment may be necessary. The adjustment grid analysis has been included on the following page. A brief discussion of the comparative adjustments applied to each of the sales can be found on the pages immediately following the grid analysis. Continued . . . - 71- REAL ESTATE APPRAISALS & RESEARCH