RockSpringCluB-Hendricks Appraisal.pdf

THE COMPARATIVE APPROACH - AS A VALUATION INDICATOR Discussion of Adjustments Miscellaneous: As discussed throughout this report, the subject property has no development approvals except those as a right under zoning. The subject would require municipal approvals for residential subdivision and development. The foregoing would also take considerable time and labor to obtain. All of the sales were conveyed with, or subject to, development approvals and therefore they are superior to the subject. In recognition of the foregoing as well as consideration given to the time involved in obtaining the approvals, | have applied a uniform downward adjustment of twenty (20%) percent to each of the transactions. As discussed throughout this appraisal, the highest and best use of the Rock Spring Club property is single family residential subdivision and development under current R-1 zoning. However, it has also been noted that the typical developer of a large parcel such as the subject would undoubtedly pursue a change in zoning that would permit multi-family (condominium-townhouse-rental apartment and/or mixed-use) development at a substantially greater density. This type of use is not a legally permitted use under current zoning. Furthermore, a change in zoning which would allow greater density and multi-family development of the property cannot be reasonably assumed, anticipated or projected. _ iH REAL ESTATE APPRAISALS & RESEARCH