Res 1988-111 - Laserfiche WebLink

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DIRECT SALES COMPARISON OR MARKET APPROACH The direct sales comparison approach has its basis in the principle of substitution. "No one will pay more for the subject property than an amount for which they can go and buy an existing substitute property which they consider comparable". Traditionally, the market value estimate is predicated upon prices paid in actual market transactions and current offerings, the former fixing the loaner limit of value in a stagnant or advancing market, and fixing the higher limit in any market; the latter setting the higher limit in any market. In estimating the current market value of the subject property, the Hays County Records were searched for recent sales of comparable properties in the subject property area. Additionally, real estate brokers and agents active in the area were consulted as to their knowledge of properties sold nr offered for sale. The available market data was studied, analyzed and compared with the subject tract. Listed on the following pages is the data which was deemed to be the most nearly comparable to the subject property. comparable sales and offerings... land zoned 'light industial' 1 location: nw line of IH 35, south of Butler (site of River Ridge) size: approx. 151 acres 0and only; date of sale: 116186 sales price/unit: $31,576/acre (72 cents/sq.ft.) comments: zoned industrial at time of sale; adjustments for size of tract, as the larger the tract, smaller $/unit; Also, not all of the tract is being used as light industrial tricts ;see offerings) 2) location: s%r, lr*dward Gary, with RR frontage si ze: approx. 0.694 acres (30,250 s q.f t.) , with old improvements date of sale: 5/85 sales price/unit: $3.11/sq.ft. comments: date of sale and size of tract diminish comparability.- however, was zoned "LI" at time of sale. 10