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CORRELATION AND FINAL VALUE ESTIMATE As the data in this report is reviewed, it is important to note that the lack of recent comparable sales data, while it does make the appraisal proce=s more challenging, does not make arriving at a reasonable opinion of value impossible. There have been periods in the past such as the one central Texas is experiencing now, where there is a lack of comparables because of overbuilding, declining or stagnant demand, recession, etc.1 Traditionally, completed sales have been the primary focal point of appraisers' attention during the appraisal process. In the absence of a sale, one alternative is to examine the reasoning of a prospective purchaser of commercial property. A primary reason one might purchase a commercial property is because they believe they can make money. Few people buy a property if they do not believe their income, sooner or later, will be enhanced. Examining this transaction process, rather than the end product (a sale), is celled simulation.2 Historically, the Income Approach is an acceptable approach for market simulation. The relationships between anticipated cash flows and market realities of supply and demand is indicated in the consideration of absorption periods and management ski l l s.3 Therefore, the Income approach was emphasized in arriving at a final opinion of value. While the Cost Approach was noted, it was not emphasized. Cost estimations reflect capital outlay, but it usually does not reflect an asset's value. As a result of the investigation and appraisal process described herein, and by virtue of the appraiser's knowledge and experience, the final opinion of value is: one million two hundred fifty thousand dollars ($1,250,000.00) -2, i, 4 ?, "Missifiy i ieces C??aiie?iye ANpri?iers" vii Dr. Terry 'd. Grissom; Real Estate Journal, 198 8. 13