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<br />MARKET COMPARISON APPROACH TO VALUE <br /> <br />After a very careful search of the, local market place, the following <br />unimproved lots were selected as comparable sales. These lots are quite <br />similar to the subject, and have sold within the past four months. <br />Adjustments were made to illustrate differences in size and desirability <br />of location. All data was obtained from MU1~iple Listing Service and <br />Harris County Appraisal District records. <br /> <br />the undersigned has recited three recent sales 01 pro'perties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar <br />~!!;~~!~e~!1 reflecting market reaction to those items of significant variation ~etwe8~ the subject and comparable properties. If a significant item in the comparable property is superior to. or <br />more lavorable than, the subject property, a minus (-) adjustment is made. thus reducing the indicated value 01 subject: il a significant item in the comparable is inferior to, or less lavorable <br />,i..... the subject property, a plus (+) adjustment is made. thus increasing the indicated value 01 the subject. <br /> <br />ITEM <br /> <br />Subject Property <br /> <br />- 2!!:!'!!:-:: <br /> <br />pars. inspect. <br />DESCRIPTION <br />NA <br />Fair <br />9815 s.f. <br /> <br /> <br />COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 <br />10700 Block of 400 Block of 100 Block of I <br />Bois d 'Arc <br />2.5 mi1es nor~hWBs~ east east <br /> : $4,500 :$ 8 000 : $ 3 500 <br /> :$824: :$ 644: : $ 564: <br />HCAD&, MLS HCAD & MLS HCAD & MLS <br />DESCRIPTION +(-11 +(-11 -I-II <br /> Adjustment Adiultment Adiustment <br />3/1/96 <br />sUpt:!rior .-500 ,-500 ,-500 <br />5500 s.f. , ,+2675 ,-1664 ,+2210 <br /> <br /> <br /> <br />4ft"...e." <br /> <br />11600 Block of <br />Flintlock &N.D <br /> <br />~;=-Proxlmity to Subj. <br /> <br />...--. -. $ NA <br />- ~~;~~ ~n~~ <br />..= Price per S. f $ NA <br /> <br />.- Date 01 Sale and <br />.= I.me Adjustment . <br /> <br /> <br /> <br />- 1'\....... &!>_..__ <br />._ ""SIIMi1"'''UI'''D' <br /> <br />~:'::'~::,~~~ancing <br />_.....__."".,. <br /> <br />NA <br /> <br />lease purchase: -500 <br />Dinu:$ 1 75 <br />I <br />I <br />:$ <br /> <br />cash <br /> <br />indicated Value <br /> <br /> <br />: $ <br />I <br />I <br /> <br />: $ 5.836 <br /> <br /> <br />cash <br /> <br />Dlus:Dinus : $ <br />I <br />I <br />:$ 5.210 <br /> <br />_ ~:_: oA_ 0;_ JTot.~) <br /> <br />-. ~.....:_- <br />- _....;,,;...j_..... <br /> <br />In addition to the sales listed above, there is data regarding a sale <br />within this subdivision on Battleview Lane. Two lots sold for $3,000 <br />each approximately two years ago. This information was offered bya <br />real estate salesman who currently has four lots for sale on Cavalry <br />Road at $4,000 each. These lots have been on the, market one and <br />one-half years. <br /> <br />The indicated value of the subject property, using the Market Comparison <br />Approach to Value, is <br /> <br />SIX THOUSAND, ONE HUNDRED DOLLARS <br />($6,100'.00) <br /> <br />-6- <br />