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<br />SUMMARY APPRAISAL REPORT <br /> <br />18 <br /> <br />SALES COMPARISON APPROACH: This section of the appraisal is concerned with <br />estimating the value of the subject property using the Sales Comparison Approach. This is <br />accomplished by comparing the subject property with similar properties which have recently <br />sold in the open mark~t. In order to identify comparable sales that have taken place the <br />appraiser has researched the Harris County deed records and contacted ptofessionals familiar <br />with the Main Street District and the L~ Porte market. Professionals contacted include <br />LouAnn Martin with Main Propelties (281-470.0655), Horace Leopard with LeoPatd Realty <br />(713-858.4716, and Dave Tt!tnqtiist with Baystar Real Estate (281-470-0400). The <br />identified transactions were investigated and write.ups on the most similar properties fOt <br />which data was available are included within the Addenda of this report. <br /> <br />In order t6 arrive at a value estimate for the subject property, variapces between these sales <br />and the subject are taken into considetation. The basis for comparison is the price per square <br />foot. This ratio is calculated by dividing the sales price by the number of square feet in each <br />property. All adjustments are then made from this base factor, The adjustments are made of <br />the comparables for significant variations which typkally include changes in market <br />conditions (time), location, and physical characteristics, such as size. <br /> <br />The appraiser has included with this report 6 land transactions of which 3 are pending sales <br />involving Garson Silvers. Among the closed transactions the sale dates range from April <br />2007 to October 2007. Among the entire date set the land sizes range from 0,2152 acres to <br />0.5998 acres. The transaction prices range from $1.44 per square foot to $3.66 per square <br />foot. <br /> <br />j <br />-, <br />! <br /> <br />Among the 6 transactions the appraiser has placed primary emphasis on Sales 3, 4, 5, and 6. <br />Sales 1 and 2 were considered but were granted only secondary emphasis silice they are part <br />of an assemblage of several tracts by Mr. Silvers. Sale 3 is also a pending transaction <br />involving Mr. Silvers but this transaction is not contiguous to Mr. Silvers other holdings. <br />This pending sale appears to be an arms length transaction and seller is represented by a local <br />real estate professional who is knowledgeable of the market. <br /> <br />Sale 3: This is the pending s!1le of 4-1/2 lots on the west side of South BrQadway Street, <br />acroSs the street from th~ stlbject property.. The property contains 14,063 square feet or <br />0.3228 acres. The property is pending sale for $51,500 or $:3.66 per square fo()t. Sale 3 is <br />l()cated within the Main Street District and it has a rectangular configuration. <br /> <br />Sale 3 appears to be very similar to the subject in all factors except the subject is superior <br />with road fi'ontage on all sides; however, Sate 3 has a superior rectangular shape that allows <br />the tract a superior development potential. Overall the appraiser has considered Sale 3 Qn an <br />l.madjusted basis. <br /> <br />Sale 4: This is the sale of 5 lots on East Main Street at Idaho Street in October 2007. The <br />prop~rty contains 13,375 square feet or 0.3071 acres and it sold for $20,000 or $1.50 pet <br />square foot. The selling agent reported that the property could be used for commercial <br /> <br />The Bilicek Comp(lny <br />