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<br />SUMMARY APPRAISAL REPORT <br /> <br />20 <br /> <br />J <br /> <br />Land Sales Adjustment Grid <br />Date of Appraisal Mar-1I-2008 <br /> Subject <br /> Sale #3 Sale #4 Sale #5 Sale #6 Property . <br />Date Of Sale Pending Oct-07 Sep"07 Apr"07 <br />Lahd Size (Acres) 0.3228 0.3071 05998 0.358} 0.3297 <br />Sales Price (Total Dollars) $51,500 $20,000 $37,SOO $30,OQO <br />No. of LOts 4 4 8 5 <br />~ Per Unit (SqFt) $3.66 $1.50 $1.44 $1.92 <br />Lo cation: Broadway Main St. Idaho Ave W. Polk St. Broadway & <br /> & idaho & East A & 11$ St. ~an Jacinto <br />IMULTIPLIED FACTOES I <br />PropertyRights COI!.veyedAdJusbneot 0% 0% 0% 0% <br />Adjusted Price $ Pet Unit $3.66 $1.50 $1.44 $1.92 <br />Financing Terms Adjustn1ent 0% 0% 0% 0% <br />Adjusted Price $ Per Unit $3.66 $1.50 $1.44 $1.92 <br />Condition Of sale Mjustment 0% 0% 0% 0% <br />Adjusted Prlce $ PerU~t $3,66 $1.50 $1.44 $1.92 <br />Time Prior To Appr:aisal Date NA 0.4 years 0.5 years 0.9 Years <br />Changes in Market Conditions (Time) 0% 0% 0% 0% <br />Adjusted Price $ Per Unit $3.66 $1.50 $1.44 $1.92 <br />IADDED FACTORS I 0% +10% +20% +90% <br />Location AdJustn1eot <br />Other Physical Characteristics 0% <br />Size Adj. -Acre Basis 0% 0% 0% <br />Other 0% +133% +133% . 0% <br />Net Loc. and Physical Adj. 0% +143% +153% +90% <br />Adjusted Price $ Per Unit (Front Foot) $3.66 $3.65 $3.64 $3,65 <br /> <br />. <br />Land Value Indication <br /> <br />Size (Acres) <br />0.3297 Acres x <br /> <br />5: Per SqFt <br />$3.66 <br />Rounded <br /> <br />Total <br />$52,'564 <br />$52,$00 <br /> <br />1 <br />9 <br />, <br /> <br />I <br />I <br />-j <br /> <br />Subject's Sale: The subj~ct property was purchased along with another property across San <br />Jacinto Street in August 2007. The reported sales price was $60,000 for both properties and <br />no allocation of value was provided to the appraiser. Gal"$on SUvel"s, the subject's owner, <br />repOlted that there were a variety of factors affecting this transaCtion ilicludilig motivation on <br />the part of the SeHer due to outstanding debt on both properties, as well as other properties <br />owned by the Seller. Therefore the appraiser is aware of this transaction but it was granted <br />minimal emphasis due to the reported Seller's motivation. <br /> <br />Conclusion: Primary emphasis was placed on pendilig Sale 3. The appraiser spoke at length <br />with the agents representing the Seller and this pending transaction appear~ to be the best <br />indicator of value for the subject property. Theryfore it. is the appraiser's opinion that the as <br />is market value of the subject property's fee simple estate is $52,500. <br /> <br />The Bilicek Company <br />