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,� <br /> � . . <br /> 2,560 S.F - Estimated area of tract <br /> x 5.00 - Estimated S.F. value for the land <br /> $12,800 - Estimated full value <br /> x 750 - Estimated discount factor for utility <br /> encumbrances. <br /> $9, 600 - Estimated discount amount <br /> 12 800 - Estimated full value <br /> $3, 200 - Estimated final value for vacated land <br /> RECONCILIATION AND FINA VALIIE ESTIMATE <br /> I have developed the Three Approaches to Value as follows: <br /> . COST APPROACH Not applied <br /> INCOME APPROACH Not applied <br /> DIRECT SALES COMPARISON APPROACH $3,200 (Discounted) <br /> The Cost Approach, which is typically reflective of the <br /> upper limits of value, is based on the proposition that an <br /> informed purchaser would pay no more than the cost of <br /> producing a substitute pro�erty with the same utility as <br /> the subject property. It is particularly applicable when <br /> the property being appraised involves proposed new <br /> improvements that represent the Highest and Best Use for <br /> the pro�erty. In this case this approach has been given <br /> no consideration since it wasn't applied. <br /> The Income Approach is based on an analysis of actual and <br /> hypothetical income and expense data plus current market <br /> interest rates. This is an approach that would normally <br /> be afforded considerable weight by a potential investor <br /> and has been given no consideration since it wasn't <br /> applied. <br /> The Direct Sales Comparison Approach, which reflects the � <br /> actions of typical buyers and seller in the actual market ' <br /> place, is usually considered the most reliable indicator ' <br /> of value. In this report it will be given serious �� <br /> consideration. � <br /> Page 10 <br />