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Land Valuation 29 <br />Land Valuation <br />To develop an opinion of the subject's land value, as if vacant and available to be developed to its <br />highest and best use, we utilize the sales comparison approach. Our search for comparable sales <br />focused on transactions within the following parameters: <br />• Location: Cabarrus County and surrounding areas <br />• Size: Three to 15 acres <br />• Transaction Date: June 1, 2010 until present <br />For this analysis, we use price per acre as the appropriate unit of comparison because market <br />participants typically compare sale prices and property values on this basis. The most relevant sales <br />are summarized in the following table. <br />Summary of Comparable Land Sales <br />2 6.37 Acres Oct -11 $110,000 277,477 Single Family $17,268 <br />800 N. Main St. Closed 6.37 Residential <br />Mount Pleasant <br />Cabarrus County <br />NC <br />Comments: Brokerstated this was an arms length transaction for these two tracts of land that totaled 6.37 acres. <br />3 Kerns Rd Mar -11 $248,700 464,655 Residential $23,308 <br />Kerns Rd. Closed 10.67 <br />Huntersvi I le <br />Mecklenburg County <br />NC <br />Comments: Property purchased to build one home. Had been on the market for655 days. <br />4 South side of Huntersvil le-Concord Jun -10 $290,000 441,698 Transitional $28,600 <br />Road Resi denti a I <br />South side of Huntersville- Concord Rd. Closed 10.14 (Condtiona1) <br />Huntersvi I le <br />Mecklenburg County <br />NC <br />Comments: Distressed sale - sellers were divorcing. Purchased by adjoining property owner that runs a <br />nursery/greenhouse. Broker felt that purchaser was only buyer for property due to greenhouse operation & <br />chemicals used, and that properly was worth over $30k per acre. Brokerstated property would have sold for$45k/ <br />acre pre- market crash. <br />Subject 367,969 Residential <br />The Glenn Center 8.45 <br />Concord, NC <br />The Glenn Center <br />irr <br />Attachment number 1 <br />H -5 Page 362 <br />Sale <br />Date; <br />SF; <br />No. Name /Address <br />Status Sale Price <br />Acres Zoning $ /Acre <br />1 5.7 -acres <br />Mar -12 $118,000 <br />248,292 Countryside $20,702 <br />Lot 2 Cold Creek Farms Rd <br />Closed <br />5.70 Residential <br />Concord <br />Cabarrus County <br />NC <br />2 6.37 Acres Oct -11 $110,000 277,477 Single Family $17,268 <br />800 N. Main St. Closed 6.37 Residential <br />Mount Pleasant <br />Cabarrus County <br />NC <br />Comments: Brokerstated this was an arms length transaction for these two tracts of land that totaled 6.37 acres. <br />3 Kerns Rd Mar -11 $248,700 464,655 Residential $23,308 <br />Kerns Rd. Closed 10.67 <br />Huntersvi I le <br />Mecklenburg County <br />NC <br />Comments: Property purchased to build one home. Had been on the market for655 days. <br />4 South side of Huntersvil le-Concord Jun -10 $290,000 441,698 Transitional $28,600 <br />Road Resi denti a I <br />South side of Huntersville- Concord Rd. Closed 10.14 (Condtiona1) <br />Huntersvi I le <br />Mecklenburg County <br />NC <br />Comments: Distressed sale - sellers were divorcing. Purchased by adjoining property owner that runs a <br />nursery/greenhouse. Broker felt that purchaser was only buyer for property due to greenhouse operation & <br />chemicals used, and that properly was worth over $30k per acre. Brokerstated property would have sold for$45k/ <br />acre pre- market crash. <br />Subject 367,969 Residential <br />The Glenn Center 8.45 <br />Concord, NC <br />The Glenn Center <br />irr <br />Attachment number 1 <br />H -5 Page 362 <br />