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Sales Comparison Approach, Continued Market Conditions: No adjustments have been taken for market conditions. The market for residential land for development has slowed over the past few years due to rising interest rates. There is not much demand for unbuildable land and so it is not suseptiable to typical market swings. The following sales have been considered in the valuation of the subject property and are detailed in the Addenda section of this report. They are considered to be the best sales available. Sale One Sale Two Sale TAnre Sale Foar These sales range from $10,604 to $19,218 per acre before adjustment for physical characteristics. The subject is a long narrow unbuildable parcel. It has been compared to other parcels of unbuilable or difficult to build on residential land. These adjustments have been taken as follows: Sale One is a large parcel on Sprague Road in Olmsted Township, this flag lot has a pond new the frontage and a stream that would have to be eulverted to develop a single residence at the rear. This parcel has been positively adjusted for sire, bemuse larger parcels tend to sell for less per unit than smaller parcels, all other things being equal. It has also been negatively adjusted for use because it is buildable with a single homesite. Sale Two is an unbuildable lot in a residential subdivision that was purchased by the Homeowner's Association. It is encumbered by a gas well and the mineral rights did not transfer with the surface. This sale has not been adjusted in comparison with the subject. Sale Three is a narrow residential lot in North Olmsted that was purchased by the adjacent owner. It is too narrow to be independtly developable and it is encumbered by driveway easements to the two adjacent residences. It has been negatively adjusted for size. Sale Four is a rear parcel with access from the end of Shanandoah Drive in North Royalton that ultimately developed with a single residence. It had topographic challenges, only one point of access and was too shallow to develop with additional homes. This sale has not been adjusted. 11. RRAMAN & CO., INC. - Rest h1bile Altsaisels &Consulting www, a,d oo.aom 17 Hunters Ridge Root Rd. (near 4088 north side of Address 27452 Sprague Rd. lane Rant Rd.) Shennodoeh Drive City Olmsted Twp. Olmsted Twp. North Oh fond N Royalton Solepnre 3/1/22 4/1524 5!123 7n21 Sole A im SI 10,000 $10,000 $4.500 5551000 Ser t.eex) 9.0458 0.9430 0.2342 3.5360 Pr,rnAne $12,160 $10,604 $19118 $15554 These sales range from $10,604 to $19,218 per acre before adjustment for physical characteristics. The subject is a long narrow unbuildable parcel. It has been compared to other parcels of unbuilable or difficult to build on residential land. These adjustments have been taken as follows: Sale One is a large parcel on Sprague Road in Olmsted Township, this flag lot has a pond new the frontage and a stream that would have to be eulverted to develop a single residence at the rear. This parcel has been positively adjusted for sire, bemuse larger parcels tend to sell for less per unit than smaller parcels, all other things being equal. It has also been negatively adjusted for use because it is buildable with a single homesite. Sale Two is an unbuildable lot in a residential subdivision that was purchased by the Homeowner's Association. It is encumbered by a gas well and the mineral rights did not transfer with the surface. This sale has not been adjusted in comparison with the subject. Sale Three is a narrow residential lot in North Olmsted that was purchased by the adjacent owner. It is too narrow to be independtly developable and it is encumbered by driveway easements to the two adjacent residences. It has been negatively adjusted for size. Sale Four is a rear parcel with access from the end of Shanandoah Drive in North Royalton that ultimately developed with a single residence. It had topographic challenges, only one point of access and was too shallow to develop with additional homes. This sale has not been adjusted. 11. RRAMAN & CO., INC. - Rest h1bile Altsaisels &Consulting www, a,d oo.aom