Name:   Osms - Subject:   Questions?? Date:   3/26/2014 2:22:58 PM

While I certainly agree with your approach to valuing an unimproved lot, a few questions come to mind:

1.  How can you put a value for a subdivision type lot (The Ridge, Emeral Shores, Marina Marin, etc) with many varied amenities up against a lot in strictly rural setting such as APCo lease lots?  How do you account for the extra value?  Can you use a comp in a subdivision to justify the value of a "rural lot"

2.  Do you find the values of out-of-town appraisers to be accurate?  You indicate they aren't.

3.  The 65 lots you show sold in '13, are Russell Lands and APCo lease lot sales included in those numbers?  If not, are those numbers available elsewhere?