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<br />I . <br /> <br />Robert G. Bloom, Jr. Real Estate Appraisers Inc. <br />State Certified General Appraiser, Lie #162 expires 12/31/93 <br />Ftle No. 3119 <br /> <br />SITE COMMENTS: <br /> <br />No adverse easements or conditions. No flood insurance required. Flood insurance map dated <br />September 16, 1988. A portion of this property is in zone A. No detailed study has been <br />prepared to determine how much of this property is in flood zone area. It appears that the <br />portion of the property that is zoned A is in a non-buildable area. <br /> <br />COMMENTS ON SALES COMPARISONS: <br /> <br />Heaviest emphasis placed upon the adjusted weighted average of all 14 transactions. Subject <br />property is not useable as a developmental property, however; the fair market value of the <br />subject property was as a nuisance value. <br /> <br />Nuisance Value is defined as follows: <br /> <br />"The price that probable would be paid to avoid or relieve objectionable condition. " <br />Nuisance is defined as: <br /> <br />"Something that interferes with use and enjoyment of property or is a source of discomfort and <br />annoyance to others; legal divided into two classes; public, or common, nuisances, which <br />touch the public interest; and private nuisances, WhICh destroy or injure and individual's <br />property, interest with its lawful us and enjoyment, or deny an individual common rights. <br /> <br />Source: Page 214, "The Dictionary of Real Estate Appraisal", American Institute of Real <br />Estate Appraisers. <br /> <br />Gene Dilmore Sales Comparison Tables attached in the addendum. These adjustments were <br />considered typical market adjustments and represent the buyers of multiple family zoned <br />properties in the greater Hilo area. The adjusted weighted sales were as follows: <br /> <br />Adjusted Mean'" = $.88 <br />Adjusted Median'" = $.88 <br /> <br />Standard Deviation= + / - 1.05 <br /> <br />Estimated price per square foot= $.88 <br />Estimated Value Via the Sales Comparison Approach= $2,215 Rounded. <br />FINAL RECONCILIATION: <br /> <br />The most justifiable sales price for subject property if it was available for sale as of June 3, <br />1993 is $2,215. This estimated price considered the highest and best of the land to be nuisance <br />value. Defined in the Sales Comparison Analysis Section. <br /> <br />120 Pauahl Street, SUIte 206, Htlo, HI 96720, (808) 961-3704 FAX (808) 961-4600 <br /> <br />~ <br />