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100 Acres,Penrose,CO SALES COMPARISON/SITE VALUATION The valuation of the subject site follows from the previous Highest and Best Use analysis in that the highest and best use of the subject as vacant would be for use as a single building site subject to its legal,permissible uses. Given the lack of any significant improvements the Cost Approach is not included in this analysis. Likewise,the income approach is not applicable as vacant agricultural land has little potential for producing an income sufficient to capitalize. Therefore,the sales comparison approach will be the lone method used to arrive at a conclusion of value for the subject property. Sales and market data were analyzed from the surrounding area and from the entire county over the past several years. Given its Highest and Best Use residential/ag use,various ag zoned acreage sales from the immediate area as well as the entire were analyzed in a multiple regression analysis to arrive at a projected value based on some of the variances in the key variables such as size, location, and time. Different values are given to these various features relative to their comparability to the subject property. The output is of the gives a relatively close estimate of what the predicted value should be on the effective valuation date used in the model. That predicted output's reliability can be gauged on the R squared value in the output. The higher that value generally the more reliable the results. In this instance the reliability is quite high at nearly 98%. This renders an overall range from$1,735/Acre to $2,580/Acre with a predicted value of$2,157/Acre. This is rounded to $2,100/Acre as the indicated value of the subject site. The overall value (rounded) therefore of the 100.001 Acres is: $210,000 TWO HUNDRED TEN THOUSAND DOLLARS 18 ©2012 Grantham Appraisal Service All Rights Reserved