1979-12-28_GENERAL DOCUMENTS - C1981017

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6. Character of Surrounding Development A development site that is within a neighborhood that has been improved with new, attractive buildings will obviously command a higher unit value than an otherwise comparable site within a neighborhood with old and obsolete buildings or in a remote lo- cation. 7. Physical Features of the Land In analyzing land values in the Glenwood Springs/Carbondale areas , a number of physical features also affect land value. These include topography, provision for surface drainage and soil conditions. In the instant case , the topography of the subject and nearby sales is particularly important. The land sales listed in the Addenda of this report occurred between November, 1976 , and June , 1979 . Unit prices ranged from a low of $ . 80 per square foot to $2 . 53 per square foot on commer- cial/warehouse land. Various time trend studies conducted by the writer indicate that land developed and ready to build on has been increasing in value at a faster pace than most other kinds of real property in the area. This is attributable to the fact that all the land use regulations including zoning and subdivision regulations inspired by Senate Bill 35 passed in 1972 have tended to decrease the supply of ready-to- build on land and increase the cost of developing land. *zany tracts of land sold and ultimately developed into warehouse or industrial sites require a great deal of land leveling and addi- tional costs to get the land ready for building. Also, these topo- graphic considerations render many sites not totally useable. None of the listed sales have a high degree of comparability to the subject land. The subject land is larger than most tracts that are typically used for similar uses. The subject land is nearly level and nearly 100% useable. The land is presently served by Carbondale water and sewer systems and by a public electric system. The land is also served by a spur line of the Denver-Rio Grande Railroad which allows rail freight shipments directly to the site. None of the enumerated sales have this feature . The above data together with other sales , listings and area trends , lead the writer to a conclusion of $2 . 00 per square foot for land. Building Reproduction Costs The buildings were completed in October of 1976 . The owners actual costs of construction were analyzed and trended upwards for time based on national cost service rates. In addition , the Marshall and Swift Cost Service was consulted for the cost of comparable con- struction. The cost service tended to support the actual cost -10-