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sales with various zone c-lassifications. These sales are located <br /> in the Glenwood Springs/Carbondale communities. In analyzing these <br /> and other sales in the area, a number of generalizations can be <br /> made. These include the following : <br /> 1. Location <br /> The most important single factor in the valuation of all land <br /> is location. As related to this appraisal , the highest land <br /> values are found with those tracts having close proximity to <br /> existing development, good access and the availability of re- <br /> liable utility services. <br /> 2. Size of Tract <br /> In analyzing land values , the size of comparable tracts , when <br /> compared to the subject property , has a bearing on land value. <br /> As a rule, the larger tracts have a lower unit value (per <br /> square foot) , and conversely, the smaller tracts have a higher <br /> unit value. This is primarily because the smaller tracts are <br /> in greater demand and within the means of many more investors , <br /> while the larger tracts have a wholesale aspect requiring <br /> greater financing capacity , equity investment , expense and <br /> time to develop. <br /> 3 . Zoning and Potential Use <br /> Maximum land values are most often found under the higher <br /> density commercial uses. This is followed in order by indus- <br /> trial and multi-family residential uses , single family resi- <br /> dential use , suburban residential and finally agricultural <br /> uses. While the existing zoning classification may not ab- <br /> solutely dictate future use , it actually has a strong bearing <br /> on sales price. A purchaser of development land who must re- <br /> zone to achieve utilization must consider both the time and <br /> expense of that rezoning. <br /> 4. Terms and Conditions of Sale <br /> Sales in the market place may be heavily influenced by terms <br /> and conditions of sale offered by the seller and by the moti- <br /> vation of both buyer and seller. When low down payments , low <br /> rates of interest and minimum monthly payments are offered by <br /> the seller, sale prices tend to be inflated. It follows that <br /> many all-cash transactions are discounted. <br /> 5. Date of Sale <br /> In analyzing present land value , the date of comparable sales <br /> must be taken into consideration. In addition to cycles in land <br /> values within the local economy , there has been an inflationary <br /> trend affecting the value of the dollar during the last twenty <br /> years . <br /> -9- <br />