You summarized your findings regarding the three comparable properties on the attached matrix.All all three cases the comparable properties were sold on a fee-simple absolute basis, as is the subject property.Conventional mortgage financing is available and all transactions were done at arm's length. Your conclusion is that no adjustments need to be made to the sale prices of the comparable properties for the type of property rights conveyed, financing terms, or conditions of sale. However, two of the properties had residual damage from the 2012 hurricane and resulting flooding, requiring the buyer of one property to spend $85,000 immediately after closing and the other buyer to spend $95,000.Similar damage to the subject property has already been repaired.Comparable 1 sold six (6) months ago; Comparable 2 sold twelve (12) months ago; Comparable 3 sold four (4) months ago. You estimate that values have been increasing, on average, 0.5% per month on an uncompounded basis.Within the neighborhood, there is a sharp distinction between properties on the "beach blocks" that have immediate access to the beach, and those located inland by one or two blocks.Sales on the beach blocks are relatively rare, and two of the comparable properties are located one block inland from the beach.You estimate that beach block properties sell for 15% more than otherwise identical houses located on inland blocks.In these neighborhoods, an incremental square foot of lot size is worth about $25 per square foot while additional living area is worth about $100 psf. Each year of effective age reduces the value of properties in this market by about $9,000. You experience suggests that each additional half-bath is worth $2,000; each additional full bath $4,000. Additional garage spaces, wood decks, and pools in these neighborhoods are worth $12,000, $8,000, and $25,000, respectively. No significant non-realty items were included in the comparable transactions.

Comp Comp Comp Elements of Comparison Subject Sale 1 Sale 2 Sale 3 Sale price of comparable $1,600,000 $1,750,000 $1,500,000 Transaction characteristics Property rights conveyed Fee simple Same Same Same Financing terms Conventional Same Same Same Conditions of sale Arm's length Same Same Same Expenditures immed. after purchase $0 $85,000 $95,000 Market conditions (months from sale Today 6 12 4 Property characteristics Location Beach Block Inland Block Beach Block Inland Block Physical characteristics: Site/lot size (square feet) 6,700 6,800 6,950 6,400 Construction quality Typical Typical Typical Typical Condition Average Average Average Average Effective age (years) 5.5 7.0 4.5 4.5 Living area (square feet) 3,580 3,510 3,760 3,150 Number of baths 3.5 3.0 3.0 2.5 Garage Spaces (# of cars) 2 2 1 1 Porch, patio, deck Cov. porch/Deck Cov. Porch Cov. Porch Cov. Porch Fence, pool, etc. Pool None Pool None Economics characteristics N.A. N.A N.A. N.A. Use Single-family Same Same Same Non-realty components None None None None