Market Study

October 18, 2013
Mr. Steven G. Rogers, Managing Member Rogers and Associates 2659 Lake Circle Drive Jackson, Mississippi 39211 Re: Lost Rabbit Single Family Residential Subdivision Development Competitive Market Analysis
Dear Mr. Rogers: As per your formal request for real estate consultation services, I have completed a summary market study of the competitive single-family residential market and its relation to ongoing development within Lost Rabbit Subdivision. This summary historical sales study and analysis should provide market data necessary to determine market demand, price support, absorption rates, and current market trends within the designated areas of study. I have personally made an inspection of Lost Rabbit Subdivision and the competitive market. This study will rely heavily on summaries of confidential sales data found in the Jackson Multiple Listing Service, my personal files, and my years of experience within this designated marketing area. Demographics data, summary sales data, and my final opinions are found on the following pages. If further analysis or additional information is required, I am available at your request.
Respectfully submitted,
Mark S. Bounds, CCIM, SIOR MS Cert. General Real Estate Appraiser, GA-412 MS Licensed Real Estate Broker
TABLE OF CONTENTS: TBD
NAI Mark S. Bounds Realty Partners, Inc.
EXECUTIVE SUMMARY The data found throughout this report has been utilized to evaluate the potential residential market surrounding the subject of this report, Lost Rabbit Subdivision Development, in Madison County, Mississippi. The consultant has utilized available public data resources, and researched data from its own appraisal database. PRIMARY ASSUMPTIONS AND CONCLUSIONS: Identified Competitive Market Area o Fifteen minute drive-time from Lost Rabbit Subdivision Pg. 4
Identified Primary Housing Market Segment Pg. 4 o 2,400 to 3,200 Square Foot Single-Family Residences o $300,000 to $500,000 Per Unit o $135.00 to $150.00 Per Square Foot or $140.00 Per Square Foot Rounded o $55,000 to $65,000 Corresponding Lot Prices (Average) Identified Competitive Neighborhood Absorption Rate o 1.75 to 2.0 Lots Per Month Indicated Pre-development Land Value o $18,000 to $22,000 Per Acre - Fee Simple Pg. 10
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The ensuing report follows the line of moving from macro to micro in the derivation of its conclusions. For example, the table below reflects the total potential market, the population growth trends, owner occupied housing, etc. which was used to conclude a housing demand as reflected by the most current US census. See below.
The largest market for new single-family residential homes as a percentage of total occupied homes within the identified fifteen minute drive-time marketing area are homes valued between $300,000.00 to $500,000.00. The consultants demographic analysis indicates a new housing demand of 64.9* homes per year for this segment of the market within a fifteen minute drive-time. *Total Population x Population Growth Rate x % of Owner Occupied Housing = New Housing Demand Per Year x Market Segment % = New Housing Demand Per Segment In order to discern a detail view of the velocity of home sales within the target market area, the consultant utilized data published from the Jackson Multiple Listing Service, which is reported by the 1,516 members of the Jackson MLS. This information provides the consultant and the reader with a factual and reliable sample of the real market demand in each reported housing market segment. It is important to note that the consultant only considered homes in neighborhoods that have active development or new home development. It is the consultants conclusion to exclude homes that are considered older than three (3) years in order to accurately reflect the current market and estimate future market potential.
The foregoing data reflects that there are currently 95 active listings and 154 confirmed sales in the prior twelve months in the market segment of 1,600 to 2,000 square feet within the defined market area of this report. However, the consultant has concluded from discussions with the other consultants of this study that this market segment is not applicable to the subject development because Lost Rabbit was designed for the high net worth consumer who can meet the bar reflected in the subdivision covenants, which generally requires homes to be 2,400 square feet of larger.
For purposes of this report, the consultant has focused on the market segments ranging from 2,400 square feet to 3,200 square feet, which were derived from the Key Demographics Indicators for Residential Development referenced earlier in this report. The home prices reflected in the demographic report relate to the market segment of homes in the 2,400 to 3,200 square foot range in the MLS data below. The MLS data suggests that the 2,400 to 2,800 square foot segment has the most potential going forward with a current new housing inventory of only 3.32 months.
The average price of houses within this category is approximately $350,000, or $138.00 per square foot with an average lot value of $55,000 as reflected in the comparable lot sales grid on the following page. The mean lot price from this table is $53,796, rounded to $55,000.
In the market segment of 2,800 to 3,200 square feet MLS reports 20 active listings and 24 sales within the previous year with a current new housing inventory of 10.0 months.
The average price of houses within this category is approximately $440,000 rounded, or $145.00 per square foot rounded with an average lot value of $65,000 as reflected in the comparable lot sales grid on the following page. A discussion with homebuilders, that develop speculative homes within the market, confirms the consultants conclusions. It is important to note that homes within this price range are often custom built and may not be reported by the builder or the homebuyer through MLS. It is the consultants opinion that this market segment is likely considerably larger than reflected in MLS with respect to the actual number of homes that may be built in a twelve (12) month timeframe.
SUMMARY OF COMPARABLE LOT SALES
It is most important to note that the availability of amenities nearby including neighborhood shopping centers, medical services, schools, and the like have a significant impact on demand for vacant developed lots. Drive times to these amenities are also important when homebuyers consider competing alternatives. In addition the relative load of ongoing assessments such as PID payments, public lease payments, homeowners association dues, and ad valorem taxes has a significant impact on vacant lot demand by homebuyers versus competing alternatives ie. (The Principle of Substitution). It is the consultants opinion that the current market reflects the most demand for housing in the 2,400 to 2,800 square foot market segment. Average prices for homes in this segment are $350,000 rounded or $140.00 per square foot rounded. Corresponding lot prices on average are $55,000.00.
LOT ABSORPTION STUDY
Lot absorption rates from competing subdivision developments were analyzed to determine an estimate of market absorption rates for the subject development. The table found below indicates a summary of the absorption study.
SUBDIVISION ABSORPTION LOTS ANNUAL MONTH PERIOD SOLD RATE RATE BRISTOL @ 08/31/200785 17.04 1.42 REUNION 08/29/2012 GRAYHAWK 06/10/2009141 38.4 3.2 02/20/2013 SUNDOWNE 05/09/201145 20.04 1.67 @ CAROLINE 10/28/2013 EDGEWOOD 08/02/201226 24 2 @ REUNION 09/09/2013 COVINGTON 07/15/20137 24 2 @ REUNION 10/31/2013 SAINT REGIS 05/21/200875 14.3 1.19 10/09/2013 The analysis of six (6) actively competing developments indicates absorption rates ranging from a low of 1.19 lots per month to a high of 3.2 lots per month with an average absorption rate of 1.91 lots per month. It is my opinion that the subject subdivision development should compete with the market at a rate of 1.75 to 2.0 lots per month once conditions within the development stabilize.
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FIXED ANNUAL COST COMPARISION
Competing Developments Annual Operating Cost

$350,000 to $420,000 Home Value
Lost Rabbit
County Taxes City Taxes PRVWSD Lease payment Property Owners Association PID or similar Fee Total $2,300 $$900 $990 $4,000
Reunion
$2,300 $650 $$1,000 $715
Grayhawk
$2,300 $$$650 $-
$8,190
$4,665
$2,950
The consultants should consider fixed annual cost to the end-user, the home owner. The table above details a direct comparison of similar existing homes within three competing developments. As noted, fixed annual cost of ownership within Lost Rabbit is significantly higher than competing developments due primarily to high current PID fees and PRVWSD lease payments. In order for the neighborhood to compete with the market and equalize to fair market value a Renewal Fee ranging from $600.00 to $800.00 should be accessed and replace the existing PID Fee.
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PRE-DEVELOPMENT LAND VALUE
A summary of comparable land sales detailed in this report is presented below to aid in identifying a market rate per acre for pre-development single family residential land on a per acre basis.
LOCATION Southeast Corner of Clarkdell Road and Oakfield Boulevard, Canton, MS Southern ROW Line of Yandell Road, Just East of Clarkdell Road and West of Hampton Hills Boulevard, Canton, MS West of Ridgefield Subdivision, North of Gluckstadt Road and East of Catlett Road, Madison, North of Highland Colony Parkway, South of Old Agency Road and East of North Livingston Road, Ridgeland, MS East Side of Dewees Road, North of Gluckstadt Road and adjoins Providence Subdivision to the North, Madison, MS Southern ROW of Oakfield Boulevard (New) and just East of Clarkdell Road, Canton, MS Eastern ROW Line of North Old Canton Road and South of Spotted Acres Lane, Madison, MS Northeast Corner of Clarkdell Road and Oakfield Boulevard and 1/2 Mile South of Yandell Road, Canton, MS Eastern ROW Line of Catlett Road and North of Gluckstadt Road, Madison Southeast Corner of Yandell Road and Clarkdell Road, Canton, MS LOW VALUE HIGH VALUE MEAN MEDIAN STANDARD DEVIATION SITE SIZE (SQ FT) 893,895 SITE SIZE (ACRES) 20.521 DATE OF SALE 4/12/13 ZONING SALES PRICE $369,378 PRICE PER ACRE $18,000.00
R-1B / PUD
3,484,800
80.000
2/26/13
R-2 / PUD
$1,000,000
$12,500.00
1,350,360
31.000
12/16/11
A-1
$604,500
$19,500.00
6,493,925
149.080
9/23/11
R-1A
$2,250,000
$15,092.57
1,769,843
40.630
8/12/11
R-2
$832,500
$20,489.79
872,550
20.031
9/29/10
R-1B / PUD
$360,500
$17,997.10
631,620
14.500
9/16/08
R-1
$290,000
$20,000.00
1,087,650
24.969
2/25/08
R-1B
$700,000
$28,034.76
4,247,492
97.509
9/11/07
R-2
$2,279,273
$23,375.00
3,484,800 631,620 6,493,925 2,431,694 1,560,102
80.000 14.50 149.08 55.82 35.82
7/10/07
R-2
$1,900,000 $290,000 $2,279,273 $1,058,615 $766,250
$23,750.00 $12,500.00 $28,034.76 $19,873.92 $19,750.00 $4,455.78
It is my opinion that the undeveloped and partially developed portions of the subject property should command a market fee simple rate ranging from $18,000.00 per acre to $22,000.00 per acre.
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MARKET AREA DATA
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The subject property is located northeast of the City of Madison, north of the city of Ridgeland and south of the City of Canton, Mississippi and experiences similar supply and demand influences as properties located nearby and influenced by the Ross Barnett Reservoir. A direct relationship exists between the growth of several public and private universities, local manufacturing and industrial facilities, large regional retail developments, the Nissan Automotive Plant, new medical outpatient facilities, and the growth of Jackson as a metropolitan area. The Jackson Metropolitan area (including parts of Madison County) contains a population of 640,000 persons. Property taxes are levied based on a percentage of True Value as specified by Senate Bill 2153 passed by the 1984 State Legislature. Owner-occupied single-family residences are assessed at 10% of true value while all other types of real property are assessed at 15% of true value. KEY DEMOGRAPHIC INDICATORS FOR RESIDENTIAL DEVELOPMENT Drive Times: Total Population: Population Growth Trend: Owner Occupied Housing: New Housing Demand Per Year: Median Household Income: Home Value Market Segments: $250,000 - $299,999: $300,000 - $399,999: $400,000 - $499,999: $500,000 - $749,999: $750,000 - $999,999: Total Market Share: New Housing Demand Per Segment: $250,000 - $299,999: $300,000 - $399,999: $400,000 - $499,999: $500,000 - $749,999: $750,000 - $999,999: Conclusions: The largest market for new single family residential homes as a percentage of total occupied homes within the identified marketing area are homes valued between $300,000.00 and $500,000.00. The consultants demographic analysis indicates a new housing demand of 64.9 homes per year for this segment of the market. 1.84 2.50 1.96 1.38 0.19 10.55 17.38 14.28 9.13 1.59 28.72 37.99 26.91 25.55 4.52 12.3% 16.7% 13.1% 9.2% 1.3% 52.6% 11.9% 19.6% 16.1% 10.3% 1.8% 59.7% 12.7% 16.8% 11.9% 11.3% 2.0% 54.7% 5 Minutes: 1,337 1.22% 91.7% 14.96 $94,840 10 Minutes: 8,797 1.13% 89.2% 88.67 $102,235 15 Minutes: 27,300 1.08% 76.7% 226.14 $78,787
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RECENT RESIDENTIAL DEVELOPMENT LAND SALES

Land Sale No. 1
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Land Sale No. 1 (Cont.)
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Land Sale No. 1 (Cont.) Property Identification Record ID Property Type Address Tax ID User 1 Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Conditions of Sale Financing User 4 Verification
1217 Residential, Residential Development Southeast Corner of Clarkdell Road and Oakfield Boulevard, Canton, Madison County, Mississippi 39046 082G-26-001/02.00 (Part of Parcel) 082G-26-001/02.00 (Part of Parcel)
South Madison Development, Inc. Old River Homes, Inc. April 12, 2013 2930 / 210 Fee Simple Arm's Length Cash to Seller Grantor/Grantee/HUD-1/Courthouse Records Grantor/Grantee; HUD-1 Statement, Other sources: Courthouse Records, Confirmed by Database Admin. $369,378 $369,378 $369,378
Sale Price Cash Equivalent Adjusted Price Land Data Zoning Topography Utilities Dimensions Shape Landscaping Parking Rail Service Fencing Flood Info User 5 User 6 User 7 Depth Land Size Information Gross Land Size Front Footage
R-1B with a PUD Overlay, Planned Unit Development Level at Street Grade All Available See Remarks Irregular None None None None No Flood Zone Average Public None 529
20.521 Acres or 893,895 SF 2119 ft Total Frontage: 1423 ft Clarkdell Road;696 ft Oakfield Boulevard
Indicators Sale Price/Gross Acre Sale Price/Gross SF
$18,000 Adjusted $0.41 Adjusted
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Land Sale No. 1 (Cont.) Sale Price/Front Foot $174 Adjusted
Remarks Site was purchased for single family residential development. The site had frontage along Clarkdell Road and Oakfield Boulevard. The site had access to public water and sewer. The site was part of a larger subdivision named Oakfield that will consist of eight different sections. The site dimensions are as follows: 84.02' X 271.67' X 161.49' X 133.72' X 45.07' X 270.07' X 245.56' X 87.24' X 214.47' X 215.38' X 213.87' X 367.29' X 149.85' X 12.2' X 23.7' X 426.29' X 60.65' X 935.71'.
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Land Sale No. 2
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Land Sale No. 2 (Cont.) Property Identification Record ID Property Type Address
Tax ID User 1 Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Conditions of Sale Financing User 4 Verification
1215 Residential, Residential Development Southern ROW Line of Yandell Road, Just East of Clarkdell Road and West of Hampton Hills Boulevard, Canton, Madison County, Mississippi 39046 082G-26-001/00.00 (Part of Parcel) 082G-26-001/00.00 (Part of Parcel)
Twisted Oak, LLC Glenwild, LLC February 26, 2013 2918 / 865 Fee Simple Arm's Length Cash to Seller Grantor/Grantee/Courthouse Records Grantor; Grantee, Other sources: Courthouse Records, Confirmed by Database Admin. $1,000,000 $1,000,000 $1,000,000
Sale Price Cash Equivalent Adjusted Price Land Data Zoning Topography Utilities Dimensions Shape Landscaping Parking Rail Service Fencing Flood Info User 5 User 6 User 7 Depth Land Size Information Gross Land Size Front Footage Indicators Sale Price/Gross Acre Sale Price/Gross SF
R-2 with a PUD Overlay, Planned Unit Development Level at Street Grade All Available 1305.45' X 2673.13' X 1305.41' X 2665.58' Rectangular None None None None No Flood Zone Average Public None 2673
80.000 Acres or 3,484,800 SF 1305 ft Total Frontage: 1305 ft Yandell Road
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Remarks Site was purchased for single family residential development. The site had access to public water and public sewer. The site was re-zoned from PUD to R-2 with a PUD overaly immediately before the transaction was finalized.
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Land Sale No. 3
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1030 Residential, Residential Development West of Ridgefield Subdivision, North of Gluckstadt Road and East of Catlett Road, Madison, Madison County, Mississippi 39110 082D-19-004/01.04 082D-19-004/01.04
Lucky Town Acres, L.P. Stillhouse Creek, LLC December 16, 2011 2739 / 976 Fee Simple Arm's Length Owner Financed Appraiser/Courthouse Records Appraiser; Other sources: Courthouse Records, Confirmed by Database Admin. $604,500 $604,500 $604,500
A-1, Agricultural Level, at Street Grade All Available 1241.85' X 1096.74' X 1241.61' X 1089.21' Rectangular None None None None No Flood Zone Average Purchased by Adjoining Land Owner None 1097
31.000 Acres or 1,350,360 SF 1242 ft Total Frontage: 1242 ft Adjoining Parcel
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Remarks This property was purchased by the adjoining land owner of Stillhouse Creek Subdivision for future phases. The grantor owner financed $407,620 of the purchase price.
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Land Sale No. 4
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1036 Residential, Residential Development North of Highland Colony Parkway, South of Old Agency Road and East of North Livingston Road, Ridgeland, Madison County, Mississippi 39157 See Remarks See Remarks
Travis Properties, LLC and Grace Properties, LLC Erick T. Dampier, Individually September 23, 2011 2708 / 420 Fee Simple Arm's Length Cash to Seller Grantor/Appraiser/Courthouse Grantor; Appraiser, Other sources: Courthouse Records, Confirmed by Database Admin. $2,250,000 $2,250,000 $2,250,000
R-1A, Single Family Density Residential Level All Available Irregular Irregular None None None None No Flood Zone Average Private Asphalt Paved Road None 1178
149.080 Acres or 6,493,925 SF 50 ft Total Frontage: 50 ft Wrenfield Drive - Private Asphalt Road
Indicators Sale Price/Gross Acre
$15,093 Adjusted
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Land Sale No. 4 (Cont.) Sale Price/Gross SF Sale Price/Front Foot $0.35 Adjusted $45,000 Adjusted
Remarks This property was purchased by a local professional athlete who was buying the tract for use as a residential estate. He plans to construct a very large estate home of the property. The property was purchased via two separate deeds. Deed Book 2708 at Page 420 was Travis Properties, LLC to Erick T. Dampier, Individually. Deed Book 2708 at Page 434 was Grace Prop, LLC to Erick T. Dampier, Individually. The site was accessed by a private asphalt paved road named Wrenfield Drive. The Parcel Numbers and Map Reference Numbers are as follows: 071H-27001/00.00, 071H-27-002/04.01, 071H-27-002/04.25, 071H-27-006/01.00, 071H-27-006/02.00 and 071H-28-002/03.00.
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Land Sale No. 5
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1033 Residential, Residential Development East Side of Dewees Road, North of Gluckstadt Road and adjoins Providence Subdivision to the North, Madison, Madison County, Mississippi 39110 081F-24-001/01.00 081F-24-001/01.00
Cherry Hill Plantation Fieldstone Dev., LLC. August 12, 2011 2696 / 576 Fee Simple Arm's Length Cash to Seller Appraiser/Courthouse Records Appraiser; Other sources: Courthouse Records, Confirmed by Database Admin. $832,500 $832,500 $832,500
R-2, Medium Density Residential District Level All Available Irregular Irregular None None None None No Flood Zone Average Public None 2051
40.630 Acres or 1,769,843 SF 927 ft Total Frontage: 927 ft Dewees Road
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Remarks Fieldstone Subdivision is planned for southern 20.59 acres with 41 lots, approximately 1/3 acre sites with 1,600 square feet minimum home sizes.
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Land Sale No. 6
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Land Sale No. 6 (Cont.) Property Identification Record ID Property Type Address Tax ID User 1 Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Conditions of Sale Financing User 4 Verification
831 Residential, Residential Development Southern ROW of Oakfield Boulevard (New) and just East of Clarkdell Road, Canton, Madison County, Mississippi 39046 082G-26-001/06.00 082G-26-001/06.00
South Madison Development, Inc. FPP, LLC September 29, 2010 2593 / 459 Fee Simple Arm's Length Cash to Seller Grantee/Grantor/Bank/Appraiser/Cthouse Grantee/Grantor; Bank/Appraiser, Other sources: Courthouse Records, Confirmed by Database Admin. $360,500 $360,500 $360,500
Sale Price Cash Equivalent Adjusted Price Land Data Zoning Topography Utilities Dimensions Shape Landscaping Parking Rail Service Fencing Flood Info User 5 User 6 User 7 Depth Land Size Information Gross Land Size Front Footage Indicators Sale Price/Gross Acre Sale Price/Gross SF Sale Price/Front Foot
R-1B With PUD Overlay, Moderate Density Residential Level at Street Grade All Available 1231.58' X 1159.28' X 858.75' X 1206.33' Rectangular None None None None No Flood Zone Average Public None 1206
20.031 Acres or 872,550 SF 1232 ft Total Frontage: 1232 ft Oakfield Boulevard
$17,997 Adjusted $0.41 Adjusted $293 Adjusted
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Remarks This site is being developed into Whitney's Ridge Subdivision that will contain 53 single family residential lots. The houses will contain a minimum of 1,500 square feet and will be priced in the $160,000 to $190,000 range.
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Land Sale No. 7
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Land Sale No. 7 (Cont.) Property Identification Record ID Property Type Address 575 Residential, Single Family Residential Eastern ROW Line of North Old Canton Road and South of Spotted Acres Lane, Madison, Madison County, Mississippi 39110 072A-02C-004/00.00 072A-02C-004/00.00
Tax ID User 1 Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Financing User 4 Verification Sale Price Cash Equivalent Adjusted Price Land Data Zoning Topography Utilities Dimensions Shape Landscaping Parking Rail Service Fencing Flood Info User 5 User 6 User 7 Depth Land Size Information Gross Land Size Front Footage Indicators Sale Price/Gross Acre Sale Price/Gross SF Sale Price/Front Foot
Robert M. Gathings, Sr. and wife, Peggy G. Gathings Patrick Healy and wife, Angela Healy September 16, 2008 2353 / 970 Fee Simple Cash to Seller Grantor/Grantee/Lender/Appraiser/Cthouse Grantor / Grantee; Lender / Appraiser, Other sources: Courthouse Records, Confirmed by Database Admin. $290,000 $290,000 $290,000
R-1, Single Family Density Residential Level, at street grade All Available 498.96' X 1270' X 484.44' X 1270' Rectangular None None None None No Flood Zone Average Public None 1270
14.500 Acres or 631,620 SF 499 ft Total Frontage: 499 ft North Old Canton Road
Remarks The grantee intends to construct a single family residence on the site.
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Land Sale No. 8
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Location Tax ID User 1 Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Conditions of Sale Financing Sale History User 4 Verification
393 Residential, Residential Development Northeast Corner of Clarkdell Road and Oakfield Boulevard and 1/2 Mile South of Yandell Road, Canton, Madison County, Mississippi 39046 Will be Developed into Western Ridge Subdivision 082G-26-001/05.00 082G-26-001/05.00
South Madison Development, Inc. FJT, LLC February 25, 2008 2289 / 386 Fee Simple Arm's Length Cash to Seller Part of a 320 Acre Tract that sold on 12/15/2005 for $4,640,000 Grantor / Grantee / Appraiser / Courthouse Records Grantor; Grantee, Other sources: Appraiser / Courthouse Records, Confirmed by Database Admin. $700,000 $700,000 $700,000
R-1B, Moderate Density Residential Gently Rolling All Available 1120.64' X 936.34' X 1474.65' X 962.72' Irregular None None None None No Flood Zone Average Public None 963
24.969 Acres or 1,087,650 SF 1121 ft Total Frontage: 1121 ft Clarkdell Road
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Land Sale No. 8 (Cont.) Indicators Sale Price/Gross Acre Sale Price/Gross SF Sale Price/Front Foot
Remarks This site will be developed into Western Ridge Subdivision which will be one of eight single family residential sections contained in a new development called Oakfield Subdivision. Western Ridge Subdivision will be developed with houses containing a minimum of 1,600 square feet. The sellers agreed to install a boulevard along the southern line of the site that will extend eastward and allow access to the remaining seven sections of Oakfield Subdivision. The sellers also agreed to install a sewer lift station and clubhouse/swimming pool that will be shared between the eight residential sections of Oakfield Subdivision.
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Land Sale No. 9
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Land Sale No. 9 (Cont.) Property Identification Record ID Property Type Address Tax ID User 1 Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Conditions of Sale Financing User 4 Verification Sale Price Cash Equivalent Adjusted Price Land Data Zoning Topography Utilities Dimensions Shape Landscaping Parking Rail Service Fencing Flood Info User 5 User 6 User 7 Depth Land Size Information Gross Land Size Front Footage
696 Residential, Residential Development Eastern ROW Line of Catlett Road and North of Gluckstadt Road, Madison, Madison County, Mississippi 39110 082D-19-023/02.00 & 082D-20-005/03.00 082D-19-023/02.00 & 082D-20-005/03.00
BancorpSouth, as Trustee for Donald C. Guild M.D., et al Stillhouse Creek, LLC September 11, 2007 2242 / 197 Fee Simple Arm's Length Cash to Seller Grantee/Appraiser/Courthouse Records Grantee; Appraiser, Other sources: Courthouse Records, Confirmed by Database Admin. $2,279,273 $2,279,273 $2,279,273
R-2, Medium Density Residential District Gently Rolling All Available 1097.31'X3978.56'X693.03'X1383.14'X634.95'X1849.68'X203. 28'X778.95' Irregular None None None None No Flood Zone Average Public None 3979
97.509 Acres or 4,247,492 SF 1097 ft Total Frontage: 1097 ft Catlett Road
Indicators $23,375 Adjusted Sale Price/Gross Acre $0.54 Adjusted Sale Price/Gross SF Remarks This site is being developed with Stillhouse Creek Subdivision.
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Land Sale No. 10
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Land Sale No. 10 (Cont.) Property Identification Record ID Property Type Address Tax ID User 1 Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Conditions of Sale Financing Sale History User 4 Verification
391 Residential, Residential Development Southeast Corner of Yandell Road and Clarkdell Road, Canton, Madison County, Mississippi 39046 082G-26-001/04.00 082G-26-001/04.00
Twisted Oak, LLC KSFD, LLC July 10, 2007 2213 / 958 Fee Simple Arm's Length Cash to Seller Part of a 640 acre tract that sold on 12/15/2005 for $7,840,000 Grantee / Appraiser / Courthouse Records Grantee; Real Estate Appraiser, Other sources: Madison County Courthouse Records $1,900,000 $1,900,000 $1,900,000
R-2, Medium Density Residential District Gently Rolling All Available 1316.35' X 2665.58' X 1293.99' X 2672.64' Rectangular None None None None No Flood Zone Good Public None 2673
80.000 Acres or 3,484,800 SF 3989 ft Total Frontage: 1316 ft Yandell Road;2673 ft Clarkdell Road
Indicators Sale Price/Gross Acre
$23,750 Adjusted
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Land Sale No. 10 (Cont.) Sale Price/Gross SF Sale Price/Front Foot $0.55 Adjusted $476 Adjusted
Remarks A medium density residential development is planned for this site. At the time of sale a preliminary plat had been approved by the Madison County Planning and Zoning Board.
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SUMMARY
LOCATION Southeast Corner of Clarkdell Road and Oakfield Boulevard, Canton, MS Southern ROW Line of Yandell Road, Just East of Clarkdell Road and West of Hampton Hills Boulevard, Canton, MS West of Ridgefield Subdivision, North of Gluckstadt Road and East of Catlett Road, Madison, North of Highland Colony Parkway, South of Old Agency Road and East of North Livingston Road, Ridgeland, MS East Side of Dewees Road, North of Gluckstadt Road and adjoins Providence Subdivision to the North, Madison, MS Southern ROW of Oakfield Boulevard (New) and just East of Clarkdell Road, Canton, MS Eastern ROW Line of North Old Canton Road and South of Spotted Acres Lane, Madison, MS Northeast Corner of Clarkdell Road and Oakfield Boulevard and 1/2 Mile South of Yandell Road, Canton, MS Eastern ROW Line of Catlett Road and North of Gluckstadt Road, Madison Southeast Corner of Yandell Road and Clarkdell Road, Canton, MS LOW VALUE HIGH VALUE MEAN MEDIAN STANDARD DEVIATION SITE SIZE (SQ FT) 893,895 SITE SIZE (ACRES) 20.521 DATE OF SALE ZONING SALES PRICE PRICE PER ACRE $18,000.00
4/12/13
R-1B / PUD
$369,378
3,484,800
80.000
2/26/13
R-2 / PUD
$1,000,000
$12,500.00
1,350,360
31.000
12/16/11
A-1
$604,500
$19,500.00
6,493,925
149.080
9/23/11
R-1A
$2,250,000
$15,092.57
1,769,843
40.630
8/12/11
R-2
$832,500
$20,489.79
872,550
20.031
9/29/10
R-1B / PUD
$360,500
$17,997.10
631,620
14.500
9/16/08
R-1
$290,000
$20,000.00
1,087,650
24.969
2/25/08
R-1B
$700,000
$28,034.76
4,247,492
97.509
9/11/07
R-2
$2,279,273
$23,375.00
3,484,800 631,620 6,493,925 2,431,694 1,560,102
80.000 14.50 149.08 55.82 35.82
7/10/07
R-2
$1,900,000 $290,000 $2,279,273 $1,058,615 $766,250
$23,750.00 $12,500.00 $28,034.76 $19,873.92 $19,750.00 $4,455.78
82
RECENT LOT SALES WITHIN LOST RABBIT SUBDIVISION

Land Sale No. 1
83
Land Sale No. 1 (Cont.) Property Identification Record ID Property Type Address Location Tax ID User 1 Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Conditions of Sale Financing User 4 Verification
1183 Residential, Single Family Residential Lot 67 of Town of Lost Rabbit Phase 1, Madison, Madison County, Mississippi 39110 Northwest Corner of West Florida Boulevard and Old Trace Road 072F-14A-009/00.00 072F-14A-009/00.00
Reed B. Hogan II and wife, Dian V. Hogan Metro Special Care Medical Equipment & Supply, LLC November 29, 2011 2750 / 952 Leasehold Arm's Length Owner Financing MLS #228051/Listing Agent/Courthouse Records MLS #228051; Listing Agent, Other sources: Courthouse Records, Confirmed by Database Admin. $165,000 $165,000 $165,000
SU-1, Special Use District Level, at Street Grade All Available 75.25' X 125.15' X 69.1' X 125' Rectangular None None None None No Flood Zone Average Public None 125
0.207 Acres or 9,017 SF 200 ft Total Frontage: 125 ft Old Trace Road;75 ft West Florida Boulevard
84
$797,101 $18.30 $825
85
Land Sale No. 2
86
Land Sale No. 2 (Cont.) Property Identification Record ID Property Type Address Location Tax ID User 1 Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Marketing Time Financing User 4 Verification 725 Residential, Single Family Residential Lot 58 of The Town of Lost Rabbit Phase 1, Madison, Madison County, Mississippi 39110 Northern Right-of Way Line of Old Trace Road Between West Florida Boulevard and La Salle Street 072A-11D-059/00.00 072A-11D-059/00.00
D. Spencer, Inc. Steven P. Key August 26, 2008 2350 / 423 Leased Fee 229 Cash to Seller MLS/Courthouse Records MLS #184952; Other sources: Courthouse Records, Confirmed by Database Admin. $210,000 $210,000 $210,000
SU-1, Special Use District Level, at street grade All Available 90.7' X 130.09' X 90.07' X 130.09' Rectangular None None None None No Flood Zone Good - Water View Public None 130
0.269 Acres or 11,718 SF 90 ft Total Frontage: 90 ft Old Trace Road
$780,669 Adjusted $17.92 Adjusted $2,333 Adjusted
87
Land Sale No. 3
88
Land Sale No. 3 (Cont.) Property Identification Record ID Property Type Address Location Tax ID User 1 Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Marketing Time Financing User 4 Verification
723 Residential, Single Family Residential Lot 252 of The Town of Lost Rabbit Phase 2, Madison, Madison County, Mississippi 39110 Northwest Corner Old Trace Road and Baptiste Street 072A-12C-043/00.00 072A-12C-043/00.00
The Talon Group, LLC Quentin Whitwell, Jr. July 21, 2008 2341 / 571 Leased Fee 257 Days Cash to Seller Jackson MLS/Courthouse Records Jackson MLS #165467; Other sources: Courthouse Records, Confirmed by Database Admin. $213,000 $213,000 $213,000
SU-1, Special Use District Level, at street grade All Available 29.04' X 54.07' X 99.02' X 71.61' X 86.2' Irregular None None None None No Flood Zone Good - Corner - Water View Public None 99
0.169 Acres or 7,362 SF 169 ft Total Frontage: 83 ft Old Trace Road;86 ft Baptiste Street
$1,260,355 Adjusted $28.93 Adjusted $1,260 Adjusted
89
Land Sale No. 4
90
Land Sale No. 4 (Cont.) Property Identification Record ID Property Type Address Location Tax ID User 1 Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Marketing Time Financing User 4 Verification 727 Residential, Single Family Residential Lot 59 of The Town of Lost Rabbit Phase 1, Madison, Madison County, Mississippi 39110 Northwest Corner of Old Trace Road and La Salle Street 072A-11D-060/00.00 072A-11D-060/00.00
D. Spencer, Inc. Charles R. Dismuke, Jr. and Wife, Linda D. Dismuke June 16, 2008 2320 / 950 Leased Fee 500 Cash to Seller Jackson MLS/Courthouse Records MLS #170391; Other sources: Courthouse Records, Confirmed by Database Admin. $225,000 $225,000 $225,000
SU-1, Special Use District Level, at street grade All Available 90.07' X 130.09' X 90.07' X 130.09' Rectangular None None None None No Flood Zone Good - Corner - Water View Public None 130
0.269 Acres or 11,718 SF 220 ft Total Frontage: 90 ft Old Trace Road;130 ft La Salle Street
Indicators Sale Price/Gross Acre Sale Price/Gross SF Sale Price/Front Foot
91
Land Sale No. 5
92
Land Sale No. 5 (Cont.) Property Identification Record ID Property Type Address Location Tax ID User 1 Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Marketing Time Financing User 4 Verification
724 Residential, Single Family Residential Lot 66 of The Town of Lost Rabbit, Phase 1, Madison, Madison County, Mississippi 39110 Northeast Corner of Old Trace Road and Azalea Street 072F-14A-008/00.00 072F-14A-008/00.00
William F. Huber and wife, Sarah B. Huber Michael V. Newman February 05, 2007 2163 / 738 Leased Fee 15 Cash to Seller Jackson MLS/Courthouse Records MLS #169147; Other sources: Courthouse Records, Confirmed by Database Admin. $224,500 $224,500 $224,500
SU-1, Special Use District Level, at street grade All Available 124.96' X 61.37' X 124.0' X 65.0' Rectangular None None None None No Flood Zone Good - Corner - Water View Public None 65
0.189 Acres or 8,233 SF 186 ft Total Frontage: 125 ft Old Trace Road;61 ft Azalea Street
$1,187,831 Adjusted $27.27 Adjusted
93
Land Sale No. 6
94
Land Sale No. 6 (Cont.) Property Identification Record ID Property Type Address Location Tax ID User 1 Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Marketing Time Financing User 4 Verification 726 Residential, Single Family Residential Lot 57 of The Town of Lost Rabbit, Phase I, Madison, Madison County, Mississippi 39157 Northern Right-of-Way Line of Old Trace Road and Between West Florida Boulevard and La Salle Street 072A-11D-058/00.00 072A-11D-058/00.00
Jeptha F. Barbour, IV William F. and Sarah B. Huber January 04, 2007 2145 / 134 Leased Fee 114 Cash to Seller MLS/Courthouse Records MLS #164481; Other sources: Courthouse Records, Confirmed by Database Admin. $240,000 $240,000 $240,000
SU-1, Special Use District Level, at street grade All Available 103.41' X 125.17' X 6.89' X 100.13' X 130.09' Rectangular None None None None No Flood Zone Good - Water View Public None 130
0.311 Acres or 13,547 SF 103 ft Total Frontage: 103 ft Old Trace Road
95
Land Sale No. 7
96
Land Sale No. 7 (Cont.) Property Identification Record ID Property Type Address Location Tax ID User 1 Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Financing User 4 Verification 608 Residential, Single Family Residential Lot 88 of The Town of Lost Rabbit Phase One, Madison, Madison County, Mississippi 39110 Southwest Corner of Louis Lefleur Boulevard and West Florida Boulevard with additional frontage along Pear Lane 072A-11D-079/00.00 072A-11D-079/00.00
Lost Rabbit Development, LLC Mississippi Home Builders, LLC November 17, 2005 1992 / 746 Leasehold Cash to Seller Jackson MLS/Courthouse Records Jackson MLS #184338; Other sources: Courthouse Records, Confirmed by Database Admin. $90,000 $90,000 $90,000
SU-1, Special Use Level, at street grade All Available 56.94' X 120.58' Rectangular None None None None No Flood Zone Average Public None 121
0.158 Acres or 6,866 SF 213 ft Total Frontage: 55 ft Louis Lefleur Boulevard;121 ft West Florida Boulevard;37 ft Pear Lane
97
SUMMARY
LOCATION Lot 67 of Town of Lost Rabbit Phase 1, Madison, MS Lot 58 of The Town of Lost Rabbit Phase 1, Madison, MS Lot 252 of The Town of Lost Rabbit Phase 2, Madison, MS Lot 59 of The Town of Lost Rabbit Phase 1, Madison, MS Lot 66 of The Town of Lost Rabbit, Phase 1, Madison, MS Lot 57 of The Town of Lost Rabbit, Phase I, Madison, MS Lot 88 of The Town of Lost Rabbit Phase One, Madison, MS LOW VALUE HIGH VALUE MEAN MEDIAN STANDARD DEVIATION
SITE SIZE (SQ FT) 9,017
SITE SIZE (ACRES) 0.207
DATE OF SALE 11/29/11
ZONING
SALES PRICE $165,000
PRICE PER SQ FT $18.30
SU-1
11,718
0.269
8/26/08
SU-1
$210,000
$17.92
7,362
0.169
7/21/08
SU-1
$213,000
$28.93
11,718
0.269
6/16/08
SU-1
$225,000
$19.20
8,233
0.189
2/5/07
SU-1
$224,500
$27.27
13,547
0.311
1/4/07
SU-1
$240,000
$17.72
6,866 6,866 13,547 9,780 9,017
0.158 0.16 0.31 0.22 0.21
11/17/05
SU-1
$90,000 $90,000 $240,000 $195,357 $213,000
$13.11 $13.11 $28.93 $20.35 $18.30 $5.66
98
RECENT LOT SALES WITHIN THE COMPETITIVE MARKET

Land Sale No. 1
99
Land Sale No. 1 (Cont.) Property Identification Record ID Property Type Address Location Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Conditions of Sale Financing User 4 Verification
1028 Residential, Single Family Residential Lot 26 of Ironwood Plantation, Phase One, Madison, Madison County, Mississippi 39110 Eastern ROW Line of Ironwood Plantation Boulevard
The Citizens National Bank of Meridian, Mississippi Pro Building Systems, LLC October 27, 2011 2722 / 523 Fee Simple Arm's Length Cash to Seller Grantee/Courthouse Records Grantee; Other sources: Courthouse Records, Confirmed by Database Admin. $65,000 $65,000 $65,000
RE-B (County), Residential Estate District Level, at Street Grade All Available 128.55' X 168.19' X 138.96' X 186.32' Rectangular None None None None No Flood Zone Average Public None 188
0.538 Acres or 23,432 SF 129 ft Total Frontage: 129 ft Ironwood Plantation
100
Land Sale No. 1 (Cont.) Remarks Lot sale located in Ironwood Plantation Subdivision. The bank foreclosed on the subdivision and partnered with a successful local builder to market and sell the lots. The lots in the development are selling for market prices and are considered to be arm's length transactions.
101
Land Sale No. 2
102
1029 Residential, Single Family Residential Lot 48 of Ironwood Plantation, Madison, Madison County, Mississippi 39110 Western ROW Line of Ironwood Plantation Boulevard
The Citizens National Bank of Meridian, Mississippi White Oak Construction, Inc October 21, 2011 2721 / 726 Fee Simple Arm's Length Cash to Seller Grantee/Courthouse Records Grantee; Other sources: Courthouse Records, Confirmed by Database Admin. $65,000 $65,000 $65,000
RE-B (County), Residential Estate District Level, at Street Grade All Available 119.21' X 251.87' X 38.32' X 213.75' Rectangular None None None None No Flood Zone Average Public None 252
0.554 Acres or 24,139 SF 119 ft Total Frontage: 119 ft Ironwood Plantation Boulevard
103
Land Sale No. 2 (Cont.) Remarks Lot sale located in Ironwood Plantation Subdivision. The bank foreclosed on the subdivision and partnered with a successful local builder to market and sell the lots. The lots in the development are selling for market prices and are considered to be arm's length transactions.
104
Land Sale No. 3
105
1021 Residential, Single Family Residential Lot 20, St Regis of Madison Phase 2B, Madison, Madison County, Mississippi 39110 Southern ROW Line of St. Anne Cove
Florence Investment Corporation Win Foshee, Inc October 14, 2011 2717 / 742 Fee Simple Arm's Length Cash to Seller Grantee/Courthouse Records Grantee; Other sources: Courthouse Records, Confirmed by Database Admin. $62,000 $62,000 $62,000
R-2 (County), Medium Density Residential District Level, at Street Grade All Available 111.89' X 166.36' X 124.63' X 184.02' Rectangular Typical, Average None None None No Flood Zone Average Public None 184
0.504 Acres or 21,958 SF 112 ft Total Frontage: 112 ft St Anne Cove
106
Land Sale No. 4
107
986 Residential, Single Family Residential Lot 3 of Hartford Part 1A, Madison, Madison County, Mississippi 39110 Northern ROW Line of Wethersfield Drive and Just East of Winterbury Drive 072A-02C-013/00.00 072A-02C-013/00.00
Ashton Park, LLC Donna Rochelle Massey August 24, 2011 2702 / 662 Fee Simple Arm's Length Cash to Seller Developer/Courthouse Records Developer; Other sources: Courthouse Records, Confirmed by Database Admin. $55,000 $55,000 $55,000
R-1B, Moderate Density Residential Level, at Street Grade All Available 155.59' X 267.72' X 192.37' X 297.91' Rectangular None None None None No Flood Zone Average Public None 298
1.119 Acres or 48,738 SF 156 ft Total Frontage: 156 ft Wethersfield Drive
108
Land Sale No. 5
109
996 Residential, Single Family Residential Lot 52 of Charlestowne Part 2A, Madison, Madison County, Mississippi 39110 Northern ROW Line of Charlestowne Drive
Woodbury Park, LLC Structures Fine Homes, LLC August 15, 2011 2695 / 49 Fee Simple Arm's Length Cash to Seller Grantee/Courthouse Records Grantee; Other sources: Courthouse Records, Confirmed by Database Admin. $53,000 $53,000 $53,000
R-2, Single Family Residential Level, at Street Grade All Available 80' X 150' Rectangular None None None None No Flood Zone Average Public None 150
0.275 Acres or 12,000 SF 80 ft Total Frontage: 80 ft Charlestowne Drive
110
Land Sale No. 6
111
994 Residential, Single Family Residential Lot 51 of Charlestowne Part 2A, Madison, Madison County, Mississippi 39110 Northern ROW Line of Charlestowne Drive
Woodbury Park, LLC Cyrus, LLC August 10, 2011 2693 / 666 Fee Simple Arm's Length Cash to Seller Grantee/Courthouse Records Grantee; Other sources: Courthouse Records, Confirmed by Database Admin. $53,000 $53,000 $53,000
R-2, Single Family Residential Level, at Street Grade All Available 80' X 150' Rectangular None None None None No Flood Zone Average Public None 150
0.275 Acres or 12,000 SF 80 ft Total Frontage: 80 ft Charlestowne Drive
112
Land Sale No. 7
113
1026 Residential, Single Family Residential Lot 188 of Wright's Mill Subdivision, Part 5, Madison, Madison County, Mississippi 39110 Western ROW Line of Cavanaugh Drive and Across From Cully's Stand 072E-22B-123/00.00 072E-22B-123/00.00
Rice Road, LLC Triple C Development, LLC July 28, 2011 2690 / 568 Fee Simple Arm's Length Cash to Seller Bank/Courthouse Records Bank; Other sources: Courthouse Records, Confirmed by Database Admin. $63,000 $63,000 $63,000
R-1, Single Family Density Residential Level, at Street Grade All Available 125' X 159.6' X 61.96' X 171.85' Rectangular None None None None No Flood Zone Average Public None 172
0.364 Acres or 15,863 SF 125 ft Total Frontage: 125 ft Cavanaugh Drive
114
Land Sale No. 8
115
1022 Residential, Single Family Residential Lot 14, Breezy Hill Subdivision (Re-Subdivision of Wright's Mill), Part 1, Madison, Madison County, Mississippi 39110 Northeast Corner of Kingsbridge Road and Wright's Mill Drive 072E-22C-006/15.00 072E-22C-006/15.00
Rice Road, LLC Capstone Construction, Inc July 06, 2011 2683 / 789 Fee Simple Arm's Length Cash to Seller Bank/Courthouse Records Bank; Other sources: Courthouse Records, Confirmed by Database Admin. $53,000 $53,000 $53,000
R-1, Single Family Density Residential Level, at Street Grade All Available 138.5' X 172.8' X 118.48' X 154.42' Rectangular Typical - Average None None None No Flood Zone Average Public None 173
0.488 Acres or 21,267 SF 292 ft Total Frontage: 138 ft Wright's Mill Drive;154 ft Kingsbridge Drive
116
Land Sale No. 9
117
985 Residential, Single Family Residential Lot 9 of Hartford Part 1A, Madison, Madison County, Mississippi 39110 Southern ROW Line of Wethersfield Drive and Just East of Wethersfield Drive 072A-02C-019/00.00 072A-02C-019/00.00
Ashton Park, LLC Pettit Builders, Inc June 29, 2011 2684 / 235 Fee Simple Arm's Length Cash to Seller Developer/Courthouse Records Developer; Other sources: Courthouse Records, Confirmed by Database Admin. $49,000 $49,000 $49,000
R-1B, Moderate Density Residential Level, at Street Grade All Available 160.38' X 167.46' X 94.24' X 181.10' Irregular None None None None No Flood Zone Average Public None 181
0.500 Acres or 21,780 SF 160 ft Total Frontage: 160 ft Wethersfield Drive
118
Land Sale No. 10
119
989 Residential, Single Family Residential Lot 73 of St. Regis of Madison Phase 1, Madison, Madison County, Mississippi 39110 Northern ROW Line of Normandy Court and Just West of St. Regis Drive 072B-10B-077/00.00 072B-10B-077/00.00
Florence Investment Corporation Hometown Builders, LLC March 08, 2011 2652 / 789 Fee Simple Arm's Length Cash to Seller Grantee/Courthouse Records Grantee; Other sources: Courthouse Records, Confirmed by Database Admin. $62,500 $62,500 $62,500
R-2 (County), Medium Density Residential District Level, at Street Grade All Available 115.18' X 201.83' X 115' X 208.22' Rectangular None None None None No Flood Zone Average Private Subdivision Roads None 208
0.545 Acres or 23,742 SF 115 ft Total Frontage: 115 ft Normandy Court
120
Land Sale No. 11
121
990 Residential, Single Family Residential Lot 66 of St. Regis of Madison Phase 1, Madison, Madison County, Mississippi 39110 Northwest Corner of St. Pierre Court and St. Regis Drive 072B-10B-070/00.00 072B-10B-070/00.00
Florence Investment Corporation Vogue Construction, LLC February 28, 2011 2648 / 132 Fee Simple Arm's Length Cash to Seller Grantee/Courthouse Records Grantee; Other sources: Courthouse Records, Confirmed by Database Admin. $62,500 $62,500 $62,500
R-2 (County), Medium Density Residential District Level, at Street Grade All Available 180.99' X 160.90' X 108.36' X 201.75' Irregular None None None None No Flood Zone Average Private Subdivision Roads None 202
0.700 Acres or 30,512 SF 317 ft Total Frontage: 181 ft St. Pierre Court;202 ft St. Regis Drive
122
Land Sale No. 12
123
984 Residential, Single Family Residential Lot 2 of Belle Terre, Part 1, Madison, Madison County, Mississippi 39110 Northern ROW Line of Toulouse Circle and adjacent to Belle Terre Drive 082I-30-006/00.00 082I-30-006/00.00
Specialty Homes by Running R, LLC Claude D. Riley and Julie P. Riley November 22, 2010 2612 / 816 Fee Simple Arm's Length Cash to Seller MLS #202428/Courthouse Records MLS #202428; Other sources: Courthouse Records, Confirmed by Database Admin. $57,500 $57,500 $57,500
R-2, Medium Density Residential District Level, at Street Grade All Available 126.0' X 184.23' X 126.10' X 246.0' Rectangular None None None None No Flood Zone Average Public None 246
0.613 Acres or 26,703 SF 126 ft Total Frontage: 126 ft Toulouse Circle
124
Land Sale No. 13
125
1027 Residential, Single Family Residential Lot 196 of Wright's Mill Subdivision, Part 5, Madison, Madison County, Mississippi 39110 Northern ROW Line of Cully's Stand 072E-22B-131/00.00 072E-22B-131/00.00
Rice Road, LLC Neil Witherow and Marta Witherow August 19, 2010 2581 / 718 Fee Simple Arm's Length Cash to Seller Bank/Courthouse Records Bank; Other sources: Courthouse Records, Confirmed by Database Admin. $43,000 $43,000 $43,000
R-1, Single Family Density Residential Level, at Street Grade All Available 125.83' X 142.93' X 81.88' X 150.33' Rectangular None None None None No Flood Zone Average Public None 150
0.359 Acres or 15,652 SF 126 ft Total Frontage: 126 ft Culley's Stand
126
Land Sale No. 14
127
1001 Residential, Single Family Residential Lot 3, Klaas Plantation Part One, Madison, Madison County, Mississippi 39110 Southern End of Cul-de-Sac of Fredricksburg Place 072B-10A-020/00.00 072B-10A-020/00.00
Hoy Road Land, LLC Paige McDill, LLC June 16, 2010 2549 / 754 Fee Simple Arm's Length Cash to Seller Bank/Appraiser/Courthouse Records Bank; Appraiser, Other sources: Courthouse Records, Confirmed by Database Admin. $50,000 $50,000 $50,000
R-2 County, Medium Density Residential District Level, at Street Grade All Available 81.54' X 290.09' X 128.62' X 181.65' X 7.31' X 137.44' X 86.26' X 10.02' Irregular None None None None No Flood Zone Average Public None 290
1.000 Acres or 43,560 SF 82 ft Total Frontage: 82 ft Fredricksburg Place
128
Land Sale No. 15
129
1002 Residential, Single Family Residential Lot 4, Klaas Plantation Part One, Madison, Madison County, Mississippi 39110 Southern End of Cul-de-Sac of Fredricksburg Place 072B-10A-021/00.00 072B-10A-021/00.00
Hoy Road Land, LLC Paige McDill, LLC June 16, 2010 2549 / 754 Fee Simple Arm's Length Cash to Seller Bank/Appraiser/Courthouse Records Bank; Appraiser, Other sources: Courthouse Records, Confirmed by Database Admin. $50,000 $50,000 $50,000
R-2 County, Medium Density Residential District Level, at Street Grade All Available 61.59' X 227.44' X 186.55' X 178.84' X 290.09' Irregular None None None None No Flood Zone Average Public None 290
1.226 Acres or 53,389 SF 62 ft Total Frontage: 62 ft Fredricksburg Place
130
Land Sale No. 16
131
Land Sale No. 16 (Cont.) Property Identification Record ID Property Type Address Location Tax ID User 1 Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Financing User 4 Verification
1008 Residential, Single Family Residential Lot 10 of Gallagher's Pass Subdivision, Ridgeland, Madison County, Mississippi 39157 Northern ROW Line of Gallagher's Pass 072I-29A-160/00.00 072I-29A-160/00.00
Rice Road Development, LLC Revel Rawlings and wife, Elizabeth S. Rawlings May 25, 2010 2540 / 610 Fee Simple Cash to Seller Grantor/Courthouse Records Grantor; Other sources: Courthouse Records, Confirmed by Database Admin. $75,000 $75,000 $75,000
R-4, Townhouse and Zero Lot Line Residential Level, at street grade All Available 61.0' X 131.90' X 61.0' X 131.41' Rectangular None None None None No Flood Zone Average Public None 132
0.184 Acres or 8,031 SF 61 ft Total Frontage: 61 ft Gallagher's Pass
132
Land Sale No. 17
133
988 Residential, Single Family Residential Lot 32 of Hartford Part 1B, Madison, Madison County, Mississippi 39110 Northeast Corner of Carrington Drive and Hartford Common 072A-02C-044/00.00 072A-02C-044/00.00
Ashton Park, LLC Michael V. Henry and Saundra K. Henry May 13, 2010 2537 / 222 Fee Simple Arm's Length Cash to Seller Developer/Courthouse Records Developer; Other sources: Courthouse Records, Confirmed by Database Admin. $49,500 $49,500 $49,500
R-1B, Moderate Density Residential Level, at Street Grade All Available 175.33' X 118.40' X 175.30' X 206.26' Rectangular None None None None No Flood Zone Average Public None 206
0.702 Acres or 30,582 SF 293 ft Total Frontage: 175 ft Carrington Drive;118 ft Hartford Common
134
Land Sale No. 18
135
983 Residential, Single Family Residential Lot 25 of Fontanelle, Phase I, Madison, Madison County, Mississippi 39110 Southern ROW Line of Novara Trail 072C-05B-016/00.00 072C-05B-016/00.00
D. Spencer, Inc Muhammad Sohail and Deeba Yasmin April 30, 2010 2532 / 555 Fee Simple Arm's Length Cash to Seller MLS #184852 / Courthouse Records MLS #184852; Other sources: Courthouse Records, Confirmed by Database Admin. $76,000 $76,000 $76,000
County PUD, Planned Unit Development Level, at Street Grade All Available 53' X 173.64' X 81.55' X 151.25' X 149.95' Irregular None None None None Flood Zone "AE" Average Public None 174
0.540 Acres or 23,522 SF 53 ft Total Frontage: 53 ft North Novara Trail
136
Land Sale No. 19
137
1005 Residential, Single Family Residential Lot 61 Canterbury Subdivision Part 1, Ridgeland, Madison County, Mississippi 39157 Northern ROW Line of Bristol Cove and Immediately West of Canterbury Place 071F-24C-036/00.00 071F-24C-036/00.00
John P. and Alison H. Gifford William J. and Laurie L. DeFoe February 17, 2010 2511 / 581 Fee Simple Arm's Length Cash to Seller MLS #199821/Courthouse Records MLS #199821; Other sources: Courthouse Records, Confirmed by Database Admin. $45,000 $45,000 $45,000
R-2, Single Family Residential Level, at Street Grade All Available 31.69' X 192.35' X 67.69' X 87.11' X 147.44' Irregular Typical - Average None None None No Flood Zone Average Public None 192
0.257 Acres or 11,203 SF 32 ft Total Frontage: 32 ft Bristol Cove
138
Land Sale No. 20
139
Land Sale No. 20 (Cont.) Property Identification Record ID Property Type Address Location Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Financing User 4 Verification
749 Residential, Single Family Residential Lot 97 of Wellington Subdivision Part One-A, Madison, Madison County, Mississippi 39110 Southern ROW Line of Palin Drive
Catlett Road Properties, LLC Hollis Shoemaker, Inc. November 25, 2009 2490 / 815 Fee Simple Cash to Seller Grantor/Grantee/Courthouse Grantee/Grantor; Other sources: Courthouse Records, Confirmed by Database Admin. $40,900 $40,900 $40,900
R-2 with PUD Overlay, Medium Density / PUD Overlay Level, at street grade All Available 75.0' X 105.0' Rectangular None None None None No Flood Zone Average Public None 105
0.181 Acres or 7,875 SF 75 ft Total Frontage: 75 ft Palin Drive
140
Land Sale No. 21
141
691 Residential, Single Family Residential Lot 4 of Kemper Creek Phase 1, Canton, Madison County, Mississippi 39046 Eastern ROW Line of Brigade Avenue 082F-23-025/00.00 082F-23-025/00.00
The Yandell Group, LLC Centurion Homes, LLC October 22, 2009 2480 / 615 Fee Simple Cash to Seller Grantee/Grantor/Closing Statement/Cthouse Grantee / Grantor; Closing Statement, Other sources: Courthouse Records, Confirmed by Database Admin. $39,500 $39,500 $39,500
R-2, Medium Density Residential District Level, at street grade All Available 96.11' X 142.50' X 83.80' X 121.72' Irregular None None None None No Flood Zone Average Public None 143
0.274 Acres or 11,921 SF 96 ft Total Frontage: 96 ft Brigade Avenue
142
Land Sale No. 22
143
748 Residential, Single Family Residential Lot 47 of Wellington Part One-A, Madison, Madison County, Mississippi 39110 Northern ROW Line of Lakeway Drive
Catlett Road Properties, LLC Thomas M. Harkins, Jr. Builder LLC September 09, 2009 2468 / 312 Fee Simple Cash to Seller Grantee/Grantor/Courthouse Grantee/Grantor; Other sources: Courthouse Records, Confirmed by Database Admin. $44,900 $44,900 $44,900
R-2 with PUD Overlay, Medium Density / PUD Overlay Level, at street grade All Available 85.06' X 203.74' X 85.36' X 208.71' Rectangular None None None None No Flood Zone Average Public None 209
0.403 Acres or 17,564 SF 85 ft Total Frontage: 85 ft Lakeway Drive
144
Land Sale No. 23
145
987 Residential, Single Family Residential Lot 17 of Hartford Part 1A, Madison, Madison County, Mississippi 39110 Western ROW Line of Winterbury Drive and Just South of Wethersfield Drive 072A-02C-027/00.00 072A-02C-027/00.00
Ashton Park, LLC James R. Hembree III and Bethany C. Hembree August 28, 2009 2464 / 224 Fee Simple Arm's Length Cash to Seller Developer/Courthouse Records Developer; Other sources: Courthouse Records, Confirmed by Database Admin. $49,500 $49,500 $49,500
R-1B, Moderate Density Residential Level, at Street Grade All Available 100' X 203.62' X 109.58' X 93.96' X 186.36' Rectangular None None None None No Flood Zone Average Public None 204
0.688 Acres or 29,986 SF 100 ft Total Frontage: 100 ft Winterbury Drive
146
Land Sale No. 24
147
750 Residential, Single Family Residential Lot 26 of Wellington Part One-A, Madison, Madison County, Mississippi 39110 Eastern ROW Line of Millhouse Drive
Catlett Road Properties, LLC Team Builders, Inc. July 24, 2009 2453 / 868 Fee Simple Cash to Seller Grantor/Grantee/Courthouse Grantee/Grantor; Other sources: Courthouse Records, Confirmed by Database Admin. $42,900 $42,900 $42,900
R-2 with PUD Overlay, Medium Density / PUD Overlay Level, at street grade All Available 85.0' X 135.0' Rectangular None None None None No Flood Zone Average Public None 135
0.263 Acres or 11,475 SF 85 ft Total Frontage: 85 ft Millhouse Drive
148
Land Sale No. 25
149
1006 Residential, Single Family Residential South 1/2 of Lot 14 and North 1/2 of Lot 15 of Overlook Pointe Subdivision, Ridgeland, Madison County, Mississippi 39157 Eastern ROW Line of Overlook Pointe Drive with Frontage on Ross Barnett Reservoir 072H-27A-018/01.00 072H-27A-018/01.00
Ann Kavanaugh, Executrix of the Estate of Patrick Humphreys Kavanaugh Perry Waggener and Debbie S. Waggener May 01, 2009 2426 / 899 Leasehold Arm's Length Cash to Seller MLS #199660/Courthouse Records MLS #199660; Other sources: Courthouse Records, Confirmed by Database Admin. $50,000 $50,000 $50,000
S-1, Special Use Slopes Severely Front to Rear All Available 55.75' X 200.24' X 92.27' X 215.66' Irregular Typical - Average None None None No Flood zone Fair - Topography Private Gated Streets None 216
0.350 Acres or 15,246 SF 56 ft Total Frontage: 56 ft Overlook Pointe Drive
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Remarks The site was negatively impacted by the fact it sloped severely from front to the rear. In addition, the soil conditions were fair and required a significant amount of fill prior to construction. The site had frontage along the Ross Barnett Reservoir.
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Land Sale No. 26
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516 Residential, Single Family Residential Lot 6 of Charlestowne Part One, Charlestowne Square, Madison, Madison County, Mississippi 39110 Eastern ROW Line of Charlestowne Square and just South of Hoy Road 072B-09C-181/00.00 072B-09C-181/00.00
Regions Bank Structures Fine Homes, Inc. April 07, 2008 2304 / 534 Fee Simple Cash to Seller MLS / Courthouse Records MLS #175479; Other sources: Courthouse Records, Confirmed by Database Admin. $42,000 $42,000 $42,000
R-4, Patio Home Level, at street grade All Available 70.0' X 160.0' Rectangular None None None None No Flood Zone Average Public None 160
0.257 Acres or 11,200 SF 70 ft Total Frontage: 70 ft Charlestowne Square
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SUMMARY
LOCATION Lot 26 of Ironwood Plantation, Phase One, Madison, MS Lot 48 of Ironwood Plantation, Madison, MS Lot 20, St Regis of Madison Phase 2B, Madison, MS Lot 3 of Hartford Part 1A, Madison, MS Lot 52 of Charlestowne Part 2A, Madison, MS Lot 51 of Charlestowne Part 2A, Madison, MS Lot 188 of Wright's Mill Subdivision, Part 5, Madison, MS Lot 14, Breezy Hill Subdivision (Re-Subdivision of Wright's Mill), Part 1, Madison, MS Lot 9 of Hartford Part 1A, Madison, MS Lot 73 of St. Regis of Madison Phase 1, Madison, MS Lot 66 of St. Regis of Madison Phase 1, Madison, MS Lot 2 of Belle Terre, Part 1, Madison, MS Lot 196 of Wright's Mill Subdivision, Part 5, Madison, MS Lot 3, Klaas Plantation Part One, Madison, MS Lot 4, Klaas Plantation Part One, Madison, MS Lot 10 of Gallagher's Pass Subdivision, Ridgeland, MS Lot 32 of Hartford Part 1B, Madison, MS Lot 25 of Fontanelle, Phase I, Madison, MS Lot 61 Canterbury Subdivision Part 1, Ridgeland, MS Lot 97 of Wellington Subdivision Part One-A, Madison, MS
SITE SIZE (SQ FT) 23,432 24,139 21,958 48,738 12,000 12,000 15,863
SITE SIZE (ACRES) 0.538 0.554 0.504 1.119 0.275 0.275 0.364
DATE OF SALE 10/27/11 10/21/11 10/14/11 8/24/11 8/15/11 8/10/11 7/28/11
ZONING RE-B (County) RE-B (County) R-2 (County) R-1B R-2 R-2 R-1
SALES PRICE $65,000 $65,000 $62,000 $55,000 $53,000 $53,000 $63,000
PRICE PER SQ FT $2.77 $2.69 $2.82 $1.13 $4.42 $4.42 $3.97
21,267 21,780 23,742 30,512 26,703 15,652 43,560 53,389 8,031 30,582 23,522 11,203 7,875
0.488 0.500 0.545 0.700 0.613 0.359 1.000 1.226 0.184 0.702 0.540 0.257 0.181
7/6/11 6/29/11 3/8/11 2/28/11 11/22/10 8/19/10 6/16/10 6/16/10 5/25/10 5/13/10 4/30/10 2/17/10 11/25/09
R-1 R-1B R-2 (County) R-2 (County) R-2 R-1 R-2 County R-2 County R-4 R-1B County PUD R-2 R-2-PUD Overlay
$53,000 $49,000 $62,500 $62,500 $57,500 $43,000 $50,000 $50,000 $75,000 $49,500 $76,000 $45,000 $40,900
$2.49 $2.25 $2.63 $2.05 $2.15 $2.75 $1.15 $0.94 $9.34 $1.62 $3.23 $4.02 $5.19
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LOCATION Lot 4 of Kemper Creek Phase 1, Canton, MS Lot 47 of Wellington Part OneA, Madison, MS Lot 17 of Hartford Part 1A, Madison, MS Lot 26 of Wellington Part OneA, Madison, MS South 1/2 of Lot 14 and North 1/2 of Lot 15 of Overlook Pointe Subdivision, Ridgeland, MS Lot 6 of Charlestowne Part One, Charlestowne Square, Madison, MS LOW VALUE HIGH VALUE MEAN MEDIAN STANDARD DEVIATION
SITE SIZE (SQ FT) 11,921 17,564 29,986 11,475 15,246
SITE SIZE (ACRES) 0.274 0.403 0.688 0.263 0.350
DATE OF SALE 10/22/09 9/9/09 8/28/09 7/24/09 5/1/09
ZONING R-2 R-2-PUD Overlay R-1B R-2-PUD Overlay S-1
SALES PRICE $39,500 $44,900 $49,500 $42,900 $50,000
PRICE PER SQ FT $3.31 $2.56 $1.65 $3.74 $3.28
11,200 7,875 53,389 22,052 21,524
0.257 0.18 1.23 0.51 0.49
4/7/08
R-4
$42,000 $39,500 $76,000 $53,796 $51,500
$3.75 $0.94 $9.34 $3.09 $2.76 $1.67
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RESIDENTIAL HOME SALES MARKET SEGMENT ANALYSIS MADISON, RIDGELAND, SOUTHEAST RESERVOIR MARKET AREA
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DISCOUNT RATES FOR RESIDENTIAL DEVELOPMENT
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October 18, 2013

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NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

SUMMARY OF COMPARABLE LOT SALES

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

LOT ABSORPTION STUDY

NAI Mark S. Bounds Realty Partners, Inc.

FIXED ANNUAL COST COMPARISION

Competing Developments Annual Operating Cost

NAI Mark S. Bounds Realty Partners, Inc.

PRE-DEVELOPMENT LAND VALUE

3,484,800 631,620 6,493,925 2,431,694 1,560,102

80.000 14.50 149.08 55.82 35.82

$1,900,000 $290,000 $2,279,273 $1,058,615 $766,250

$23,750.00 $12,500.00 $28,034.76 $19,873.92 $19,750.00 $4,455.78

NAI Mark S. Bounds Realty Partners, Inc.

MARKET AREA DATA

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

NAI Mark S. Bounds Realty Partners, Inc.

RECENT RESIDENTIAL DEVELOPMENT LAND SALES

NAI Mark S. Bounds Realty Partners, Inc.

Land Sale No. 1 (Cont.)

NAI Mark S. Bounds Realty Partners, Inc.

Land Sale No. 1 (Cont.)

NAI Mark S. Bounds Realty Partners, Inc.

Indicators Sale Price/Gross Acre Sale Price/Gross SF

$18,000 Adjusted $0.41 Adjusted

NAI Mark S. Bounds Realty Partners, Inc.

Land Sale No. 1 (Cont.) Sale Price/Front Foot $174 Adjusted

NAI Mark S. Bounds Realty Partners, Inc.

Land Sale No. 2

NAI Mark S. Bounds Realty Partners, Inc.

Land Sale No. 2 (Cont.)

NAI Mark S. Bounds Realty Partners, Inc.