Opinion ID: 882068
Heading Depth: 1
Heading Rank: 3

Heading: Stevens' 1985 Appraisal

Text: Allen Bloomgren, one of the partners of Great Falls Investors and a member of the executive committee of Galleria Partnership, testified for Galleria Partnership about events surrounding the acceleration of the loan and foreclosure action. Bloomgren also commented on an August, 1985, appraisal of the Galleria property by Thomas Stevens, submitted into evidence by Galleria Partnership. Stevens, an MAI appraiser from Missoula, Montana, had estimated the value of the property to be $925,000 according to the income approach, $1,050,000 according to the cost approach, and $925,000 according to the market value approach. The final indication of value was $1,100,000. Bloomgren said that he had expected the appraisal to be about $1,500,000 and opined that the Stevens' appraisal figures were too low, alleging various errors in Stevens' analysis.