Opinion ID: 882068
Heading Depth: 1
Heading Rank: 4

Heading: Stanton's 1985 Estimation Based on Stevens' Appraisal

Text: Galleria Partnership also submitted into evidence a November 11, 1985, critique of Stevens' appraisal by Ben E. Stanton, an MAI appraiser from Bozeman, Montana. Although Stanton felt that Stevens accurately described the physical shortcomings of the Galleria building and correctly analyzed the current economic situation in Great Falls, he disagreed with Stevens' optimistic view of future economic growth in Great Falls. Consequently, he could give no credence to the values derived by Stevens in analyzing the cost approach. Stanton noted that the Galleria building was in a very secondary location in the city with surroundings tending more towards old industrial structures than those desirable around an office building. These factors meant lower rental rates than estimated by Stevens, resulting in a lower value using the income approach than Stevens had estimated. Stanton's own analysis of the income approach set the value of the Galleria property at $565,000. Stanton emphasized that this figure was not an appraisal of the Galleria property, but only a probable approach by this reviewer based on the data in Mr. Stevens' report.