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B-165511 1 (1971-07-14)

handle is hein.gao/gaobaaenx0001 and id is 1 raw text is: R.STIVICTED - Net to be released suftade w General Ac,4rnVzzg Qfice except on the basis of fic aroval by the Offla of Congrestional 12ai5 RELEASE S E D OMPROLLERGENE 01 +-HEUN ATE o WASHINGTON. D.C. 20543 B-165511 LM092540 Dear Mr. Brotzman:7 J 1971 In your letter of May 3, 1971, you requested information concerning real property exchanges by the General Services /7 I Administrati'ii (GSA). GSA made about 50 exchanges of Federal property for non- Federal property during fiscal years 1968, 1969, and 1970. The fair market values assigned by GSA, on the basis of ap- praisers' reports, totaled $45 million for the properties ex- changed and $38 million for the properties received. For some of the exchanges, GSA also received cash payments total- ing $11 million. Thus GSA received $49 million in cash and property in exchange for property valued at $45 million. As a means of measuring whether the Government received proper value for the properties it exchanged, we examined into several of the exchanged properties to determine whether any of the properties had been sold subsequently and, if so, to compare the sale prices with the fair market values assigned to the properties by GSA. We found that there had been very few sales of the exchanged properties, the only one of any significance was the Lowry Air Force Base property that was discussed in the newspaper article enclosed with your letter. At a meeting on May 27, 1971, with your staff, it was agreed that, because of the few subsequent sales of the ex- changed properties, we would furnished you with certain sta- tistics comparing GSA's sale and acquisition prices of real properties with their appraised fair market values. During the 3-year period ended June 30, 1970, GSA sold about 800 surplus real properties. GSA informed us that about 80 percent of these properties were sold through advertised, competitive bidding and the remaining properties were sold , through negotiated sales. These properties were sold at pric totaling $207 million which exceeded the appraised fair marketJ values of $193 million. Most of the sales were for relatively small amounts, and there was considerable variance between these sales prices and the related appraised fair market values. 50TH ANNIVERSARY 1921- 1971-

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