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Question
An appraisal is being made of a good quality, 25-year old, three bedroom home. The appraiser locates three comparables that have similar square footage, numbers of rooms, and construction quality. After viewing and rating the comparables, a summary is made as follows:| Data | Comparable #1 | Comparable #2 | Comparable #3 |
| Price paid | $295,000 | $300,000 | $350,000 |
| Location | Inferior | Equal | Superior |
| Lot size | Larger than | Smaller than | Equal to |
| subject | subject | subject | |
| Amenities & | Equal to | Superior to | Superior to |
| Condition | subject | subject | subject |
| Location difference | = | $40,000 |
| Lot size difference | = | $20,000 |
| Amenities and condition difference | = | $15,000 |
Relying upon the comparables and the adjustments indicated, which of the following would be the best value conclusion for the subject property?
a. $300,000
b. $260,000
c. $275,000
d. $400,000
Answer
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Related questions
Q:
In a recent appraisal of a three bedroom home in a good location, the appraiser has analyzed three comparable sales. A summary follows:DataComparable #1 Comparable #2 Comparable #3Price paid$250,000$225,000$295,000LocationInferior EqualSuperior Lot sizeLarger than subject Smaller than subjectSmaller than subjectAmenities & ConditionEqual to subjectSuperior to subjectSuperior to subjectDollar Adjustments Indicated by Market StudyLocation difference = $30,000; Lot size difference = $25,000;Amenities and condition difference = $10,000;Problem:Relying upon the comparables and the adjustments indicated, what is the best value conclusion for the subject property?a. $220,000 b. $240,000c. $255,000 d. $270,000
Q:
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Q:
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