Question

The subject property has 2 bedrooms and 2 bathrooms. It sits on a corner lot. A comparable sale is located very near the subject and recently sold for $360,000. It has 3 bedrooms and 2 bathrooms. It sits on a standard lot and also has a back deck. In this area, bedrooms are worth $8,000; bathrooms are $5,000; decks are $3,000. Corner lots are highly valued in this area and are worth $10,000. What is the indicated value of the subject based on the comparable sale? Hint: Make a list of each comparable component (bedrooms, bathrooms, type of lot, decks) and then decide which require an adjustment and if they should be positive or negative.

Answer 1

Particulars	Comparable	Adjustment	Indicated value
Comparable value	360,000		360,000
Bedroom adjustment		(8,000)	(8,000)
Back deck adjustment		(3,000)	(3,000)
Corner lot adjustment		10,000	10,000
Total			359,000

Answer is:

359,000