Using information below first apply the date of sale adjustment then apply other adjustments to the time
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Question:
Using information below first apply the date of sale adjustment then apply other adjustments to the time adjusted sale price for each sales. Based on total adjustments for each sale, which one is the most similar to the subject?
What is the indicated value range? (rounded) What is the estimated subject's market value as of July 1. (Rounded)
- There are 3 nearby sales similar to the subject, all of which sold within 4 months of July 1.
- The market is increasing at a steady rate. Local Real Estate Board statistics showed a 2% per month increase at that time.
- Sale 3 is in Southgate, a slightly superior neighborhood to Northview. A local Realtor advised that property's in Southgate sell for roughly 5% more.
- The properties are all 0.1 acre city lots, so no adjustment is needed.
- Local contractors advised that building costs for houses like the subject and comparable are $150 per square foot.
- For age and condition, a local real estate appraiser advised that a depreciation rate of 1% per year is probably reasonable.
- She also advised that the bedroom/bathroom and view adjustments below seemed reasonable for this market.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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