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Case Study Bas ed on the following information, complete the "SALES COMPARISON ANALY- SIS" section of the Uniform Residential Report for the property at 1731 Pine Road. (You will need to refer to the case study for Chapter 5 for additional information regarding the subject property.) Subject: 1731 Pine Road is being appraised n connection with a sale of the property for $342,750. Data have been verified by the seller. Except for the current sale, the property has not been listed or sold within the previous 36 months. The location of the property is considered average for the neighborhood. Ravenswood has no common elements, and does not charge any HOA fee. The design and appeal of the home are good, and it is in good condition; construction quality and functional utility are average. There are no unusual energy-efficient items on the property. Through the Oakdale Multiple Listing Service, you have identified three recent sales in the Ravenswood development. All of these sales involved transfer of a fee simple in- terest, as confirmed by local county records. Comparable sales data have been verified by the listing agents, and data for sales #1 and #2 were verified by the current owners of those properties as well. The MLS confirms that there were no other sales of these three properties within the past 12 months. Except as otherwise noted, the characteristics of the comparables are equivalent to those of the subject. The estimated value differences for different elements of comparison are based on recent paired data set analyses of similar properties in the area. Comparable 1. The property at 1947 Fir Road is approximately 2 blocks from the subject property. It was sold on June 15 of this year for $331,800, with conventional loan financ- ing. The condition of the property is average, making it $3,000 inferior to the subject in this regard. The home is 5 years old, which you estimate should require a price adjustment of $6,000. This property has 7 total rooms, with 3 bedrooms and 2 baths and a total living area of 2,206 square feet. You have estimated an adjustment of $3,000 for the difference ih number of baths, and $6,750 to account for the difference n number of bedrooms. Comparable 2 1702 Fir Road, located 2 blocks from the subject, is a new home that sold on August 3 of this year for $353,250. The seller paid $4,500 towards the buyer's loan discount points. The home has the same room count as the subject property, with a total of 2,432 square feet; the difference n size warrants an adjustment of $2,250. The at- tached garage & a 3-car, requiring an adjustment of $5,250. You estimate an adjustment of $9,000 to account for the difference in age, and $6,000 to reflect the home's superior landscaping. 1702 Fir Road is inferior to the subject in two respects: its location is next to the state highway, and the property has not been fenced. Market data indicate correspond- ing adjustments of $7,500 and $1,500 will be needed to account for these differences. Comparable 3 1616 Hemlock Way s a 2,348-square-foot home that sold on April 30 of this year for $337,350. The home s 4 years old and is located one block from the subject property. The main difference between this property and the subject s that 1616 Hemlock Way has an above-average quality territorial view. The comparable's superior view of the mountains makes it worth $5,250 more. The difference n size of living area requires an adjustment of $750, and the difference n age requires an adjustment of $3,000. Data Collection and Analysis Case Study You have been asked to appraise the residence located at 1731 Pine Road, Oakdale, 'o'Jashington 98022. Oakdale is a suburban city of approximately 40,000 people, located 15 miles from the state capital of Olympia. The subject is located in the neighborhood known b::ally as "Ravenswood," afive-year-old development of mostly single-family homes ranging from 2,200 to 2,600 square feet in size. The area is zoned R-1: single-family residential. Ravenswood is bordered on the northwest by State Highway 22, beyond which rise Ihe forested hills of Ten Oaks State Park. To the east, Maple Avenue separates the devel- opment from Oakdale's commercial district. An area of older (25-30 years old) and mostly smaller homes lies to the south across Cedar Boulevard. Cedar and Maple are both four- lane arterial streets with moderate to heavy traffic. The terrain of Ravenswood is rolling, with elevations rising slightly to the northwest. Many properties in the neighborhood provide fine views of the hills in the state park. The majority of homes are neatly landscaped, and the neighborhood is free of litter and other eyesores. Aside from moderate traffic noise near the perimeter of the neighborhood, it is not subject to any hazards or nuisances. About 20% of the lots remain undeveloped, but construction activity and building per- mit applications indicate that development of the remaining lots is proceeding at a steady pace. Virtually all homes in the neighborhood are owner-occupied. Neighborhood utility services include municipal sewer and water service, as well as underground natural gas, electricity, phone, and TV/Internet cable. Storm runoff is chan- neled through open culverts. Garbage collection is available from a local private enterprise. Oakdale has its own fire department, and contracts police services from the county sher- iffs office, which maintains a substation in town. Local property tax rates are $1.40 per $100 of assessed (fair market) value, which is typical of surrounding areas. There are no outstanding special assessments. Housing supply and demand in the neighborhood appear to be n balance, although values are rising due to a strong local economy. Average marketing time for new and existing houses is between 34 months. Turnover is low, with only 5% of existing homes coming on the market n the past year; most sales in the neighborhood are new construction. Home prices range from $300,000 to $340,000, with an average of $325,000. Most sales are financed with conventional mortgages at rates that are currently 6.5-7%. Approximately 2% of the homes are vacant homes that have been recently completed but not yet sold. Residents of Ravenswood are mostly white-collar professionals, with an average family income of about $85,000 per year and rising. Average family size is 4.3 people. Although most residents commute to work in Olympia, Oakdale provides a range of commercial shops, restaurants, theaters, etc., within two miles of the neighborhood, as well as Lutheran, Baptist, Methodist, and Roman Catholic churches and a Jewish synagogue. There is also a small but well-staffed hospital located five miles from Ravenswood. Public elementary and high schools are located approximately% of a mile south of the neighborhood. Oakdale is served by the county bus system, which operates express service to Olym- pia as well as adequate local routes. Access from Ravenswood is provided by a bus stop on Cedar Boulevard. The express bus to downtown Olympia takes about 20-30 minutes, depending on traffic conditions. 179 The legal description of the subject property is: Lot 17, Ravenswood Division #2, as recorded in Thurston County, Washington, plat book 34, map 19. The assessor's tax number is 914437-13. Property taxes for the current tax year are $3,140.00. The property conforms to the local zoning, and to the deed restrictions recorded when the subdivision was platted. The dimensions of the subject lot are 110 x 11O, Like most of the surrounding proper- ties, the lot is gently rolling, with a good view of the mountains. The soail s slightly rocky, but adequate to support the landscaping that consists of a well-kept lawn and evergreen shrubbery, as well as a large vegetable garden in the back yard. Drainage s excellent. The recorded plat map shows a 10 easement along the street frontage for installation and maintenance of the underground utilities. There are no other apparent easements or encroachments. The subject property is connected to all available neighborhood utilities. Pine Road is a two-lane asphalt street with gravel shoulders; the road surface is h good condition. Street lighting is provided by the city, but there are no sidewalks, curbs, or gutters. The street is bordered on both sides by storm drainage culverts. Access to the property is via an asphalt-paved driveway, which also provides for adequate on-site parking. There are no apparent negative influences from hazards or nuisances. 1731 Pine Road is a two-story detached Northwest contemporary-style home. Exterior building dimensions are 30' x 37.. The house s three years old, and in such good condition that it is the equivalent of a one-year-old home. The foundation is reinforced concrete, with a 34 foot crawl space. Exterior walls are of horizontal cedar siding, and the roof is cedar shakes. The house is fitted with painted metal gutters and downspouts, and the windows are wood-frame, casement type, with double-pane glass and aluminum screens. There i a solid wood-panel entry door with stained glass side-lights, and a 6' sliding glass door off the family room. The lower level includes a living room (15' x 18'), dining room (13'2" x 12'), family room (20'x 12'8"), combination kitchen and breakfast room (18'6" x 12'8"), foyer (12' x 12, with a 2 x 4' coat closet), half-bath (4' x 5'2"), and utility room (4' x 7'). The upstairs includes four bedrooms (13' x 17, 12' x 14'6", 10' x 12, and 12' x 13'4"), two full baths (10' x 11'6" and 11" x 6') and four closets (three 2 x 6 and a 6' x 6" walk-in closet). The walls and ceilings are finished with sheetrock and painted an off-white color. Flooring is vinyl in the kitchen, utility room, and half-bath; hardwood for the foyer; ceramic tile in the upstairs baths; and other areas of the house have wall-to-wall carpeting. The kitchen and all the baths have ceramic tile counters, and the two upstairs bathrooms have ceramic tile wainscoting as well. The kitchen has 22' of lower cabinets, and 16" of uppers, as well as a refrigerator, oven/range, dishwasher, disposal, and vent fan. These kitchen appliances, along with the washer and dryer, will be sold with the house. Insulation meets local building code requirements, with R-38 in the ceiling, and R-30 in the walls and floor. There is a fireplace n the family room. Attic access is via a drop stairs. The attic floor is sheeted with plywood to allow for storage, but the attic is not finished or heated. The electric system is 220 volts, and appears adequate for the home. Heating is central forced-air powered by a gas-fired 120,000 BTU furnace. There is no cooling system. Attached to the house is a 2-car garage, measuring 12 x 20'. There s a 6' x 26" cov- ered entry porch, and a 20' x 20' concrete patio off the back'of the house. The back yard is surrounded by a 5-foot-high wood fence