Question 2 (20 points) Complete a sales comparison approach using the following information and data: In your adjustment grid on the following page, round all adjustments to the nearest percentage. Include a + or to indicate the direction of each adjustment. - Make the market conditions adjustment first and independent of all other adjustments. At the end, add together the location/physical adjustments because they are cumulative (don't forget to consider the direction of adjustments). Not all items will require adjustment. Remember, comparables are adjusted to the subject, so a superior characteristic would be adjusted downward, and an inferior characteristic would be adjusted upward. Subject property: 312,000 SF warehouse Sales A-D are all warehouses. Market conditions adjustment Market conditions adjustments are applied before all the other adjustments, after which you should calculate a semi-adjusted $/SF before proceeding with the location/physical adjustments. Market conditions were stable from late 2019 until July 2020, when market conditions improved 30% due to demand for warehouse space for e-commerce. These conditions still exist today, in October 2021. Sales that took place prior to July 2020 sold during inferior market conditions. Location adjustment Whitestown is considered to be 10% superior to Indianapolis. Greenwood is considered to be 15% inferior to Whitestown. Plainfield is considered to be 10% inferior to Whitestown. Size adjustment Buildings in this market require a 1.5% adjustment per 10,000 SF of difference. Smaller buildings are considered superior, and larger buildings are considered inferior. Age/condition adjustment An adjustment for age is 2% per year of difference. Older buildings are considered inferior, and newer buildings are considered superior. Remember the market conditions adjustment is performed prior to location/physical adjustments. Location/physical adjustments are added up and can net each other out.