11. Mr. Maxi has hired you to sell his house and the direct market comparison method seems to be the best way to establish a price for Mr. Maxi's house. You have compiled the following information: Features Mr. Maxi's House Sale 1 Sale 2 Sale 3 Selling Price N/A $220,000 $200,000 $250,000 Time of Sale recent 3 months recent Lot Size 50 x 110 50' x 110 48' x 110 55' x 110 House Size 2400 s.f. 2300 s.f. 2200 s.f. 2500 s.f. Air Conditioning yes yes yes Fireplace yes yes yes Finished Rec. Rm. yes yes no no Additional information: (i) House prices increased by 2% per month starting three months ago. (ii) Each foot of frontage on the lot costs $2,000. (iii) Each 100 square foot of space costs $1,000. (iv) Air conditioning costs $1,000. (v) Fireplace costs $5,000. (vi) Finished recreation room costs $10,000. Required: Estimate the selling price of Mr. Maxi's house. ER