A 50 -acre site is on the market for $3,000,000. A developer believes that 250 single family lots can be sold for $25,000 per lot over a three-year period. Marketing and commission costs are estimated to be 7% of sales. Development costs are estimated at $25,000 per acre and will be incurred in year one. Assume taxes to be $25,000 in year one, $20,000 in year two and $10,000 in year three. The "typical" developer's overhead and profit for the area is 20% of retail sales. Given a discount rate of 13% and annual accounting, what is the indicated value of the raw land? Round to the nearest $10,000. A property recently sold for $2,200,000 with a $440,000 down payment. The seller held the mortgage with an annual interest rate of 5.5%, amortized monthly over 20 years. The market interest rate is 7%. What is the cash equivalent value of the mortgage assuming that is held for the full term? What would be the value of the financing adjustment? What would be the adjusted value of the subject? Round to the nearest $5,000. A 3,000 square-foot comparable building was leased for $4.50 per square foot per year above the market rent over the remaining lease term of five years. If rent for the subject property is at a market rate in the appropriate discount rate is 9%, what is the adjustment for real property rights conveyed? Round to the nearest $500