Question
A single-family residence is being appraised. A nearby comparable home sold recently for $412,000. Both are 18 years old, with 4 bedrooms and finished basements.
A single-family residence is being appraised. A nearby comparable home sold recently for $412,000. Both are 18 years old, with 4 bedrooms and finished basements. Other key features are: Subject house: brick exterior, 4 bathrooms, 2-car garage, standard lot. Comparable: wood siding exterior, 3 bathrooms, 3-car garage, lot overlooking golf course. Market evidence indicates that in this neighborhood various property features have the following values: brick exterior is worth $44,000 more than wood siding; an additional bathroom is worth $20,000; each garage stall is worth $25,000; and a lot overlooking the golf course is worth $33,000 more than a standard lot. What is the value of the subject property, as indicated by the comparable?
- A. $451,000
- B. $290,000
- C. $406,000
- D. $534,000
- E. $418,000
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