an excel spreadsheet has to be created based on the actual project assumptions
the final answer is 270,000 but I'm not sure how to get to that number
the first two pictures are what I would like help solving
And the other pictures are an example problem solved
_ 0.1 percent per month (values have increased in neighborhood}; _ _ 0'00 1'" m' ; . ' . . . ._ ' 'on quality: All trick is $7,000 more than all aiding (53,500 more than buck ea); .- brick from is $33,500 more than all siding ($3,500 less than all brick). I E'ecve age: $2,000 per year. L I Living area: $70.00 per square foot. 7' I ' Porch, patio, deck area: $21.00 per square foot. I Pool area: $9,000. I, Bath: $5,000 per full bath. In addition, the following assumptions are needed to complete the sales approach with the Actual set of assumptions: I Comparable Sale 1, weighting: 50% I Comparable Sale 2, weighting: 30% "1 Comparable Sale 3, weighting: 20% _ ' -, For the cost approach, the appraisal relies on the following set of assumptions: '- . I Living area, estimated cost of reproduction: $95.00 per sq. ft. Garage, estimated cost of reproduction: $9,100. Appliances, estimated cost of reproduction: $3,800. Physical depreciation: 8% of total improvement costs. . Functional obsolescence: None. 37 External obsolescence: None. - Site value, estimated: $52,000. . " -. Landscaping and other miscellaneous site improvements, current value: $6,000. Example The project is based on Example 7-1, "2380 AppleTree Court" laid out in the textbook (beginning on page 175). For the sales comparison approach, the analysis relies on the following set of assumptions: " Market conditions: 0.3 percent per month (values have increased in neighborhood). Lot size: $100,000 per acre. Construction quality: All brick is $3,000 more than all siding ($1,500 more than brick front); brick front is $1,500 more than all siding ($1,500 less than all brick). Effective age: $1,250 per year. Living area: $48.00 per square foot. Porch, patio, deck area: $16.00 per square foot. Pool area: $7,000. Bath: $4,000 per full bath. For the cost approach, the appraisal relies on the following set of assumptions: Living area, estimated cost of reproduction: $62.00 per sq. ft. Garage, estimated cost of reproduction: $8,800. Appliances, estimated cost of reproduction: $2,400. Physical depreciation: 5% of total improvement costs. Functional obsolescence: None. External obsolescence: None. Site value, estimated: $40,000. Landscaping and other miscellaneous site improvements, current value: $4,000. Example: In addition, the following information is available for three comparable properties. Comp Elements of Comparison Comp Comp Subject Sale 1 Sale price of comparable Sale 2 Sale 3 $169,900 $167,200 $157, 100 Transaction characteristics Property rights conveyed Finan Fee simple Same Same Same Sam MacBook Pro" Wt}? Example: in addition, the following information is available for three comparable properties. ff Camp Comp aunt of Com arisen Sub'ect Sale 1 Sale 2 Sale price of comparable $169,900 $167,200 uctuation characteristics Property rights conveyed Fee simple Same Same Same Financing terms Conventional Same Same Same Conditions of sale Arm's length Same Same Same Expenditures immed. aer purchase None None None Market conditions Today This month 3 mos. ago 4 mos. ago Property characteristics Location Parkway Estates Same Same Same Physical characteristics Sitellot size - 0.50 acres 0.50 acres 0.45 acres 0.48 acres Construction quality Siding Siding/brick Siding ' Brick Effective age 3 years 6 years 10 years 15 years Living area 1,960 sq. ft. 2,060 sq. ft. 2,077 sq. ft. 1,8!8 sq. 3. Number of baths 2.5 baths 2.5 baths 2.5 baths 3.0 Baths Garage spaces 2-car 2-car 2car 2~car None . None None _ 200 sq. 11' None None Pool Pool N.A. 'lt- N.A. NA. Single-family Same Same None Cornparnble Sale I, weighting: 60% " Comparable Sale 2, weighting: 20% ' Comparable Sale 3, weighting: 20% Q Search or type URL Example The project is based on Example 7-1, "2380 AppleTree Court" laid out in the textbook (beginning on page 175). For the sales comparison approach, the analysis relies on the following set of assumptions: " Market conditions: 0.3 percent per month (values have increased in neighborhood). Lot size: $100,000 per acre. Construction quality: All brick is $3,000 more than all siding ($1,500 more than brick front); brick front is $1,500 more than all siding ($1,500 less than all brick). Effective age: $1,250 per year. Living area: $48.00 per square foot. Porch, patio, deck area: $16.00 per square foot. Pool area: $7,000. Bath: $4,000 per full bath. For the cost approach, the appraisal relies on the following set of assumptions: Living area, estimated cost of reproduction: $62.00 per sq. ft. Garage, estimated cost of reproduction: $8,800. Appliances, estimated cost of reproduction: $2,400. Physical depreciation: 5% of total improvement costs. Functional obsolescence: None. External obsolescence: None. Site value, estimated: $40,000. Landscaping and other miscellaneous site improvements, current value: $4,000. Example: In addition, the following information is available for three comparable properties. Comp Elements of Comparison Comp Comp Subject Sale 1 Sale price of comparable Sale 2 Sale 3 $169,900 $167,200 $157, 100 Transaction characteristics Property rights conveyed Finan Fee simple Same Same Same Sam MacBook ProSolution to Example, Cost Approach: Reproduction cost of improvements Living area (conditioned space) $121,520 Garage area 8,800 Appliances, porch, patio areas 2,400 $132,720 Less: Depreciation of improvement Physical deterioration 6,636 Functional obsolescence External obsolescence O -6,636 Depreciated value of improvements $126,084 Plus: Value of the site 40,000 Plus: Depreciated Value of site improvement 4.000 Indicated value by cost approach (rounded) $170,100 MacBook Pro" Wt}? Example: in addition, the following information is available for three comparable properties. ff Camp Comp aunt of Com arisen Sub'ect Sale 1 Sale 2 Sale price of comparable $169,900 $167,200 uctuation characteristics Property rights conveyed Fee simple Same Same Same Financing terms Conventional Same Same Same Conditions of sale Arm's length Same Same Same Expenditures immed. aer purchase None None None Market conditions Today This month 3 mos. ago 4 mos. ago Property characteristics Location Parkway Estates Same Same Same Physical characteristics Sitellot size - 0.50 acres 0.50 acres 0.45 acres 0.48 acres Construction quality Siding Siding/brick Siding ' Brick Effective age 3 years 6 years 10 years 15 years Living area 1,960 sq. ft. 2,060 sq. ft. 2,077 sq. ft. 1,8!8 sq. 3. Number of baths 2.5 baths 2.5 baths 2.5 baths 3.0 Baths Garage spaces 2-car 2-car 2car 2~car None . None None _ 200 sq. 11' None None Pool Pool N.A. 'lt- N.A. NA. Single-family Same Same None Cornparnble Sale I, weighting: 60% " Comparable Sale 2, weighting: 20% ' Comparable Sale 3, weighting: 20% Q Search or type URL
