Assume transaction data from three comparable properties are used in valuing the subject propertya modest single-family residence located at 2380 Appletree Court, in the Parkway Estates neighborhood. Peter Parker has signed a contract to purchase the home from Blaine Strickland for $1.205,000. Mr. Parker has applied for a $1.150,000 mortgage loan from the Bank of Florida. We can see from the location line on the market data grid that the comparable properties are located in the subject propertys neighborhood. In these neighborhoods, Sale price of Comparable 1,2,3 are worth about $1,250,000; $1,800,000 and $1,500,000 respectively. Two sold within the last four months, while the third sold six months ago. Based on your knowledge of recent price appreciation in this market, you have decided that values have increased by 0.3 percent per month more in neighborhood if sold today. The property rights being conveyed in the acquisition of the subject property are feesimple absolute. Conventional mortgage financing will be used by the purchaser and the acquisition appears to be an arms-length transaction. Conditional term:

- Comparable 1: The buyer can pay in 2 installments. The first installment will be paid 50% total amount of the sale price now, and the second installment will be paid 50% total amount of the sale price after one year. - Comparable 2: The buyer can pay in 2 installments. The first installment will be paid 30% total amount of the sale price next year, and the second installment will be paid 70% total amount of the sale price after two years. - Comparable 3: The buyer can pay in four equal installments for the next four years.

The buyer of Comparable 2 was aware that she would have to replace one of the water drainage system immediately after acquiring the property; the cost for fixing water drainage system is $5000.

The subject property is located in Huntington, as is Comparable 1. However, Comparables 2 and 3 are located in Millhoper and Kensington, respectively. Although Huntington is a high-end neighborhood, both Kensington and Millhoper are generally considered to be slightly more desirable. In fact, homes in these two neighborhoods generally sell for about a 4 percent price premium relative to similar homes in Huntington. In these neighborhoods, an incremental square foot of lot size or living area is worth about $20 per square foot and $80 per square foot, respectively. Each year of effective age reduces the value of properties in this market by about $2,500 per year. Your experience suggests that each additional bath is worth $1000. Additional garage spaces, wood decks, and pools in these neighborhoods are worth $8,000, $1,000, and $12,000, respectively. Nonrealty items: - In comparable 2, a sofa will be available, and the market price of sofa is $750. - In comparable 3, three air-conditioners will be available, and the market price of each air conditioner unit is $850

Elements of Comparison	Subject	Comparable Sale 1	Comparable Sale 2	Comparable Sale 3
Sale price of comparable		$1,250,000	$1,800,000	$1,500,000
Transaction characteristics
Property right conveyed	Fee simple	Same	Same	Same
Financing Terms	Convetional	Same	Same	Same
Conditions of sale	Pay immediately	Pay in installment	Pay in installment	Pay in installment
Expenditures immed. After purchase			Cost of water drainage system
Market conditions	Today	4 months	4 months	6 months
Property characteristics
Location	Huntington	Huntington	Millhoper	Kensington
Physical characteristics
Size/Lot size	6,500	6,700	6,200	6,600
Effective age	5.5	7	8	10
Living Area	3,473	3,920	3,985	3,835
Number of baths	3	3.5	3	2
Garage spaces	2	2	2	1
Porch, patio, deck	Cov. porch/wood deck	Cov. Porch	Cov. porch/wood deck	Cov. Porch
Fence, pool, etc.	None	None	pool	pool
Economics characteristics	None	None	None	None
Use	Single Family	Same	Same	Same
Nonrealty components	None	None	Sofa	03 air conditioners

Based on the above discussion of the elements of comparison, complete an adjustment grid for the three comparable properties. What is the final adjusted sale price for Comparables 1, 2, and 3? Calculate the sale price of subject property. Notes: discount rate is 10%

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