create Traditional Comparable Sales for the situation below:

To arrive at an indicated value, use the usual comparable sales technique to two properties, including modifications and reconciliation.

If the property's last sale was more than three years ago, adjust the sale price using the market conditions adjustment as outlined in Exhibit 7-4 in the textbook. To provide your sales comparison study, follow textbook Exhibits 7-6 and Example 7-1 for the property adjustments. To allow for calculations, Excel is recommended once again. Reconcile your results while quickly mentioning the reconciliation guidelines (e.g., expert opinion, weighted average, etc.).

Narrative: Mr. and Mrs. Gonzalez are a husband and wife who currently live in a two-bedroom, three-bathroom condominium in North Austin. This property was built in 2003 and is 1,550 square feet in size, with a price per square foot of $258. The couple adores this property, but due to some exciting new developments in their lives, the condominium is no longer practical. Mr. Gonzalez recently started a new job as an Automotive Engineer at The Tesla Factory in East Austin, where he earns $125,441. Mr. Gonzalez's commute is becoming too long, and he would like to buy a home closer to the factory. The couple has a two-year-old son named Ben and a three-year-old daughter. Their two children currently share a room, but Mr. and Mrs. Gonzales would like for them to each have their own room. Mr. and Mrs. Gonzalez are looking for a home with a maximum price tag of $450,000. They want to rent out the property from September to March because the Gonzalez family will have to travel because Mr. Gonzalez will be working at the Tesla Factory in California during that time. They are also looking for a three-bedroom house so that Ben can have his own room and the other room can be converted into a nursery. The couple also wants a good school system close by so that their children can attend in a couple of years.

Subject Property Description: The subject property we propose for our client is located at 11802 Clayton Creek Ave, Austin, TX 78725 in East Austin. This home was built in 2018 and features three bedrooms and two and a half bathrooms, as well as a bonus room that can be converted into an additional bedroom or an office. In addition, the house is one story and 1,630 square feet, with an open-concept floor plan. It also has a two-car garage and a fenced-in backyard for the children to play, which was an unspoken wish for the client. The house is listed for $399,000, which is $51,000 less than their budget. We chose this specific location for our client because they needed a three-bedroom, three-bathroom home for their one-year-old daughter and two-year-old son.The client also desired to be close to the TESLA GigaFactory while not being overly concerned with proximity to the Austin Airport. This property is only 10 minutes from the TESLA GigaFactory and the Austin-Bergstrom International Airport, making it ideal for Mr. Gonzalez, a TESLA engineer. Mr. Gonzalez also travels to California every six months for a new project, where he and his family stay for six months. One comparable property, 14420 Deaf Smith Blvd, Austin, TX 78725, was constructed in 2019. This comparable property has 3 bedrooms and 2 bathrooms and is 1,666 square feet. The second comparable property we found is located at 3307 Tilmon Ln, Austin, TX 78725 and was built in 2018. This 1,795 square foot property has 3 bedrooms and 2 bathrooms. These two comparable properties are similar to the subject property in that they have the same number of bedrooms and bathrooms, the same square footage, and were built around the same time. If the client is interested in the subject property, they must act quickly because it has received multiple offers and will accept one on November 28, 2021.

Exhibit 7.4 Repeat-Sale Analysis for Market Conditions Adjustment Date of Previous Sale Price at Previous Sale (SP) Monthly Rate of Increase of SP) Property 0.30% 0.29 Price Today Change per Month (SP2) (SP, -SP)/mos. $197.900 $575 167.000 467 162,000 546 Average monthly rate of increase = 12 mos. ago 18 mos. ago 24 mos, ago B $191,000 158,600 148.900 0.37 0.325 Exhibit 7.6 Sequence of Adjustments to Sale Price of Comparable +/- -- Sale price of comparable Transaction adjustments: Adjustment for property rights conveyed Adjusted price Adjustment for financing terms Adjusted price Adjustment for conditions of sale Adjusted price Adjustment for expenditures immediately after purchase Adjusted price Adjustment for market conditions Adjusted price Property adjustments for Location Physical characteristics Economics characteristics Use Nonrealty components Final adjusted sale price - - +- Step 1: Identify the Appraisal Problem Identify client and intended users of appraisal Identify the intended use of the appraisal Identify the purpose of the assignment (type of value) Identify the effective date of the valuation Identify the relevant characteristics of the property Identify any important assumptions or conditions of the assignment Step 2: Determine the Required Scope of Work Step 3: Collect Data and Describe Property Market area data General characteristics of region, city, and neighborhood Subject property data Site, building, and locational characteristics of the subject property Comparable property data Market information on comparable properties . Step 4: Perform Data Analysis Market analysis Demand, supply, and marketability studies Highest and best use analysis Highest and best use as though site is vacant Highest and best use as currently improved Step 5: Determine Value of Land Step 6: Apply Three Approaches to Valuation Sales comparison approach indicated value Cost approach Indicated value Income approach Indicated value Step 7: Reconcile Indicated Values from Three Approaches 1 x Step 8: Report Final Value Estimate Exhibit 7.4 Repeat-Sale Analysis for Market Conditions Adjustment Date of Previous Sale Price at Previous Sale (SP) Monthly Rate of Increase of SP) Property 0.30% 0.29 Price Today Change per Month (SP2) (SP, -SP)/mos. $197.900 $575 167.000 467 162,000 546 Average monthly rate of increase = 12 mos. ago 18 mos. ago 24 mos, ago B $191,000 158,600 148.900 0.37 0.325 Exhibit 7.6 Sequence of Adjustments to Sale Price of Comparable +/- -- Sale price of comparable Transaction adjustments: Adjustment for property rights conveyed Adjusted price Adjustment for financing terms Adjusted price Adjustment for conditions of sale Adjusted price Adjustment for expenditures immediately after purchase Adjusted price Adjustment for market conditions Adjusted price Property adjustments for Location Physical characteristics Economics characteristics Use Nonrealty components Final adjusted sale price - - +- Step 1: Identify the Appraisal Problem Identify client and intended users of appraisal Identify the intended use of the appraisal Identify the purpose of the assignment (type of value) Identify the effective date of the valuation Identify the relevant characteristics of the property Identify any important assumptions or conditions of the assignment Step 2: Determine the Required Scope of Work Step 3: Collect Data and Describe Property Market area data General characteristics of region, city, and neighborhood Subject property data Site, building, and locational characteristics of the subject property Comparable property data Market information on comparable properties . Step 4: Perform Data Analysis Market analysis Demand, supply, and marketability studies Highest and best use analysis Highest and best use as though site is vacant Highest and best use as currently improved Step 5: Determine Value of Land Step 6: Apply Three Approaches to Valuation Sales comparison approach indicated value Cost approach Indicated value Income approach Indicated value Step 7: Reconcile Indicated Values from Three Approaches 1 x Step 8: Report Final Value Estimate