HomeSweetHome Realty is appraising a 10 year old two storey detached home with a double car garage on a 40 feet frontage lot. It has three 4 piece and one 2 piece bathrooms. It has finished basement. It has central air-conditioning, which adds $6,000 to its value. It has a brand new gas fireplace, which cost $5000. Its kitchen is functionally obsolete and need to be replaced. Its roof also needs to be replaced. It has a premium lot backing ravine (not backing other houses). In analyzing the M.L.S. statistics for this area the following average house prices were obtained: 1 month ago $1,156,100 2 months ago $1,144,600 4 months ago $1,122,100 6 months ago $1,100,000 Using the following comparable sales, determine the market value of the subject property: Sale #1 Sold 2 month ago for $1,250,000. It backs on to the ravine, requiring an adjustment of $100,000.The house is on a 45 feet frontage lot with a brand new kitchen. It has a fireplace, double car garage and a new roof. It does have air-conditioning and the basement is unfinished. It has four 4 piece and one 2 piece bathrooms. Its condition and design are superior to the subject property requiring an adjustment of $50,000. Sale #2 On a 40 feet frontage lot with a double car garage sold just yesterday for $1,200,000. Lots in the area cost $15,000 per front foot. Its condition and design are the same as the subject property. It is also located on the ravine lot. It has a brand new kitchen and a finished basement which cost $40,000 and $70,000 respectively. It has a double car garage and three 4 piece bathrooms and one 2 piece bathroom. It has a gas fireplace and air-conditioning. Its roof needs to be replaced at a cost of $15,000. Sale #3 This house is on a 49 feet frontage lot. It was sold 3 months ago for $1,150,000. Its condition is inferior to the subject property requiring an adjustment of $100,000. Its location and design are similar to the subject property. It has air-conditioning but no fireplace. It has a double car garage and the finished basement. Its roof needs replacement. Its kitchen is functionally obsolete. It has three 4-piece and one 2-piece bathroom. An additional 4-piece bathroom adds $12,000 and a 2- piece adds $5000 to the value of the house.