Land Case Study You are atempting to determine the value of a property at 456 Bailtimore Drive using the cost approach The caloulations used in this approach COMPARABLE SITE SALES You have obtained 3 comparable sales of sites very similar to the subject property at 4 provided immediately below will be needed to answer two speofic questions relating to the 56 Baitimore Drive the subject s Sale #1 This vacant lot sold eight months ago for $140 000Itislocated one block from the suljed property and is physically very simlar to the subject Sale #2 This vacant lot sold one month ago for $142.000"islocated two blocks hon he sub ect property and is physically very similar to the subject Sale #3 This vacant lot sold three months ago for $143000 ltislocated 3 blocks from the subject property and is physically very similar to the subject Site values have increased steadily and evenly a total of 6% over the last year REPLACEMENT COST AND DEPRECIATION INFORMATION The bungalow at 456 Baltimore Drive measures 30 feet by 45 feet The cost to construct this home today is $62.75 per square foot There is a detached garage which measures 20 feet by 20 feet and costs $36 35 per square foot to build The actual age of the house is 15 years, the effective age is 12 years and the remaining economic life is 40 years. The garage has a remaining economic life of 20 years, is 15 years old and due to a deteriorating roof, has an effective age of 18 years 54 Based on the information provided under COMPARABLE SITE SALES, what is the s the adjusted sale price for each of the comparables sites? (answers may be rounded) The gusted sale prces arn as b The adjusted sale prices are as c folows Sale #1 $ fonows Salt #1 S148400. Sale#2 $150 520.and Sale #3 $151S80 fotows Sale #1 S145 600 Sale #2 $142 710. and Sale 3 S14514 The adjusted sale prioes are as d The adjusted saieproes-o asfotows Sale #1 S151 200 Sale#2 $143,420 and 134400, Sale#2 S141.290 and Sale 3 $14085S