Question
Mr. Lowry wants to appraise the value of his home by the Direct Market Comparison Approach. The following information has been gathered about three recent
Mr. Lowry wants to appraise the value of his home by the Direct Market Comparison Approach. The following information has been gathered about three recent sales in his neighbourhood..
|
| Subject Property | Sale #1 | Sale #2 | Sale #3 |
| Sale Price |
| $875,000 | $820,000 | $779,000 |
| Sale Time |
| Recent | 3 months ago | 3 months ago |
| Lot Size | 50 x 110 | 55 x 100 | 55 x 110 | 45x 105 |
| House Size | 3,000 s.f. | 3200 s.f. | 3,000 s.f. | 3000 s.f. |
| Washrooms | 3 | 2 | 3 | 1 |
| Fireplace | Yes | Yes | No | Yes |
| Finished Rec Room | Yes | No | No | Yes |
| Walkout basement | No | Yes | Yes | Yes |
| Air Conditioning | Yes | Yes | No | No |
Other Information of Mr. Lowrys property is given as follows;
Projected price increase per month 2% Projected increase started 6 months Land value per frontage foot $3,500 Space cost per foot ($1,000/100) $10.00 Air conditioning $4,000 Fireplace $5,500 Finished recreation room $10,800
Washroom $8,000
Walkout basement $10,000
Required: Estimate the appraised value of Mr. Lowrys home. (10 Marks)
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A Sneak Peek Into The Auditing World A Day Of An Auditor
Authors: Anupma Aggarwal, Adv (Dr.) Raj Kumar S Adukia
1st Edition
1648997074, 978-1648997075
