Problem 2 Cost New: Comparative-Unit Method You are appraising a one-story residence with six rooms and 1,080 square feet of gross living area located on an 18,000-square-foot site. You have found three recent sales of similar properties in the neighborhood. All the properties were new at the time of sale. Sale 1 was sold recently for $73,000. It has six rooms and 1.100 square feet of gross living area, and is located on a 20,000-square-foot site. Sale 2 was sold recently for $93,125. It contains seven rooms and 1.400 square feet of gross living area, and is located on a 30,000-square- foot site Sale 3 was sold recently for $60,625. It contains five rooms and 900 square feet of gross living area, and is located on a 16,000-square-foot site. Site value throughout the neighborhood is well established at $0.65 per square foot Whal indicated cost new is derived using the comparative-unit method