QUESTION 17 (15 marks) Here is a summary of sold comparables. From the data, estimate the market value of the property according to the arithmetic average. Description Comparable 2 Comparable 3 Subject Comparable 1 305,000 Sale Price ($) 310,000 300,000 Sold 6 months ago 4 months ago 9 months ago 6,500 7,000 6,000 6,750 Land Area (sq ft.) Building Area (sq ft.) 1,950 2,250 2,000 2,000 Garage Double Double Simple Double General Quality Very Good Very Good Average Very Good Information on contributing values: The increase in time is 2% per quarter not compounded. The land is worth $25 per sq ft. The building is worth $220 per sq ft. The first garage is worth $10,000, an additional garage is worth $8,000. Very good quality is worth 7% more than average quality. Adjustment Table Item Comparable 1 Comparable 2 Comparable 3 Sale Price ($) Time Adjustment Time Adjusted Sale Price ($) Land Area Building Area Garage Quality Final Adjusted Price($) Sale QUESTION 18 (5 marks) Determine the listing price using the estimated market value you obtained for the subject in question 17 and the following data: Listing price of each comparable: 1. $315,000 2. $320,000 3. $310,000