Solution Problem 1 You are appraising 320 acres located two miles north of Localville. The property has 80 acres of Class | soil and 240 acres of Class |l soil. Building improvements contribute $215,000 to total property value. Market Data Sale 1: Recent sale of 400 acres for $3,045,000. 100 acres of Class | soil, 90 acres of Class Il soil, and 210 acres of Class Ill soil. Improvements contributed $195,000 to the price. Sale 2: Recent sale of 420 acres for $3,585,000. 420 acres of Class | soil. Improvements contributed $183,000 to the price. Sale 3: Recent sale of 440 acres for $3,400,000. 220 acres of Class | soil and 220 acres of Class Il soil. Improvements contributed $188,000 to the price. Show your work for problems 1a through 1e and the next page (problem 1f.). la. (4 Points) What is the indicated $/acre value of land with Class | soil? $ 8,100 1b. (4 Points) What is the indicated $/acre value of land with Class Il soil? $ 7,500 1c. (4 Points) What is the indicated $/acre value of land with Class Ill soil? $ 6,500 1d. (4 Points) What is the total land value of the subject property? $ 2,663,000 le. (4 Points) What is the total value of the subject property (round to the nearest $10,000)? $ 2,660,000