You are appraising a single-family residence located in the Huntington neighborhood at 4632 NW 56th Drive. The property is being acquired by a mortgage applicant and you have been asked to appraise the property by the lender. Seven potential comparable sales were initially identified. However, three of these seven were highly similar to the subject property in their transactional, physical, and locational characteristics. You therefore decided to exclude the other four transactions from the comparable set.

The elements of comparison you used to compare and adjust the sale prices of the comparable properties are listed in the market data grid below. The property rights being conveyed in the acquisition of the subject property are fee-simple absolute. Conventional mortgage financing will be used by the purchaser and the acquisition appears to be an arms length transaction. Thus, no adjustments need to be made to the sale prices of the comparable properties for the type of property rights conveyed, financing terms, or conditions of sale. However, the buyer of comparable 2 was aware that she would have to replace one of the air-conditioning units immediately after acquiring the property (which she did); thus, she was able to negotiate a $3,000 price reduction from the seller.

Comparable 1 sold three months ago, while comparables 2 and 3 sold six months ago. Based on your knowledge of recent price appreciation in this market, you have decided that comparable 1 would sell for 2 percent more if sold today and that comparables 2 and 3 would sell for 4 percent more if sold today. The subject property is located in Huntington, as is comparable 1. However, comparables 2 and 3 are located in Kensington and Millhoper, respectively. Although Huntington is a high-end neighborhood, both Kensington and Millhoper are generally considered to be slightly more desirable. In fact, homes in these two neighborhoods generally sell for about a 3 percent price premium relative to similar homes in Huntington.

In these neighborhoods, an incremental square foot of lot size and living area is worth about $20 per square foot and $80 per square foot, respectively. Each year of effective age reduces the value of properties in this market by about $3,000 per year. Your experience suggests that each additional half-bath is worth $500; each additional full bath $1,000. Additional garage spaces, wood decks, and pools in these neighborhoods are worth $8,000, $1,000, and $12,000, respectively. No significant nonrealty items were included in the comparable transactions.

Elements of Comparison	Subjects	Comp Sale 1		Comp Sale 2		Comp Sale 3
Sale price of comparable		$510,000		$525,000		$499,000
Transaction characteristics
Property rights conveyed	Free simple	Same		Same		Same
Financing terms	Conventional	Same		Same		Same
Conditions of sale	Arm's length	Same		Same		Same
Expenditures immed, after purchace		None		$3,000		None
Market conditions	Today	3 mos. ago:		6 mos. ago:		6 mos. ago:
		add 2% total		add 4% total		add 4% total
Property characteristics
Location	Huntington	Huntington		Kensington		Millhoper
Property characteristics
Site/lot size	6,662 sq.ft.	6,700 sq.ft.		6,800 sq.ft.		6,600 sq.ft.
Construction quality	Typical	Typical		Typical		Typical
Condition	Averrage	Averrage		Averrage		Averrage
Effective age	5.5 years	7 years		8 years		10 years
Living area	3,473 sq. ft.	3,920 sq. ft.		3,985 sq. ft.		3,835 sq. ft.
Number of baths	3.0 baths	3.5 baths		3.0 baths		2.0 baths
Garage Spaces	2-car	2-car		2-car		1-car
Porch, patio, deck	Cov porch/wood deck	Cov. Porch		Cov. Porch		Cov. Porch
Fence, pool, etc.	None	None		Pool		Pool
Economics characteristics	N.A.	N.A.		N.A.		N.A.
Use	Single-family	Same		Same		Same
Nonrealty components	None	None		None		None

Based on the above discussion of the elements of comparison, complete an adjustment grid for the three comparable properties.

Required:

What is the final adjusted sale price for comparables 1, 2, and 3? (Round your final answer to nearest whole dollar amount. Leave no cells blank. Enter zero wherever applicable.)

Elements of comparison	Subject	Comp Sale 1	Comp Sale 2	Comp Sale 3
Sale price of comparable
Transaction adjustments:
Adj. for Property rights conveyed	Fee simple
Adjusted price
Adjustment for financing terms	Conventional
Adjusted price
Adjustment for conditions of sale	Arm's length
Adjusted price
Adj. for expend immed after	None
Adjusted price
Adjustment for market conditions	Today
Adjusted price
Property Adjustments for
Location	Huntington
Property characteristics
Site/lot size	6,662 sq. ft.
Effective age	5.5 years
Living area	3,473 sq. ft.
Number of baths	3.0 baths
Garage Spaces	2-car
Porch, patio, deck	Cov porch/wood deck
Fence, pool, etc.	None
Total adj. for physical characteristics
Economics characteristics
Use	single-family
Nonrealty components	None
Final adjusted sale price