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You are appraising a single-family residence located in Yonkers on Saw Mill River Road. You have identified three very comparable properties to use in determining
You are appraising a single-family residence located in Yonkers on Saw Mill River Road. You have identified three very comparable properties to use in determining your estimate of value. 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 arm's length transition. 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 3 replaced the roof immediately after purchasing the house for a cost of $12,000. Comparable 1 sold four months ago, while comparables 2 and 3 sold seven months ago. Based on your knowledge of recent price appreciation in this market, you have decided that comparable 2 would sell for 2 percent more if sold today and that comparables 2 and 3 would sell for 4 percent more if sold today. In these neighborhoods, an incremental square foot of lot size or living area is worth about $45 per square foot and $90 per square foot respectively. Each year of effective age reduces the value of properties in this market by about $7,500 per year. You experience suggests that each additional half-bath is worth $2,500; each additional full bath $5,000. Additional garage spaces, wood decks, and pools in these neighborhoods are worth $12,000,$15,000, and $25,000, respectively. No significant non-realty items were included in the comparable transactions. Based on the above discussion of the elements of comparison, complete an adjustment grid for the three comparable properties. What is the final adjusted price (indication of the subject's value) for comparable 1,2 , and 3
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