You are trying $to$ estimate the value $of$ a property that you are interested $in$ buying. The subject property $is$ located $at322$ Rock Creek You have come to some conclusions concerning what you believe the different attributes of the comparable properties are likely to be

worth in the market area. Appreciation in house values in the area has been very low over the past eight months, and you think that

any properties that have sold within that period would probably not require any adjustments for the time of sale. However, one of the

comparable properties sold over a year ago, and you think it will require a $$1,740$ upward adjustment. You also believe that properties

in the area that are located near the creek sell for about $$1,440$ less than other properties in the area because of a slower rate of

runoff after heavy rains. Properties on corner lots generally sell for a premium of about $$1,240.$ Houses with the fashionable modern

design usually bring about $$1,240$ more than those that have traditional design characteristics. Because three$-$bedroom homes are

considered desirable by buyers in the area, an additional fourth bedroom will generally only add about $$1,500$ in value to a property.

However, properties that contain only two bedrooms are rather difficult to sell, and often bring $$2,240$ less than their three$-$bedroom

counterparts when they are sold. Most homes in the area have a two$-$car garage, but when properties have a one$-$car garage, they

usually sell for about $$1,040$ less. A two$-$car open carport generally reduces the value of the property by $$1,100.$ The inferior

construction quality exhibited by comparable Ill should reduce its value by about $$1,740.$

Required:

a$.$ Complete the sales comparison approach to value and assign an estimate of value to the subject property.

b$.$ A second approach using the cost method of valuation will also be used to estimate value. Comparing vacant lot sales in the

market area indicates that the value of the lot the subject property is constructed on is $$19,000.$ Air$-$conditioned space in the

dwelling would cost about $$36\mathrm{.}00$ per square foot to reproduce, and the garage would cost approximately $$4,300$ to reproduce.

Complete the cost approach to value, assuming that, because the property being valued is relatively new, no depreciation of the

structure is required. Complete this question by entering your answers in the tabs below.

Complete the sales comparison approach to value and assign an estimate of value to the subject property.

Note: Negative amounts should be shown with a minus sign.

$\backslash$table$[[,$Property $1,$Property $2,$Property $3],[$Address$,123$ Clay street,$301$ Cherry street,$119$ Avenue X$],[$Sale price,,,$],[$Value Adjustments,,,$],[$Time of sale,,,$],[$Location$,,,],[$Site$,,,],[$Design$,,,],[$Construction quality,,,$],[$Number of bedrooms,,,$],[$Baths$,,,],[$Garage$,,,],[$Total adjustment,,,$],[$Indicated value,,,$]]$ Complete this question by entering your answers in the tabs below.

A second approach using the cost method of valuation will also be used to estimate value. Comparing vacant lot sales in the

market area indicates that the value of the lot the subject property is constructed on is $$19,000.$ Air$-$conditioned space in the

dwelling would cost about $$36\mathrm{.}00$ per square foot to reproduce, and the garage would cost approximately $$4,300$ to

reproduce. Complete the cost approach to value, assuming that, because the property being valued is relatively new, no

depreciation of the structure is required.

Road $in$ a new suburb $of$ a large metropolitan area. The property $is$ like many others $in$ the area, with three bedrooms, two baths, $a$

living room, a den, a large kitchen, and a two$-$car garage. The residence has about $1,800$ square feet $of$ air$-$conditioned space and $isof$

traditional design. The property $is$ located $onan$ interior lot with $no$ potential flooding problems. The quality $of$ construction appears $to$

$be$ about average for the market area. The property being purchased was built within the past two years. Three properties have been

chosen $as$ comparables and they also were constructed within the past two years.

Comparable properties $in$ the area have the following characteristics: