You are trying to estimate the value of a property that you are interested in buying. The subject property is focated at 322 Rock Creek Road in a new suburb of a large metropolitan area. The property is like many others in the areo, 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-concitioned space and is of traditional design. The property is located on an interior lot with no potential flooding problems. The quality of construction appears to be about averoge for the market area. The property being purchased wos built wathin the past two years. Three properties have been chosen as comparables and they also were constructed within the past two years. Comnarahle nennerties in the area have the folliwinn rharacterictick You have come to some conclustons 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 foc the firne of sole. However, one of the comparable properties sold over a year ago, and you think it will require a 51,500 upward adjustment. You also believe that properties in the area that are located near the creek sell for about \$1,200 less than other properties in the area because of a slower rate of runolf after heavy rains. Properves on comer lots generally sell for a premium of about $1,000. Houses with the fashionable modern design usually bring about $1,000 more than those that have traditional design characteristics. Because three bedroom homes are considered desirable by buyets in the area, an additional fourth bedroom wil generally only add about $1,200 in volue to a property. However, properbes that contain only two bedrooms ate rather diflicult to seli, and often bring $2,000 less than their three bedroom counterparts whien 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 $800 less. A two car open carport generally reducen the value of the property by a similar amount, or 5800 . The inferior construction quality exhibited by comparabie ill should reduce its value by about $1,500 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 walue of the lot the subject property is constructed on is $13.000 Aticonditioned space in the dweling would cost about $3600 per square foot to reproduce, and the gatage would cost approvinately $3700 to reproduce Complete the cost approach to value, assuming that, beciuse the property being valued is relatively new, no deprecation of the structure is required. Complete the sales comparison approach to value and assign an estimate of value to the subject property. (Negative amounts should be shown with a minus sign.) 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 $13,000. TAir-conditioned space in the dwelling would cost about $36.00 per square foot to reproduce, and the garage would cost approximately $3,700 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. You are trying to estimate the value of a property that you are interested in buying. The subject property is focated at 322 Rock Creek Road in a new suburb of a large metropolitan area. The property is like many others in the areo, 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-concitioned space and is of traditional design. The property is located on an interior lot with no potential flooding problems. The quality of construction appears to be about averoge for the market area. The property being purchased wos built wathin the past two years. Three properties have been chosen as comparables and they also were constructed within the past two years. Comnarahle nennerties in the area have the folliwinn rharacterictick You have come to some conclustons 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 foc the firne of sole. However, one of the comparable properties sold over a year ago, and you think it will require a 51,500 upward adjustment. You also believe that properties in the area that are located near the creek sell for about \$1,200 less than other properties in the area because of a slower rate of runolf after heavy rains. Properves on comer lots generally sell for a premium of about $1,000. Houses with the fashionable modern design usually bring about $1,000 more than those that have traditional design characteristics. Because three bedroom homes are considered desirable by buyets in the area, an additional fourth bedroom wil generally only add about $1,200 in volue to a property. However, properbes that contain only two bedrooms ate rather diflicult to seli, and often bring $2,000 less than their three bedroom counterparts whien 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 $800 less. A two car open carport generally reducen the value of the property by a similar amount, or 5800 . The inferior construction quality exhibited by comparabie ill should reduce its value by about $1,500 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 walue of the lot the subject property is constructed on is $13.000 Aticonditioned space in the dweling would cost about $3600 per square foot to reproduce, and the gatage would cost approvinately $3700 to reproduce Complete the cost approach to value, assuming that, beciuse the property being valued is relatively new, no deprecation of the structure is required. Complete the sales comparison approach to value and assign an estimate of value to the subject property. (Negative amounts should be shown with a minus sign.) 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 $13,000. TAir-conditioned space in the dwelling would cost about $36.00 per square foot to reproduce, and the garage would cost approximately $3,700 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