You are trying to estimate the value of a property at 322 Rock Creek Road in a new suburb of a large Metropolitan area. The property is like many others in the area, 3 bedrooms, 2 baths, a living room, a den, large kitchen & two car garage. The home has 1800 square feet of air conditioned space and is of traditional design. The property is located on an interior lot with no flooding problems, with average construction quality for the area. Comparable properties are as follows:

Property #1 Property #2 Property #3

Address 123 Clay St. 301 Cherry St. 119 Avenue X

Sale Price $85,000 $79,000 $75,000

Time of Sale 6 Months Ago 7 Months Ago 13 Months Ago

Design Modern Traditional Traditional

Parking 2 car Garage 2 car Carport 1 Car Garage

Location Corner Lot Interior Lot Interior Lot

Drainage Good Below Avg Good

Bedrooms Four Three Two

Baths Two Two Two

Construction Average Average Below Avg

Appreciation in house values in the area has been very low over the last 8 months, and you think that any properties that have sold within that period would not require any adjustments for the time of sale, but if it sold a year ago, it would require a $1500 upward adjustment ( to arrive at todays value ). You also believe that properties in the area located near the creek sell for $1200 less due to rainwater runoff issues. Corner lots generally are worth $1000 more, and modern designs bring $1000 more than traditional. Adding a bedroom would cost $1200, but two bedroom homes bring about $2000 less when sold. One car garages or carports are generally worth $800 less than 2 car garages. Inferior construction should reduce value $1500.

Value the property at 322 Rock Creek Road using the Sales Comparison Approach.