You are trying to estimote the value of a property that you are interented in buying. The subject property is located at 322 Rock Creek. Road in a new suburb of a large metropolitan area. The property is like many others in the area, with three bedrooms, fwo bathis, an Iving room, a den, a large kitchen, and a two-car garage. The residence has about 1.800 square feet of aificonditioned 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 average for the market area. The property being purchased was bult within the past two yearz. Three properties have been chosen as comparables and they also were constructed within the past two years You have come to some conclusions concerning what you believe the diflerent attributes of the comparable properties are likely to be: warth in the market area. Appreciation in house values in the area has been very low over the past elght months, and you think that any properties that have sold within that period would probsbly 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 $1,600 upward ad ustment. You also beleve that properties in the area that are located near the creek sell for about $1,300 less than other properties in the area because of a slower rate of funoff aher heavy rains. Properties on corner lots generally sell for a premium of about $100. Houses with the fashionable modem design usually bring about $1,100 more than those that have trad tional design characterttics Bochuse three bedroom homes ace considered desirable by buyers in the areo, an additional fourth bedroom will generally only add about $1,325 in value to a property. However, properties that contain only two bedrooms are rather difficult to sell, and ofen bring $2.100 less than their three bedroom counterparts when they are sold. Most homes in the area heve a two-car garage, but when properties have ane car garage, they usually sell for about $900 less. A two-car open carport generally reduces the value of the property by a similir amount, or $925. The inferior construction quality exhibited by comparable Ill should reduce its value by about 51600 Required: a. Complete the sales comparison approach to value and assign an estimbte 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 $15,500. Air-conditioned space in the dwelling would cost about $36.00 per square foot to reproduce, and the garage would cost approximately $3.950 to reprodace, Complete the cost approach to value, assuming that, because the property being valued is relasively new, no depreclation of the structure is required. Complete this question by entering your answers in the tabs below. Complete the sales comparison approach to value and assige an estimate of value to the subject property. Note: Negotive amounts should be shown wha a mirus sign