A comparable property sold recently for $153,000. The adjustments for the various elements of comparison have...
A comparable property sold recently for $153,000. The adjustments for the various elements of comparison have been calculated as follows:
Location: -1%
Market Conditions: +3%
Physical Characteristics: +$12,500
Financing Terms: -$2,000
Conditions of Sale: none
Property Rights Conveyed: none
Use: none
Non-Realty Components: -$3,000
Making adjustments in the order found in Exhibit 7-6 in the textbook, what is the final adjusted sale price of the comparable?
Homework Answers
Solution:-
| Transaction Price | 153,000 | |
| Adjustment for financing terms | Minus | 2,000 |
| Adjusted Price | 151,000 | |
| Adjustment for market conditions | Plus 3% | 4,530 |
| Adjusted Price | 155,530 | |
| Adjustment for location | Minus 1% | 1,555.30 |
| Adjusted Price | 153,974.70 | |
| Adjustment for physical characteristics | Plus | 12,500 |
| Adjusted Price | 166,474.70 | |
| Adjustment for nonrealty items | minus | 3,000 |
| Indication of subject value | 163,475 |
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