A comparable property with 1,800 SF of gross living area just sold for $280,000. Another comparable...
A comparable property with 1,800 SF of gross living area just sold for $280,000. Another comparable with 1,600 SF sold for $272,000. What would a 1,480 SF house sell for, assuming that the marginal change in square footage has the same impact on value as between the two comparables ?
Homework Answers
Marginal change in square footage = Changes in total sales proceed / Changes in square feet sold
After comparing , comparable properties with 1,800 SF and 1,600 SF, we can get marginal change in square footage, which is shown below:
Marginal change in square footage = [$ 280,000 - $ 272,000] / [ 1,800 - 1,600] square feet
Marginal change in square footage = $ 8,000/ 200 square feet
Marginal change in square footage = $ 40
If, another house of 1,480 SF sold, then selling price or sales proceed would be = Sales proceed of 1,600 SF house - [ Reduction in SF X Marginal change in square footage ]
Net sales proceed = Sales proceed of 1,600 SF house - [ ( 1,600 - 1,480) X $ 40 ]
Net Sales proceed = $ 272,000 - $ 4,800 = $ 267,200
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