You are appraising a property located adjacent to a high speed freeway. Total area of the property is 2,400 sq. ft. Information on four comparable sales: (1) A year ago a 2,400 sq. ft. property not adjacent to freeway sold for $195,000. (2) A 2,800 sq. ft. property sold this year for $215,000. It is located adjacent to the freeway. (3) A year ago a 2,800 sq. ft. property not adjacent to freeway sold for $220,000. (4) A 2,800 sq. ft. property adjacent to the freeway sold a year ago for $200,000. What is the value of the adjustment factor for location and what is the estimated market value of the property under consideration?
You are appraising a property located adjacent to a high speed freeway. Total area of the property is 2,400 sq. ft. Information on four comparable sales: (1) A year ago a 2,400 sq. ft. property not adjacent to freeway sold for $195,000. (2) A 2,800 sq. ft. property sold this year for $215,000. It is located adjacent to the freeway. (3) A year ago a 2,800 sq. ft. property not adjacent to freeway sold for $220,000. (4) A 2,800 sq. ft. property adjacent to the freeway sold a year ago for $200,000. What is the value of the adjustment factor for location and what is the estimated market value of the property under consideration?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
You are appraising a property located adjacent to a high speed freeway. Total area of the property is 2,400 sq. ft. Information on four comparable sales:
(1) A year ago a 2,400 sq. ft. property not adjacent to freeway sold for $195,000.
(2) A 2,800 sq. ft. property sold this year for $215,000. It is located adjacent to the freeway.
(3) A year ago a 2,800 sq. ft. property not adjacent to freeway sold for $220,000.
(4) A 2,800 sq. ft. property adjacent to the freeway sold a year ago for $200,000.
What is the value of the adjustment factor for location and what is the estimated market value of the property under consideration?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education