Lot Value Estimation Information

Below is some information gathered to assist you in determining the value of the subject property lot.  The subject property is in Kuhn's Corner's.  It has 11,500 square feet and is on a corner lot.  The "as of date" for the appraisal is December.

Sale Nu.

Subdivision

Location

Size (Sq. Ft.)

Date of Sale

Sales Price

1 Golden Eagle Interior 10,000 December $29,000
2 Kuhn's Corners Corner 12,000 December $47,500
3 Golden Eagle Corner 12,000 December $44,500
4 Golden Eagle Interior 11,000 December $36,000
5 Kuhn's Corners Interior 12,000 December $46,000
6 Kuhn's Corners Corner 11,000 December $40,500
7 Golden Eagle Corner 10,000 December $30,500
8 Kuhn's Corners Interior 10,000 December $32,000
9 Kuhn's Corners Corner 10,000 December $33,500
10 Golden Eagle Interior 10,000 December $29,000

Hint:  You will need to determine the appropriate market driven adjustments for each difference so that you can compute the adjusted Sales Price.  To that end, you may wish to compare the following:

Adjustment for Subdivision:  Look at sales 1 and 8

Adjustment for Size:  Look at sales 1 and 4

Adjustment for location:  You figure out this one!

Use the adjustment grid below to prepare your answers:

Sale Nu.

Sales Price

Subdivision Location Size Sale Date Adjusted Sales Price
1 $29,000 0
2 $47,500 0
3 $44,500 0
4 $36,000 0
5 $46,000 0
6 $40,500 0
7 $30,500 0
8 $32,000 0
9 $33,500 0
10 $29,000 0

Lot value questions:

Question 1   Multiple Choice (1.0000 points)
  Question: What is your estimate for the amount of the adjustment necessary to adjust for the difference in value from the Golden Eagle subdivision to the Kuhn's Korners subdivision.
 
    +$1,500
-$1,500
$3,000
-$3,000
+$18,500
 

 
Question 2   Multiple Choice (1.0000 points)
  Question: What is you estimate of the adjustment necessary to adjust for the diffence in value from an interior lot to a corner lot?
 
    +$1,500
-$1,500
+$3,000
-$3,000
+$18,500
 

 
Question 3   Multiple Choice (1.0000 points)
  Question: What is you estimate of the adjustment necessary to adjust for the diffence in value per square foot for the size of the lot?
 
    $5.50
$7.00
$7.75
$8.50
$9.25
 

 
Question 4   Multiple Choice (1.0000 points)
  Question: What is the amount of the lot adjustment for comparable sale #1?
 
    $3,500
-$3,500
-$10,500
$10,500
 

 
Question 5   Multiple Choice (1.0000 points)
  Question: What is the total amount of the adjustments for comparable sale #10?
 
    $1,000
-$1,000
$2,000
$8,000
 

 
Question 6   Multiple Choice (5.0000 points)
  Question: What is the indicated value of the subject property lot based on the average of the comparable sales?
 
    $38,000
$41,000
$44,000
$51,000