| Table 1: Table of Comparison |
| Elements of Comparison |
Subject |
Comp 1 |
Comp 2 |
Comp 3 |
| Sale price of comparable |
|
$ 510,000.00 |
$ 525,000.00 |
$ 499,000.00 |
| Transaction Characteristics |
| Property rights conveyed |
Fee simple |
Same |
Same |
Same |
| Adjusted price |
| Financing terms |
Conventional |
Same |
Same |
Same |
| Adjusted price |
| Conditions of sale |
Arm's length |
Same |
Same |
Same |
| Adjusted price |
| Expenditure immed. after purchase |
|
None |
3,000 |
None |
| Adjusted price |
| Market condition |
Today |
3 months ago: |
6 months ago: |
6 months ago: |
Note: All the comparables are recently sold properties. Percentage change is given in the example. |
|
|
(add 2% total) |
(add 4% total) |
(add 4% total) |
|
| Property characteristics |
| Location |
Huntington |
Huntington |
Kensington |
Millhoper |
| Physical characteristics |
|
|
(subtract 3% total) |
(subtract 3% total) |
| Site/lot size (sg.ft) |
6,662 |
6,700 |
6,800 |
6,600 |
| Construction quality |
Typical |
Typical |
Typical |
Typical |
| Condition |
Average |
Average |
Average |
Average |
| Age (years) |
5.5 |
7 |
8 |
10 |
| Living area (sq.ft) |
3473 |
3920 |
3985 |
3835 |
| Number of baths |
3 |
3.5 |
3 |
2 |
| Garage Space (# of car space) |
2 |
2 |
2 |
1 |
| Porch. Patio, deck |
Cov. Porch/wood deck |
Cov.Porch |
Cov. Porch |
Cov. Porch |
| Fence, pool, etc. |
None |
None |
Pool |
Pool |
| Economics characteristics |
N.A |
N.A |
N.A |
N.A |
| Use |
Single-family |
Single-family |
Single-family |
Single-family |
| Non-realty Components |
None |
None |
None |
None |
|
| Table 2: Table of Adjustments |
| Elements of Comparison |
Subject |
Comp 1 |
Comp 2 |
Comp 3 |
| Sale price of comparable |
|
$ 510,000.00 |
$ 525,000.00 |
$ 499,000.00 |
| Transaction Characteristics |
| Property rights conveyed |
Fee simple |
|
|
|
There is no adjustments on these three since they are the same for each property. |
| Adjusted price |
| Financing terms |
Conventional |
| Adjusted price |
| Conditions of sale |
Arm's length |
| Adjusted price |
| Expenditure immed. after purchase |
|
|
$ 3,000.00 |
| Adjusted price |
| Market condition |
Today |
$ 10,200.00 |
$ 21,120.00 |
$ 19,960.00 |
Refer to row D 16 for the percentage adjustment information. Subject property sells at higher price because market appreciates. |
| Adjusted price |
|
$ 520,200.00 |
$ 549,120.00 |
$ 518,960.00 |
|
| Property characteristics |
| Location |
Huntington |
|
$ (16,473.60) |
$ (15,568.80) |
As Huntington are less desirable than Kensington and Millhoper, subject should sell at 3% less than comparable 2 and 3. 3% is given in the example. |
| Physical characteristics |
| Site/lot size |
6,662 sq. ft |
$ (760.00) |
$ (2,760.00) |
$ 1,240.00 |
An incremental square foot of lot size is worth about $20 per square foot, given in example. Smaller property sells at lower price. |
| Construction quality |
Typical |
|
$ – 0 |
| Condition |
Average |
|
$ – 0 |
| Effective age |
5.5 years |
$ 4,500.00 |
$ 7,500.00 |
$ 13,500.00 |
Each year of effective age reduces the value of properties in this market by about $3,000 per year. Younger property sells at a higher price. |
| Living area |
3,473 sq. ft |
$ (35,760.00) |
$ (40,960.00) |
$ (28,960.00) |
An incremental square foot of living area is worth about $80 per square foot, given in example. Smaller property sells at lower price. |
| Number of baths |
3 |
$ (500.00) |
$ – 0 |
$ 1,000.00 |
Each additional half-bath is worth $500; each additional full bath $1,000. given in example |
| Garage Space |
2-car |
$ – 0 |
$ – 0 |
$ 8,000.00 |
Additional garage space is worth $8000. given in example |
| Porch. Patio, deck |
Cov. Porch/wood deck |
$ 1,000.00 |
$ 1,000.00 |
$ 1,000.00 |
Additional wood deck is worth $1000. given in example |
| Fence, pool, etc. |
None |
$ – 0 |
$ (12,000.00) |
$ (12,000.00) |
Additional pool is worth $12,000. given in example |
| Economics characteristics |
N.A |
$ – 0 |
$ – 0 |
$ – 0 |
| Use |
Single-family |
$ – 0 |
$ – 0 |
$ – 0 |
| Non-realty Components |
None |
$ – 0 |
$ – 0 |
$ – 0 |
| Indication of Subject Value |
|
$ 488,680.00 |
$ 485,426.40 |
$ 487,171.20 |
| Weight |
|
50% |
25% |
25% |
You could decide what weight to assign to each property and need to justify your assignments in the report. |
| Final Consolidation Value |
|
$ 487,489.40 |
