Reference no: EM132960922

You are retained to appraise single family residential property. You have inspected the subject property and made the following notes Subject property. Subiect property is a 20 years old 1 500 square feet bungalow with full unfinished basement. It has an attached garage that is 250 square feet and no patio. It is built on the 40' x 100' lot in the neighborhood known as Fruitland Landscaping is considered to be average for this neighborhood. You have estimated effective age of the subject 15 year. market suggested economic life of this type of house is 60 years. Replacement cost new is estimated at $160 per square foot of the house and $50 per square foot of the garage. Vacant residential lots are sold on per front foot basis at $3,000 per front foot. after the inspection you have researched multiple Listing Services database and found 9 sales You have made the following notes.

sales :

1. Sold recently for $342.000. Similar house on the similar lot and in the same neighbourhood. This property has covered patio and unfinished basement.

2. Solid 8 months ago for $316,800. This property is similar to comparable #1.

3. This property sold year ago for $313.600. It's located very close to the subject and similar to the subject in size and construction but has a recreation room and better land scaping.

4. Sold recently for $348,600. This property is similar to comparable #8.except this property has a detached garage.

5.Sold recently for $332 200. This property is similar to the subject and is located in the same neighborhood .lot size is 38' x 105'.

6. Sold recently for $349 800. This property is similar to comparable #1, but it has a recreation room in the basement.

7. sold 10 months ago for $310,200 This property is similar to the subject but is located in the better neighborhood where properties are selling for $4,400 more than in the fruitland. this property also has a detached garage.

8. sold recently het $338 800. It is very similar to comparable #1, except this does not have a covered patio.

9. sold recently for 355,400.this property is similar to comparable #4.but this property has a better land scaping

Problem 1: calculate the amount of the replacement cost new for the subject property?

Problem 2: calculate the depreciated cost for the subject property ?

Problem 3: estimate the market value by the cost approach ?

Problem 4: reconcila value indications from both approaches into the final estimate of the market value for the subject property?