Reference no: EM133049209
What is the estimated market value of a subject lot that is 110 feet wide by 130 feet deep?
Comparable sales data collected:
+ Sale 1. A lot 107 feet wide by 125 feet deep located across the street from the subject sold six weeks ago for $38,000.
+ Sale 2. A lot 110 feet wide by 132 feet deep in the same neighborhood as the subject lot sold 12 weeks ago for $37,800.
+ Sale 3. A lot 100 feet wide by 120 feet deep in the same neighborhood but in a less attractive location within the neighborhood sold four months ago for $35,000.
Weighted average reconciliation:
Sale 1: This is the most recent sale and is located on the same street as the subject. It is influenced by the same locational factors as the subject; therefore, a weight of 60% is considered appropriate.
Sale 2: This sale occurred recently and is in a similar location. The lot size is comparable to the subject lot; therefore, a 30% weight is appropriate.
Sale 3: This lot is smaller than the subject lot and is located on a less desirable street in the subject neighborhood. The sale occurred four months ago; however, market conditions have been stable during the last six months. A weight of 10% is considered appropriate.