Armando Appraisal conducted an appraisal to estimate the current market value of a property assuming...
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Armando Appraisal conducted an appraisal to estimate the current market value of a property assuming fee simple ownership. The firm estimated the value of the subject property with 2 approaches. Using the sales comparison approach, market value is estimated as $523,000, and using the cost approach, market value is estimated to be $618,000.
a. What is Armando Appraisals indicated opinion of value for the subject property, if the property is a residential home and the appraiser believes that the most appropriate weights for reconciling these 2 estimates are 78% for the sales comparison approach and 22% for the cost approach. Round your answer to the nearest dollar and write it in the box.
b. Do you think Armando Appraisals indicated opinion of value for the subject property would be less than, equal to, or greater than your answer to part a if the property were a non-profit hospital. Write your answer in the box and briefly explain (in one phrase or sentence) why you chose that answer.
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