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You are appraising a single-family residence located in the Huntington neighborhood. The property is being acquired by a mortgage applicant and you have been asked to appraise the property by the lender. Seven potential comparable sales were initially identified. However, three of these seven were highly similar to the subject property in their transactional, physical and locational characteristics. You therefore decided to exclude the other four transactions from the comparable set.

No adjustments for transaction characteristics are necessary, but you will need to make a number of adjustments for property characteristics, which are described on the attached sales comparison grid.

The subject property and the three comps are located near each other, but comps 2 and 3 are considered to be in a slightly more desirable location. Homes in these locations generally sell for a 2% premium over the subject property and comp 1.

The incremental adjustment for size of lot is $15 per square foot and the adjustment for size of living area is $75 per square foot.

Each year of effective age reduces the value of properties in this market by about $2,000 per year. You experience suggests that each additional half-bath is worth $1,000; each additional full bath $2,000. Additional garage spaces, wood decks, and pools in these neighborhoods are worth $8,000, $1,000, and $12,000, respectively. No significant non-realty items were included in the comparable transactions.

Based on these assumptions and the property descriptions below, what is the final adjusted sale price for each comparable? Fill in the grid (spreadsheet), showing how you did your calculations. For example, if there is an adjustment per square foot, show the dollar per square foot times the square feet in that cell.

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