Application Of Direct Sales Comparison

In Massachusetts, the median price of a home is roughly twice the national median, and the percentage of income devoted to mortgage payments in the greater area of Boston is 44.9%, the second highest in the country after San Francisco at 46.7%. State spending on housing programs, as a percentage of the total state budget, was 2.9% in 1989, but only 0.7% in 2002. State spending for open space acquisition or preservation has also decreased, but not as much as the rate of decline for spending on housing. Inversely, Boston Housing Report Card 2002 estimates that 15,660 units are needed annually to ease the affordable housing crisis. While it is evident affordable housing is a serious, present concern, open space preservation is pressing in its own spot light. The Sierra Club estimates the total land lost to sprawl is about 100 million acres, of which 25 million acres were lost from 1982 to 1997. Since 1945, Massachusetts has lost more than 1.3 million acres of farmland. More than 3 million of the Commonwealth's 5.2 million acres are undeveloped and unprotected.

Lake Worth provides a variety of housing opportunities. There are within the city limits homes, many duplexes, triplexes, businesses mixed together. The structures for single family homes are wood frame and block. Inside the city the homes were built in the early 1900s. The home size is varied, the yards are small, and there are not many driveways. People park on the streets. Outside the city limits the homes were constructed in the 1980s, and the structure is block. Most homes are well maintained with shrubs and flowers, but the yards are small. The neighbor’s home is approximately 50 feet away. The neighborhoods have adequate lighting for safety. The neighborhood I have chosen to address has a large

Right now, the median price for a home in the area is $450,000. The sales price has risen by $75,000 in just the last year. During the same year, the average price per square foot rose from $224 to $238. Since the sales price has risen by 20 percent in just the last year, right now is a good time to enter the marketplace before prices

This has caused a change in the way the homes in the area appear. Currently, many of the homes have lost their curb appeal. At one time this neighborhood had

According to Trulia and Zillow, one house that is being sold in Crow Creek has the size of 1,906 square feet, and one house that is being sold around Gains Street has the size of 2,900 square feet. As you can see, even sometimes the houses that are being sold around Gains Street can be possibly larger than the ones that are being sold in Crow Creek. The homes in Crow Creek were built with expensive, smooth, and colorful brick, which were ordered by upper income people. In similar fashion, the homes surrounding Gains Street also contained these smooth and colorful bricks. These bricks might not be as expensive, however they appeared to be similar in texture and color. Second of all, even though that both of these neighborhoods contained abnormally large homes, doesn’t mean that they were up kept the same way. My friends and I could clearly tell the difference on which homes were annual and daily cleaned as well as trimmed. The living quarters that were over in Crow Creek were obviously kept up daily considering that the each and every one of them had flowers in front of them. They had also made sure no trees or untrimmed bushes were blocking the views from the street to their beautiful homes. Despite having a similar structure of houses around Gains Street and Crow Creek, Gains Street had houses that were not being annual and daily cleaned as well as trimmed. My friends and I could absolutely point out

In line with previous research, RSOs are located in in economically and socially depressed areas (Clark & Duwe, 2015; Gordon, 2013; Hipp, Turner, & Janetta, 2010; Levenson & Cotter, 2005; Mustaine & Tewksbury, 2011; Socia, 2013a, 2013b, 2014; Suresh, Mustaine, Tewksbury, & Higgins, 2010; Tewksbury, 2002, 2007; Tewksbury, Jennings, & Zgoba, 2012; Tewksbury & Mustaine, 2006). There is also the potential of concentrations of RSOs to further push the area into a more depressed area, socially and economically (Mustaine & Tewksbury, 2011; Zevitz, 2003). Property and neighborhood are expected to go into their traditional patterns. For instance, home sale values are lower when the sold property has no AC, less parcel acreage, greater number of years, less basement and building square feet, and no fireplaces. In terms of neighborhood characteristics, it is expected that home sale values are to be decreased in areas with higher rates of Black residents, Hispanics, female-headed households, and lesser rates of Bachelor-degree

Question 2. 2. (TCO A) Which of the following is a contributing factor to the inefficiency of real estate markets? (Points : 5)

A mix of housing age, old houses ( 40-100 years old predominant) and new housing developments

The real estate division was estimated to have a fair value of $13,890,000. This was determined by totaling the number of lots expected to sell within the next four years and multiplying it by the price per lot of $180,000. After determining total lot sales, a 20% discount rate was applied as suggested by current market conditions. Given the unique nature of the real estate development, it is not believed that there are any comparable developments to find a market multiple.

The cited comparables are similar in overall quality of constriction. They are newer homes, no age adjustment was required due to the extensive renovation of the subject property; the effective age of the subject and the comparables is similar. Comparables #1 and #2 are are most similar in overall condition, like the subject property, they had interior renovations. Comparable #3 is located in Whispering Pines neighborehood. Some floor converings and light fixtures have been replaced in comparable #3; however, this home is still inferior in overall condition. Comparables #1 and #2 are located in competing neighborhoods. Comparable #1 like the subject has a driveway only. This home has an open patio. Comparable #2 has a covered and an open deck,

The sales data were obtained for a new oceanside condominium complex consisting of two adjacent and connected eight-floor buildings. The complex contains over 200 units of equal size (approximately 500 square feet each). The

The objective of this project was to measure and then estimate a cost for Hampton University’s Lot 2. Lot 2’s approximate shape is shown above, and holds 80 cars 41 on the side facing the street and 39 on the other. Several assumptions were made when measuring the size of Lot 2. The first assumption was that each side of Lot 2 was perfectly straight line. Assuming straight lines makes it possible to use basic area formulas instead of trying to estimate every piece of Lot 2.

In order to answer this question we first have to consider whether the value provided to the commercial and residential markets is the same. While it may look like the value is similar, upon closer inspection, we can identify an important distinction between the values provided to the two markets:

Automated valuation models (AVM) according to the RICS AVM Standards working group are systems that use one or more mathematical techniques to provide an estimate of the value of a specified property at a specified date, accompanied by a measure of confidence in the accuracy of the result, without human intervention post-initiation. They combine property sales data, property attributes data as well as local market information (RICS 2013, Corelogic (n.d)); these form the variables that are fed into the model. Models typically comprise one dependent variable which is the estimated property value and several independent variables (property attributes data) which take turns in explaining the dependent variable (RICS, 2013). AVMs vary depending on the modelling technique adopted, the methodology and independent variables adopted. Choice is solely down to the provider’s specification (RICS, 2013). Examples of the different models include; multiple regression model, indexation, sales comparison models and automated comparable selection and artificial neural networks. AVMs have been around for a while. However, market acceptance has been slow, tentative and somewhat phased.

The data for the second test to be conducted by our group consists of lot sizes of the residential properties that are up for sale in Toronto and Vancouver. The samples are represented in m2 (metres squared; area of the land in which the residential properties are built on). The data taken are based on the properties that are up for