An appraiser in Naples is using the sales comparison approach for a waterfront home. A comparable property sold for $2,400,000 six months ago. The subject property is superior by $150,000 for view and inferior by $75,000 for age. Market conditions have increased 3% since the comparable sale. What is the adjusted sale price?
Correct Answer
A) $2,547,000
Start with sale price $2,400,000. Adjust for time: $2,400,000 × 1.03 = $2,472,000. Add for superior view: $2,472,000 + $150,000 = $2,622,000. Subtract for inferior age: $2,622,000 - $75,000 = $2,547,000. Option B omits the view adjustment. Option C omits both property adjustments. Option D incorrectly calculates the net adjustment.
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