Subject property:
125 Monroe Ave
Hometown, CA
4 bedrooms, 2 baths, 1,900 square feet, family room, central air (and heat), fireplace, pool, covered patio, remodeled kitchen, 2 car attached garage, lot size – 7,000 square feet, purchased new from developer 24 years ago for $240,000.
Recent Sales:
432 Orange Ave, 1,450 sq. ft., 3 br, 2 ba, fam rm, central air, 2 car garage, 5,000 sq. ft. lot, 24 years old. Sold for $579,000, 22 days ago.
653 Lemon Ave, 2,100 sq. ft., 4 br, 2 ba, fam rm, central air, fireplace, pool, 3 car garage, 7,000 sq. ft. lot, 18 years old. Sold for $739,000, 34 days ago.
552 Grape Street, 1,700 sq. ft., 4 br, 2 ba, fam rm, central air, fireplace, covered patio, 2 car garage, 10,000 sq. ft. lot, 23 years old. Sold for $645,000, 19 days ago.
333 Peach Street, 2,550 sq. ft., 5 br, 2.5 ba, fam rm, central air, fireplace, pool, 3 car garage, 8,000 sq. ft. lot, 17 years old. Sold for $825,000, 35 days ago.
Active Listings:
785 Maple Ave, 1,300 sq. ft., 3 br, 2 ba, central air, fireplace, 2 car garage, 6,000 sq. ft lot, 30 years old. Asking price: $599,000, days on market – 42.
Expired Listings:
246 Madison Ave, 2,200 sq. ft., 4 br, 2 ba, fam rm, fireplace, pool, 3 car garage, 9,000 sq. ft. lot, 15 years old. List price: $875,000, days on market – 180.
Answer this question:
What should the subject property be appraised at using the market data approach? Explain your findings.
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