Reconciliation.pdf
Kloha Family LLC, Petitioner V Township Of Saginaw, Respondent · 25-001612-TT
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Page 1
Reconciliation Subject:12-4-19-1029-000 Comp 1 20.76% Adj Sale Price $289,812 $154.81/SF Comp 2 29.34% Adj. Sale Price $258,682 $146.65/SF Comp 3 25.69% Adj. Sale Price $292,866 $154.47/SF Comp 4 33.49% Adj. Sale Price $260,298 $131.73/SF Comp 5 52.14% Adj. Sale Price $293,629 $169.73/SF Average of Comps $279,057 $151.48/SF Subject:12-4-19-1027-005 Comp 1 20.72% Adj. Sale Price $289,723 $154.77/SF Comp 2 28.80% Adj. Sale Price $257,593 $146.03/SF Comp 3 25.66% Adj. Sale Price $292,777 $154.42/SF Comp 4 33.44% Adj. Sale Price $260,209 $131.68/SF Comp 5 52.09% Adj. Sale Price $293,540 $169.68/SF Average of Comps $278,768 $151.31/SF Using the sales comparison approach, I adjusted the sale prices of comparable duplexes according to differences between them and the subject properties. There were five sales that occurred within my study. I used the same comparable sales for each subject. There was a minor difference in value due to subject property 12-4-19-1029-000 having a slightly larger lot size of 87x150. Subject property 12-4-19-1027-005 lot size is 86x150. A time adjustment of .02% per day was made to each property to account for the market condition differences between the sale price and the appraisal date. Because the subject properties are newer construction, an adjustment of $1,500 a year was made to each property for the difference in effective age instead of adjusting the year built. Land improvements and land value was adjusted to properties based on value contributed. A square foot (SF) adjustment of $25/ SF was made to all of the properties for the difference in size. The properties that had basements were adjusted down by $2.50/SF and the property with basement finish was adjusted down by $5/SF. Two comparable properties had a 5% adjustment for the quality of construction. The difference in value for a full bath was $2,500 each and half baths were $1,000 each. Once adjustments were made, adjusted sale prices ranged from $257,593-$293,629. Comparable one had the lowest percentage of adjustments, was the closest in effective age and sold the closest to my appraisal date which led me to believe that its adjusted sale price is the best indication of value for the subject properties. My opinion of value for the subject properties is $290,000 each.