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Mr . Charles Stone
Page 2 ~
February 29, 1980
around_ the tub. The tub is built-in. This house was constructed
in 1958 which makes it 22 years old. The living area is 792 Sq.
Ft. which is small by .today's standards. The house has deferred
maintenance, however, the bane structure appears to be good. It
is the appraiser's opinion that the house suffers from functional
obsolescence; that is, it lacks central heat and air conditioning.
Also, the windows should be changed from jalousie to either aluminum
double hung or awning type windows to make them tighter as jalousie
windows leak heat or air conditioning because they do not fit tightly,
These windows are no longer put 'into new residences. -
Zonin The entire area is zoned "Residential" and the highest and
est use of the property is "Residential" .
Utilities, The utilities to the property are electricity and tele-
p
one. The water is supplied by a we 11 and. the sewage through a
septic tank and drain field.
Assessment. The land is assessed for $3,530.00 and the improvements
or .00 for a total of $13,410.00. The land assessment in-
eludes both lots .
Approach to Value. In the Approach to Value,-the appraiser considered
t e Mar et, ost, and Income Approach, He put most emphasis on the
Market Approach due to the .f act that there were sales in the neigh-
- boyhood. He put most emphasis on three sales across the street
from the subject property. It should be noted that these sales
were made in 1978. In regard to Sale No. 1, the appraiser traced
back the sale on this property which had been made four times since
1972.
In the Market Approach to Value, the appraiser took into consideration
the age of the homes. It should be noted that the comparable sales
were homes built .in 1972 and 1974 while the. subject property was
constructed in 1958. These three sales were larger homes; that is, _
they have more square feet of living area than the subject property.
However, it should be noted that the smaller the home the higher price
per square foot. This is due to the fact that plumbing, electrical
work, and kitchens. are the most expensive part of the house. When
the house is made small,. this cost is spread over a smaller area, conse-
quently, this increases the price per square foot. The appraiser
also took into consideration that these houses all had an additional
bath or a half bath. Sale No. 1 had an extra half bath as well as
Sale No. 2. Sale No. 3 had two baths. They each had an enclosed
garage while the subject property has a carport. ~
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