Your project submission includes a 1-2 pages typewritten 12-font single-spaced paper including your sources and 5 Exhibits (each on a separate page). In the typewritten part of the paper, you need a paragraph for the introduction (the purpose of your project) and one paragraph to explain each exhibit. The title of your paper is "An Appraisal, Market Analysis and Feasibility Analysis Executive Summary for the.......)". The..... is the name of your city/town.;You can use the Exhibits' templates in this spreadsheet to assist you in completing your project.;Overall, this project has two different parts. The first part is to conduct an appraisal of the property "as its current use" as an apartment building. Here, you apply all three appraisal approaches, which are the sales comparable approach, the income approach and the cost approach. The two blank worksheets are for the sales comparable approach and the income approach where you need to do your own set up. For the cost approach, use the model provided in the worksheet. For all three approaches, you will want to use the 1st set of lecture notes (the appraisal notes) to help you set up and complete the exhibits.;The second part of the project is to complete a feasibility study where the highest and best use of the land where the apartment building is located may be an alternative use. The alternative use under consideration is a bookstore. Now, you conduct the feasibility study.;Please read the instructions on the first worksheet which contains the assumptions for the 3 appraisal approaches and the feasibility study. Also, the second worksheet contains the adjustment factors for sales comparison approach.;In summary, after you do all three appraisal approaches, then do the feasibility study for the bookstore. Remember that the percent spent on books is 2 percent.;An Example of Using the Adjustment Factors in the Sales Comparable Approach;In the Subject Property and Bookstore tab in the Excel spreadsheet, you need to take the different of the years built between the subject property and each comparable property to compute the difference.;Remember you want to make the comparable property look like the subject property. For instance, since comparable one was built in 1995 and the subject was built in 1987, then the subject is 8 years older than comparable one. Therefore use the Property Adjustment Factor for year built (per year) under the Assignments tab where you multiply 8 times that dollar amount to compute an ADJUSTMENT AMOUNT. To make the comparable look 8 years older LIKE the subject property, you need to REDUCE the sales price of comparable one by that ADJUSTMENT AMOUNT. Please see the intro. Appraisal lecture notes for further examples.;Remember you only will arrive at ONE estimated final appraised value.;Interpreting Results;Please interpret your results in the write-up when determining as the "Appraiser" which approach (or approaches) best models an estimated price for your subject property. As a part of your interpretation, you may also want to use probability weighting (as discussed in class) in the Sales Comparable Approach, as well as across all approaches. You may also provide an argument in your write-up that the data for one or two of the appraisal approaches were not appropriate for estimating your estimated price for your subject property.;The results from the market analysis help you understand the city's demand for books. Therefore, you need to discuss the results of the market analysis which is what the trade area will support. Along with the discussion of your results include a summary of your key assumptions. Next, you need to use the market analysis results to support the feasibility results.;Additional write-up tips;For the write-up, first provide an introduction of your project. In discussing the exhibits, explain the purpose of the work you did in each exhibit and summarize the results in each exhibit.;The only relationship you explain between the appraisal exhibits and the Market Analysis exhibit is that the HBU analysis will consider if a bookstore is a HBU than an apartment building at this same site.;The relationship now goes between the Market Analysis exhibit and the Feasibility exhibit. This explanation addresses if the bookstore is a HBU than the apartment building at this site, then is it feasible to build the bookstore. In this analysis you can consider the square feet of the bookstore as given and compare it to the square feet gap you computed in the Market Analysis exhibit.
Paper#29626 | Written in 18-Jul-2015Price : $22