AAEC 4303 Sales Comparison Homework Due Thursday, November 8, 2012 Problem No 1 Subject: 640 acres of Class III irrigated cropland located 5 miles from town. The contributory value of improvements is $10,000. Sale No. 1. 640 acres of Class III non-irrigated cropland located 7 miles from town. The contributory value of improvements is $5,000. Sold last week for $197,000. Sale No. 2. 800 acres of Class III irrigated cropland located 9 miles from town. The contributory value of improvements is $15,000. Sold last week for $355,000. Sale No. 3 640 acres of Class III irrigated cropland located 25 miles from town. The contributory value of improvements is $10,400. Sold yesterday for $292,000. Sale No. 4. 320 acres of Class III irrigated cropland located 5 miles from town. No improvements. Sold 6 months ago for $135,850. Additional information: An analysis of other sales in the area indicate that (1) property values have increased at an average rate of 12 percent per year and (2) farms located over 10 miles from town sell for approximately $10 per acre less than those located within 10 miles of town.AAEC 4303 Sales Comparison Homework Problem No. 2 Subject: 160 acres Dryland No improvements Not on highway Located 10 miles from town Date of appraisal October 2012 Comparable 1 160 acres Dryland No improvements Not on highway Sold October 2011 $160,000 Sold October 2012 $169,600 Located 10 miles from town Comparable 2 160 acres Dryland Improvements $90,000 On highway Sold November 2011 $265,000 Located 11 miles from town Comparable 3 160 acres Dryland No improvements On highway Sold December 2011 $176,000 Located 12 miles from town Comparable 4 160 acres Dryland No improvements On highway Sold March 2012 $184,000 Located 1 mile from townAAEC 4303 Sales Comparison Homework Problem No. 3 SUBJECT A B C D E SIZE 700 AC 800 400 500 500 600 SALE PRICE 589,020 260,377 289,352 312,500 484,615 TIME 3 MO 9 MO 12 MO LAST WK. 6 MO IMPROVEMENTS 70,000 NONE NONE 62,500 55,500 90,000 ACCESS PAVED PAVED GRAVEL PAVED PAVED GRAVEL IRRIGATED YES YES YES NO NO YES NOTES: 1. FAVORABLE FINANCING APPARENTLY ADDED $50 PER ACRE TO THE SALE PRICE OFCOMPARABLE A. 2. SALE D IS A RESALE OF SALE