Property Valuation Report
I. Executive Summary
This property valuation report provides an assessment of the residential property located at 123 Oak Street, Springfield. The valuation is being conducted to support the sale process of the property. The estimated market value of the property as of January 15, 2065, is $520,000.
II. Property Details
Address: 123 Oak Street, Springfield, IL
Property Type: Residential (Single-family home)
Size: 2,500 sq. ft.
Lot Size: 0.25 acres
Age of Property: 20 years
Legal Information: Title is clear, no zoning violations
III. Market Analysis
Recent Market Trends: The local real estate market has shown a 6% year-over-year increase in property values, with particular growth in suburban areas.
Comparable Property Sales:
115 Oak Street: Sold for $510,000
130 Oak Street: Sold for $530,000
150 Maple Street: Sold for $515,000
IV. Validation Methodology
Sales Comparison Approach: The valuation was primarily based on comparing the property to similar homes in the area.
Cost Approach: An estimate of the cost to rebuild the property was also considered, taking into account depreciation.
Income Approach: Not applicable as the property is not income-producing.
V. Property Condition and Inspection
Exterior: Well-maintained with updated landscaping.
Interior: Recently renovated kitchen and bathrooms.
Structural Integrity: No issues reported.
Photographs: Included in the appendix.
VI. Valuation Conclusion
Estimated Value: $520,000
Rationale: The property’s good condition and strong market trends support this valuation. Comparable sales in the neighborhood also reinforce this estimate.
VII. Appendices
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