You are asked to value a vacant site in a good location with level topography. The site is 100ft. deep and is similar to most sites in the area. Your research had revealed four sales of comparable sites, which will be used to estimate the value of the subject site.
Comp 1: this site is 100ft. deep and is located in the same area as the subject property. The site is sloping which makes it inferior to similaer level sites. The site was sold six weeks ago for $40,000 with below market financing.
Comp 2: This site is level, 100ft. deep and in a good location. It was sold one year ago for $38,000 with market financing.
Comp 3: This site is 200 ft. deep and level. The site is in a fair location relative to the suvject property and was sold one month ago for $38,000 with a cash transaction.
Comp 4: This site is 200 ft. deep and is sloping. The site is in a good location and was sold two yeards ago for $39,000 with below market financing.
Further research indicates that sales occurred more than one year ago had appreciated $3,000 per year. Since then the market has been relatively static. The market also indicates that saled with below market financing were sold for a $5,000 premium. What is the range of value indications for the aubject site?