Presentation to demonstrate several methods of extracting value adjustments from market data

1. Adjusting for Value Differences Francois K. Gregoire, IFA, RAA State Certified Residential Appraiser #0000142

2. PREPARED FOR:

5. CHANGE PANIC !!

7. NOT PROVIDED TODAY The "LIST"

12. SALES PRICE PER SQUARE FOOT OF LIVING AREA

17. PAIRED SALES GARAGE 1590 1600 1550 SIZE 4/2 4/2 3/2 BR/BATH ? GARAGE VALUE 2 Car 1 Car 2 Car GARAGE 4/2008 4/2008 2/2008 DATE OF SALE $266,000 $260,000 $265,000 SALES PRICE SALE #3 SALE #2 SALE #1

18. PAIRED SALES POOL 1590 1600 1550 SIZE 4/2 4/2 3/2 BR/BATH ? ? POOL VALUE Above Ground None In Ground POOL 4/2008 5/2008 3/2008 DATE OF SALE $262,000 $260,000 $277,500 SALES PRICE SALE #6 SALE #5 SALE #4

20. DEPRECIATED COST = = X X $ 6,500 INDICATED VALUE OF ONE GARAGE SPACE $ 6,552 DEPRECIATED COST -$ 3,685 36% 25/70 LESS DEPRECIATION EFF.AGE/LIFE $10,237 $31.50 325 GARAGE COST NEW COST/SF SIZE

21. Capitalization of Rent GRM = 137 Develop Gross Rent Multiplier 137.84 = $1,850 ∕ $255,000 2 136.22 = $1,850 ∕ $252,000 1 GRM = Actual Rent ∕ Sales Price Sale #

22. MARKET RENT 1590 1600 1550 SIZE 4/2 4/2 3/2 BR/BATH ? RENT VALUE OF POOL Above Ground None In Ground POOL 4/2008 5/2008 3/2008 LEASE DATE $1800 $1800 $1925 ACTUAL RENT RENTAL #3 RENTAL #2 RENTAL #1

23. VALUE OF POOL $17,125 = 137 X $125 VALUE = GRM X MARKET RENT

25. COMPARISON GRID + 6,000 1 CAR + 6,000 1 CAR 2 CAR GARAGE 3/2 4/2 3/2 BR/BA $283,500 $283,000 ADJUSTED PRICE INGRND +17,000 NONE INGRND POOL 3/2008 4/2008 6/2008 DATE $277,500 $260,000 SALES PRICE ADJUST COMP #4 ADJUST COMP #1 SUBJECT

26. VALUE? SUGGESTED LIST PRICE? ?????????

27. Francois K. Gregoire, IFA RAA State-Certified Residential Appraiser #0000142 Gregoire & Gregoire, Inc Realtor - Appraiser 727-344-3393 [email_address]