Price Estimation and Down Payment 1478 34th Avenue, San Francisco CA is the addr
ID: 377772 • Letter: P
Question
Price Estimation and Down Payment 1478 34th Avenue, San Francisco CA is the address for a house in San Francisco's Sunset District. The list price is $1,515,000 and the square footage is 2425 square feet. Per sq.footage price Assume that prices have gone for $700.00 per square foot. What would be the estimated actual selling price? How much of a price appreciation would this be over list? Assume the downpayment would be for 20% What would be the estimated downpayment? Use your estimated actual selling price Price Estimation and Down Payment 1478 34th Avenue, San Francisco CA is the address for a house in San Francisco's Sunset District. The list price is $1,515,000 and the square footage is 2425 square feet. Per sq.footage price Assume that prices have gone for $700.00 per square foot. What would be the estimated actual selling price? How much of a price appreciation would this be over list? Assume the downpayment would be for 20% What would be the estimated downpayment? Use your estimated actual selling priceExplanation / Answer
Given Values:
Listed Price = $1,515,000
Total Square footage = 2425 square feet.
Per square footage price = $1,515,000 / 2425 = $624.74 per square foot.
New square footage price = $700 per square foot.
Solution:
a) Estimated actual selling price is calculated as:
Actual selling price = New square footage price x Total square footage
Actual selling price = $700 x 2425 =$1,697.500
Estimated actual selling price is $1,697,500
b) Price appreciation over the listed price is calculated as:
Price appreciation = [(New Price - Listed price) / Listed Price] x 100
Price appreciation = [($1697500 - $1515000) / $1515000] x 100
Price appreciation = ($182500 / $1515000) x 100
Price appreciation = 12.05%
Price appreciation over the listed price is 12.05%
c) Estimated downpayment is calculated as:
Downpayment = 20% of Estimated actual selling price
Estimated actual selling price = $1,697,500
Downpayment = 20% of $1,697,500
Downpayment = $339,500
Dowmpayment to be paid is $339,500
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