5827 West Mulberry Dr.
Loan Overview:
Summary of Salient Features
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Subject Information |
Subject Address: 5825 W. Mulberry Drive Assessor’s Parcel Number: 102-40-212 Legal Description: Lot(s) 8725, of Maryvale Terrace 22, Map Book 84, Map Page 39 City: PHOENIX County: MARICOPA State: ARIZONA Zip Code: 85035 Subdivision: Maryvale Terrace |
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Sales Price |
Current Market Value: $140,000 Date of Sale: Not Listed |
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Client |
Borrower: Eden1221, LLC |
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DESCRIPTION OF IMPROVEMENTS |
Size (Square Feet): 1,036 per Assessor Price per Square Foot: $125.48 Location: Average Age: 39 Condition: Leased in good condition. Bedrooms: 3 Baths: 1.5 |
CONCLUSION OF VALUE
As indicated in the attached documents there is ample support for the subject’s property value to range from $100,619 to $145,000 based on comparable sales in the last twelve months. Prices in the subject’s market area have fluctuated around $116.71/per square foot. I conclude that the property is trading hands at a reasonable value compared to the other recent sales.
The market value of the fee simple title to the subject property, as of March 15, 2017, is:
$140,000
ONE HUNDRED TWENTY THOUSAND DOLLARS
Recently Sold Property
Surrounding Subject
|
MLS # |
Address |
Price |
Year Built |
Closing Date |
Approx SQFT |
Agent DOM |
|
|
1812 N 68TH AVE |
$130,000 |
1977 |
2/14/2016 |
1,250 |
11 |
|
|
2222 N 68TH DR |
$100,619 |
1977 |
2/25/2016 |
1,332 |
120 |
|
|
2025 N 70TH DR |
$137,900 |
1976 |
3/11/2016 |
1,023 |
68 |
|
|
6741 W CYPRESS ST |
$138,000 |
1978 |
4/5/2016 |
1,036 |
116 |
|
|
2844 N 70TH DR |
$135,000 |
1980 |
5/25/2016 |
1,120 |
32 |
|
|
1819 N 72ND LN |
$118,000 |
1975 |
6/10/2016 |
1,120 |
45 |
|
|
1637 N 72ND LN |
$93,000 |
1975 |
7/21/2016 |
840 |
8 |
|
|
6818 W HOLLY ST |
$150,000 |
1977 |
8/10/2016 |
1,152 |
10 |
|
|
7147 W CORONADO RD |
$130,000 |
1975 |
8/17/2016 |
1,200 |
156 |
|
|
1832 N 72nd LN |
$145,000 |
1976 |
8/19/2016 |
1,036 |
5 |
|
|
7019 W HOLLY ST |
$118,000 |
1976 |
9/23/2016 |
1,073 |
37 |
|
|
6822 W VIRGINIA AVE |
$133,000 |
1981 |
11/21/2016 |
1,040 |
37 |
Value Trends
The graph below plots each comparable sales for 3 bedroom, 1 bathroom properties in the immediate area of the subject property from 2000 to date with a polynomial curve demonstrating the market trend. In total we have examined 447 comparable properties. Based on the Subject property’s immediate market area I have determined that prices peaked in October 2005 at $194.22 per square foot and trended downward through January 2011 bottoming at $16.24 per square foot. Since then per square foot values have risen to their current level of an average of 119 psf. The data indicates that prices will continuing to climb into the $200/psf range over the next 30 months.
Days on Market
The graph below plots days on market vs. original listing price for comparable sales over the last from 2000 to date. As expected, increasing cost per square foot is clearly correlated with increasing days on the market. Interestingly, lowest average days on market seems to be correlated to a price per square foot of approximately $150.
