David Saks: Real Estate Practice : Lesson 888

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 888

                                                       #888

A broker sold a lot 125 feet wide by 160 feet deep for $1.70 per square foot.
The buyer paved the lot at a cost of $22.50 per front foot.
What is the total amount that the buyer would have to ask for the property if he wants to make a profit of $2950 ?
Please take your time. The solution is posted below the wildlife photo.

wildlife

A. $39,762.50
Let's find out what the buyer paid for the lot by multiplying 125 times 160 to see that the total square footage of the lot was 20,000 square feet.
Multiply the $1.70, the cost per square foot, times the total square feet to see that the buyer paid $34,000 for the lot.
If the paving cost is 22.50 per front foot multiply 22.50 times 125 to see that the buyer paid 2812.50 to pave the lot.
If he wants to make a 2950 dollar profit add $34,000 plus $2812.50 plus $2950 to see that the buyer will have to sell the lot for $39,762.50 to make his profit goal.




David Saks



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Comment balloon 0 commentsDavid Saks • November 08 2010 02:38AM

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