David Saks: Real Estate Practice : Lesson 3823

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 3823

math

A commercial lot with a frontage of 75 feet and a depth of 120 feet was sold by a broker for a price of 20 dollars per square foot. The purchaser agreed to be responsible for the sewer costs and paving of the lot at a rate of $55 per front foot.

The buyer said that he would list the property and would expect a profit of 10% plus the broker's commission of $5900.00.

What would the new price of the lot be ?

The answers, along with the corresponding solution, will be posted below the photographs at the bottom of the page, so spend a little time on it before you make your way to the bottom. It helps to keep your math skills sharp. Hope you have a fine week ahead.

wildlife

A. $208,437.50

First multiply 75 times 120 to get 9000 square feet.

Next multiply 9000 square feet by 20 dollars to arrive at a cost of $180,000.

Since the paving and sewer cost are 55 dollars per front foot, multiply 75 (the front footage) by 55 doolars to get a costs of $4125 per front foot for the paving and sewage maintenance.

Next, add 180,000 dollars and 4125 dollars to get a total of $184,125.

One tenth of $184,125 is $18,412.50.

Next, add $18,412.50 to $184,125 to get a total of $202,537.50

Now we add the brokers commission of $5900 (about 2.9%) to $202,537.50 to dervive a total of $208,437.50.

Wasn't that easy ?




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • November 17 2014 03:09AM

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