David Saks: Real Estate Practice : Lesson 3865

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 3865

math

A broker decided to sell a lot he owned, which was 60 feet by 120 feet, for the price of 10 dollars per square foot.

The purchaser would assume a paving lien of 25 dollars per front foot.

What price would the purchaser have to ask for the lot if he wanted to sell it at a profit of 1500 dollars and give a clear title to the lot ?

The answer is below the wildlife photo. Please take your time.

wildlife

 

A. $10,200

Let's multiply 60 times 120 to get a total of 720 square feet of lot.

Now let's find the cost of the lot per square foot by multiplying 720 times 10 dollars and we get a totai of 7,200 dollars.

If the purchaser has a paving lien of 25 dollars per front foot multiply 60 times 25 for a total of 1500 dollars.

Now add 7200 plus 1500 plus 1500 and we have a total of 10,200 dollars which is what the purchaser would have to sell the lot for to meet his objective.




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • December 15 2014 01:12AM

Comments

David, a lesson we can all understand.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty) about 5 years ago

If the lot sale realized a fair profit, Rebecca, the schooling paid off.

Posted by David Saks ((retired)) about 5 years ago

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