Property Valuation
In Minnesota, when performing a sales comparison approach on a lakefront property, which adjustment would likely be most significant?
AThe number of bathrooms
BThe linear feet of lake frontage and quality of the water body✓ Correct
CThe age of the garage
DThe color of the exterior paint
Explanation
For lakefront properties in Minnesota, the amount and quality of lake frontage (linear feet on the water), water body quality (navigable lake vs. non-navigable, shoreline quality), and water access are typically the most significant value factors. Even small differences in frontage can result in large dollar adjustments in Minnesota lake markets.
Related Minnesota Property Valuation Questions
- The capitalization rate (cap rate) is used in the income approach and is calculated as:
- In Minnesota, which factor would most likely DECREASE a property's appraised value?
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- In Minnesota, a property's estimated market value (EMV) for tax purposes is determined as of which date?
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- A Minnesota appraiser determines that the subject property has 'functional obsolescence' due to an outdated floor plan with only one bathroom for a 4-bedroom home. This type of obsolescence is:
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