Here we have a property on a 3/4 acre site with waterviews in a highly desirable area of like homes. The land has a market value of at least $300,000. With 2250 SF of updated living space the cost to rebuild at today's cost per square feet is $225 psf. Just the house would cost out at $500,000. Therefore house with land would have a market value of $800,000. Your site has the market value of $505,000. The adjacent house sold a year ago for $900,000. I see a significant defect in your property value modeling. This is Cape Cod, not some isolated rural area.
15 months ago