Final answer:
The estimate for the subject vacant lot that is 60' wide, with lots in the area selling for $180 to $225 per front foot, is between $10,800 to $13,500, which is option c.
Step-by-step explanation:
To estimate the value of the subject vacant lot based on the provided information, we need to apply the comparable sales approach using the front foot valuation. Since lots in the area are selling for between $180 and $225 per front foot, and the subject lot is 60' wide, we calculate the value by multiplying the width of the lot by the price per front foot for both the lower and upper ends of the price range:
Minimum estimated value = 60' × $180 = $10,800Maximum estimated value = 60' × $225 = $13,50Therefore, the estimate for the subject lot ranges from $10,800 to $13,500, which corresponds to option c.To estimate the value of the subject lot, you can use the range of prices per front foot from the comparable sales. The subject lot is 60' wide, so you can multiply the width by the range of prices per front foot. The estimate for the subject lot would be $10,800 to $13,500 (60 ft x $180/ft = $10,800 and 60 ft x $225/ft = $13,500).