If a comparable lot sold for $60,000 but is $10,000 better than the subject lot, what would be the appraised value of the subject lot?

To determine the appraised value of the subject lot based on the information provided, we start with the sale price of the comparable lot, which is $60,000. However, it is important to note that this comparable is described as being $10,000 better than the subject lot.

In appraisal practice, when evaluating comparables, adjustments are necessary to account for the differences in value between the properties. Since the comparable lot is superior in value by $10,000, you would need to adjust the sale price down to account for this difference.

Subtracting the value of the difference ($10,000) from the comparable lot's sale price ($60,000) results in an appraised value for the subject lot of $50,000. This method ensures that the appraised value accurately reflects the worth of the subject property in relation to its comparable. Therefore, the appraised value of the subject lot is $50,000, considering the adjustments for the superior characteristics of the comparable lot.