To estimate the reproduction cost of a building using the square-foot method, what does the appraiser multiply the square footage by?

The correct answer involves multiplying the square footage of the building by the cost per square foot of a recently constructed comparable structure. This method focuses on determining how much it would cost to reproduce the subject property by looking at similar, newly built properties that have recently been completed.

By using the cost per square foot derived from comparables, the appraiser can ensure that the estimate reflects current construction costs and practices relevant to the market. This factor helps to establish a reliable baseline for estimating reproduction costs, as it takes into account the local economic conditions, quality of construction, and market trends affecting recently completed buildings.

Using the reproduction cost approach via the square-foot method emphasizes the importance of comparability in estimating costs and allows appraisers to make informed and market-relevant assessments. This method is especially effective in active markets where the prices of comparable properties are well established and readily accessible.