04-28-1994 Council Minutes Board of Review

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MINUTES OF THE BOARD OF REVIEW MEETING • HELD APRIL 28, 1994 Carol Burgess 2800 Pheasant Road #21- 117 -23 32 0004, 1994 limited valuation at $552,000 and 1993 valuation at $502,000. The property was bought in 1967 for $50,000. From 1992- 1993 there was a 1.7% increase in assessed valuation, 1993 -1994 was 2.8% and 1994 -1995 was 9.8 % or $49,200. She noted this was an unusual piece of property because it is really two pieces of property with a long peninsula consisting of almost 1,500' of shoreline. When they bought this property, the Hennepin County Assessor stated the excessive footage of shoreline on the extra lot would not impact the taxes because the extra lot was a non - buildable lot. She felt this has changed over the years with too much emphasis placed on the number of feet of shoreline. In a hardcover survey done for a recent variance, only 1/4 of the lot would be considered buildable. This house has already reached the limitations of the property so no further building would be allowed. She checked with Jack Shannon, a local realtor, who stated that generally the land and buildings are each valued at approximately 50% of the total. On this property, the house is valued at $182,000 and the lot at $370,000. Shannon compared her property to a similar property on Hardscrabble Point that had been on the market for almost four years and had not sold because there could be no further building on it. He indicated the value was being reduced by $150,000 because the property could not be sold. Burgess felt her property would sell for $450,000 - $500,000. Erickson commented that front footage is used as a guideline but generally lots with more exposure are considered to be more valuable. He considered this a mid -range value on Lake • Minnetonka. Low values would be $100,000 - $150,000 with high values at $800,000 - $900,000. Burgess reiterated there was too much weight placed on the lakeshore for this particular lot. This is approximately a 2 -1/2 acre property. She noted the 36% hardcover that was determined for the variance was on 1/4 of the lot. There would be 19% hardcover if the point could be included. Hurr asked what the dollar amount would be on lakeshore footage. Erickson responded that it runs from $1,000 per foot on a cove up to $5,000 per foot in the Minnetonka Beach area. He added that on the Burgess lot they are not counting front footage. Burgess agreed with that but still felt there was too much weight placed on the shoreline footage. Dr Moe 1220 Loma Linda Avenue 08- 117 -23 32 0005 and 1230 Spruce Place 08- 117 -23.32 0006, are both seasonal recreational properties with about a 15' easement between them. 1220 Loma Linda Avenue is valued at $104,000 with 75' of lakeshore for 1995 and 1230 Spruce Place is valued at $74,000 with 60' of lakeshore. Kelley asked if the lots were buildable. Dr. Moe replied that 1230 Spruce Place is not buildable. A sewer unit has been assessed for each property. Councilmembers felt they would both probably be considered buildable lots. Dr. Moe felt the properties were worth approximately $1,000 per foot of shoreline. The drainage easement with a natural creek would not allow the properties to be combined into one buildable lot. 1220 Loma Linda has no heat or basement 1230 Spruce Place is suspended on cedar posts • with no running water. Dr. Moe felt 1220 Loma Linda Avenue was worth about $75,000 and 1230 Spruce Place about $60,000. Erickson explained that lakeshore lots start at about $50,000 .c7