04-28-1994 Council Minutes Board of Review

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MINUTES OF THE BOARD OF REVIEW MEETING • HELD APRIL 28, 1994 William A Bockmann 1130 Loma Linda Avenue, 08- 117 -23 23 0012, valuation at $148,000. He felt $134,000 - $136,000 would be an appropriate value because of extensive flooding at times in the basement. The 1994 valuation was $135,300 which is an increase of $12,700. There is 95' of shoreline on North Arm. Bockmann presented information on comparable homes and will bring copies to the Assessor and Council for their reference and analysis. Richard Cherba 1340 Vine Place 07- 117 -23 42 0031, 1995 valuation at $308,000. Cherba asked if non - lakeshore properties were also increased. Erickson replied that there were increases but not as much as the lakeshore properties. Cherba's 1994 valuation was $289,500 which is an increase of $30,000 over two years. He reiterated that the rate and percentage of increase was his concern as with other residents. The increase is too much too fast. He felt $294,000 was an appropriate value. He has 207' of lakeshore on Forest Lake. On the north end of Forest lake there is a home valued at $1.7 million which will raise property values in neighboring homes. Erickson stated the average increase for non - lakeshore properties was 1.4 %. Properties in the Casco Point and Navarre areas that are off the lake are near 100% valuations. The lakeshore properties did not all get the same increase, some were higher than 8% while others were lower. Cherba noted they had not done any major improvements yet their values increased. Erickson gave examples of recent sales at 1565 Park Drive. In September of 1992, this property sold for $292,000 with 100' of lakeshore and 1900 s.f. home. This property sold again in February of 1994 for $335,000 with no improvements which is a 15 % increase in 18 • months. This trend was similar in other properties in Orono. _Mr. and Mrs Larry Whalen 2435 Scotch Pine Lane. 09- 117 -23 44 0006, 1995 market value at $422,000 which is up $34,500 from 1994 valuation and $43,000 over the last two years. Their property is on a cul -de -sac with a major wetland between the house and lakeshore making the front yard relatively unusable which does not make this an extremely desirable property. They felt their 19 year old home was worth about $400,000. The value has increased from $379,000 to $387,500 to $422,000. This is a little over 2% and then 9 %. Comparables may be helpful and they should be brought to the City Assessor. Erickson commented that appraisals for refinancing recently were performed by appraisers who were not familiar with working in the Orono area and this is a tough area to appraise. Jo Ellen Hurr, 930 Partenwood Road, 08- 117 -23 210007, commented that her valuation went up $104,000 over the last two years. They have a new roof and paint but no other major improvements. She might add her name to the list of properties for the Assessor to review. Kelley noted there were no complaints from the quadrant that was appraised this year. Hurr asked how the Ulrich home was handled when it sold for less than it was valued at. Erickson responded the property was listed as exempt so there was not a problem. It sold for $1,765,000. The Ulrich's had it valued at $6.2 million and was lowered to $2.6 million. When the house was sold and analyzed, there was 6,000 s.f. of swimming pool, 9,000 s.f. of house is on the main floor with three sequential vaults and 13 furnaces. 5