Laserfiche WebLink
lAdiustmtnt <br />raisal: <br />LOFGREN APPRAISAL COMPANY <br />Real Estate Appraisers <br />File No. 9704018 <br />NEIGHBORHOOD FACTORS THAT AFFECT MARKETABILITY: <br />The subject property is located in Orono, a western suburb of Minneapolis. This area has good <br />access into Minneapolis via Highway 394 located just north of the subject neighborhood. The <br />immediate neighborhood is comprised of a variety of house styles, age’s and price range. The <br />subject property tends to set the upper limit to the neighborhood values in the immedi^e area. <br />It is one of the newest homes on the street however other similar homes are located in similar <br />areas surrounding the subject neighborhood. Most properties in this area are located on 2-10 <br />acre sites with private wells and septic systems. This is typical and acceptable in this area. <br />There are no noted adverse factors affecting the appeal and marketability in this area. <br />SITE COMMENTS: <br />The subject site is a typical size for this area. Improvements to the site include a private well <br />and septic system which is typical in this area. There are no noted encroachments or other <br />adverse conditions. Overall the site has average to good appeal. <br />ADDITIONAL FEATURES: <br />Special features include the following items: Fireplaces located in basement family room and <br />living room; Transite heat in basement; Sauna and steam shower in basement bath area; <br />Vaulted ceiling in living room and dining room; Open two story foyer; Hardwood in living <br />room, dining room and family room; Ceramic floors in foyer, kitchen, dinette and all <br />bathrooms; Whirlpool tub and separate shower in master bathroom; Main floor bedroom has <br />private bathroom. <br />SALES COMPARISON COMMENTS: <br />All of the sales are from the same general area. Sales #2 and #3 are given site adjustments for <br />superior overall site value in these areas. Both areas tend to have mere similar values <br />surrounding these areas while the subject tends to be one of the highest values in the immediate <br />neighborhood. Sales 2 and 3 are considered most similar overall and given primary <br />emphasis in this analysis. Sale #1 is slightly smaller and has less basement finish and fewer <br />quality upgrades. Sale #2 is considerably smaller but has similar basement finish area. Sale #3 <br />is a smaller home which also has similar basement finish area. It is also newer and has superior <br />interior condition. Sale #4 has more upgrades and more extensive use of built-in cabinetry and <br />is considered superior in overall quality of construction features. It is also newer and has <br />superior overall condition. It is a larger home with superior basement finish area and more <br />amenities. Sale H is a similar size home with an unfinished basement. It has superior upgrades <br />in materials and finish and is considered superior in overall quality of construction. <br />The indicated value range is from $415,000 to $450,000. <br />COMMENTS AND CONDITIONS OF APPRAISAL: ^ <br />IMPORTANT NOTE TO USER OF THIS APPRAISAL: <br />Unless otherwise stated in this report, in this appraisal assignment, the existence of hazardous <br />and/or potentially hazardous material(s) used in the construction or maintenance of the <br />improvements on or in the subject property, such as the presence of urea-formaldehyde foam <br />insulation and/or asbestos, and/or the presence of substances such as toxic waste, and/or radon <br />gas, and/or the existence of any other environmental influence that may adversely affect the <br />value of the property. Materials/substances/influences which may or may not be present on or <br />in the property, was not observed by the af)praiser(s); nor do I (we) have any knowledge of the <br />existence of such materials/substances/influences on or in the subject property. The <br />appraiser(s), however, is (are) not qualified to detect such materials/substances/influences. <br />The presence of urea-formaldehyde foam insulation, asbestos, or other potentially hazardous <br />material, or toxic waste, or radon gas, may affect the value of the property. The value <br />estimate predicated on the ^sumption that there is no such material, substance or <br />environmental influence on or in the subject property that vould cause a loss in value. No <br />responsibility is assumed for any such conditions, nor for any expertise or engineering <br />knowledge required to discover them. The client is urged to retain an expert in this field, if <br />desired. <br />The appraisal assignment was not based on a requested minimum valuation, a specific valuation <br />or the approval of a loan. <br />6311 Wtyzaia Boulevard, Suite 250, Minneapolis, MN 55416 (612) 546-1338