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RECEIVED <br />APR 2 7 1994 <br />CITYOFORONO <br />Local Board of Review <br />April 28, 1994 <br />RE: 2715 Pence Lane <br />PID# 21-117-23 32 0007 <br />EMV $1/441,000 - 1994 <br />(for 1995 taxes) <br />Dear Mayor Callahan & City Council Members: <br />We are unable to appear before The Local Board of Review due <br />to prior family commitments out of the state. <br />We have been keeping track of the lake real estate market in <br />homes in the $1,000,000 price range. There are numerous homes <br />on the market and very few have sold this year. We believe the <br />following "solds" indicate that a substantial reduction should <br />be rocide to the estimated market value placed on our house. <br />Our house is situated on 1 acre of land, 180 feet of lake shore <br />on Carmans Bay, and contains 7500 square feet of living space. <br />There are 5 bedrooms and 6^ baths. It is located in the Navarre <br />area of Orono in an area of varied housing values. Access to <br />our house is made over a neighbor's property and guest parking <br />is very limited. <br />1. <br />2. <br />4560 Linwood Lane, Deephaven <br />4 Bedrooms, 7 Bathrooms <br />11,106 square feet (built 1992) <br />Newer and 3,500 square feet larger. <br />3660 Northome Rd., Deephaven <br />5 Bedrooms, 8 Bathrooms <br />1.4 Acres - 180 Feet of Lakeshore <br />Built in 1945 - Totally renovated <br />Sold for $1,250,000 <br />(Listed -$1,395,000) <br />Taxes - $25,614 <br />Sold for $ 930,000 <br />(Listed -$1,345,000 <br />Taxes - $31,289 <br />Much larger lot; somewhat smaller house <br />3.905 Tonkawa, Orono <br />6 Bedrooms, 6 Bathrooms <br />6.03 Acres - 585 Feet of Lakeshore <br />Indoor pool and gym, tennis court <br />Built in 1973 - 8,341 square feet <br />Sold for $1,225,000 <br />(Listed- $1,545,000) <br />Taxes - $29,975 <br />Larger home, 6 times the land, 3+ times the lake frontage. <br />4.495 Oxford Rd., Orono <br />5 Bedrooms, 7 Bathrooms <br />2+ acres, 214 feet of shoreline <br />on Stubbs Bay <br />Built in 1981 - 8,000 square feet <br />Presently listed for <br />$995,000 <br />A close comparison to our house.