08-22-1988 - Agenda Packet City Council - regular meeting

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VALUE CONCLUSION The subject property is located in southwestern Orono on Casco Point. It has 60' of lakeshore on Spring Park Bay of Lake Minnetonka. The site contains approximatley 21,600 square feet. The garage elevation is about 15' below the street with a fairly steep driveway. The house is about 15' above the lake level with a moderately steep bank. The shoreline is sandy and good. The elevation of the sanitary sewer in the area is such that requires a lift station to service the subject. This lift station is one of several in the City of Orono that is privately owned and maintained. The sewer in the house exists about 4' above the basement floor. The basement is unfinished and shows a minimal amount of dampness. The structure was built in the early 1900's with some updating done over the years. It is comparable in age and condition to an average 1930 house. The kitchen layout is original with updated, painted cabinets. Also on the first floor are a den, half bath, dining room, living room and a fair enclosed porch. A stone fireplace is located in the living room. Upstairs has 2 bedrooms, an upper enclosed porch and a full bath. The bath is tiled on the floor and wainscoted in ceramic. The 2 car detached, frame garage is in fair condition with the floc, cracked and settling. The driveway is blacktopped as well as a substantial parking area. Mr. Kane purchased the property in 1980 for $125,000 and has made no major changes to the property since then. All of the 60' lakeshore lots in the area are valued the same but Mr. Kane has some drainage problems ant' a private sewer lift station. Comparable M1 located 2 miles northwest of the subject on Nest Arm Bey is a similar style and age home on 69' of less desireable lakeshore. Comparable N2 is also located on Nest Arm Bay, 1 mile northwest of the subject. It has 75' of lakeshore with a similar house. Comparable 03 is a similar structure on 50' of Crystal Bay shoreline, 1 mile northest of the subject. Comparable a4 is located 2 miles northeast on 100' of Maxwell Bay shoreline. The structure is similar with a larger lot. A number of sales occured on Casco Point but generally were higher with structures not very comparable to the subject. The property adjacent to the south sold in 1987 for $195,000. It is similar style but much larger. It supports the indication of value after substantial adjustments.