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

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VALUE CONCLUSION The subject ocated on Casco Point, in the City of Orono, with 51 feet of C is Bay lakeshore on Lake Minnetonka. The neighborhood is xcupied variety of homes consisting primarily of remodeled and rebuilt older single family residences. The lot slopes gently to the north and gently from the house to the lake with a starting elevation 15 feet above shore level. The lot is lightly wooded with mature trees and sandy lakeshore. The house, set back approximately 100 feet from the lakeshore, was originally a 30' x 32' one and 1/2 story house. Currently, after additions and remodelin, the house contains 2,280 square feet of gross building area. A..hough the building is large, the layout and roan size create an inefficient use of space. The structural design and quality of workmanship throughout the house are door. The load - bearing walls of the house are incorrectly positioned resulting in floors that are unstable and unlevel, doors that shift out of square, and a sagging roofline. The basemrnt contains an unfinished workshop with storage and 660 square foot, 2 car, tuck -under garage. The main level has a living room, kitchen with dining area, laundry room, one-half bath, a family room and a den. The living room, with a large stone fireplace, overlooks the lake, and sliding glass doors lead to a 480 square foot deck. The kitchen has a built-in range, oven, dishwasher, disposal, trash compactor, average cabinets, wood countertops and a carpeted floor. The second level has three bedrooms and 1 A 112 baths. The impact of the structural deficiencies on the first floor of the house are more pronounced on the second floor. The subject property was listed from July 1982 until October 1982 for $149,900. In October 1982 until December 1983 the property was listed at $134,900. In October 1985, after foreclosure, the present owner purchased the property for $107,000 from Park National Bank of St. Louis Park. The property had been listed for $114,900 for 17 days prior to the purchase. Comparable M1 sold in April 1987 for $125,000. This comparable is located approximately one mile north of the subject on 50 feet of lakeshore on Crystal Bay. This house is similar to the subject in age, condition, and quality of lakeshore. Both lots have 50 feet of frontage and similar slopes to shore level. Adjustments were made for size and building quality.