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Comparable M2 sold in May 1986 For $128,000. The comparable is located <br />approximately 2 miles north of the subject on 50 feet of lakeshore on <br />Forest Lake. This site on Forest Lake is slightly inferior to the <br />subject's site on Ca man's Bay. The property is similar to the subject <br />in style, condition, and amount of lakeshore. Adjustments were made <br />for size, building quality and lakeshore quality. <br />Comparable M3 sold in March of 1987 for $112,750. The comparable is <br />located approximately 2 miles north of the subject on 69 feet of lakeshore <br />on West Arm Bay. The house is similar to the subject in style, lot size, <br />and building quality. Adjustments were made for building size, deck, and <br />quality and amount of lake frontage. <br />Comparable M4 sold in May of 1986 for $165,000. This comparable is <br />located approximately one mile north of the subject on 70 feet of lakeshore <br />on Crystal Bay. The house is similar to the subject in style, quality <br />of lakeshore and lot size. Adjustments were made for building size, <br />quality, condition and lakeshore frcntage. <br />While analyzing the market for competing properties, we considered sales <br />that occurred for the purpose of removal or renovation of the structure. <br />A number of these sales ha%e occurred in the last three years on Casco <br />Point and they confirm our value conclusion. The comparables we selected <br />were significantly smaller than the subject. We chose these comparables <br />because the layout and room efficiency provided similar utility to the <br />subject, and the site and lakeshore values were comparable. After <br />adjustments were made to each of the comparables, a value range from <br />$123,700 to $132,600 is indicated. Comparable number one is considered <br />most similar to the subject, and after adjustment provides a strong <br />indication of market value. <br />Our final opinion of market value for the subject property as of January 2, <br />1988, is $124,000. <br />(One Hundred Twenty Four Thousand Dollars) <br />Glen F. Busitzk <br />J June 23, 1988 <br />Principal Appraiser <br />Dale Armbruster June 23, 1988 <br />Appraiser <br />