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. The 20,000 square foot site has 80 feet of Minnetonka lakeshore on Spring Park Bay. The driveway is level from the street to the tuck - under garage. The rear of the lot slopes gradually toward the lake with a 15' moderately steep bank to good sandy shoreline. There is a patio deck about 5' above the shore. The property is served by city sewer with city water available (currently on a private well). The original structure was a cabin constructed about 1930. In 1950, an addition was built resulting in a 2,000 plus square foot one-story rambler with basement. Mr. Perry completed a 2 story addition with basement in 1979 which increased the main living area to 3,902 square feet. The lower level has 2 family rooms (each with a fireplace), a darkroom and a 3/4 bath for an additional 1,500 square feet of finished living area. There also is a 900 square foot, 3 car tandum tuck under garage in the original basement. A srmp pump has been installed to solve a water seepage problem that occurs after heavy rains. There is evidence of past water damage to the basement area of the 2 story addition. The main level has a kitchen, dining room, living roam, family room, 3 bedrooms and 1 3/4 baths. The living room has a large stone fire- place, beamed ceiling and sliding glass doors leading to a large lakeside deck. The condition of the 2 story addition is superior to the original house which was not updated. The entire main floor of the house has design and quality inconsrstancies resulting in significant functional obsolescence. The exterior design of the 2-story addition and the original house are also inconsistent. 'he inconsistency results to significant value loss in upper -bracket contemporary homes. The upper level consists of a vaulted master bedroom suite with a fireplace and sitting room. The master bath has a shower, hot tub, and sauna. Sliding glass doors lead to a covered deck overlooking the lake. The ceiling is water stained near the fireplace due Co Improper flashing on the chimney. The hot tub can't be used because it leaks. Comparable al is located 2 miles northwest of the subject on 120' of channel leading to Forest Lake. It is considerably smaller and was designed and built as a contemporary in 1984. It sold in October of 1986 for $211,000. Comparable e2 is also located 2 miles northwest of the subject but on 70' of west Arm Bay. This structure has a recent two-story addition to the original one-story house. The design and quality are superior with the size being slightly larger than the subject. It sold to May of 1986 for $345,833.