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Comparable M3 is located 1/2 mile northeast of the subject. The lot <br />has over 200' of frontage on Carman's Bay and tapers to 24' at the <br />street. It is an older home that has been enlarged significantly in <br />a contemporary fashion. The house is slightly smaller than the <br />subject and it is in good condition. In July of 1986 it sold for <br />$337,500. _ <br />Comparable M4 is located 1/4 mile north of the subject on 70' of <br />Spring Park Bay shoreline similar to the subject. This rebuilt <br />older home is much smaller and a better design than the subject. It <br />sold in September 1987 for $199,000. In 1982 it sold for $140.000. <br />The comparable sales required adjustment for physical differences. <br />The most significant areas of adjustment were for building qualities, <br />size, location and site. On lakeshore properties, the value of the <br />land is a significant portion of the total and location is a big <br />factor. Comps /1 and Y2 located on Nest Arm require substantial <br />location adjustment with Comp 03 having much more frontage and size. <br />Comp B4 has a site requiring no adjustment but the structure is much <br />smaller. The comparables, after adjustments, indicate a val- ange <br />from $240,000 to $255,500. <br />Mr. Perry had the property listed from January thru July of 198b fur <br />$268,000. He stated that no offers were received during the listirg <br />but he was offered $235,000 since then by someone who saw the old <br />listing. The offer was not accepted. <br />Considering these factors, our final opinion of value for the subject <br />as of January 2, 1988 is 5250,000. <br />(Two Hundred Fifty Thousand Dollars) <br />Glen F. Busitz ky June 14, 1988 <br />Principal Appraiser <br />�U awn� <br />Dale Armbruster June 14. 1988 <br />Appraiser <br />9 <br />