04-24-2002 Council Minutes Board of Review

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MINUTES OF THE ORONO BOARD OF REVIEW HEARING Wednesday, April 24, 2002 7:00 o'clock p.m. • tear down on Fox and Brown as comparables. Jensen stated the back lot has been sold to a developer, noting they have not received that sale. Johnson stated he has sold the two lots for $330,000. Jensen stated they did not have the sale for $330,000, but had the understanding it was to be sold for around $500,000. Jensen stated the developer has been promoting the sale as a package for $2.7 million. Johnson stated the size of his property has been reduced by 63 percent, but yet his value has increased by 118 percent. Jensen indicated they would like to visit the property. Mayor Peterson noted the Board of Review would reconvene on May 13`h at 6:30 p.m. Johnson commented in his view what may be built on this property or adjoining properties in the future should not be taken into consideration. Mayor Peterson stated that is not taken into account in determining valuation. Jensen stated she was attempting to show that there have been some vacant land sales in the area recently. 3. Andrew Rasher, 4705 North Shore Drive, 07- 117 -23 32 0058. Rasher stated the estimated value is $643,000. Rasher stated a recent appraisal of his property showed a valuation of $425,000. Rasher indicated the County Assessor's Office did review the property, and noted that the only access to the house at the present time is via a rather steep stairway, which may make the property difficult to sell. Mayor Peterson inquired whether this was lakeshore. Rasher stated it is. Jensen stated the value has been reduced to $622,000. Wynn stated he did view the property recently, with the square footage of the house being reduced somewhat, but an increase to the value of the house was made due to some improvements that have been made. Wynn indicated they did make an adjustment for the lot due to the access issue, which reduced the land value. Wynn stated a sale a few doors to the north that happened in approximately February of this year sold for $298,000, which is much smaller, 50 feet of frontage , and with a similar type access. Wynn stated in his opinion Rasher's property is worth twice as much as that property which recently sold, noting they did take into consideration the fact that they have reached the maximum on their hardcover for this lot. White inquired whether the County Assessor's Office has seen the appraisal. Wynn stated he has, noting that the lakeshore valuation was $145,000, and in his opinion lakeshore in this area sells for much more than that. Wynn stated in his opinion the appraiser may not know what • lakeshore is worth in this area. PAGE 4