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MINUTES OF THE <br />CONTINUED ORONO BOARD OF APPEAL AND EQUALIZATION <br />Monday, May 9, 2005 • <br />6:30 o'clock p.m. <br />McMillan stated in her view the adjoining lot adds to the value of this property <br />Erickson pointed out that he was told by the City he needed 100 feet to obtain a building permit and that <br />the adjoining lot was considered unbuildable at that time. Erickson stated in the future it is possible that <br />someone might choose to purchase both lots, combine them, and construct a new residence, which would <br />increase the value of the lot. <br />Davy stated the land is valued as a single building site. <br />Murphy indicated the aerial photograph depicts that the house is straddling the adjoining lot. <br />Erickson stated the lot line is about six inches from the existing house and that the house and garage are <br />located on Lot 4 and the driveway is located on Lot 3. <br />McMillan noted this lot is much bigger than the other lots in the area and that the two lots are being <br />assessed as one lot. <br />Davy stated he would not argue that the majority of the house is located on Lot 4 and that the lot lines on <br />the aerial photographs could be slightly off. <br />White inquired whether the lot the house is located on is 65 feet wide. <br />Erickson stated the empty lot is 65 feet wide. • <br />Davy indicated their records show both lots as being 60.1 feet on the street side and 60 feet on the <br />lakeside. <br />Murphy inquired how Lot 3 could be the larger lot. <br />Erickson stated a long time ago in the early 1900s someone purchased five feet from Lot 2. <br />White inquired how many comparables there are for this property. <br />Davy stated there have been several sales in the Shadywood area, but noted those lots are smaller in size. <br />Sansevere inquired what the average sale price of those homes has been. <br />Davy indicated they have sold in the $900,000 range. <br />Sansevere inquired what the value of the empty lakeshore lot is. <br />Davy stated the first 50 feet is valued higher, with the next 50 to 100 feet valued between two to three <br />thousand less per foot. <br />White pointed out you cannot purchase 50 feet and construct a house on it. <br />PAGE 2 <br />