HomeMy WebLinkAbout05-12-1997 Board of Review PacketAGENDA
RECONVENED 1997 BOARD OF REVIEW
MONDAY, MAY 12,1997,6:30 P.M.
ORONO COUNCIL CHAMBERS
2780 KELLEY PARKWAY
ORONO, MINNESOTA
1.
2.
3.
4.
ROLL CALL
Council Action on Assessor's Recommendation
PUBLIC COMMENTS (Limit 5 minutes per person)
ADJOURNMENT
COUNCIL MEET]
may 12 1997
MINUTES OF THE BOARD OF REVIEW MEETING
HELD APRIL 23,1997 CITYOFOHONO
ROLL
The Orono Board of Review met on the above date with the following members present: Mayor
Gabriel Jabbour, Councilmembers J. Diann Goetten, Charles Kelley, Barbara Peterson and Richard
Flint. The following represented City staff: City Administrator Ron Moorse, City Assessors Rolf
Erickson, Dave Wilde and Lisa Mott, Hennepin County Appraiser Bill Davy and Recorder Lin Vee.
The meeting was called to order by Mayor Jabbour at 7:00 p.m.
Mayor Jabbour explained that the purpose of the Board is to be sure that appropriate values are
assigned to Orono properties. He reviewed the process the Assessor uses in arriving at market
values, noting there are certain limits the City must maintain. Jabbour notified those present that an
appointment could be made with the Assessor to further discuss property valuations rather than
waiting to appear before the Board at the current meeting. He added that further appeals could be
made to the County Board of Review or District Tax Court. Erickson explained that the Assessors
will review the appeals and visit those properties they have not seen in the last two years. Letters
will be sent to each owner who has appealed stating the Assessor's recommendation and tlie date and
time of the Reconvened Board of Review. Erickson also reviewed the qualifications for "This Old
House" improvements.
Jabbour explained that appeals would be heard in the order in which property owners signed in upon
arriving. He asked that each owner state his name, address of property, property identification
number, value of the 1997 Notice of Valuation and the value the owner feels appropriate.
1.
2.
John Ericson. 1620 Shadvwood Road. #17-117-23 21 0012 - He stated it was not necessary
for the Assessor to visit his home. The market value on the taxes payable in 1996 was at
$266,000, $302,000 for 1997 and $318,00 for 1998. He feels 3% of $302,000 is a fair
increase. He did some major remodeling in the 1980's.
Mr. Scott Shekels. 1345 North Arm Drive - Mr. Shekels did not stay to appear before the
Board.
3.Linda Schrader. 1295 Arbor Street. #10-117-23 31 0035 - She bought the property in
October of 1996. The house is a 100 year old, Wi story, Victorian with very few
improvements over the years. She has done some electrical and structural improvements.
The house was valued at $73,600 before she bought it, now it is at $79,900. Jabbour
commented that the purchase price of $79,900 established the market value. She feels it is
not worth $79,900 and would like the Assessor to review.
( ^
MINUTES OF THE BOARD OF REVIEW MEETING
HELD APRIL 23,1997
4.
5.
6.
7.
8.
9.
Lanny Langhans. 1366 Rest Point Road. #07-117-23 32 0060 - Market value for last year
was $218,000 and this year it is at $255,000, a $37,000 increase. He feels that is excessive
since there has been no remodeling in 20 years tmd the house is 60 years old. Jabbour
suggested Mr. Langhans make an appointment with the Assessor to have him visit the
property.
Dwight Seward. 2780 Countryside Drive West. #04-117-23 12 0010 - He stated the
basement was finished off at a value of $36,200, however, there is some discrepancy in what
was actually done in comparison to the valuation of the basement project. The last tax bill
was $370,000 and this year it is $426,200. He asked if there was an average tax increase.
Jabbour stated that for various classifications like lakeshore, commercial or non-lakeshore
there were different percentages. Non-lakeshorc properties had an average 4.1% increase.
Seward noted his increase was in the 5% range.
Rollie Winebrenner. 3287 Casco Circle. #20-117-23 43 0044 - Last year the house was
valued at $111,000 and the Assessor reduced it to $104,000. This year it is assessed at
$110,000. He felt his increase was higher than his neighbors with an increase of 5.8%. He
would like to be treated fairly and feels 3% would be appropriate. Erickson commented that
housing in this area almost always appreciates more than the cost of living.
Dave Lohmann. 1860 I akeview Terrace. #21-118-23 42 0009 - He stated he has been a
resident for 8 years noting taxes have doubled in that time while his salary has not. A sewer
improvement will cost him $15,000 in the next year increasing monthly taxes by $200. He
asked if the $15,000 sewer assessment would be added to the current market value. Erickson
responded that values follow the market, they do not automatically add the value of a project
to the property until sales show the market value has increased. Jabbour noted each lot may
be affected differently depending on the existing septic capabilities and the potential for more
bedrooms created by sewer availability.
Steve Benson. 1290 Arbor Street. #10-117-23 31 0028 - The property is assessed at
$109,500, last year at $101,000. Four years ago the home was assessed and reduced to
$96,000. Mr. Benson would like to make an appointment and have the home reviewed
again.
Mark Lamontane. 1270 Arbor Street. #10-117-23 31 0029 - He stated that last year the
assessed value was down $100 from the year before yet the taxes still went up. Tliis year the
value went up 9% and he feels that is too much. He asked if he had his property reviewed
and it was valued higher than what the Assessor currently has listed, if his market value
would go even higher. Jabbour responded that the City has never raised the tax value in such
yA
10.
13.
MINUTES OF THE BOARD OF REVIEW MEETING
HELD APRIL 23,1997
a case but the Tax Court might. Erickson added that the Assessors would not recommend
raising a value. However, if they find improvements that they do not have listed in their
records, the following year an adjustment would be made accordingly. Erickson noted this
property was in the quarter of the City that was redone in 1996 and market values increased
there.
Neil Blesi. 2064 Shadvwood Read. #17-117»23 31 0015 - His property is near Lord
Fletcher's. He stated the house has a history of being overvalued and he has appealed the
values 5-6 times. He gave some examples showing his property has increased more than
neighboring properties even though there have been major improvements in other properties.
His value for this year is at $254,000, last year was $242,000 and 1995 was $227,000,
increases of 5% and 6.6%. Mr. Blesi would like to see the value lowered by 5%. He noted
his house, which was built in 1948, has no central air and it cannot be installed because of
radiant heat. It is difficult to find comparable sales. The Assessor was out in 1995 and noted
that allowances have been made for the problems existing on the property. Erickson
suggested one of his assessors who has not visited the property could do another review.
11. Jeff Martin. 760 Hunt Farm Road. #31-118-23 11-0010 - Mr. Martin did not stay to appear
before the Board.
12. Phil Kalev. 1395 Brown Road South. #10-227-23 31 0050 - Mr. Kaley did not stay to appear
before the Board.
Mr. Larson, 724 Tonkawa Road, 05-117-23 34 0003 - Mr. Larson stated his value increased
12.3% this year with no improvements to the property. He doesn't feel he could get that
value if he sold it. In the early 1970's, he questioned the appraised value. At that time the
Assessor stated his property was a prime lot which was the reason for an increase. He noted
that rain drains along his driveway into his property. The value was reduced at that time by
$3,000 but was raised by the same amount the following year.
Erickson reiterated that the State Legislators should be contacted as the State controls the way
property taxes are calculated. Kelly agreed that the legislators have created a regressive ta.x and need
to be called about real estate tax reform. The current system escalates taxes on property without
approval of voters.
It was moved by Kelley, seconded by Goetten, to schedule the Reconvened Board of Review on May
12,1997 at 6:30 p.m. as the Board must meet within 20 calendar days.
. ■
1
MINUTES OF THE BOARD OF REVIEW MEETING
HELD APRIL 23,1997
Written Appeals Submitted:
Douglas Johnson, 1355 Shoreline Drive, #02-117-23 34 0012
George and Katherine Kalweit, 4265 Forest Lake Drive, #07-117-23 12 0016
Matthew N. Nicoll, 1 Smith Avenue, #02-117-23 21 0029
Stephen P. Moseley, 1635 Bohns Point Road, #17-117-23 11 0006
Donald C. Swenson, 80 Luce Line Ridge, #31-118-23 34 0010
R. Hunt Greene, 865 Partenwood Road, #05-117-23 43 0002
ADJOURNMENT
The Board of Review adjourned at 8:08 p.m.
Gabriel Jabbour, Mayor
RECOMMENDATIONS
Presented to
THE ORONO BOARD OF REVIEW
For the January 2,1997 Assessment
Meeting Date: April 23, 1997
Reconvene Date: May 12,1997
The Orono Assessor's Office
4
r
r
CONTENTS
1 1 At ISI ERICSCf^lc2C StttDYUOCD RD 4
r C7-::7-23-4'-002^SHEKELS CnfTTT*
Ouui 1 I34E NORTH ARK DH 2
1
• i«i teW WA vWww SCHRADER wINEA.I2F5 ARBOR ST 3
C C7-117-23-3:-GCoC LAf^SHANS LAyREJJCE :266 REST PGIN'T RD 0
A»
34-I17-23-12-CC1C SBilRD DUIGHT 2780 CCUTvTRYSIDE DR U c
sJ
2S-I17-23-43-CD44 WL‘1?AST 3287 CASCO CIR 6
27-i:5-23-42-CCC5 D«V31C 13eO LAKB-TSU "ER 7
*W Ail W A WVtea eE.c D n ;STFJEf^*290 ARBOR ST n
j i -no»'/C*v ••• tew va './V4»7 LAfiSrAGfiE fttRK 1270 ARBOR ST 9
♦
*7-f
A' ••( teA VV.W ELES:NEIL 2S«4 SJV^DYUOO: RD 4 A
J J
Uii
*5* ^ 0-^5 A
WA «A V^aU •^ARTIS'JEFFREY 760 HUiT FARM RD :i
lC-!17-22-2:-;C5C KALEY PHILIP :2?E BROIfJ RE S *’>
$
C2-::7-23-2:-032?• «. w.^«rViTTKEw !6E SIIITH AVE 13
»*•
1 C7-::7-23-:2-soi6 KAL a EIT GEORGE 4265 FOREST LAKE DR 14
t •
A^ aAt AA VvW^
ur;;- fv
W W k. w t 3TEFHB5 163: PT RD 15
01 •p-oo-o^.-.-iirWA A a W teW W~ « V •siJEriScr:DCf;^LD SO L'JOE LINE RID5E ‘ i
m W
tfw A At teW GREj'JE HUIfT 365 ?ARTEfi:CCD RD 4 ^
—»A iAt teW teW Wvww ER?^N FICfttRD D*'teWWw wiiH^- i •!*Vk>w nV -c
m
1
AJ7:4
■»!? H , » ♦ I •— -W~ ' r- - 1 W^laB ■
r
r
r
r
r
i:
I
I
I
M . iiill b 41
m.i * ___
^ ^‘T ^
y^- ^ ^ vf-■ ■■,*:'•-
SUBJECT INFORMATION SHEET
NAME John Ericson
'.1
ADDRESS 1620 Shadvwood Road___________
PID# 17-117-23-21-0012 PROPERTY TYPE RL
SALE PRICE $SALE DATE YEAR BUILT 1902
1 STORY HOT. 2 story BSMT. FINISHING %LOT SIZE 120 FF
1 GROSS 3LDG. AREA 2165 BATH- DELUXE PORCH - GLAZED YesIGROUND fLR. AREA 1373 FULL 1 SCREENED
GARAGE - ATT.3/4 1 OPEN1DET. 3 car 1/2 DECK Yes
TUCKUNDER # OF BEDROOMS 3 # OF FIREPLACES 1
CENTRAL AIR WALKOUT LAKESHORE Crystal Bay
MISC. COMMENTS See page 108 in sales book for substantially smaller, newer house with half tfie
lake frontage of subiect See page 111 in sales book for a smaller home of lesser quality than subject.
again with less lake frontage. See attached sales sheet for sunerior home on inferior site.
\
VALUATION 1996 PAY 1997 1997 PAY 1998 RECOMMEND COUNCIL ACTION
LAND 209500 220000 No
BUILDING 92500 98000 change
TOTAL 302000 318000
ASSESSOR Lisa Mott DATE 4-30-97
L
I
mm
^ x: K --L " .
>v^"^ f
•
'^•'T7
■». z
\ -fc
/r*^ riS'
~V** - ^
V.\v, { % - . ;;.—
RESIDENTIAL SALES DATA
ADDRESS: 1424 BiUiDUR PARK RD
PID#: 08-117-23-34-0013
SALE PRICE: $
YEAR BUILT:
297,500
1920
SALE DATE:9601
GROSS BLDG. AREA: 2415
GROUND FLR. AREA: 1460
DETACHEDGARAGE #1
# OF CARS
GARAGE #2
. # OF CARS
FIREPLACE(S) : 2
CENTRAL AIR: YES
WALKOUT:
LAKESHORE-BAY: North Arm
COMMENTS:
STORY HEIGHT: 2 STORY
DECK:
BSMT. FINISHING; 00 %
PORCH-GLAZED:
SCREEN: YES
OPEN:
BATH-DELUXE: 0
FULL; 2
3/4: 0
1/2: 0
LOT SIZE: 50 FF
INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED
I
I
I
I
I
I
I
I
i
I
t
I
I.
L
I
I,
k
m'm
rr\r it IR
SUBJECT INFORMATION SHEET
NAME Scott Shekels____________________
ADDRESS 1345 North Arm Drive___________
PID# 07-117-23-41-0086 PROPERTY TYPE RL
SALE PRICE $240,000 SALE DATE 12-15-92 YEAR BUILT 1967
STORY HOT. 1 story
GROSS BLDG. AREA 2126
BSMT. FINISHING
BATH - DELUXE
40% LOT SIZE 125 FF
GROUND FLR. AREA 2126
GARAGE - ATT.
FULL
3/4
DET. 3 car
TUCKUNDER
CENTRAL AIR Yes
1/2 J_
# OF BEDROOMS J
WALKOUT Yes
PORCH - GLAZED
SCREENED
OPEN
DECK Yes
# OF FIREPLACES
LAKESHORE Forest Lake
MISC. COMMENTS Approximately 50% of house has basement, of wfech approximately 40% is
finished See page 1 12 of sales book — subject house and lot are considerably larger. Subject property
suffers from deferred maintenance which has already been taken into account. Lake utility is same
for botfi properties on Forest Lake; however, subject propgrty has four times the acreage.__________
VALUATION 1996 PAY 1997 1 997 PAY 1998
LAND _
BUILDING _
TOTAL
192500
111500
213500
118400
RECOMMEND COUNCIL ACTION
I4o_________ ________________
change _______________
304000 331900
ASSESSOR Tom Carroll DATE 5-5-97
I
r
I
I
I
^ V.C
- *
^ i'
* K
.■>*i' sm
Kr
V
i^iy^.v^
r- x^^-
i-".- ^ \
•<
m
1^
:?x ■;^xr
L>i!4a^ ,.%f‘v>- .'7<
SUBJECT INFORMATION SHEET
NAME Linda Schrader_______________
ADDRESS 1295 Arbor Street
PID# 10-117-23-31-0035 PROPERTY TYPE R
SALE PRICE $79,900 SALE DATE 10-96 YEAR BUILT 1900
STORY HOT. 1-1/2 story
GROSS BLDG AREA 1169
GROUND FLR AREA 809
GARAGE - ATT.
DET.________
TUCKUNDER ________
CENTRAL AIR
BSMT. FINISHING _
BATH- DELUXE _
FULL J
3/4 _
1/2
# OF BEDROOMS
WALKOUT
% LOT SIZE 8400
PORCH - GLAZED
SCREENED
OPEN
DECK
1 # OF FIREPLACES
LAKESHORE
MISC. COMMENTS The current homeowner purchased the property before it was listed. She
believes she paid too much. See page 12 for smaller house and site, page 14 for smaller house but
larger site, and page 21 with newer house on larger site._______________________________
VALUATION 1996 PAY 1997
LAND
BUILDING
TOTAL
31000
45000
76000
1997 PAY 1998
34000
45000
79000
RECOMMEND COUNCIL ACTION
No ___________________________
change______ ________________
ASSESSOR Tom Haller DATE 4-24-97
r
r
-V-^'
f .'^*
S' ,«-*
I- 'V
!^' -
lh% >♦ *% •'*
^ ^
»
SUBJECT INFORMATION SHEET
NAME Lawrence Langhans_________________
ADDRESS 1366 Rest Point Rd.______________
PID# 07-117-23-32-0060 PROPERTY TYPE RL
t,
S.ALE PRICE $SALE DATE YEAR BUILT 1947
STORY HGT. 1 story BSMT. FINISHING 20% LOT SIZE 95 FF
GROSS BLDG. AREA 1452 BATH- DELUXE PORCH - GLAZED Yes
GROUND FLR. AREA 1452 FULL 2 SCREENED
GARAGE - ATI. 2 car 3/4 1 OPEN
DET.1/2 DECK Yes
TUCKUNDER # OF BEDROOMS # OF FIREPLACES 1
CENTRAL AIR Yes WALKOUT Yes LAKESHORE West Arm
MISC. COMMENTS The subject is a well-maintained property in good condition. See page 139 for
larger structure on a smaller site 3 sites west of the subject. See page 136 for sliditlv larger structure
on smaller and steeper site, and page 1 ?9. The homeowner’s primarv concern was the increase in
market value.
VALUATION 1996 PAY 1997
LAND 139500
BUILDING 89500
TOTAL 229000
ASSESSOR Tom Haller
1997 PAY 1998 RECOMMEND COUNCIL ACTION
160500 No
94500 change
255000
DATE 4-24-97
1.
I
w
■■_______________...
. -'ia
• .^rvr •■•’ <•
• .•J
SUBJECT INFORMATION SHEET
NAME Dwight Seward
ADDRESS 2780 Countryside Drive W._______
PID# 04-117-23-12-0010 PROPERTY TYPE R
SALE PRICE $SALE DATE YEAR BUILT 1995
STORY HGT. 2 story BSMT. FINISHING 70% LOT SIZE 2.85 AC
GROSS BLDG. AREA 3341 BATH- DELUXE 1 PORCH - GLAZED
GROUND FLR. AREA 2158 FULL 1 SCREENED Yes
GARAGE - AIT. 3 car 3/4 2 OPEN Yes
DET.1/2 1 DECK Yes
TUCKUNDER # OF BEDROOMS 4 # OF FIREPLACES 1
CENTRAL AIR Yes WALKOUT LAKESHORE
MISC. COMMENTS Property was lowered after interior inspection. Finished basement consists of
one large room which is less costly to construct than several rooms________________________
I
I
VALUATION 1996 PAY 1997
LAND 90000
BUILDING 280000
TOTAL 370000
ASSESSOR Tom Carroll
1997 PAY 1998
90000
336200
426200
RECOMMEND COUNCIL ACTION
90000_ _ _ __ _ _ _ _ _ _ _ _ _ _
322000
412000
DATE 4-29-97
r
m
*.#V
sam
• - -*■-
w ^ M&L.£^
SUBJECT INFORMATION SHEET
NAME Dana Halmrast_______________
ADDRESS 3287 Casco Circle__________
PID# 20-117-23-43-0044 PROPERTY TYPE R
SALE PRir^ $SALE DATE YEAR BUILT 1921
STORY HOT. 1 stoiy BSMT. FINISHING % LOT SIZE 20000 SF
GROSS BLDG. AREA 1806 BATH - DELUXE 1 PORCH - GLAZED
GROUND FLR. AREA 1806 FULL 1 SCREENED
GARAGE - ATT.3/4 OPEN
DET. 2 car 1/2 DECK
TUCKUNDER #OF BEDROOMS 3 # OF FIREPLACES 1
CENTRAL AIR WALKOUT LAKESHORE
MISC. COMMENTS See pages 13,17, and 62 in sales book“ similar vintage homes in subject’s
area. All smaller homes on sm iller lots We have adjusted Mr. Halmrast's propertv records to reflect
a orooer value on his home (the oast two years) The “Casco” area is beeinninc to reflect the
“turnaround” that has occurred tfiere, by strong sales and the communities’ opinion of it.
VALUATION 1996 PAY 1997 1997 PAY 1998 RECOMMEND COUNCIL ACTION
LAND 46000 46000 No
BUILDING 58000 64000 change
TOTAL 104000 110000
ASSESSOR Lisa Mott DATE 5-2-97
6
t
F
.. ■ V
IS Pi,’31rv. *•313
••} : • c
" >ifc*SA'^4
IIWI 1
•V' - ..-,,, .-
V - ' —1..> ,., ■'
SUBJECT INFORMATION SHEET
NAME David Lohmann__________________
ADDRESS 1860 Lakeview Terrace_________
FED# 27-118-23-42-0009 PROPERTY TYPE R
SALE PRICE $99,900
STORY HOT. Split level
GROSS BJ.DG AREA 1148
GROUND FLR. AREA 1148
GARAGE - ATT. 2 car
DET.
TUCKUNDER
CENTRAL AIR Yes
SALE DATE 5/88
BSMT. FINISHING
BATH- DELUXE _
FULL 1
3/4
1/2
# OF BEDROOMS
WALKOUT Yes
1
YEAR BUILT 1967
70% LOT SIZE 43600
PORCH - GLAZED
SCREENED
OPEN
DECK Yes
# OF FIREPLACES
LAKESHORE
MISC. COMMENTS I tried to reach Mr. Lohman to set up an appointment for an interior inspection
Also see attached sales sheet which is a sliehtlv larcer one storv rambler in subiect's neiehborhood.
Please note I included subject’s sale information.
VAI.UATION 1996 PAY 1997 1997 PAY 1998 RECOMMEND COUNCIL ACTION
LAND 37000 37000 No
BUILDING 80000 84000 chance
TOTAL 117000 121000
ASSESSOR Lisa Mott DATE 4-30-97
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
^ --•i ,S’SS
‘v . >
RESIDENTIAL SALES DATA
ADDRESS: 1802 LAKEVIEW TERRACE
PID#: 27-118-23-43-0006
SALE PRICE: $
YEAR BUILT:
GROSS BLDG. AREA:
GROUND FLR. AREA:
149,500
1965
1304
1304
SALE DATE:9505
GARAGE #1
# OF CARS
GARAGE #2
# OF CARS
FIREPLACE(S): 2
CENTRAL AIR:
WALKOUT: YES
LAKESHORE-BAY:
ATTACHED
STORY HEIGHT: 1 STORY
DECK: YES
BSMT. FINISHING: 50 %
PORCH-GLAZED:
SCREEN: YES
OPEN:
BATH-DELUXE:
FULL:
YES
3/4: 1
1/2: 1
LOT SIZE: 48,600 SF
COMMENTS: ALSO SOLD 5/90 PC« $128,000.
INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED
L
I
I
I
I
f
f
1
t
I
I
I
I
I
I
I
I
L
i
SUBJECT INFORMATION SHEET
NAME Steven Benson________________
ADDRESS 1290 Arbor Street__________
PID# 10-117-23-31-0028 PROPERTY TYPE R
SALE PRICE $83,900 SALE DATE 10/86 YEAR BUILT 1914
STORY HOT. 2 stoiy
GROSS BLDG. AREA 1792
GROUND FLR. AREA 1064
GARAGE - ATT. _________
DET. _________
TUCKUNDER _________
CENTRAL AIR
BSMT. FINISHING
BATH- DELUXE
% LOT SIZE 12700 S.F.
FULL _1
3/4 _1
1/2 _
# OF BEDROOMS J
WALKOUT Yes
PORCH - GLAZED Yes
SCREENED___
OPEN___
DECK
# OF FIREPLACES
LAKESHORE
MISC. COMMENTS See attached sale of smaller, old house in nei^borhood on slightly larger lot.
VALUATION 1996 PAY 1997 1997 PAY 1998 RECOMMEND COUNCIL ACTION
LAND 33500 40000 No
BUILDING 67500 69500 change
TOTAL 101000 109500
ASSESSOR Gail Navratil DATE 4-29-97
8
11 .m<. •:
w •
f .4> ‘ ^
ife'il
g: n
fXLS-9L
RESIDENTIAL SALES DATA
ADDRESS: 2150 PROSPECT AVENL^E
PID#: 10-117-23-31-0016
SALE PRICE: $125,000 SALE DATE:9507
YEAR BUILT: 0
GROSS BLDG. AREA: 1395
STORY HEIGHT: 1 1/2 STORY
DECK: YES
GROUND FLR. AREA: 1160 BSMT. FINISHING: 00 %
GARAGE #1: DETACHED
# OF CARS: 2
PORCH-GLAZED: YES
SCREEN:
GARAGE #2:OPEN:
* # OF CARS:BATH-DELUXE:
FIREPLACE(S) :
CENTRAL AIR.
WALKOUT:
LAKESHORE-BAY:
FULL: 2
3/4 : 0
1/2 : 0
LOT SIZE: 0.39 AC
COMMENTS:
INFOR.MATION DEEMED RELIABLE BUT NOT GUARANTEED
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
It -
*" VV&' '-i
•C 'I
•V
m.
i ^--1^
%J n•. £ 0 ' P ■ -.
___ ^ f ’
I <■-..
iillllllll'
wr
SUBJECT INFORMATION SHEET
NAME Mark Lamontagne_____________
ADDRESS 1270 Arbor Street__________
PID# 10-117-23-31 -0029 PROPERTY TYPE R
SALE PRICE $SALE DATE YEAR BUILT 1912
STORY HOT. 1-3/4 story BSMT. FINISHING % LOT SIZE 7150 s.f.
GROSS BLDG. AREA 2254 BATH- DELUXE PORCH - GLAZED
GROUND FLR AREA 1288 FULL 1 SCREENED
GARAGE - ATT.3/4 OPEN Yes
DET. 2 car/1 car 1/2 1 DECK Yes
TUCKUNDER # OF BEDROOMS 4 # OF FIREPLACES ^ood stove
CENTRAL AIR WALKOUT LAKESHORE
MISC. COMMENTS House was inspected and found to be in average overall condition. See sales
book page 44 - significantly smaller house on larger lot. Also see attached sales sheet for older
neighborhood sale of smaller house on slightly larger lot________________________________
VALUATION 1996 PAY 1997 1997 PAY 1998 RECOMMEND COUNCIL ACTION
LAND 34500 42000 No
BUILDING 82500 100500 change
TOTAL 117000 142500
ASSESSOR GailNavratil DATE 4-29-97
9
f
r
r
r
r.
K'v -if Hx-i:? '3*
:vr:
5Sf >.>*;•• -• :
W^:
\ •'
• .I- ;
-B-S
1
»*T ‘■r-'^-r- • ■ r. -,_.'•-^ r;;C:2:.
RESIDENTIAL SALES DATA
ADDRESS: 2150 PROSPECT AVENUE
YEAR BUILT:
PID#: 10-117-23-31-0016
$ 125,000 SALE DATE;9507
0 STORY HEIGHT: 1 1/2 STORY
AREA: 1395 DECK:YES
AREA: 1160 BSMT.FINISHING:00 %
DETACHED PORCH -GLAZED: YES
# OF CARS:
GARAGE #2:
.# OF CARS:
fireplace(S):
CENTRAL AIR:
WALKOUT:
LAKESHORE-BAY:
COMMENTS:
SCREEN:
OPEN:
BATH-DELUXE:
FULL:
3/4 :
1/2:
LOT SIZE:
0
2
0
0
0.39 AC
INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED
9A
1
I
I
I
f
I
I
I
t
I
f
I
I
I
I
I
I
I
I
I
ffj' ““iP^KV-r
m
.u.
Wt'*-'"' ;■•
V. • '•, .>-»
T 'j 1 ■ h rrf la
SUBJECT INFORMATION SHEET
NAME NeU Blesi________________________
ADDRESS 2064 Shadvwood Road___________
PID# 17-117-23-31-0015 PROPERTY TYPE RL
SALE PRICE $SALE DATE YEAR BUILT 1948
STORY HGT. 1 stoiy BSMT. FINISHING 50% LOT SIZE 85 FF
GROSS BLDG. AREA 1764 BATH- DELUXE PORCH-GLAZED Yes
GROUND FLR. AREA 1764 FULL 2 SCREENED
GARAGE - ATT. 1 car 3/4 1 OPEN
DET. 2 car 1/2 DECK Yes
TUCKUNDER # OF BEDROOMS # OF FIREPLACES 2
CEIMTRAL AIR WALKOUT LAKESHORE Crystal Bay
MISC. COMMENTS In sales book see page 108 — sale is smaller with less lake front footage. Also
see pace 111 - this house is slightly larger but has no basement and less lake front footage._______
VALUATION 1996 PAY 1997
152500LAND
BUILDING
TOTAL
89500
242000
1997 PAY 1998
160000
94000
254000
RECOMMEND COUNCIL ACTION
No_________ ________________
change______ ________________
ASSESSOR Lisa Mott DATE 5-5-97
I
I
I
I
I
I
I
I
SALE PRICE $SALE DATE YEAR BUILT 1990
STORY HGT. 2 story BSMT. FINISHING % LOT SIZE 100000 SF
GROSS BLDG. AREA 3613 BATH- DELUXE 1 PORCH - GLAZED
GROUND FLR AREA 2024 FULL 1 SCREENED Yes
GARAGE - ATF. 3 car 3/4 1 OPEN
DET.1/2 1 DECK Yes
TUCKUNDER # OF BEDROOMS 4 # OF FIREPLACES 1
CENTRAL AIR Yes WALKOUT Yes LAKESHORE
im
:* *.» vi( <
SUBJECT INFORMATION SHEET
NAME Jeff Martin______________________
ADDRESS 760 Hunt Fann Road___________
Pn># 31-118-23-11-0010 PROPERTY TYPE R
MISC. COMMENTS Review of home and neighborhood is reflected in my recommendation.
VALUATION 1996 PAY 1997 1997 PAY 1998 RECOMMEND COUNCIL ACTION
LAND 76000 76000 69500
BUILDING 269000 299000
287000
TOTAL 345000 375000 356500
ASSESSOR Lisa Mott DATE 5-2-97
11
I mm***'
- -t
*k‘.'
,te•V •'•' ' '
■
.* ^. ^- A
^ • »-i .. , ^V<
' ••' .•A-
~-' 'm
SUBJECT INFORMATION SHEET
NAME Philip Kalev_____________________
ADDRESS 1395 Brown Road S.___________
PID# 10-117-23-31 -0050 PROPERTY TYPE R
SALE PRICE $SALEDAIE YEAR BUILT 1898
STORY HOT. 1-3/4 story
GROSS BLDG. AREA 1815
GROUND FLR. AREA 1260
GARAGE - ATT._________
DET. _________
TUCKUNDER _________
CENTRAL AIR
BSMT. FINISHING
BATH - DELUXE
FULL
3/4
1/2
# OF BEDROOMS
WALKOUT
% LOT SIZE 19200
PORCH - GLAZED Yes
SCREENED
OPEN Yes
DECK
# OF FIREPLACES
LAKESHORE
MISC. COMMENTS Mr. Kaley has been remodeling since 1982, He is close to finishing. The
kitchen. 3/4 batfv living and dining room are complete His enclosed porch is well designed and an
asset to the home. Mr. Kalev has average-above average work throughout. Floor coverings, trim.
doors, and some sheet rocking are still incomplete. See addendum
VALUATION 1996 PAY 1997 1997 PAY 1998 RECOMMEND COUNCIL ACTION
LAND 28000 40000 34000
BUILDING 53000 73600 64000
TOTAL 81000 113600 98000*
ASSESSOR Lisa Mott DATE 5-2-97
12 * Improvement = 13000, Total “This
Old House” amount = 27400
I
I
I
I
f
I
I
I
I
I
I
I
I
I
I
I
I
I
I
ADDHNDUM
Name Philip Kalev
Address 1395 Brown Road S.
PH># 10-117-23.31-0050
Comments:
The stairwt^ need replacing as well. He has replaced almost 1/2 die basement floor which seems to
have solved his water problem. I am recommending a reduction based cm my review.
12A
I
I
I
t
t
I
I
I
I
I
\
I
I
I
I
I
I
I
I
r Ife.
ST-?:
>V - .i
SUBJECT DMfORMATION SHEET
NAME Matthew N. Nicoll________________
ADDRESS 160 SmiA Avenue_____________
PID# 02-117-23-21 -0029 PROPERTY TYPE R
SALE PRICE $450000 SALE DATE 4/93 YEAR BUILT 1987
STORY HOT. 2 story BSMT. FINISHING 50% LOT SIZE 2.1 Acres
GROSS BLDG AREA 3080 BATH- DELUXE 1 PORCH - GLAZED
GROUND FLR. AREA 2192
GARAGE-ATT. 3 car
DET. ____
TUCKUNDER
FULL _3
3/4
CENTRAL AIR Yes
1/2 2
# OF BEDROOMS _
WALKOUT Yes
SCREENED
OPEN___
DECK Yes
# OF FIREPLACES ^
LAKESHORE
MISC. COMMENTS Current market value is less than 5% over what property was purchased for over
3-1/2 years ago. Owner is in the process of obtainint? an appraisal and will appeal to Hennepin County
if aporais?! comes in lower than our value.____________________________________________
VALUATION 1996 PAY 1997 1997 PAY 1998 RECOMMEND COUNCIL ACTION
LAND 121000 121000 No
BUILDING 337000 351000 chance
TOTAL 458000 472000
ASSESSOR Gail Navraril DATE 4/24/97
13
i. ^ »• ■
i r - - 3 , . • •
|*^i •If '
m§^.
H
i'j
^■«v •
m.^jy^pl
SUBJECT INFORMATION SHEET
NAME George Kalweit___________________
ADDRESS 4265 Forest Lake Drive __________
PID# 07-117-23-12-0016 PROPERTY TYPE RL
SALE PRICE $226,500 SALE DATE 2/92 YEAR BUILT 1970
STORY HGT. 1 story BSMT. FINISHING 70% LOT SIZE 180 FF
GROSS BLDG. AREA 2060 BATH- DELUXE PORCH-GLAZED Yes
GROUND FLR. AREA 2060 FULL 1 SCREENED
GARAGE - ATT. 2 car 3/4 2 OPEN Yes
DET.1/2 DECK Yes
TUCKUNDER 1 car # OF BEDROOMS 4 # OF FIREPLACES 2
CENTRAL AIR Yes WALKOUT Yes LAKESHORE Forest Lake
MISC. COMMENTS House was purchased five years ago for $226,500 and since has had the kitchen
remodeled with new hardwood floors, cabinets, and counter tops. See sale on page 112 of a smaller,
older house on an inferior lot.________________________
VAI.UATION 1996 PAY 1997 1997 PAY 1998 RECOMMEND COUNCIL ACTION
LAND 102500 113500 No
BUILDING 142500 146500 change
TOTAL 245000 260000
ASSESSOR Gail Navratil DATE 4-29-97
14
I
I
I
I
I
.•A
ft ••'■,-
^ >*
i^h^ ’-1'Su ••
Hll nlr:
SUBJECT INFORMATION SHEET
NAME Steven Moseley_________
ADDRESS 1635 Bohns Point Road__________
PH># 17-117-23-11-0006 PROPERTY TYPE RL
SALE PRICE $391,125 SALE DATE 7-93 YEAR BUILT 1949
STORY HGT. 1 story BSMT. FINISHING 60% LOT SIZE 120 FF
GROSS BLDG AREA 1848 BATH- DELUXE PORCH - GLAZED
GROUND FLR. AREA 1848 FULL 2
SCREENED Yes
GARAGE - ATT.3/4 OPEN
DET.1/2 1 DECK
TUCKUNDER 2 car # OF BEDROOMS 2 # OF FIREPLACES 2
CENTRAL AIR WALKOUT Yes LAKESHORE Bohns Point
MISC. COMMENTS The property was reviewed on 4-17-97 and reduced from $470,000 to $438,000
for the 1997 assessment based on dated condition of the interior. See pages 117 and 134. Shehtlv
larger houses on inferior bavs
VALUATION 1996 PAY 1997
LAND 305000
BUILDING 130000
TOTAL
1997 PAY 1998
320000
RECOMMEND COUNCIL ACTION
No
118000 change
435000 438000
ASSESSOR Tom Haller DATE 4-24-97
I
I
I
I
I
I
I
!
I
I
f# 7% ,
t ‘1'•' 'lasut.
_ 4 • ■
SUBJECT INFORMATION SHEET
NAME Donald C. Swenson________________
ADDRESS 80 Luce Line Ridge_____________
PID# 31-118-23-34-0010 PROPERTY TYPE R
SALE PRICE $305,000 SALE DATE 11/96 YEAR BUILT 1987
STORY HOT. 1 story
GROSS BLDG. AREA 3360
GROUND FLR. AREA 3360
GARAGE - ATT. 3 car
DET._____
TUCKUNDER
CENTRAL AIR Yes
BSMT. FINISHING _
BATH - DELUXE _
FULL J_
3/4 :
1/2 j.
# OF BEDROOMS _
WALKOUT Yes
70% LOT SIZE 2.68 Acres
PORCH - GLAZED
SCREENED
OPEN Yes
DECK Yes
# OF FIREPLACES
LAKESHORE
MISC. COMMENTS House was reviewed in January 1997, Out of state owners listed house and
sold by auction. Sales price appears to be below market value. See attached sale — newer, smaller
house on inferior lot. Counhy vaino <f^fin^nnn for hho loog vaino t-^xpe;
payable 1997.
VALUATION 1996 PAY 1997
LAND 91000
BUILDING 269100
TOTAL 360.000
ASSESSOR Gail Navratil
1997 PAY 1998 RECOMMEND COUNCIL ACTION
91000 No
269100 change
360,000
DATE 4-24-97
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
RESIDENTIAL SALES DATA
ADDRESS: 745 ORCHARD PARK RD
PID#: 31-118-23-11-0003
SALE PRICE: $ 460,000
YEAR BUILT:
GROSS BLDG. AREA: 2782
GROUND FLR. AREA: 2782
GARAGE ^{l: ATTACHED
# OF CARS: 3
GARAGE #2:
# OF CARS: 0
FIREPLACE(S): 2
CENTRAL AIR: YES
WALKOUT: YES
LAKESHORE-BAY:
COMMENTS:
SALE DATE:9508
STORY HEIGHT: 1 STORY
DECK: YES
BSMT. FINISHING: 20 %
PORCH-GLAZED:
SCREEN:
OPEN:
BATH-DELUXE: 1
FULL: 2
3/4: 0
1/2: 0
LOT SIZE: 1.00 AC
\ ^
INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED
16A
1
I
I
I
I
I
I
I
I
I
I
I
I
s.
I
I
I
i
i
e
fiM
\‘>
--> - vVV r•V* i V fM vt '^ V#.•/ <
5'tl
-la*
/ ■ 5 ^
I-'* taJ‘
' ^
-1^- ^
SUBJECT INFORMATION SHEET
NAME R. Hunt Greene___________________
ADDRESS 865 Partenwood Rd._____________
PID# 05-117-23-43-0002 PROPERTY TYPE RL
SALE PRICE $SALE DATE YEAR BUILT 1976
STORY HGT. 2 story BSMT. FINISHING No bsmt.%LOT SIZE 160000
GROSS BLDG. AREA 4239 BATH - DELUXE PORCH - GLAZED Yes
GROUND FLR. AREA 2164 FULL 2 SCREENED Yes
GARAGE - ATT. 3 car 3/4 OPEN Yes
DET.1/2 DECK Yes
TUCKUNDER # OF BEDROOMS 5 # OF FIREPLACES 2
CENTRAL AIR Yes WALKOUT LAKESHORE Stubbs & Mkxwc II
MISC. COMMENTS The property owner believes that his value should be lowered based on his lot
being mostly within 75 feet of the lake. In my opinion the subject property has a good quahty and sized
structure that would meet little resistance in the market place. See page 131 and attached 1994 sale.
VALUATION 1996 PAY 1997
LAND 356500
BUILDING 290500
TOTAL 647000
ASSESSOR Tom Haller
1997 PAY 1998
420000
342000
76200O
RECOMMEND COUNCIL ACTION
2^0_________ _______________
change______ _______________
DATE 4-24-97
f L & fifiWmmm
• U'
\ ‘ i’
t
.A4,I
Ik
♦' 'tt'
.'■c';
-V.,
% t#
fs
»» •.v - 'S—. r *^ . —-ir>-‘<^»
At^*: ,:;:--s-^ -?5^- -
I
<
RESIDENTIAL SALES DATA
ADDRESS; 855 PARTENWOOD LN
PID#: 05-117-23-34-0012
SALE PRICE: $
YEAR BUILT:
962,500
GROSS BLDG. AREA:
GROUND FLR. AREA:
1987
2696
2696
GARAGE #1 ATTACHED
# OF CARS: 3 '
GARAGE #2
# OF CARS
FIREPLACE(S):
CENTRAL AIR: YES
WALKOUT: YES
LAKESHORE-BAY:
SALE DATE:9406
STORY HEIGHT: 1 STORY
DECK: YES
BSMT. FINISHING: 70 %
PORCH-GLAZED:
SCREEN:
OPEN;YES
BATH-DELUXE:
FULL:
3/4 : 0
1/2 : 1
LOT SIZE: 50,000 SF
COMMENTS:
INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED
17B
r
r
i
I
I
I
1
I
1
I
I
✓
f
ipjpi
f-J ’' '
. 4 \ • ^
iXii ’
?■ ' . ^
"d
-r«L
V-* V‘ •r» <
SUBJECT INFORMATION SHEET
NAME Richard and Marion Brown___________
ADDRESS 2685 Shadvwood Road___________
PID# 21-117-23-23-0050 PROPERTY TYPE RL
SALE PRICE $SALE DATE YEAR BUILT 1950
STORY HOT. 1 story BSMT. FINISHING 80% LOT SIZE
GROUND FLR. AREA 2286
GROSS BLDG. AREA 2286 BATH - DELUXE _
FULL 1
GARAGE - ATT. 2 car 3/4
DET. _________
TUCKUNDER
1
1/2
# OF BEDROOMS
1
PORCH - GLAZED
SCREENED
OPEN
DECK Yes
# OF FIREPLACES
CENTRAL AIR Yes WALKOUT
Old Channel Bay
LAKESHORE - Lagoon Lot
MISC. COMMENTS Owner informed me that tfie house was listed in 1995 for $347,000 with no
offers near tiiat price I could not find the listing in our MLS books so had owner send me a copy. The
property was actually listed back in 1992 and values have increased since that time. See attached sales
VALUATION 1996 PAY 1997 1997 PAY 1998 RECOMMEND COUNCIL ACTION
LA>JD 189500 199000 No
BUILDING 139500 146000 chanee
TOTAL 329000 345000
ASSESSOR Gail Navratil DATE 5-6-97
L
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
.. .V: •.%.
^ ,,4-'.‘n'-
eff >
RESIDENTIAL SALES DATA
ADDRESS: 2695 SHADYWOOD RD
PID#: 21-117-23-24-0056
SALE PRICE: $ 350,000 SALE DATE:9506
YEAR BUILT:1984
GROSS BLDG. AREA: 1672
GROUND FLR, AREA: 1672
GARAGE #1: ATTACHED
# OF CARS: 2
GARAGE #2:
# OF CARS: 0
FIREPLACE(S): 2
CENTRAL AIR: YES
WALKOUT: YES
LAKESHORE-BAY: OLD CHANNEL BAY
COMMENTS: LAGOON LOT
STORY HEIGHT: 1 STORY
DECK: YES
BSMT. FINISHING: 80 %
PORCH-GLAZED:
SCREEN:
OPEN:YES
BATH-DELUXE: 0
FULL: 2
3/4: 1
1/2: 0
LOT SIZE: 220
information deemed reliable but not guaranteed
18a
CITY OF
ORONOml )
i
AprU 30, 1997 MAY 1 1997
4 ---------
Local Board of Review
O rono City H all
2750 Kelley Parkway
Orono, MN 55356
RE: A ppraisal of 160 Smith A venue , Wayzata , Minnesota 55391-9511
Property ID N umber: 02-117-23-21-0029
To whom it may concern;
Enclosed is a copy of an independent appraisal for my home located at the above referenced
address. As indicated in a previous telephone conversation, it was my feeling that the house is
over valued based on comparable market sales. I would appreciate it you would review the
appraisal and call me regarding the next step in the appeal process.
Thank you for your cooperation.
MNN/pt
s.\AMUT4\m)ttu*fcouujfo lUMwn mro
Enclosure
LOFGREN APPRAISAL COMPANY
Real Estate Appraisers
File No. 9704018
April 23, 1997
Matthew and Mary Nicoll
160 Smith Avenue
Orono, MN 55391
File Number: 9704018
Dear Mr. and Mrs. Nicoll:
In accordance with your request, I have personally inspected and appraised the real property at:
160 Smith Avenue
Orono, MN 55391
The purpoM of this appraisal is to estimate the market value of the subject property, as improved.
The property rights appraised are the fee simple interest in the site and improv^euts.
In my opinion, the estimated market value of the property as of April 23,1997, is:
Four Hundred Forty Thousand Dollars
($440,000)
description, analysis and supportive data for the conclusions, final estimate of value, descnptive photographs, limiting conditions and
appropnate certifications.
Sincerely,
Paul H. Lxjfgren, S!
6311 W»yau Boulevird, Suite 250, Minneapolis, MN 55416 (612) 546-1338
8
d.
PfSgeriyAddrMilSO Smith Avenue ~ ~ Cltj^no state MN
.^a.io..cnp..„Lot ; Block 1 orono Orel^rrt. HlRhlnnd-__________________c».i.Hennontn
Am.i...P..c.lK.. 02 117 23 21 0029 T.»Ye.. 1996 I>ETa«..»10392^<I
; Borrower Matthew/Mary Nicoll CurrentOwti^r Matthew/Marv
Property rights appraiaed_________
Neighborhood or Project Name N/A
Sale Pric^ $ N/A
Occupant: X Owner
Appraiser Paul
Location
Built up
Growth rate
Property values
Demand/supply
Marketing time
Urban
Over75X
Rapid
increasing
Shortage
Under 3 mos
5 Suburban J Rural
25-75X
Stable
Stable
In balance
3-6 mos
Wavzata BoulevArri
Under25X
Slow
Declining
0«rsr|)ply
O/erS rnos.
Pradominant
occupancy
1
SIngla family housing
fffif
150 Low 10
600 Hloh
»250. Minneapolis. MN
Prasantlanduso%
One family 100
2-4 family ______
MulH-family ______
Commercial
Land usa changa
Not likely Q Likely
In processOwner
Tenant
VdcanKD^ pM Predominant
-------------------------------------------------------------- --------- I—----------- 1 I VKknlfovwStl I 22S
Nota: Race and tha racial composition of the nalghborhood ara not appraisal factors.
Neighborhood boundaries and characteristics: Bounded on the north bv Cl tv nf Lonc Lake the K„
ccurc^the south by ccuntvV/.fand"g>,^:!::Y‘!:.':
ibe common elements and recreational facilities- N/A
YES
Dimensions 188.56 x 492.S2 x 192.6Q x
Site area 2.36»~ acres. ------------------------------------------------------------------------------Comer Lot LJ Yes No
Specific toning classljicatlon and description RR-IBi One Fam Rural Residential
Zoning compliance ffl Legal □ Legal nooeon^(Gnmdla»»nHl use) U Illegal U No zoning
Hiflhgat & best use as Imp.^ovedr I Xl Present use I I Other use (explain^
Approximate total number of units lor sale in the subjecl proieef N/A
Rolling
NO
UtIUtles Public Other
1 Gas X
1 Water Priw
Sanitary sewer Septi
Storm sewer
Off-sIte Improvements Type
Street Bituminous
Pub ic Private
Curb/guller None
Sidewalk None
a □
Topography
Size
Shape
Drainage
View
Landscaping
Typical for area
Irregular
Appears adequate
Hilltop/Woods/Creek
Typical of area
Streetlights None
Alley None
Driveway Surface Bituminous
Apparent easements None apparent_______
FEMA Special Flood Hazard Area _J Yes IXIno
FEMA Zone _______Map Dale 10/17/78
FEMA Man No 270178 OOORC
Addendum.
GENERAL DESCRIPTION
No.ofUniis 1
No. of Stories
EXTERIOR DESCRIPTION
Foundation Concrete
FOUNDATION
Slab None
Type (Dei./AIL) Detached
Design (Style) 2-Story
Exisling/Proposed Existing
Age (Yrs.) 10__
ffective Aoe fYrs t 8-10
Exterior Walls Cedar Lap I CiiwiSpace None
Roof Surface Cedar ShkTl Basement Full
Gutters & Dwnspis. None_____
Window Type Casement
Sump Pump Floor Drain
Dampness None noted
Slorm/Screens No/Yes_____ Settlement None noted
BASEMENT
Area Sq.FL 2214
X Rnished 507.
Ceiling ___
Walls Drvwall
Floor
Drvwall
Carpet
Outside Entry Yes
INSULATION
Roof Cncl.
Ceiling Cncl.
Walls Cncl.
Floor Cncl.
None ______
Unknown
INTERIOR
Floors
Walls
Malerials/Condilion
Cpt/Hwd/Cer/Av
Drvwall/Avg
Trim/Finish Oak/Avg
Bath Floor Ceramic/Avg
Bath Wainscot Ceramic/Avg
Doors Six Panel/Avg
200 Amp. Elect. Serv.
HEATING
Type FWA
Fuel Gas
CondllionWorking
COOLING
Central Yes
Other None
Condition Working
KITCHEN EQUIP
r.elrige rater
Range/Oven
Disposal
Dishwasher
Fan/Hood
Microwave
Washer/Drver
Ante
a=a None
1 Stairs
1 Drop Stair
2 ScutUe 11Roor
S-E Heated
iFinlshed
Additional features (special energy efficient items, etc.): See Attached Addendum.
AMENITIES
Fireplacefs) #2.
Patio Stone
Deck Wood
Porch Screen
Fence _________
Pool
(S
CAR STORAGE;
None L
Garage
Attached
Detached
6Jli-ln
Carport
Ortvewav
# ot cars
Space
Sfl"!'“'’clional. and external), repairs needed, quality of construction, remodellng/additions. etc.: The
runotlonal madegGacies. There i.s
Ir;d“nl» environmental conditions. See attached
----------- ----------------------------------------------------
TaiVlMdUII \IUII ■ ni 'n IESTIMATED SITE VALUE ............................
ESTIMATED REPRODUCTION COST-NEW OF IMPROVEMENTS:
130,000
Dwelling 3.541 Sq.Ft. 9 $ 80.00
Bsmt.Fin. 1100 Sq.FI. 9 $ 30.00
283.280
^.000
See attached addendum 25.000
Qarage/Ceipoit 637 Sq.FL 9 $ 15.00
Total Estimated Cost New................................
9.555
Less Physical
Depreciation 45.609
Functional
350.835
External
45.609
Depreciated Value ol Improvements
*As-ls* Value ol Site Improvements
■ $
- S
305.226
15.000
File No. S70401B
Comments on Cost Approach (such as. source of cost estimate,
site value, square foot calculation and lor HUD. VA and FmHA. the
estimated remaining economic tile ol the properly); Cost source
data is obtained from Marshall Swift and
local cost services.
Physical depreciation is calculated bv an
analysis of the effective age/remalninp
economic life concept.
The remaining economic life for this
60 to 62 years.
1 ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3160 Smith A
1 Address Orono
venue 1889 West Farm Road
Orono
2285 Abingdon Way
Orono
155 Wear Lane N.
Orono
1 Proximity to Subiec 1.5 Mile Northwest .75 Mile West 1 Mile West____________
1 Sales Price $ N//S 372 • OOC'396.000 $ 392.500
Price/Gross Uv. Area $ 0 $ 108^.20 0l»:lii««$ 138.90 0i«i»iiM S 148.06
Data and/or
Verification Sources Inspection MLS/Plat Systems MLS/Plat Systems MLS/Plat Systems_________
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION «(*)$ Adjustment DESCRIPTION 1
Sales or Financing
Concessions
Cash or
Ec^ual
Conyentional
No Concess.
Conyentional
No Concess.
Conventional
No Concess.
Vi-
Date of Sale/Time insD. 4/97 Clsd. 10/96 Clsd. 8/96 Clsd. 8/96
Location Suburban/Ave Suburban/Aye Suburban/Aye Suburban/Ave
Leasehold/Fee Stmole Fee Fee •Fee Fee
Site 2.36 acre 2.07 acre 2.0 acre 2.30 acre
View Wooded Wooded Wooded Wooded
Deaiqn and Appeal 2-Story 2-Story 2-Story 2-Story
Quality of Construcfion Good Inferior 25.000Good Good
LAqe 10 years 8 years l_________________10 years 2 years______-5.000I
Condition Ayeraee Averaee Averaee .Superior -5.000IAbove Grade
Room Count
Gross Living Area
Total ! Bdrmt ! Baths Total ! Bdrmt ! Baths
2,000
____5.200
Total ! Bdrmt ! Baths
2,000
34.500
Total ! Bdrmt ! Baths
2,000
44.5001
8:4: 3.?8 ; 4 : 2.5 8 i 4 : 2.5 7 • 3 •' 2.5
3.541 Sg. FI.3.438 Sg.FI.2.851 Sg. FI.2.651 Sg. FI.
Basement & Finished
Rooms Below Grade
Full; WO
FR ER Bath
Full; WO
EB_________.7.500
Full; WO
FR BR Bath
Full; No WO
FR BR Dn Bath
2,000|
Functional Ulllllv Ayeraee Ayeraee Averaee Averaee______
Heatino/Coolinq FWA/Ctrl Air 'WA/Ctrl Air FWA/Ctrl Air FWA/Ctrl Air
Energy Efficient Items EEC EEC EEC EEC
Garaqe/Carport 3 Car Attach.3 Car Attach.3 Car Attach.3 Car Attach.
Porch. Patio. Deck.
Fireplace(s). elc.
ScrPrc/Dk/Ptc
2 Fireplaces
Deck/Patio
2 Fireplaces
4,0003SeaPrch/Deck
2 Fireplaces
-4,000Deck
1 Fireplace
5,000
2.500I
Fence. Pool. etc.None None None NoneBuilt-ins Built-ins Built-ins Built-ins BuiIt-ins
Net Adi. (total)JL* - 43.700 X ♦ - :$ 32.500 X ♦ 1 - :$ 46.0001
Adjusted Sales Price
of Comparable $ 415.700'»■■■ it .28.500;it'SiSfi, 1
Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.); See Attached Addendum.
ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3
Dale. Price and Data
Source tor prior sates
within year of appraisal
N/A
N/A
Plat Systems
N/A
N/A
Plat Systems
N/A
N/A
Plat Systems
N/A 1
N/A
Plat Systems 1
N/A
440.000INDICATED VALUE BY SALES COMPARISON APPROACH................................................................................................................. $
INDICATED VALUE BY INCOME APPROACH (If Applicable) Estimated Market Rent S_________N/A /Mo. x Gross Rent MulUplier N/A » $ N/A
This appraisal is made (J(J ‘as is* (_| subject lo the repairs, alterations. Inspections or condiHons listed below ' _J subject to compielion per plans and speciHcations.
Conditions ol Appraisal: See Attached Addendum.
Final Reconciliation The comparison approach is most applicable as it best represents buyer behavior. Cost
approach.lends additional support. Income approach is N/A due to the lack of data for rental
investment. -- - - - - - -
The purpose ol this appraisal is lo estimate the market value ol the real properly that Is the subject ol this report based on the above conditions and the certification, contingent
and limiUng condiUons^andmaiket value deflnilion that are staled in the alUched Freddie Mac Form 439/Fannle Mae Form 1004B (ftevised 6/23________)•
I (WE) ESTIMAJElHE MA^T VAL9ET)AS DEFINED, OF THE REAL PROP JTTY THAT IS THE SUBJECT OF THIS REPORT. AS OF Apr i 1 23. 1 997
(WHICH IS THt DATE OFJNSPEC ANp THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 440.000
APPRAISE)<: -------
Signature
Name Paul H. Lofetl^n.^
SUPERVISORY APPRAISER (ONLY IF REQUIRED):
Signature
Name
Date Report Signed April 23, 1^97 Date Report Signed
Q Did Q Did Not
Inspect Properly
State Certification f State Stale Certification #State
4000512 State mN Or State License #State
PAGE 2 OF 2
Tim vw prtdJM4 an Tl« Afcrtmrt O mko LM«rf «rM aytiem 909 tUAJM rannit M«t Form 1004 6/93
k, the
tree
md
by an
[ears.
92.500
Adjutbfttn!
-5.000
-5.000
2,000
44.500
2,000
5,000
2.500
46.000
38.500
isai:
10.000
N/A
itions.
Cost
1___
ingent
7
] Did Not
D«.iy
■ ITEM 1 SUBJECT COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6
■ 160 Smith A'
1 Address Orono
venue 2860 Deer Run Trail
Orono
2550 Fox Street
Orono
1 Proximity to Subiect 1 Mile West .75 Mile West
H Sales Price $ N//> X; :; Xv.i.xliilliis 525.000 Pilpiili'isi $ A92 .500 mmmmt
1 Prfee/Gross Liv. Area $ 0 $. 140.94 0l»lii«iii i 138.65 01 : % 0:S
■ Data Source
H Verification Source Insoection ^S/Plat Systems MLS/Plat Systems
1 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION .(-)tAdiu.im«.i DESCRIPTION DESCRIPTION •MlMiobM.i
■ Sales or Financing
H Concessions toual
Conyentional
No Concess.
Cash
No Concess.
■ Date of Sale/Time Clsd. 2/97 Clsd. 2/97
■ Location Suburban/Ave Suburban/Ayo.Suburban/Ave
■ 1 pasphnld/Fee Simple Fee Fee Fee
■ Site 2.36 acre 2.60 acre 3.14 acre
■ View Wooded Superior -25.000 Superior -25.000
1 Oesian and Appeal 2-Storv 2-Story 2-Story
■ (^nyK/nfConstnicfion Good Superior -25.000 Superior -25.000
■"am^10 years 2 years -5.000 10 years
! Condition Ayeraee Superior -5.000 Averaee
^ Above Grade
S Room Count
E Gross Livina Area
Total ! Bdrms ! Baths Total ! Bdrms ! Baths
2,000
-9.200
Total ! Bdrms ! Baths
2,000
-600
Total ! Bdrms ! Baths •
8 ; 4 : 3.!9*4: 2.5 8 ; 3 : 2.5 * 1
1 1
3.541 So. FI.3.725 Sa.FI.3.552 So. FI.Sq. FI.
1 Basement & Finished
•• Rooms Below Grade
Full; WO
FR ER Bath
Full; WO FR
ER RR BR Bath -5.000
Full; No WO
Unfinished
2,000
10.000
^ Functional Utility Ayeraee Ayeraee Averaee
{ Heatinq/Coolino FWA/Ctrl Air FWA/Ctrl Air FWA/Ctrl Air
^ Eneroy Efficient Items EEC EEC EEC
E Garaoe/Caroort 3 Car Attach.3 Car Attach.3 Car Attach.
jj Porch. Patio. Deck.
H Fireolacefs). etc.
ScrPrc/Dk/Ptc
2 Fireolaces
4SeaPrch/Deck
3 Firep]sees
-6,000
-2.500
4SeaPrch/Deck
2 Fireplaces
-6,000
1 Fence. Pool. etc.None None None
1 BuiIt-ins Built-ins Built:-ins BuiIt-ins
1 Net Adi. (total)♦X - :$ 80.700 ( ♦ X - is 42.600 ♦ - is
■ Adjusted Sates Price
■ of Comparable ■■yfm $ 444.300 ■fill*,
■ Comments on Sales Comparison (including the subject property's compatibility to the rleiqhborhood. etc.):
■ ITEM SUBJECT COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6
1 Date. Price and Data
1 Source for prior sales
■ witNn year of appraisal
N/A 1
N/A 1
Plat Systems 1
X/A
^^/A
*lat Systems
N/A
N/A
Plat Systems
Analysis ol any current agreement ot sale, option, or lisUng ot the subject property and analysis ol any prior sales of subject and comparables within one year of the date of appraisal:
11004 s/u
tM term mm an Ttw AaprMri Owe Iswrarm eyitem ItOOl /34-ORaM
lAdiustmtnt
raisal:
LOFGREN APPRAISAL COMPANY
Real Estate Appraisers
File No. 9704018
NEIGHBORHOOD FACTORS THAT AFFECT MARKETABILITY:
The subject property is located in Orono, a western suburb of Minneapolis. This area has good
access into Minneapolis via Highway 394 located just north of the subject neighborhood. The
immediate neighborhood is comprised of a variety of house styles, age’s and price range. The
subject property tends to set the upper limit to the neighborhood values in the immedi^e area.
It is one of the newest homes on the street however other similar homes are located in similar
areas surrounding the subject neighborhood. Most properties in this area are located on 2-10
acre sites with private wells and septic systems. This is typical and acceptable in this area.
There are no noted adverse factors affecting the appeal and marketability in this area.
SITE COMMENTS:
The subject site is a typical size for this area. Improvements to the site include a private well
and septic system which is typical in this area. There are no noted encroachments or other
adverse conditions. Overall the site has average to good appeal.
ADDITIONAL FEATURES:
Special features include the following items: Fireplaces located in basement family room and
living room; Transite heat in basement; Sauna and steam shower in basement bath area;
Vaulted ceiling in living room and dining room; Open two story foyer; Hardwood in living
room, dining room and family room; Ceramic floors in foyer, kitchen, dinette and all
bathrooms; Whirlpool tub and separate shower in master bathroom; Main floor bedroom has
private bathroom.
SALES COMPARISON COMMENTS:
All of the sales are from the same general area. Sales #2 and #3 are given site adjustments for
superior overall site value in these areas. Both areas tend to have mere similar values
surrounding these areas while the subject tends to be one of the highest values in the immediate
neighborhood. Sales 2 and 3 are considered most similar overall and given primary
emphasis in this analysis. Sale #1 is slightly smaller and has less basement finish and fewer
quality upgrades. Sale #2 is considerably smaller but has similar basement finish area. Sale #3
is a smaller home which also has similar basement finish area. It is also newer and has superior
interior condition. Sale #4 has more upgrades and more extensive use of built-in cabinetry and
is considered superior in overall quality of construction features. It is also newer and has
superior overall condition. It is a larger home with superior basement finish area and more
amenities. Sale H is a similar size home with an unfinished basement. It has superior upgrades
in materials and finish and is considered superior in overall quality of construction.
The indicated value range is from $415,000 to $450,000.
COMMENTS AND CONDITIONS OF APPRAISAL: ^
IMPORTANT NOTE TO USER OF THIS APPRAISAL:
Unless otherwise stated in this report, in this appraisal assignment, the existence of hazardous
and/or potentially hazardous material(s) used in the construction or maintenance of the
improvements on or in the subject property, such as the presence of urea-formaldehyde foam
insulation and/or asbestos, and/or the presence of substances such as toxic waste, and/or radon
gas, and/or the existence of any other environmental influence that may adversely affect the
value of the property. Materials/substances/influences which may or may not be present on or
in the property, was not observed by the af)praiser(s); nor do I (we) have any knowledge of the
existence of such materials/substances/influences on or in the subject property. The
appraiser(s), however, is (are) not qualified to detect such materials/substances/influences.
The presence of urea-formaldehyde foam insulation, asbestos, or other potentially hazardous
material, or toxic waste, or radon gas, may affect the value of the property. The value
estimate predicated on the ^sumption that there is no such material, substance or
environmental influence on or in the subject property that vould cause a loss in value. No
responsibility is assumed for any such conditions, nor for any expertise or engineering
knowledge required to discover them. The client is urged to retain an expert in this field, if
desired.
The appraisal assignment was not based on a requested minimum valuation, a specific valuation
or the approval of a loan.
6311 Wtyzaia Boulevard, Suite 250, Minneapolis, MN 55416 (612) 546-1338
LOFGREN APPRAISAL COMPANY
Real Estate Appraisers
File No. 9704018
COMMENTS AND CONDITIONS OF APPRAISAL: (continued)
APPRAISAL DEVELOPMENT & REPORTING PROCESS
To develop the opinion of value, the appraiser performed a complete appraisal process, as
defined by the USPAP, no departures from Standard 1 were invoked.
The URAR form used in this appraisal is a Summary Appraisal Report which is intended to
comply with the reporting requirements set forth under Standards Rule 2-2^) of the USPAP
for a Summary Appraisal Report.
The function of this appraisal is for tax appeal purposes only.
The subject property has not been sold within the last twelve months unless otherwise stated in
this report.
Personal property was not included in the final value estimate.
SQUARE FOOTAGE CALCULATIONS:
Calculations are made from the outside face of all exterior walls including block ledges,
windows, fireplace and room projections are included only when the floor ioists are extended
(cantilevered) underneath that area. Masonry fireplaces are included when constructed inside
the living area of the home and excluded when attached to the side, front or rear of home.
When figuring two story and story-and-a-half construction, we have included the stair twice,
once with the first floor and once with the second floor. Open two story foyer and vaulted
areas are not counted as second floor gross living area. Four season porch(s) square footage is
calculated separately. Not included are decks and garage area.
6311 Wayzata Boulevard. Suite 2S0, Minneapolis. MN SS4I6 (612) S46 1338
uu
TY AT:
1997
"m
f>'- ^
6311 WayzatA Boulevard
Suite 250
Minneapolis, MN 55416
(612) 546-1338
Pile No. 970^1018
COMPARABLE SALE #1
1889 West Farm Road
Orono
Sale Date: Clsd. 10/96
Sale Price: $372,000
COMPARABLE SALE ff2
2285 Abingdon Way
Orono
Sale Date: Clsd. 8/96
Sale Price: $396,000
* * »
■k
Wfi
•■■ v')‘ 'f C i
lit::
j:-(• r Tk,?..' i,■. / • ;
■• l' "■ ^ I • ' I ■ '. ■ ! • - - I. ■■■'<1 -■
V'
ii-‘‘j*
m l 1! !• V- I1I55
V.--
'■ 1 ’»v- AI '* **
* * •-
ilfe^■;. V'N <■;
COMPARABLE SALE ff3
155 Wear Lane N.
Orono
Sale Date: Clsd. 8/96
Sale Price: $392,500
l.UflxKltIN At't'KA12»AL COMFANY Real Estate Appraisers
File No. 9704018
L I w • ftf
r«r«l ri«»r
ri«»r
T»t«i t< ri
flrii n««r
t|7S
J94 I
11 ■ 38 1 418
i ■ t 1 1 I
t « 9 1 10
1 ■ 1 1 1 1
)i M 19 1 97031■ 18 1 998
19 ■ t 1 38
14 ■ to 1 480
3 m 13 1 39
}a 1 1 1 1fa 9 1 10ta t 1 1 1
4 a 4 1 1 84a 4 1 I 84a 4 1 1 f
38 a 1 1 741a 1 1 1 1 1
4 a 8 1 14
f alti *9 ri *144
S«c «n4 r laar
9 a 19 a 1 14tfOa 18 a 1 940
1?a 11 a 1 374Ita 9 a 1 40
4 a 9 a 1 10Tclai%% ri 1179
Ba1twan1
11 a 38 a 418
38 a 19 a 970
31 a 18 a 998
19 a 1 a 38
14 a 10 a 480
3 a 13 a 39
38 a 1 a 74
1 a 1 1 a 1 1
4 a 4 a 14
Tatai 8i ri 1114
Gar afa
II a 18 a 1 e 988
1 a 18 a 1 a 34
1 a 13 a 1 •13
Talai 89 ri 437
631 1 Wayuu Boulevttd, Suite 250, Minneapolis, MN 55416 (6i2) 546-1338
/VAX M\jr%JLijnuu v^v^XTXJL rmjL^ m.Real Estate Appraisers
File No. 9704018
COMPARABLE SALES LOCATION MAP
Carman
631 1 Wayzau Boulevard, Suite 250, Minneapolis, MN 55416 (612) 546-1338
Real Estate Appraisers
File No. 9704018
QUALIFICATIONS OF PAUL H. LOFGREN, SRA
EDUCATION
Received Bachelor of Science Degree in Business Administration from Winona State
University in 1985.
Received SRA (Senior Residential Appraiser) designation from the Society of Real
Estate Appraisers in 1989.
Completed the following professional course offerings:
1986, Course 101 - Introduction to Real Estate Appraising conducted by the
Society of Real Estate Appraisers.
1987, Course 102 - Applied Residential Property Valuation conducted by the
Society of Real Estate App*'aisers.
1987* Narrative Report Seminar conducted by the Society of Real Estate
Appraisers.
1988* Professional Practice Seminar conducted by the Society of Real Estate
Appraisers.
1990, 2-4 Family Seminar conducted by the Society of Real Estate Appraisers.
19931 How to Review FNMA/Freddie Mac Residential Appraisal conducted by MN
Center For Real Estate and Housing Education.
1993i The New Uniform Residential Appraisal Report Seminar conducted by the
Appraisal Institute.
Completed several additional Real Estate Appraisal course offerings on a yearly
basis.
PROFESSIONAL ORGANIZATIONS
Member - Appraisal Institute.
Member - Greater Minnesota Chapter of the Appraisal Institute.
Ex-Officio President of Southeastern Minnesota Chap'ter //198 Society of Real Estate
Appraisers.
LICENSED AS:
Certified General Real Property Appraiser #4000512
EXPERIENCE
Owner of Lofgren Appraisal Company. Established 1995
Partner with Child, Martin & Lofgren 1991-1995
Employed by Springer Appraisal Associates, Inc. from 1986-1991 as a staff appraiser.
Employed by J.R. Appraisal Company from 1984-1985 as an appraisal trainee.
PARTIAL LISTING OF CLIENTS
Norwest Mortgage, Inc.
Investors Bank FSB
First Bank System
Metropolitan Federal Bank
TCF Mortgage
Coldwell Banker Relocation
Norwest Bank
Prudential Relocation Mgmt.
Travelers Relocation
State Farm Relocation
PHH Homequity Relocation
Hennepin County (Commissioner)
6311 Wiyziu Boulevard, Suite 250, Minneapolis, MN 55416 (612) 546*1338
File No. 9704018
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not
affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from
seller to buyer under conditions whereby; (1) buyer and seller are typically motivated; (2) both parties are well informed or.well advised,
and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment
is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto: and (5) the price represeiits the normal
consideration for the property ?;*!d unaffected by special or creative financing or sales concessions* granted by anyone associated with the
sale.
‘Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for
thois costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the
seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property
by comparisons to financing terms offered by a third parly institutional lender that is not already involved in the property or transaction. Any
adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any
adjustment should approximate the market ’s reaction to the financing or concessions based on the appraiser ’s judgment.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER ’S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser ’s certification that appears in the appraisal report is subject to the
following conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it The
appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised
on the basis of it being under responsible ownership.
2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is
included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size.
3 The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or otner data
sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the
appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific
arrangements to do so have been made beforehand.
5. The appraiser has estimated the value of the la^>4 in the cost approach at its highest and best use and the improvements at their
contributory value. These separate valuations of the land and improvements must not be used ir conjunction with any other appraisal and
are invalid if they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence cf hazardous
wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal
research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden
or unapparent conditions of the properly or adverse environmental conditions (including the presence of hazardous wastes, toxic
suDslances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no
guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such
conditions that do exist or for any enji'-^orin^or testing that might be required to discover whether such conditions exist. Because the
appraiser is not an expert in the field o^ eu ionmental hazards, the appraisal report must not be considered as an environmental assessment
of the property.
7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she
considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such
items that were furnished by other parties.
8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional
Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion,
repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner.
10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the
appraisal report (including conclusions about the property value, the appraiser ’s identity and professional designations, and references to
any professional appraisal organizations or the firm with which the appraiser is associated ) to anyone other than the oorrower; the
mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any sta'u or federally
proved financial institution; or any department, agency, or instrumentality of the United States or any state or the Di.«;»riv;i of Columbia;
except that the lender/client may distribute the property description section of the report only to data collection o.- reporting service(s)
without having to obtain the appraiser ’s prior written consent. The appraiser ’s written consent and approval must aiso be obtained before
the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
rket
not
from
sed.
lent
rmal
the
for
the
erty
Any
any
the
rhe
sed
his
ata
[he
fic
eir
md
)US
nal
len
Kic
no
ch
the
jnt
n.
ie
lo
fie
ly
a;
0
e
APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that:FiloNo. 9704018
Th^ factors that have an impact on value in my development of the estimate of market value in the
I H » II . knowingly withheld any significant information from the appraisal report and I believe to the best nf mu
knowledge, that all statements and information in the appraisal report are true and correct
5. I
-ep^opiep .d
will. Ihe .xppplion 7«,e depaCproS of teCS * TW«iPal,
lime for exposure iniheopen maiket is a condition in the definiiion olmMrelvalremd lteMli™te°f to ''““"aWe
madretin, lime noted in the neighborhood section of this report unless I have olhenwise slaW S «conSl s«^^^^^^^ ""
1 lieX ”elVrtT;X?c “ StiX “1"'” *" “ “"’^a'ahles
suhjeci site, or on any site within Ihe immediate vicinity of te abjecl pro^^t S’l ^^wMe L h»e “2
adverse conditions in my analysis of the propertv value to the extent that i hln m,rt, ^ adjustments for these
about Ihe ettect .1 me Lers^ conditiS ^ed ' ?pt
9. I personally prepared all conclusions and opinions about the real estato ihat umra eat tnrth:« «.
signilicanl protessienal assistance from any individual or individuals In the Derrr>rm.i>.-i> ni in ^ appraisal report. It I relied on
report. I have named such individual(s) and S ^01 f "skS or Ita preparation of Ihe appraisal
ADDRESS OF PROPERTY APPRAISED: _160 Smith Avenue. Omnn. mm
APPRAISER SUPERVISORY APPRAISER (only If required)
Signature: • ______
Name: Paul H. L ofo^n
Dale Signed: April 22. 1997
State Certification #:___
Signature:
Name:_
Dale Signed:
or State License It: 4000S12
MNSlate:
State Certification It:
or State License H: _
State:
Expiration Date of Certification or License: 8/T1/97
Ccnificd General Real Properly License I4000S12
Expiration Date of Certification or License:
Q Did Q Did Not Inspect Property
JEreddiejMacJEotnL439j5^^_Q-.i_jnL
7/V/^A
7/'d^)£/D/aa
/7/7~g/C 77f^V-^3
JC''^ J^yd. <L-
D/<J7'Z> yy}^<^L. C7ciiy>o7
/J (fM'Z /Pt€:^£y
p - //7- ^3 - 5/- ^<5' 3/
yp ^ 3y~
<^ySF77c ,'3/i^i,
/
P-)pypoA>€. y. ^/
P^ -P7 ' -P3 -y><^?-<s
77 7P3^ ^^yi/y pyy
z/fyp^, P/^.
/^xs-iSST- 3^y>^yyy£.y?
‘7 ‘^ -//7-,?3 -3/ -<i <^3 ^
^5'2 ’S'" yty>ciaj<i<iy>y Pv.
p/f/z/rp, 7;yi. 353 7/
/
y)y37/Z.7~Z y (py /TaJSxr?'<-^
S3 a yj/'^z ’,yy/7;yjzy^ yy^y:
^P/Zy:y€y>^ /P^, S'ySt^p
3> 7-//'7-^3-// - azaf