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The subject lot having 140 feet of lake frontage would have 140 feet ( -) 75 feet = 65 feet of <br /> excess land. Since this 65 feet of excess land is not necessary to support the future residence <br /> and is encumbered by a drainage easement, it is my opinion it has a value of 25% that of the <br /> developable 75 feet. <br /> Estimate of Lot Value: <br /> 75 feet X $2,000.00 a foot = $150,000.00 <br /> 65 feet X $500.00 a foot = $ 32.500.00 <br /> Total = $182,500.00 <br /> Since the subject has an irregular building area that is only about 50% that of a typical lake <br /> Lot and is open to traffic on County Road 14, a reduction in value is needed. Then also taking <br /> into consideration the conditions of the sale as outlined in the "Request for Proposals ", a <br /> reduction of 55% to 65% would be reasonable. <br /> The estimated lot value before reduction is $182,500.00 ( -) 55% = $82,125.00 or less 65% <br /> = $63,875.00. <br /> 1 am of the opinion that a fair and reasonable sale price of the subject lot with all of the <br /> encumbrances and traffic concerns is between $64,000.00 and $83,000.00. <br /> This letter is considered a restricted appraisal report. If you have any questions, please let <br /> me know. <br /> Sincerely, <br /> r � I <br /> William A. Schwab, CA -S, C.R.A., I.F.A. -S. <br /> Certified General Real Property Appraiser <br /> Minnesota License #4000585 <br /> PENFIELD, INC. <br /> WASlrcb <br /> 14 <br />