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2005-01-26 CC Packet
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2005-01-26 CC Packet
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<br />PURPOSE OF THE APPRAISAL <br /> <br />The purpose of this appraisal is to provide an opinion of the market value of the property <br />described herein with an effective date of January 5,2005. The date of the report which indicated <br />the time frame of all market assumptions is also January 5, 2005. The estimate of market value <br />is predicated upon the definition of market value contained herein. <br /> <br />ESTIMATE OF PROPERTY EXPOSURE TIME <br /> <br />Exposure time is defmed as the estimated length of time the property being appraised <br />would have been exposed on the market prior to the hypothetical corisummation of a sale at market <br />value on the effective date of the appraisal; a retrospective estimate based upon an analysis of past <br />events assuming an open and competitive market. The previous exposure time relating to the <br />value estimate herein has been estimated at one year. This is based on historical sales of general <br />lake front property throughout the Twin Cities area. <br /> <br />INTENDED USE OF THE REPORT <br /> <br />Pursuant to the request of Mr. Bill Tschida of the St. Paul Regional Water Services, our <br />client, we will provide an opinion of the market value so that this appraisal may be used for <br />disposition and possible sale considerations. This report is for the sole and exclusive use of the <br />client and assignees for the above stated purposes. No other use or users of this report are <br />intended by the appraiser. Written authorization must be received from the client before releasing <br />the report to any other party. <br /> <br />SCOPE OF THE APPRAISAL <br /> <br />I <br />[. <br /> <br />The subject of this appraisal is two, vacant single family residential lots with one improved <br />with a single family dwelling. This dwelling is considered to be functionally and physically <br />obsolete and an economic hindrance to the land. The highest and best use of the site that this <br />dwelling is situated on, is considered to be for the dwelling to be removed and the land improved. <br />with a mid to upper bracket home. The appraisal therefore will .consist of two, vacant single <br />family lots, each containing 112 feet oflake frontage and approximately 23,184 square feet. <br /> <br />I <br /> <br />The property is located on the southeast side of Centerville Lake, on the northwest side of <br />Lamotte Drive at 1601 Lamotte Drive in both Centerville imd Lino Lakes, Minnesota. These <br />assumed vacant parcels will be appraised utilizing the Direct Sales Comparison Approach only. <br />This is a Complete Land Appraisal and is intended to comply with the USPAP reporting <br />requirements under Standards 1 & 2 excluding Standard 1-4(b) which calls for the Cost and <br />Income approaches. These approaches are non-contributory to this value estimate since we have <br />assumed that the sites are vacant. <br /> <br />The subject property is appraised as vacant land. <br /> <br />11 <br />
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