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ROSEDALE REALTY ML <br /> 3585 NORTH LEXINGTON, SUITE 175 <br /> ARDEN HILLS, MINNESOTA 55112 <br /> 484 -9551 <br /> October 28, 1986 <br /> Mr. and Mrs. Joseph Pelton <br /> 7178 Mill Road <br /> Centerville, MN 55038 <br /> Dear Joe and Carol, <br /> In response to your request to calculate the marketability of your property located at <br /> 7178 Mill Road with consideration to the proposal for a six -plex at 7159 Mill Road. I <br /> have compiled sales data of homes in your area from 1983 through the present time. <br /> The figures used are from information from the St. Paul Area Board of Realtors and <br /> does not include properties sold by owners or other properties not included in the <br /> Multiple Listing Service. <br /> Home sales in Centerville consists primarily of "starter" homes, the majority being on <br /> Shad, Peltier, and Center Sts, In 1983 the average listing price was 569,100 and a <br /> selling price of 567,180. The average days on market was 153 days. The homes sold <br /> this last year had an average list price of $72,590 and an average sale price of $71,080 <br /> with a days on market average of 72 days. <br /> The difference in sales prices between 1983 and 1986 amounts to a relatively stagnant <br /> 59.. I believe the primary reason for the increase in prices was not so much <br /> apprecation, but from the fact that in 1983 most of the homes sold has unfinished <br /> basements and in 1986 the basements had been finished. <br /> Mill Road consists of some of the nicest homes in Centerville. Homes on Mill Road are <br /> generally larger and more diverse in style. If a six -plea was allowed at 7159 Mill <br /> Road, it is my opinion it would be detrimental, in so far as lessened future <br /> appreciation of your home and that of your neighbors. Quite possibly this <br /> development could depress the value of your property, depending upon the <br /> management of the six -plea. Most assuredly the marketability of your home would be <br /> lessened. <br /> If you have any questions, please feel free to contact me. <br /> Sincerely, <br /> Michael B. Zoff <br />