Agenda - Council - 06/11/1996 - Laserfiche WebLink

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Comparable No. 4: On May 4, 1996, I did an appraisal for the Veterans Administration of 14118 Argon Street N. W., Ramsey, MN 55303. lot 11, Block 4, Flintwood Hills 3rd Addition. PIN $ 25 32 25 34 0110. Anoka County has an estimated v~lue for land oD_ly of $18,500. Lot size = 123'x72' = 8,856 sq. ft. $2.09 per sq. ft. The c~untles estimated n~arket value was 0.8428% of the $99,900. sellinG price, and 0.82% of $102,700 sales ccrmparison analysis. To the $2.09 per sq. ft., we must add 0.10~ to approximate payable i997. This $2oi9 must be multiplied by 1.25 to allow for the size differential. This gives us $2.74 per sq. ft. based on Eh7; (estimated market ~lue)_. We actually allowed $23,000. for land V~lue ~r $2.60 per sq. ft. $2.60 x 1.25 for size differential = $3.25 per sq. ft. $3.25 + $1.79 = $5.04 % 2 =.~2.52 per sq. ft. + 0.417~ per month until the transaction closes out. t understand that the City of' Ramsey ~-ants an easement over 33'x185.7' or approximately' 6,128 sq. ft. more or less of land. The Easterly 33' of the Westerly 194.5~ of Kempf property is most adversely affected. The Westerly Kempf lot of 184.35' x 194.5' + 33 x 197' = 34,596 sq ft. plus ingress/egress eas~m~_nt is worth $31,000. per lot (at $1.79 per sq. ft.) with city sewer and city water and asphalt streets, per comparables 1 - 2 - 3 on the front side hereof. Two lots of approximately 17,298 sq. ft. per lot should be attainable ~ith potential value of $27,500.-.$31,000. eac.h. In addition to the foregoing conclusion, the city should .]~e responsible for land restoration to the condition of the property at date of taking or date of closing, or date of this appraisal. I would also encourage you to ~ake a~ absolute requirement for the City of Ramsey to ~uarantee in ~riting to you that you will bav~ TWO buildable lots for your remainder lots after their taking of approximat~ly 6128 sq. ft. more or less. Your remainder lots should be approximately 34,596 sq. ft. more or less and should be an average size of 92' wide by 194.5' deep more or less. Your remainder lots should hav~ a v~lue of $27,500. to $31,000. each with the cities special assessments paid in full, by you as the sellers of the property. Your two lots should be priced as close to the price ranges of the Brandseth Addition as the circumstances %~arrant at the tim~ of sale ~: _. My. final conclusion of %ralue is based upon the foregoing ~ritten. ~uarantee by the City of Ramsey that you~ remainder lots shall be buildable lots absolu{ely and unconditionally and shall not be subject to revocation by any governmental or quaisi governmental body or. unit. In 'the event that the city of Ramsey does not agree to written guarantee of two buildable lots, you hav~ every right to expect them to purchase your entire Westerly part of your lot having approximately 17,298 sq. ft. per each lot, more or less, and having appro~d/r~te dimensions of 92'x194.5' each.