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

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%% Fage Z or z 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 ll, Block 4, Flintw~od Hills 3rd Addition. PIN # 25 32 25 34 0110. Anoka County has an estimated value for land only of $18,500. Lot size = 123' x 72' = 8,856 sq. ft. $2.09 per sq. ft. The counties estimated market value %fas 0.8428~of the $99,900. selling price, and 0.82~of $102,700. sales comparison analysis. To the $2.09 per sq. ft. we must add 0.10~ to approximate payable 1997. This $2.19 must be multiplied by 1.25 to allow for the size differential. This gives us 2~.74 per sq. ft. based on EMV (estimated market value). We actually allowed $23,000. for land value or $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 m~nth until the transaction closes out. I understand that the City of Ramsey ~nts an easement over 33' x 150' or appraximately 4950 sq. ft. more or less of land. The Easterly 33' of the Easterly 102.5' of Duco~un property is nlost adversely affected. The Easterly Ducunr~un lot of '102.5' x 150' = 15,375 sq. ft. is w~rth $27,521. (at $1.79 per sq. ft.) with city se~_r and city ~-ater and asphalt streets, per comparables 1 - 2 - 3 on front side hereof. In addition to the foregoing conclusion, the City should be 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 make an absolute requirement for the City of Ramsey to guarantee in w~iting to you that you will have a buildable lot for your remainder lot after their taking of approximately 4,950 sq. ft. more or less. Your remainder lot should be approximately 10,425 sq. ft. more or less and should be an av~--age size of 69.5' wide'by 150' deep more or less. Your r~ainder lot should have a value of $23,000. to $27,000. with the cities special assessments paid in full, by you as the sellers of the property. My final conclusion of value is based upon the foregoing written guerantee by the City of Ramsey tht your remainder lot shall be ~ buildable lot absolutely and unconditionally and shall not be subject to revocation by any.governmental or quaisi governmental bod~r unit. In the event that the City of Ramsey does not agree to written guarantee of a buildable lot, you have every right to expect them to purchase your entire easterly part of your lot h~vinu approximately 15,375 sq. it. more or less a~d having approximate deminsions of 102.5 x 150'. I I I i I I i I i [ ! I I I [ I [ I