|
LAND APPRAISAL REPORT
<br />Page #31
<br />U]g0llI [NU[]
<br />c
<br />ZL17€dl71 MAYA �']V
<br />Borrower n/a
<br />Property Address Unassigned
<br />City Ramsey County Anoka State MN Zip Code 55303
<br />Legal Description Lot 9, Block 2 Windsorwood, subj to ease of record
<br />Sale Price $ n/a Date of Sale n/a Loan Term n/a yrs. Property Rights Appraised ® Fee ❑ Leasehold ❑ De Minimis PUD
<br />Actual Real Estate Taxes $ exempt (yr) Loan charges to be paid by seller $ n/a Other sales concessions n/a
<br />Lender/Client City of Ramsey Address 7550 Sunwood Dr NW, Ramsey, MN 55303
<br />Occupant vacant Appraiser David C. Hughes Instructions to Appraiser Estimate the fair market value of an unimproved site
<br />located in Windsorwood Lot 9, Block 2, in the city of Ramsey in Anoka Counjy.
<br />Location
<br />Built Up
<br />Growth Rate
<br />Property Values
<br />Demand/Supply
<br />Marketing Time
<br />Present Land Use
<br />Rural
<br />WINDSORWOODLf
<br />File No. 12SEP19D
<br />Census Tract 0502.24 Map Reference 34 C2
<br />❑ Under 25% Employment Stability
<br />❑ Fully Dev. ❑ Rapid ❑Steady ® Slow
<br />❑ Increasing ®Stable ❑Declining
<br />Shortage ❑ In Balance ❑ oversupply
<br />❑ Under 3 Mos. ® 4-6 Mos. ❑ Over 6 Mos.
<br />85% 1 Family 00% 2-4 Family % Apts. % Condo 10% Commercial
<br />% Industrial % Vacant 05% vacant
<br />Change in Present Land Use ❑ Not Likely ❑ Likely (*) ® Taking Place (*)
<br />(*) From public -quasi -public To residential
<br />Owner ❑ Tenant 5 % Vacant
<br />$ 30,000 to $ 655,000 Predominant Value $ 160
<br />00 yrs. to 70 yrs. Predominant Age 18 yrs.
<br />Predominant Occupancy
<br />Single Family Price Range
<br />Single Family Age
<br />❑ Urban ❑ Suburban
<br />❑ Over 75% ® 25% to 75%
<br />Convenience to Employment
<br />Convenience to Shopping
<br />Convenience to Schools
<br />Adequacy of Public Transportation
<br />Recreational Facilities
<br />Adequacy of Utilities
<br />Property Compatibility
<br />Protection from Detrimental Conditions
<br />Police and Fire Protection
<br />General Appearance of Properties
<br />Appeal to Market
<br />Good Avg. Fair Poor
<br />Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise):Sublect is located in Ramsey, an area
<br />consisting of single family homes of various styles, sizes, ages and values. Schools are in the Elk River School District. Ramsey has limited
<br />employment opportunities. Recreation (primarily outdoor) and police and fire protection are adequate. No adverse noise factor, typical nature and
<br />residential views.
<br />Dimensions 153x315x393x523x133 =
<br />Zoning classification
<br />Highest and best use
<br />Public
<br />Elec.
<br />Gas
<br />Water ❑
<br />San. Sewer ❑
<br />3.10 Sq. Ft. or Acres X Corner Lot
<br />R1 - Single Family Residential Present Improvements ® do ❑ do not conform to zoning regulations
<br />Present use ❑ Other (specify) site is currently un-improved, highest and best use is improved SFR
<br />other (Describe) OFF SITE IMPROVEMENTS Topo basically level
<br />Street Access ® Public ❑ Private Size conforms to area
<br />Surface bituminous Shape irregular
<br />Maintenance /1 Public ❑ Private View nature/res
<br />❑ Storm Sewer ❑ Curb/Gutter Drainage runoff to ditch & culvert
<br />❑ Underground Elect. & Tel ❑ Sidewalk ❑ Street Lights Is the property located in a HUD Identified Special Flood Hazard Area? /1 No ❑ Yes
<br />Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions). The subject site does not appear to be in a FEMA
<br />designated flood zone. No adverse easements, encroachments or any other adverse conditions were noted by the appraiser. The subject is a
<br />garden level vacant lot of a developed subdivision.
<br />The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar
<br />adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior
<br />to or more favorable than the subject property, a minus (-) adjustment is made thus reducing the indicated value of subject if a significant item in the comparable is inferior to or less
<br />favorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject.
<br />ITEM 1 SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3
<br />Address Unassigned 178th Ave NW xxx25 Iman Ave NW xxx27 Iman Ave NW xxxx 222nd Ave NW
<br />Ramsey, L5303, Anoka Cnty Elk River, 55330, Anoka Cnty Elk River, 55330, Anoka Cnty Nowthen, MN 55330
<br />Proximity to Subiect 1.44 miles NW 1.49 miles NW 5.61 miles N
<br />Sales Price
<br />Price
<br />Data Source
<br />Date of Sale and
<br />Time Adjustment
<br />Location
<br />SiteMew
<br />wooded
<br />topography
<br />utilities
<br />appeal
<br />Sales or Financing
<br />Concessions
<br />Net Adi. (Total)
<br />Indicated Value
<br />of Subject
<br />inspect/county
<br />DESCRIPTION
<br />n/a
<br />Ramsey
<br />3.1 a., comer/res
<br />open
<br />IeveVlookout
<br />ng/eVtele
<br />average
<br />n/a
<br />n/a
<br />1$ 52,250 1$ 52,500 $ 25,000
<br />1$ 17,131/ac 1$ 20,834/ac $ 7,716/ac
<br />County/RealtorMLS
<br />DESCRIPTION
<br />05/12 dom 1.304
<br />Nowthen
<br />3.05 a., corner/res
<br />peen
<br />IeveVlookout
<br />ng/eVtele
<br />average
<br />Cash
<br />County/RealtorMLS
<br />1+(-1$ Adjust. DESCRIPTION
<br />05/12 dom 206
<br />Nowthen
<br />0 2.52 a., interior/res
<br />open
<br />IeveVlookout
<br />ng/eVtele
<br />average
<br />Conventional
<br />❑+ ❑- $
<br />$ 52,250
<br />Comments on Market Data: See General Text Addendum
<br />®+ ❑-
<br />$
<br />+(-1$ Adiust DESCRIPTION
<br />09/12 dom 1
<br />Nowthen
<br />+2,500 3.24 a.,cor/pd
<br />open
<br />rolling/walkout
<br />Ip/eVtele
<br />average
<br />other
<br />'reo'
<br />2,500 ® + ❑ -
<br />$ 55,000
<br />1 +(—)$ Adiust.
<br />+2.500
<br />-2,500
<br />-2,500
<br />+2,500
<br />+2,500
<br />$ 2,500
<br />$ 27,500
<br />Comments and Conditions of Appraisal: The subject has not been sold within the last three years. No other previous sales were noted within the last one
<br />year for any of the comparable sales used in this report.
<br />Final Reconciliation: The income and cost approaches to value were not used due to the lack of sufficient data with which to form a meaningful value
<br />estimate. The direct sales comparison approach is deemed to offer the most reliable indication of value. The final value is rounded up to the nearest
<br />$1,000 influenced by the adjusted values of comparables one and two.
<br />I ESTIMATE THE MARKET VALUE, AS DEFINED, OF SUBJECT PROPERTY AS OF September 19, 2012 to be $ 49,000
<br />David C. Hughes
<br />Appraiser(s)
<br />[UK]
<br />❑ Did ❑ Did Not Physically Inspect Property
<br />Review Appraiser (if applicable)
<br />Hughes Appraisal Services
<br />Form LND — "WinTOTAL" appraisal software by a la mode, inc.—1-800-ALAMODE
<br />
|