|
LAND APPRAISAL REPORT
<br />Page #31
<br />WINDSORWOODL
<br />File No. 12SEP19D
<br />Borrower n/a Census Tract 0502.24 Map Reference 34 C2
<br />Property Address Unassigned
<br />o 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 />w Actual Real Estate Taxes $ exempt (yr) Loan charges to be paid by seller $ n/a Other sales concessions n/a
<br />o 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 County.
<br />Location Urban ❑ Suburban @ Rural
<br />Built Up • Over 75% ® 25% to 75% Under 25%
<br />Growth Rate ❑ Fully Dev. ❑ Rapid ❑ Steady ® Slow
<br />Property Values ❑ Increasing ® Stable ❑ Declining
<br />Demand/Supply /1 Shortage ❑ In Balance • Oversupply
<br />Marketing Time Under 3 Mos. ® 4-6 Mos. • Over 6 Mos.
<br />,, Present Land Use 85% 1 Family 00% 2-4 Family % Apts. % Condo 10% Commercial
<br />o % Industrial % Vacant 05% vacant
<br />Good Avg. Fair Poor
<br />Employment Stability • ® ❑ •
<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 />o Change in Present Land Use ❑ Not Likely ❑ Likely (*) ® Taking Place (*)
<br />(*) From public -quasi -public To residential
<br />Property Compatibility ❑ ® ❑ ❑
<br />Protection from Detrimental Conditions ❑ ® ❑ ❑
<br />zPredominant Occupancy / / Owner ❑ Tenant 5 % Vacant
<br />Police and Fire Protection • ® ❑ •
<br />Single Family Price Range $ 30,000 to $ 655,000 Predominant Value $ 160
<br />General Appearance of Properties • ® ❑ •
<br />Single Family Age 00 yrs. to 70 yrs. Predominant Age 18 yrs.
<br />Appeal to Market • ® ❑ •
<br />Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise):Subject 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 = 3.10 Sq. Ft. or Acres , Corner Lot
<br />Zoning classification R1 - Single Family Residential Present Improvements ® do ❑ do not conform to zoning regulations
<br />Highest and best use @ Present use ❑ Other (specify) site is currently un-improved, highest and best use is improved SFR
<br />Public Other (Describe)
<br />OFF SITE IMPROVEMENTS
<br />Topo basically level
<br />Elec. @
<br />Street Access @ Public ❑ Private
<br />Size conforms to area
<br />Gas @
<br />Surface bituminous
<br />Shape irregular
<br />cWater
<br />Maintenance , Public ❑ Private
<br />View nature/res
<br />San. Sewer ❑
<br />❑ Storm Sewer ❑ Curb/Gutter
<br />Drainage runoff to ditch & culvert
<br />❑ Underground Elect. & Tel
<br />❑ Sidewalk ❑ Street Lights
<br />Is the property located in a HUD Identified Special Flood Hazard Area? , 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 I SUBJECT PROPERTY
<br />COMPARABLE NO. 1
<br />COMPARABLE NO. 2
<br />COMPARABLE NO. 3
<br />Address Unassigned 178th Ave NW
<br />Ramsey, 55303, Anoka Cnty
<br />xxx25 Iman Ave NW
<br />Elk River, 55330, Anoka Cnty
<br />xxx27 Iman Ave NW
<br />Elk River, 55330, Anoka Cnty
<br />xxxx 222nd Ave NW
<br />Nowthen, MN 55330
<br />Proximity to Subject
<br />1.44 miles NW
<br />1.49 miles NW
<br />5.61 miles N
<br />ct Sales Price
<br />$ n/a
<br />$ 52,250
<br />$ 52,500
<br />$ 25,000
<br />Price
<br />$
<br />$ 17,131/ac
<br />$ 20,834/ac
<br />$ 7,716/ac
<br />,, Data Source
<br />inspect/county
<br />County/RealtorMLS
<br />County/RealtorMLS
<br />a Date of Sale and
<br />o Time Adjustment
<br />DESCRIPTION
<br />DESCRIPTION
<br />+(—)$ Adjust.
<br />DESCRIPTION
<br />+(— )$ Adjust
<br />DESCRIPTION
<br />+(—)$ Adjust.
<br />n/a
<br />05/12 dom 1,304
<br />05/12 dom 206
<br />09/12 dom 1
<br />Y Location
<br />Ramsey
<br />Nowthen
<br />Nowthen
<br />Nowthen
<br />+2,500
<br />Q SiteAtiew
<br />3.1 a., comer/res
<br />3.05 a., comer/res
<br />0
<br />2.52 a., interior/res
<br />+2,500
<br />3.24 a.,cor/pd
<br />-2,500
<br />wooded
<br />open
<br />open
<br />open
<br />open
<br />topography
<br />IeveVlookout
<br />IeveVlookout
<br />IeveVlookout
<br />rolling/walkout
<br />-2,500
<br />utilities
<br />ng/eVtele
<br />ng/eVtele
<br />ng/eVtele
<br />Ip/eVtele
<br />+2,500
<br />appeal
<br />average
<br />average
<br />average
<br />average
<br />Sales or Financing
<br />Concessions
<br />n/a
<br />Cash
<br />Conventional
<br />other
<br />'reo'
<br />+2,500
<br />NetAdj. (Total)
<br />❑ + ❑ - $
<br />/1 + ■ — $ 2,500
<br />®+ ❑ - $ 2,500
<br />Indicated Value
<br />of Subject
<br />$ 52,250
<br />$ 55,000
<br />$ 27,500
<br />Comments on Market Data: See General Text Addendum
<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 />0
<br />a
<br />d 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 />o 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 ❑ Did Did Not Physically Inspect Property
<br />Appraiser(s) Review Appraiser (f applicable)
<br />[UK]
<br />Hughes Appraisal Services
<br />Form LND — "WinTOTAL" appraisal software by a la mode, inc.— 1-800-ALAMODE
<br />
|