Agenda - Public Works Committee - 03/20/2007

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IRle No. 07FEB22D I Uniform Residential Appraisal Report RAMSEY File # 07FEB22D There are 10 comnarablenronerties currentlv offered for sale In the subiect neiohborhood ranoino in mice from $ 244 900 to $ 379 900 There are 17 comnarable sales in the subiect neiohborhood w~hin the oast twelve months rannino In sale orice from $ 240 000 to $ 362 500 FEATURE I SUBJECT I COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 5860 157th Ln NW 14624 Junkite St NW 5980 144th Ln NW 14720 Neon St NW Ramsev MN 55 Ramsev MN 55303-5943 Ramsev MN 55303-5943 Ramsev MN 55303-5943 Proximitv to Sublect S 1.5 134 miles S Sale Price 8 $ 2B3000il Sale Price/Gross Liv. Area $ s .ft. $ 193.27 so.ft. $ 168.05 sQ.ft. .$ 199.30 so.ft. Data Sourcets) In insnecVMLS D. insnecVMLS n. insoecVcounlv Verification Source(s) Counlv VAlUE ADJUSTMENTS DESCRIPTION DESCRIPTION +H $ Adiustment DESCRIPTION Sales or Financing Conventional Conventional Concessions S contr $8679 S contr $7337 Date of SalelTime 7/06 11/06 Location Ramsev Ramsev Ramsev Leasehold/Fee SimDle Fee Simole fee simole fee simnle S~e .43 acres .22 acres + 18 000 .5 acres View wd wind res residential + 1 500 residential Deslon (Stvle) Rambler Rambler Rambler Qualitv of Construction averaoe averaoe averaoe ActualAoe 1(2000\7vrs 1994113vr +30001(19931 14vr Condition Good oood mood Above Grade Total 1 Bdrms.l Baths TotallBdrms.l Baths Total I Bdrms.1 Baths Room Count 6 I 3 I 1 7 I 3 12.25 -1250 71 3 I 1 Gross Livlno Area 1 32B so.ft. 1 500 so.11. -6 020 1 664 so.ft. Basement & Finished 1,321 Sq.Ft. full full Rooms Below Grade two + bath two +3/4 b + 1 000 two +3/4 b Functional Utilltv oood oood nood Heatino/Coolino NGFNCA FA NG CA FA NG CA Enerov Efficient ttems averaoe averane averane Garaoe/Caroor! two 3 attached -5 000 two attached Porch/Patlo/Deck deck oatio 3 s. norch -5 000 deck . other amenlnes 7 aooliances 7 aooliances 8 anoliances : other amenities snrinkler/sec sorinkler + 2 000 none . other amenities IUnone + 1 000 FP . NetAdiustmentlTotall ~ + fl- $ 9230 n + ~ - $ Adjusted Sale Price Net Ad). 3.2 % Net Adj. 2.5 % of Comoarables Gross Ad!. 15.1 % $ 299 130 Gross Ad!. 10.7 % $ I ~ did r did not research the sale or transfer hlstorv of the sublect orooertv and comnarable sales. fl not, exnlain Mv research "1 did ~ did not reveal anv orior sales or transfers of the sublect oronertv for the three vears orior to the effective date of this aooraisal. Data Sourcels Owner Anoka County Assessors PrOnerlv Account Summarv Mv research l did ~ did not reveal anv orlor sales or transfers of the comoarable sales for the vear nrior to the date of sale of the comoarable sale. Data Source(s Local MLS was the orimarv source of nrior sales data and counlv. ReDor! the resuns of the research and analvsls of the orior sale or transfer hlstorv of the sublect nronertv and comoarable sales Irenor! add~ional orior sales on Daoe 3\. ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale/Transfer 6/16/2000 none in last year from sale none in last vear from sale none in last vear from sale Pnce of Prior Sale/Transfer 153 860 Data Sourcels) Counlv Owner Effective Date of Data SourceiSf 2/22/07 Analvsls of Drior sale Dr transfer histl rv of the sublect nrooertv and comnarable sales The subiect has not been sold within the last three vears. No other sales were noted within the last one vear from closinn date of sale for any of the comoarable sales used in this reoort. Indicated Value bv Sales COTlllarison AODroach $ 289 423 Indicated Value by: Sales Comparison Approach $ 289 423 Cost Approach (n develOped) $ not utilized Income Approach In develoood) $ n/a The direct sales comnarison anoroach is deemed to offer the most reliable indication of value and more weinht is on it. The income annroach is not used . due to the lack of sufficient data with which to form a meaninaful value estimate. The cost aooroach was considered and not utilized ner recent Fannie M nuidelines. The Final Value is rounded down to the nearest $1 000 from the DSC Annroach influenced bv current market trends. This appraisal is made !81 "as is", 0 subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, 0 subject to the following repairs or atterations on the basis of a hypothetical condlnon thaI the repairs or atterations have been completed, or 0 subject to the . followinD reQuired insoection based on the eXlraordinarv assumntion that the condition or deficiencv does not reQuire aneration or renair: and to be used as a resource in makino a ourchase decision. Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certlfication, my (our) opinion of the market value, as defined, of the real properly that is the subject of this report is $ 289,000 as of Februarv 22 2007 which is the date of inspection and the effective date of this appraisal. -'j ":;:1 "'1 :.:1 j >; i ooJ 1 ! l "j -, ! ~J 1 I J Summarv of Sales CDmnarison Annroach See comments ton of DaDe three of six. J :"';,".1, : j ,..1 Freddie Mac Form 70 March 2005 Page 2 of 6 Form 1004 - 'WinTOTAl' appraisal software by a la mode, inc. -1-800-ALAMODE 3121 +H $ Adlustment DESCRIPTION Conventional 1m Mkt Rates 10/06 Ramsev fee simole .6 000 .29 acres + 1 500 residential Custom Rambler loood +35001 (1997) 10 vrs Inood Total I Bdrms.l Baths 5 I 2 I 1 1 56B sn.ft. + H $ Adiustment +12000 +1500 -10000 +1500 .8400 -12460 full +1000 four + 3/4 b nood FA NG CA averaoe four attached + 1 000 d/oj(4sn in GLA1 -250 10 aooliances +4 500 sorinkler/sec FP -7210 0+ ~- $ . Net Adj. 6.1 % 275 790 Gross Adi. 15.7 % $ .7500 -7500 -750 -19150 293 350 Fannie Mae Form 1004 March 2005