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City Council Packet 04-26-2011 BOE
CITY OF PLYMOUTH BOARD OF EQUALIZATION RECONVENED AGENDA APRIL 26, 2011, 6:00 p.m. COUNCIL CHAMBERS 1. Call to Order. 2. Council Action on Recommendations 3. Adjourn. Board of Equalization Reconvened April 26, 2011 2011 Local Board of Appeal & Equalization Staff Recommendations Reports PID Number 2011 Estimated Staff Market Value Recommendation 1. Craig Monson 10-118-22-21-0077 138,400 No Change 2. Curt Swanson 09-118-22-23-0083 60.000 No Change 09-118-22-23-0084 60,000 No Change 09-118-22-23-0085 60,000 No Change 09-118-22-23-0086 60,000 No Change 09-118-22-23-0089 60,000 No Change 09-118-22-23-0090 60,000 No Change 09-118-22-23-0091 50,000 No Change 09-118-22-23-0092 50,000 No Change 09-118-22-23-0093 50,000 No Change 09-118-22-23-0094 50,000 No Change 09-118-22-23-0097 50,000 No Change 09-118-22-23-0098 60,000 50,000 09-118-22-23-0099 90,000 70,000 09-118-22-23-0100 90,000 70,000 3. Alex Olchanski 03-118-22-33-0060 143,300 Appeal Withdrawn Page 1 REPORT 41 2011 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS DAME: Craig Monson PROPERTY ADDRESS: 13838 52"d Avenue N PID 4: 10-118-22-21-0077 LEGAL DESCRIPTION: The Deserve Lot 76 Block 7 PROPERTY TYPE: Residential Townhouse 2011 MARKET VALUE VALUE PRIOR TO LOCAL BOARD ASSESSOR'S RECOMMENDATION LAND MARKET VALUE 35,000 35,000 STRUCTURE MARKET VALUE 103,400 103,400 TOTAL MARKET VALUE 13 8,400 138.400 ASSESSMENT HISTORY 2009 2010 2011 Total Market Value $153,600 $144,500 $138.400 Limited Market Value Improvement Page 2 SUBJECT PROPERTY 13838 52nd Avenue N. Page 3 DIAGRAM Stv Ht Dimensions Sq.Ft. 11B 2 x 8 = 16 2B 12 x 32 = 384 2/B2 12 x 32 — 384 2/B 8 x 30.5 = 244 2B2 8 x 30.5 — 244 2/OH 1 x 12 = 12 Ground Floor Area = 2° Floor Area = Gross Building = Area 644 640 1284 Porches/Decks DECK 6 x 1 12 72 Garages TUCK- UNDER 12 x 32 384 Page 4 U 1 g AVE I r', d Q d 521VO AV SUBJECT 13838 52nd Ave. N. 10-118-22-21-0077 Subject Location Map CI6Y Q1 TitRoca et a'-pli aofBUramc MJ mnwr cey.mi eB.+Ti4 aetlo0e saices q lac Ibeel VMTellaetl. ItIbsaWi leol Hbe Ibb Plymouth, MN a„odasdc pa aTm0egneieoeneaxerees. Page 5 COMPARABLE SALES h1 COMPARABLE #1 13829 54'h Ave N. COMPARABLE #3 13918 52nd Ave. N. COMPARABLE ##2 13727 54'h Ave. N. COMPARABLE #4 1392252Id Ave. N. Page 6 SALES COMPARISON ADJUSTMENT GRID Page 7 Subject: Camp #1 Comp #2 Com #3 Comp #4 ADDRESS: 13838 52nd Ave. N 13829 54th Ave. N 13727 54th Ave. N. 13918 52nd Ave. N. 13922 52nd Ave. N. PID: 10-118-22-21-0077 03-118-22-33-0106 03-118-22-34-0116 10-118-22-21-0011 10-118-22-21-0013 SALE DATE: 4/6/2010 10/16/2009 1213!2010 1111612009 SALE PRICE: 150,500 159,500 139,500 146,900 FINANCING: 5,000 ADJ PRICE: 150,500 159,500 134,500 146,900 TIME ADJUSTMENT: 9.0%/year 6.80% 11.30% 0.75% 10.50% 10,234 S18.024 51.009 15,425 ADJ. SALE PRICE 140,266 141,476 133,491 131,475 TYPE OF BUILDING: 2 Story 2 Story 2 Story 12 Story 12 Story ABOVE GR FINISH: 1284 1284 1284 1284 1284 QUALITY: Average Average Average Average Average AGE: 2002 2003 2002 2001 2001 BEDROOMS: 2 2 2 2 2 OF BATHS: 1+112 1+1/2 1+112 1+112 1+112 GARAGE: Tuck -Under Tuck -Under Tuck -Under Tuck -Under Tuck -Under DECK: Yes Yes Yes Yes Yes LOCATION: The Reserve Middle Unit The Reserve Middle Unit The Reserve Middle Unit The Reserve Middle Unit The Reserve Middle Unit NET ADJUSTMENT: 0 0 1 0 1 0 ADJ. SALE PRICE: 140,266 141,476 133,491 131,475 VALUE January 2, 2011: Mean Adjusted Sale Price: $136,677 Median Adjusted Sale Price: $136,879 Page 7 VALUE CONCLUSION LOCATION: The subject neighborhood is located in The Reserve subdivision. It is located north of 52rid Avenue, east of Chesshire Lane and west of Annapolis Lane. All townhouses in the Reserve were built by Rottlund Homes. There are a total of 13 buildings, each building consisting of four end units and 10 to 12 middles units. There are 52 end unit townhomes and 140 middle unit townhomes for a total of 192 townhomes. The subject property building is bordered by Annapolis Lane and Stoneleigh at The Reserve apartments to the east, and townhouse buildings similar to the subject to the north, west and east. The subject is a middle unit, with an end unit to the east and another middle unit to the west. IMPROVEMENTS and FEATURES: The tow-nhomes in the subject neighborhood were built between 2001 and 2003. The subject property was built in 2002. All middle units are the same floor plan. They are two stories with a basement. They have 1284 square feet above grade and feature a living room, dining area, kitchen and one-half bath on the main level with two bedrooms and one full bath on the second floor. The basement features a laundry/utility area and a tuck -under garage. OWNERS CONCERNS: I spoke with Mr. Monson on March 31, 2011 regarding his 2011 market valuation. Mr. Monson feels the numbers of foreclosed properties in his neighborhood are not being taken into consideration when we set the 2011 market value of his townhouse as well as all the other townhouses in his neighborhood. He stated he had two recent appraisals on his property, one valued at $108.000 and one at $115,000. I explained if his appraisals are re -financing appraisals they may include foreclosed property sales for comparables. I explained this could be one of the reasons his re- finance appraisal valuation is less than our 2011 market valuation. I explained to Mr. Monson the Minnesota Department of Revenue mandates the City- not include bank mediated sales in our sales ratio studies and market adjustments. I also explained Minnesota statues mandate we use sales from the one year time frame of October 1. 2009 through September 30, 2010 for determining adjustments to his 2011 market valuation. I agreed with Mr. Monson that I also feel the foreclosed and bank -mediated sales in his neighborhood are having a negative effect on the selling prices of the arms -length sales. The effect of bank mediated sales can be lower selling prices of the arms -length sales, which was reflected in his 2011 market valuation. Page 8 SALE HISTORY: The original owner purchased the property on September 27, 2002 for $I40.967. Mr. Monson is the second owner and purchased the property on February- 25, 2010 for 90,000. It was a lender owned, foreclosed property sale. Mr. Monson installed new carpet, new front entry flooring. and bought new kitchen appliances and a hot water heater and in August, 2010 listed his townhouse for sale at $146.900. COMPARABLE SALES: The four comparable sales are located in the subject neighborhood. All four sales are the same model to vvnhome, and all middle units. Nvith the same size and amenities. ADJUSTMENTS: Financing: The first adjustment that is made to a comparable sale is for financing. Seller paid points are subtracted from the sales price. Market Conditions or Time: A time adjustment is made to the comparable properties based on market conditions. Comparable #4 sold on November 16, 2009 and Comparable #3 sold December 3, 2010 indicating a nine percent adjustment for the one year time frame. Townhome Differences: No adjustments are made to the actual toiv ihomes because they are the same. RECONCILATION OF VALUE: On April 14, 2011 I viewed the interior of the subject property and confirmed the city's data on the property. is correct. Included with Mr. Monson's application to appeal his value are two recent re -financing appraisals. The appraisals are for TCF and US Bank. The stated intended use is for financing purposes with the intended user being the lending institution. The effective date ofthe first appraisal for TCF is March 22, 2011. The appraisal uses one arms -length sale and five bank mediated sales. The appraisal also lists two current listings. one at 139,000 and a potential short sale listing at $149,900. It values the property at 108,000. The effective date of the second re -finance appraisal for US Bank is March 28, 2011. This appraisal uses one arms -length sale and two bank foreclosures for comparables. It values the property at $11,000. The effective dates on Mr. Monson's appraisals are 2 l// to 3 months past the Januar- ?. 2011 assessment date and use bank mediated sales for comparables which explains why the market values on those appraisals are lower than our 2011 market valuation on his property. Page 9 This is a declining neighborhood. The subject property decreased 10.5% for the 2009 assessment, decreased 5.9% for the 2010 assessment and decreased 4.2% for the 2011 assessment. Looking forward, we are currently halfway through the sale study time frame (October 1, 2010 through September 30, 2011) we will use to determine adjustments for next year's 2012 market valuations. There has been one arms -length sale Comparable #3) that occurred on December 3, 2010 selling for $134,500. There have been six bank sales ranging in sale price from $90.000 to $121,590. There are currently three active listings: two potential short sales at $109,000 and $139,900 and one arms - length listing at $139,000. Based on this data it appears the subject neighborhood will again decrease in market value for the 2012 assessment, however, we have an additional 6 months of sales before we can determine what the adjustment will be. For the 2011 assessment there are a total of 11 sales in the subject neighborhood. There are 5 bank mediated sales and 7 arms -length transactions. The sale price range for an arms -length, middle unit is $146,900 to $159,500. The sale price range for a bank mediated, a middle unit is $90.000 to $150,000. As stated earlier, the Department of Revenue rejects sales of bank mediated properties not allowing the cities and counties to use them in our sales ratio studies in determining market values. After making adjustments to the comparable sales, the mean adjusted sale price is 136.700 and median adjusted sale price is $136,900. Following the purchase of the tow-nhome in February 2010, and prior to listing it on the market in August 2010, Mr. Monson made improvements to the property including new carpet, a hot water heater and all new kitchen appliances. Based on the mean and median adjusted sale prices of 136,700 and $136,900 and the owner's estimated $12.000 recent improvements made to the property, it is the opinion of this appraiser that the 2011 market value remain unchanged at 8 138,400 r Cindy Bowman, CMAS Residential Appraiser 763-509-5353 ebowmancplymouthmn.gov Page 10 W (71-78) (59-70) 118) ro TE— C] cj COMP #1 COMP #2 1 J 82 (86) (87) (88)(89) (90) hSll (79) (80}481} t ) (83) {84)(85) 39) 401)(172-189) ( ) ss ( 37) (41) (134-149) 102 81 0) fkVE 50) a3} 42) (101) ry (100) 49) (48) ( 47) ( 46) ( 45) J 78) rn 1J 4) z58) 57) 56) 55) (77) 54 53) 1 COMP #4 52) 67 51) (83) 66) 65) (68)( 69) 70 ) ft 103) 104-117) 158-171) F„ E v m co v V_ p N Vr0u, 2 W CDWs-'---- N caw-N" __ C O) o n N M Q vomCO r`W LO r37 COMP#3 52A/nA X SUBJECT r;b Comparable Sales Map_ p N City o f This represents a compilation ofinformation and W +E data from city, county, state and other sources that has not been field verified- Information should be field Plymouth, MNI verified and compared with origianl source documents. Page 11 Market value State lase requites that all property- shall be valued at its market value (Minnesota Statutes, Section 273. 1 1, subdivision 1). Minnesota Statutes, Section ?7103, subdivision 8 defines market value" as follows: Ilfarket vahte' means the usual sellingprice at the place where the property• to which the tens is applied shrill be at the time ofassessment; being the price which could be obtained cit a private .sale or an auction sale, ifit is determined by the assessor that the pricefrom the auction sale represents an arm's-length transaction. Ae price obtabieclat aforced sale shall not be considered. " Many professional appraiser.'assessor organizations have a more detailed definition ofmarket value. The elements ofthese definitions can be used to clarify the statutory definition. The definition of market value usually implies the consummation of a sale as ofa specific date under the following conditions: The buyer and seller are typically motivated; Both parties are well informed or well advised and both are actinU in what is considered to be their- m%n best interest; A reasonable time is allowed for exposure in the open market; Payment is made in cash or its equivalent; Financing, ifany, is on terms generally available in the community on the specified date and typical for the property type in its locale; and The price represents a normal consideration for the propert}, sold unaffected by special financuic, amounts andlor terms, ser, ices. fees, costs or credits incurred in the transaction. In other words, market value is the price that would tend to prevail under t`Pical, normal competitive open market conditions. Role of the local hoard in the assessment process The price that would tend to prevail under typical, normal competitive open market conditions. Ni linnesota Statutes, Section 773. l 1, subdivision I further states: In estimating and determining such value, the assessor shall not adopt a lower or different standard ofvahte because the sante is to serve cis a basis oftavation, nor shall the assessor adopt as a criterion ofvahie the pricefor which such property ir-ould sell at aforced sale, or in the aggregate it ith all the property in the toren or district; but the assessor shall value each article or description ofproperry by itself, andat such sum orprice as the assessor believes the same to befair'lu worth in money. ' The lase provides that all property must be valued at market value, not that it may be valued at market value. This means that factors other than market value issues such as personalities or politics) should not affect the market value determined by the assessor. Non -market value factors also should not affect the actions, of the Local Board of Appeal and Equalization. Estimated market value The value determined by the assessor as the price the property would likely sell for on the open market is called the estimated market value (ENIV ). This value is determined on the assessment date, January, 2 of each year. The ENI' for the current assessment year is the only value properh! owners may appeal to the local board, even though taxpayers will also be given a taxable market value. 12 City of Plymouth Assessing Division 2411 Local Board of Appeal and Equalization Assessment Application 3#00 Plymouth Blvd Plymouth, \,IN 55447 Phone: 763-509-5360 Fax: 763-509-5060 Email: assessing@plymouthmn.gov Return this form to the City of Plymouth Assessing Division no later than April S. 2011. By submitting this application your appeal will be entered into the record_ You are not required to attend the Board meeting. Date: 1 Owners Name(s) '-f6, q 0 0') 5 cy-1 Address. Zip Code: 3$i d SZ -_u f1u.1 Office Use Only Date Returned: RECEIVED Received via: Date Withdrawn: Withdrawn via: Dist ` Nbad 1 Q,-22 ( Appraiser C a4,f') Home Number: Work Number: Cell Number: Fax Number: Email: Are O Pe-4,5Gl.r. Lr4?Sfl evool Property ID: I(-) - {/ 6 ` 2 Z 2 1 - UG i 1 Purchase Date: Property Address % k 52"- W A I -k- A), Purchase Price: 2011 Assessor's Estimated Market Value: /S 9i LN 0 Additions, renovations, or improvements since purchase: 20 %D 9G°. r G 0 c.,telf Auk "afe, Arc,—, (5: r a Cost of Oprovements since purchase: Owner's opinion of Estimated Market Value as of January 2, 2011 $ %/r a r, () What are the reasons or r Ya /ca /,e) 0#r—e(1 documentation supporting the /a v d fit) owner's opinion of market value? V f} VC— /sJ R Please attach supporting Documentation) Signa a of aE112011pplicant Date Page 13 Uniform Residential Anpraisal Report rre,purposect his surnfriano appraisal lepows towov!de the IendeVchealwith an aba:rate. and adequately suoparled. opirinin oftherrfi et value of the subreclproperty P Address 13838 52ndAve NropertY City Plyrnotr87 State MN zip Code 55498-t6e9 Borrvrver Cfaig Monson Owrcraf PublicRecurd Monson County Hennepin Legal De=ception Lot76 Stock 7 The Reserve S Assou,,ops Parcel if 1011822210077 TaxYear 2011 RE Taxes 5 1656,00 U Neghnodiood Name The Reserve Map Reference 90-E2 CensusTract 0266:03 13 Occupant © Omer Tenant [:]Vacant SpedalAssessments 5 0 YJ PUD HOA S 165 []peryear ( per month E Property Rights APplaised W! FeeSimple Leasehold Other (describe) C AssignmentType Purchase Transaction W] RefinanceTransamon Other (describe) T LendenClient TCF NATIONAL BANK Address 801 MARQUETTE AVENUEMINNEAPOLISMN 55402 is the subject property currentlyoffered for sate or hasitbeen offered forsae in the me:ve mantis pncr to the effective oat, of this appraisal? Yes [ NoRepartdatasources) used, offering pnodIs), andai te(s). Nwthslar MLS I did old not analyze the contractfor sales forthe subject purchase transaction Explain the results of theanalysis ofthe Wrtract forsate or whythe anatysls was not performed. C Refinance Transection O NContract Price 5 Refinance Doteof Contract NIA Is theproperty sellerthe owner ofPUNICrecord? Yes No Data Soutce(s) NIA R Is there anyfinaraal assistance (lean charges, saleconcessions, grit ordoxnpayment awstanoe, etc.) to bepaid byany party on behalfof the barrow--- Yes NO A ItYes, report he total doilaramountanddescribehe Hems, tohe pad G T Nose! Rape and the Factor composition ofthe neighborhood are not appraisal factors- Neighborhuod Characteristics One -Unit Housipg Trends One -UnitHousing Pri aent Land Use Location Urban ( Suburhan Rural Prcpeny Values ElIrCmasrng L] Stable ® DOCI-Ill-9 PRICE AGE One-Unn 7e Built -Up R Over75% 25-75% Under25Y Derrarld/Supply Shortage InBalance© Over Supply $(000) fyrsl 2-4 Unit G % GAYMh Rapid ® Stable Slow Marketing Time Under3 mths '*13-5mths Over 6 mths go Low New Multi -Family 5 % Neighborhood Boundaries 6550t High 25+ Commercial 4 % North Boundary. County Rd47 East Bnundary. 1-444 South Boundary: Schmidt Lala: Rd WestBoundary- Juneau rn N 195 Peed. 8 Otfter Vacant 13 % Nelghborhaod Description H SeeAddendum El0 RH Market Conditions (Includingsupport fartheabove conclusions) 0 See 1004MC and ted addendum h1r market tend condi ions 0 Dimensions 20 X48 Area460 Sq Ft Shape Rectargula¢ Vim Resicotldal Specific Zaning Classification PJD Zoning Uesuip8on Planned UnitOevelopmenl Zoning Comphance K Legal LegalNancorlfomeing (Grandfathered Use) NoZoning Illegal (descnbe)l Is thehighestand best use of sub;ect property as improved (orasproposed perplansand specihcatiens) the present use? Yes No ifNo, describe The 4 tests were applied which delarmfned the sutlect meets its highest and best useas a single family residence. Utilities Public Other (describe) Public Other (describe) Off-site Irnprovements-Type Public Private S Eledrnaty ® Water © Steel Bitumncus I Gas ® Sanitary Sower ® Alley NFA E FEMA Speual Flood HazardArea Yes © No FEMA Flood Zorne X FERIA Map It 27053CO190E FEMA Map Date 09,0212004 Are the utilities and of -silo improvements typical for the marketarea? ©Yes No It No, describe. IIntt _ Are there any adverse sitecvntliaons or extemal factors (easements, encroachments, envorCflmenral canditklns, landuses, etc.)? Yes :I No Ifver, describe and or ublih7 easements have been rintao andwill not affect marketability. No unfavorableor adverseeasements, encroechmstditiilsorconons Moron ornoted. General Description Foundation Exterior Description matenalseondufnn Interior malar-WId—Idldon tUnits One One with Accessory UnR9 Concrete Sao Crawl Space Foundafion Watts Poured'Avg Rot:m CPtVinVGd 9 of Stones 3 Full Basement Partial Basement Extenor Walls VinyVAvg Walls Drywa!VAvg Type Cet. KAtt.S-OeuEnd Unit BasementArea 217 sq. a. Rauf Surface AsphatVAvg TriftFin:sh 'A'aa'Avg I(9Edstrg Proposed Under Const Baserinerr Finish 100 % Golfers&0Ownspouts MetaVlvg Bath Floor VinyVAvg-Gd Desgn (Style) Tovnherrw_ Outside EntryrExit Sump Pump Vv OCC,,, Type GliderfAvg Bath Wamseot Fibergl Year Bwlt ZG02 Evidence of Infestation StormSaswinsulated ThermalYes'Avg Car SrveNa Nan, Effeclrve Aga (Yrs) 4 iertDassL_mpneI Settr Screens Yesilkvg i Dnv,Hay # ofCars 1 Driveway Surface AsphaltIAMCL) N— Heating ®FWA[:]HWt38 Radiant Amenities WcooStave(s) x_ P crop Stair Slays Other FNH Gas Fireplace(s) p_ Fert IX3Garage pofCars 1 Tand R Ftoor Q, Srutte Cooll X Central Air Cchdihortrng 9PatiofDeefr Perch Carport oofCars fl Finished []Heated El Individual Elother J Pool Other Ari Det ®i3uih-in Nt Appliances :e Refrigertesr I+ RangeJOven R]Drshwasher :.: crave D. Wasrer-Dryer Other (de. nbe) E Finished area abovegrade Contains: 5 Rooms 2 B arccn-.s 1 5 Bawls) 1285 Square rept of Gross Lning Anda Above GradeNAdditionalfeatures (special energy effi<ienl items, etc.) T S Ititchan equipment Dessbe thecarditibn or theprcPeriy 6rUuding needed repairs, deterioratcn, renovaaons. +embdHrng, etc) An uedaled and adeeuately complained dwaiGem that in—id,rasl in bn in r713 a ,in M nrbt.mom-& v howl m rwmnluonA— anNao thenad by FNMA I ion oraodaMc Page 14 Uniform Residential Appraisal Report File# 70-03573677 There are 7 comparatile properties currently offered for sola in thesubject neighborhood ranging in line from 5 104453 There are 8 comparable sales m the subject neighbedlood within the pasttwelve months ranging insale pncefrom a 90000 to 5 249900 to; 150509 FEATURE I SUBJECT COMPARABLE SALE * 1 COMPARABLE SALES2 COMPARABLE SALE 4 3 Address 13838 52nd Ave N 13918 52ndAve N Pymauth Plymouth 13852 52nd Ave N Plymouth 13810 52nd Ave N Plymouth PrmdrretytoSub ect 0.03 "las WNW 0.00 mi!iasWNW 000 smiles ESE Sale?ace $ Rehnance IS 139500 97506 108000 Sale Price/GrossLiv. Area S 0.00 art g. S 108.84 sq If 75.93 SO It B4.11 sq.8. Data Source(s) NSMLS#3948329 NSMLS#3995654 NSMLS#3983748 venfira4on Sourcetsl County Records County Records REO County Records REO VALUEADJUSTMENTS DESCRIPTION DESCRIPTION • 1.1 SAdlu.tment I DESCRlFTION +-i= DESCRIPTION •t-+S+Qu=error:t Sale or Financing FNA Concessions 5500D -5000 Conventional I None Conventional 53000. 3080 OaleofSalarme 12/032010 -675 0110312017 1173012020 -1958 Location Suburban Suburban Suburban Suburban LeasehoUfFee Simple FeeSimple FeeSimple Fee Simple Fee Simple Site 9605q.F1 960 Sq.Ft 960 Sq.FL 960 Sol FL View Residential Residentcal Residential Residential Design (Style) Tadmhomeilint Townhtlnle lnt Townhcwmr nt TavnhomeAnt Gwrityet Constnrctian Freme/Averege FrameJAvemge Frame/Average FrarnalAverage Actual Age 9Years 10 Years B Years 8 Years Condition Average -Good Average -Good Average 50CA Average 5000 AboveGrade Total I Bdd1s Baths Total I Barns, Baths TotaV Bdfms. ®arks Total edrro Baths Room Count 5 2 1.5 5 2 1.5 5 2 15 5 2 1.5 Gross Dining Area 1285 sq.9 1284 sq fL a 11284 sq.ft 0 1284 sq,fL 0 Basement 3Finished Panial Partial 0 Partial D Partial D Roods Eel Grade 217 SFFin 217SF Fin 217 SF Rn 217 SF Fin Functional Utility Average Average Average Average HearinglCooling FWA ClAir FWA MAif FWA C1Alr FWA C1Air Energy Efficient Items Unknovan Unknoevn Unknown Unknown GaragelCarporl t Car Garage 1 Car Garage 1 Car Garage I Car Garage Porrh)PatiaDeck Deck Deck Deck Deck Fkeptace(s),Ela. None None None Fireplace -1013D Fence,Pool,Etc None None None None DOM NIA 90 19 13 Net Adjustment tTotall + X _ S 5675 R]+ _ $ 5000 E]* 5 _ $ 50 Adjusted Sale Pace Nell -2j -1-1 % ofComparables Gross -dl 4,1 via $ 133825 Neldcy. 5 1 % Gross Ary 5.1 e/ $ 102500 11 :A 0.0 % Grassaq 9.3 % S 1D7950 I ©oid did nor research the sale ortransfer history of the subject property and comparable sales. If not. explain My research ® did did notreveal any once sales or transfers ofBre subject property forthe three years poortothe effectivedate of this appraisal Data seurce(s) MLS,County Records My research did ® did not reveal any prior sales or transfersofthe ccrnparab!esalesfor theyear priorto The dateof sale of the comparable sale Data source(s) MLS.Counly Records _ Reportthe results of the research and analysrs of theprior sale or Transfer h+shey of the subjectpropertyandcomparable sales (report additional prior saleson page 3). ITEM SUBJECT I COMPARABLE SALE #1 COMPARABLE SALE42 COMPARABLE SALE #3 Date ofPrior Salelfransfer 021.1&201 J MA 08105x2007 NI'A Price of Prior Sateitransfer 9000D NIA 18"Zo N!A Data Sources) Norlhslar MLS,Counry Northsi$r MLS,Cpunty Nodhstar MLS,County Noftislar MLS,Counry Effective DateofDataScu rce(M 03x2112011 10312112011 1 93!2112911 03!2120! 1 Analysis ofpriorsale oftransfer history cfthe subject property and comparable sales The subvert has aprevious sale as indicated above, this sale vres an REO purchasethatvrasin needofrepairs. the subject hasalso received repairs and updates since purchase asit dicaled an the !ext addendum. Comparable 2hada prewauS sale whichappears tohave been atypical mental, transaction- The, subjec, dosed comperabiesand listingshave era otherprevioussales history mthe past5 years. Summary of Sales Comparison Approach See Text Addendum forsummaryandexplanation ofadjustments. Indicated Value by Saes Compariscn Appr ch S IC8000 Indicated value by: Sales Comparison Approach S 106000 Cost Approach (if developed) S_113136136 Income Approach (If developed{ $ n'A Page 15 Uniform Residential Appraisal Report File# 70-03573677 FFATURE I SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Address 13839 52nd Ave N Plymouth 13602 54thAveN13927 Pymouth 54th Ave N Pymouth 1365054thAve N Plymouth Prmumity to Subject 0.26 males N 0.27 miles NNW 0.27 mules N Sale Pnce Refinance S 90000 106000 127500 Sale Pnce/Gtoss Liv. Area S 000 sq.rL 70.09 sq.(( 64.11 art it S 99.30 sqTt. Data Sourcetsj NSMLS#3967244 NSMLS#3955156 NSMLS#3690461 Vedfiration Sourte(s) County Records ShortSaie County RecordsREO County Records Short Sale VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION • I- S usrmvent t DESCRIPTION a {_- 5' us"t DESCRIPTION Saleor Finandng ConcFssicns Conventional None Convenlronal 3240 Conventional 3240 $2500 -2500 DateolSaleiNrne 12/102010 450 1210112010 525 0712112010 -3750 Lorsban SubuRlan Suburban I Suburban Suburban LeasenckifFee Simple Fee Simple Fee Simple FeeSimple Fee Simple Site 9660 Sq.FL 950Sq-Ft960'Sq.Ft. 960 Sq FL View Residential Reskterdial Residential Residential Design(Styte) Ta"harlleAnt TaxnhomeAnt Te homelnl ToornhomeAnt Uuality of Construcacr Frame(Average Fram&Average FrameJAverage Fra crAverage Actual Age 9 Years 5 Years 6Years 8 Years Condition Average -Good Average 5000 Average 5000 Average-GoW Above Grade Total I Bdmis Batn$ Total Rtlmna_ Baths Total Bdmvs. Baths Total I Bdrms. Baths RoamCount 5 12 L5 5 2 1.5 1 2 1 1.5 GrossIrving Area 1285 sq if 12e4 sq.ft 0 1284 sq R. 0 1264 .sr{ ft 0 Basement & Finished I Partial Partial 0 Pamal ill Partial 0 Rooms Belau Grads 217TSF 217 SF Fin 217 SF'Fin 217 SF Fin FwKAonal Utility Average Average Average Average HezitngiCoding FWA C1Air FWA ClAir FWAC1Air FWA DArr Energy EfficientItems Unkno" Unknown Unkrwxn Unkrwym GaragelCarport 1 Car Garage I CarGarage t Car Garage I CarGarage PardVPatiNneck Deck Deck Deck Deck Firepace(O,Etc, Nme None None None Fence,Pobl,Etc Nene None None None DDM N10, 94 95 261 Net Adjustment (Tctail I+ _ S 4550 RI + _ '. S 9235 + 91- S 6250 Adjusted Sale Pnce Of Comparables Nel Adi. 5.1 % Gr,s A. 6.1 % $ rI.1 Ae1 1.1 % 94550 GrossAoj. B.1 urn $ NetAql. 4.9 % 109235 Gross Alp 4.9 %. $ 121250 Summary al Sates Comparson Approadt See hurtaddendum forsummary of sales comparison. ITEM SUBJECT COMPARABLE SALE N4 COMPARABLE SALE #_ 5 1 COMPARABLE SALE #6 DaleofPnor SaIwTransfer 02128120 10 NIA WA NIA PriceofPnor SalerTransfer 90000 NIA k!A 111A Data. Sdurce(s) Nerthstar MLS.Ccuny NorthslarMLS,County NatmstarMLS,County Ivc tvstarMLS_,Counry Effective Dale of Dasa F.oLme(s) 032112011 032112011 1 03J2112911 03.21!2011 Anaysisof prior sale or nnnsfer history of the subjectproperly and oumparaOe sales Page 16 ADDITIONAL LISTINGS File# 70-03573677 FEATURE j SUBJECT LISTING # 1 LISTING # 2 LISTING # 3 Address 1383852ndAve N Plymouth 13941 54th .Ave N Pfrmouth 13816 52nd Ave N Plymouth Proximity toSubied 0.28 milesNNW 6.00 miles ESE List Prue 139000 149900 List PriceiGross Liv. Area 0.00 sq.ft 109.26 sq ft 119.74 sq.ft. S sq It LastPrice Reason Date 0211912011 NIA Data Souroe(s) NSMLS# 4004382 NSMLS# 4021381 Ven9raten Source(s) County Records County Records Short Sale VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +I-15A4usm>errt DESCRIPTION *1-I.sAut i DESCRWIfGN Sale or Financing Concessions Active Listing UsVSale 'S Active Listing 2000 Usti581e -2250 Dayson Market 58 13 Location Suourban Suburban Suburban LeasehotJJFeo Simper Fee Simple Fee Simple Fee Simple Site 960 SqFL960 Sq. FL 960 Sq.FL View Resctendal Residential Residential Design(Style)Towrinrx Int TOWnhanvallnt TvrmilumWInt QualityorConstruction FramsAverage FramrJAverago FramPJAverage Actual Age 9 Years 0 Years 9 Years Concliton Average -Good Average Good Average-Gocd AboveGrade Total 13dm+s. Baths Total OCrms. I Oaths Tot.B 8dirrini. Oaths Total Bdrms. Baths Room Count S 12 11.5 5 12 1 1.5 5 12 11.5 Gross Living Area 1285 sqft 1284 sqft 1264 sgJL sqR Basement & Finished Partial Partial Partial Rooms Below Grade 217 Sr Fm 217 SF Fin 217 Sr Fin Fu tiwai Utility Average Average Average HeabrKIlCoclirig FWAC1Air FWA C1Air FWA WA. Energy Ef derit items Unknown Unknown Unknown GamIleiCarport 1 Car Garage 1 CarGarage i Car Garage Porch9abolDack Deck Deck Deck Fireplace(s),E1o. None None Frepiace -LOCO Fence, Pool. Etc. Nurse Nona None DDM NIA 88 13 Net AduslmeriI LFotal. 2000 E] + ®- $ 3250 + Adjusted Listing Price orComparables NelAq -1.4 u/ Acy. 14 % $ NetA,. -2.2 of Nci Adr. 137000 GruaAal. 22 is $ 146650 Grrsss ABf ITEM SUBJECT LISTING # 1 LISTING # 2 LISTING # 3 Dateof Priar Sa*fTwrsfer 0212&2010 WA NIA Price of Prior SalaiTransfer 94040 NIA NIA Data Soun*sl Nrxdrsrar MLS.County Norlhstar MLS.County NoMstar MLSCounry Effective Date of DataScurmIsl 0312112011 03i2w2011 0312112011 Comments Ust,Saleadjusbnenls madeat 1.515 per market data in the text addendumand 1004MC. See summary in text addendum forexplanaton for gntl ad usureirrs. Page 17 Uniform Residential raisal Report 4-93573677 21. The lenderlclient may disclose or distribute this appraisal report to the borrower, another lender at the request ofthe borrower the Mortgagee or its successors and assigns: mortgage insurers; government sponsored enterprises: other secondary market participants; data collection or reporting services, professional appraisal organizations: any department, agency. or instrumentality of the United States; and any state, the District at Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraisers if applicable) consent Such consent must be obtained before this appraisal report may be disclosed or distributed to any other partyincluding, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. 1 am aware that any disclosure ordistribution of this appraisal report by me or the lendedclient may be subject to certain taws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part ofany mortgagefinancetransactionthatinvolvesanyoneormoreoftheseparties. 24. Ifthis appraisal report was transmitted as an "electronic record" containing my "electronic signature." as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negUgent misrepresentations) contained in this appraisal report may result in civic liability and/or criminal penalties including, but not limited to fine or imprisonment or both under the provisions ofTitre 18, United States Code, Section 1401, el seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that 1. t directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraisers analysis, opinions, statements, conclusions, and the appraisers eertificatien. 2. t accept full responsibility for the contents of this appraisal report including, but not limited to, the appr'aiser's analysis, opinions, statements, conclusions, and the appraisers certification. 3. The appraiser identified in this appraisal report is either a sub -contractor or an employee ofthe supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law 4 This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated bytheAppraisalStandardsBoardofTheAppraisalFoundationandthatwereinplaceatthetimethisappraisalreportwasprepared. 5 If this appraisal reportwas transmitted as an "electronic record" containing my "electronic signature,"' as those terms are defined in applicable federal andlor state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version ofthis appraisal report were delivered containing my original hand written signature APPRAl/ - Signature ' L/ Name M,0ael.s smith Company Name FlniinP•eAprxeis W Ltc Company Address 3739131st Lane rvw Coon Rapids MN Telephone Number 612-5ee-7335 Email Address PrinaPleAP91,mait mm Date of Signature and Report 03122f2910 Effective Date of Appraisal 4321WI I State Certification # 20395652 or State License # or Other (describe] State # State MN Expiration Date of Certification or License 0&31022[111 ADDRESS OF PROPERTY APPRAISED 13636 32ndAve N SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date ofSignature State Certification # or State License # State Expiration Date of Cerllfication or Licerise SUBJECT PROPERTY Did not inspect subject property Did inspect exterior of subject property from street Page 18 TEXT ADDENDUM F-fle No. 74035736—n aUtrryAerlCdenl Craig Monson Property Address 13938 52nd Ave N C,ty Plymouth County Hennepn Stale MN Zip Cede 55446-1979 Lender TCF NATIONAL DANK Type ofAppraisal Principle Appraisals, LLC Single Family Residential Property Additional Listings: Subject Data Source MLSftnspectien Singfe Family Residential property Additional Listings: Subject Verification Source County Records Subject: Data & Verification Sources MLSflnspeclion Subject: Data & Verification Sources 2 County Records Amenities: Patio desc. Cmp SubjecL Date of Salerrime NIA Subject* Sales or Financing Concessions NIA Single Family Residential Property Additional Listings Subject Sales or Financing Consessions Line t NIA EconomicAge Basis 70 GLA Adjustment Factor 30 Financial Assistance- Amount NIA Single Family Residential Property Additional Listings: list Comp 1 Original List Price 43500 Single Family Residential Property Additional Listings: List Camp 2 Original List Price 144900 Beginning Addendum CLARIFICATION OF THE INTENDED USE AND INTENDED USER: The Intended User ofthis appraisal report is the Lender/Client. The Intended Use is to evaluate the property trial is the subject of this appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose ofthe appraisal, reporting requirements ofthis appraisal report form, and Definition of Market Value. Noadditional intended Users are identified by the appraiser SCOPE OF WORK: The appraiser has viewed all readily accessible areas of the dwelling (and anyother building structure located on the property). This complete visual inspection is ant intended to be the same depth or for the same purposeas a home inspection. The appraiser has viewed the propertysolely for valuation purposesand to observe property characteristics that a typical purchaser would consider in theirdecision maldng process. as veil as those items outlined in the assumptions and limited conditions and certifications to this appraisal Personal property or chattel was not included in the appraised value_ Areas with limited access, i.e. atticsand crawl spaces, have nut been viewed. TWELVE: MONTH LISTING HISTORY OF SUBJECT PROPERTY The subject has no prior listing history in the past 12 months. Nerthslar MLS, NEIGHBORHOOD DESCRIPTION The subject is located in The Reserves PUD project ofPlymouth which is approximately 11 miles NW of theMinneapolis central business district. The defined neighborhood consists of detachedsingle family homes, multi family apartments and attached singte family homesthat generally conform with one another in style, size and price range. All neighborhood conveniences inducting shopping, public schools, parks and highway access are within reasonable distances. The subject's location generally satisfies expectations of prospective buyers in this value category. No adverse ccindilions were observed. SITE COMMENTS: The subject is an interiorsite that is typical ofthe project in terms of size and appeal. The site overlooks othersingle family residential properties tothe front The topography gently slopesto the front providing adequate drainage. There is an asphait.ddveway that extends from the streetto the mprovvements. There is a concrete walk off the driveway, which leads to the front entrance,. The site contains established lawn area and typical landscaping. The site provides a suitable setting for the home improvements - Drainage and or utility easements are typical and will nut affect marketability No unfavorable dr adverse easements, encroachments or conditions known or noted. The appraiser is not aware of anytesting for the existence or presence ofradon, asbestos, toxic substances, nr other environmental pollutants in the building, land, or other surrounding areas, and that the values assigned herein to the land and buildings assume that no such contaminants exist. We further recommend that if you have knowledge ofor reason to suspect the existence ofsuch pollutants, that you obtain an environmental assessment of the property. To thebest of out knowledge, there are no environmental risk factors which may affect the real estate being appraised. Page 19 TEXT ADDENDUM FA No : n-a3sase: r Bvrtcner+Crient Craig M-wn Prop" Address 13838 52nd AveN City Plymouth C_' my rrennetrn state YN Zip Code 5WS-1629 Lender TCF NATIGt1AL 4A.r K over the past 6 months, this decline can be adribuled to the REOlshort sale inventory and the slight current over supply. Listpricing has remained stable with a decline in marketing time. Lisllsale ratios have remained stable with seller concessions in the 1%3% range being common. Entire Neighborhood Statistics Inventory Analysis Prior 7-12 Months Pnor4-6 Months Current -3 Months Total # ofComparable Sales (settled) 20 10 8 Total # oflistings 14 7 18 Median Comp Sale Price $186.(700 $131,750 $128,000 Median Comp Sales DOM 43 104 65 Median Comp List Price 5179,950 5146,500 $235,400 Median Comp Listings DOM 93 103 46 Median Sale Pnrx as % of fast Price 98.6 % 98.6% 98.1% Source: Northslor MLS (data includes ALLSFR property types within the defined neighborhood) Zillow data for SFR inzip code 55446: M -o -M -1.9%, Oo-0 -5-3%. Y -o -Y -76% DESCRIPTION OF IMPROVEMENTS: The subject is a stick bull( attached single family home- The exterior consists of vinyl siding with stone accents, asphalt shingle roof, glider thermo windows and a. deck which has access from main floor living area. The interior of the dwelling has carpet in living„ dining, hallway and bedroom areas, laminate flooring in kitchen, foyer and basement utility_ Baths have vinyl flooring with the full bath having a fiberglass surround. Merhanicals consist of forced air furnace, central NC and water heater.. The utilities were on and functional at time of Inspection. CONDITIONS OF PROPERTY The subject is considered to be in a C3 average togood condition based on FNMA UAD standards. The subject has received recent updating which includes, recently sea] coated driveway, new carpet and pad thfoughoul, new fluoring in foyerand utility area. New hot water healer. interior paint and newkitchenappliances. The subject was purchased slightly over 1 year ago as an REO which needed the fallowing repairs including the updates above, Drywall repair, miscellaneousdoor replacement and plumbing repairs- The subjects physical depreciation has been reduced based on the updates and repays previously noted. C3 definition) The improvements are well maintained and feature limited physical depreciation due to normal wear and tear Some components, butantevery major building component, may he updated or recently rehabilitated. The stntctura has been well maintained. COMPARABLE SEARCH AND SELECTION A detailed search was conducted for comparable sales that reflect current market conditions and are similar to the subject in location, design,. utility and overall appeal. After extensive research, the comparable sates utilized were considered the most representative ofthe subject andcurrent market conditions. All adjustments are unbiased, impartial and based upon market data and reaction. SLMMARY OF SALES COMPARISON: Al of the closed comparables provided ate within typical dislances with no location adjustments warranted_ Concessions are Typical in this market and were adjusted for seller paid ooncessions considering any arlificial increase in sales price. The subjects area was diligently searched in orderm provide comparables less than 90 days old due to declining market. Comparable 2 was the onlyavailablesalesimilartothesubject, Comparable 6 exceeded 5 months but was included for additional support. remaining oamparables are over3 months but under5 months. The comparables exceeding 90 days received a time adjustment to account for market changes since date ofsale and were adjusted based on a concluded 3% market decline overthe past 6 months. The time adjustment is made at a factor .005 per month to bring the comparables into the current quarter and adjusted after concessions. All comparables provided aremodel matches with only minor variances in amenities, condition andseller motivation. Condition aripsiments cost to cure to the REO/shortsale properties into typical market sales conditions. The comparables receiving these adjustments had listings which indicated items needed forrepair which included flooring, light fixture and "TLC These comparables had effective ages similar to theiractual age wrtich is above typical wearand tear As all the comparables provided are model matched properties, no abovefbelow grade GLA„ bedroom or bath adjustmentwere warranted A fireplace adjustment was made at 51000 and was based on current and historical CONTINUED ON NEXT PAGE— Page 20 TEXT ADDENDUM F". N. 10-03573677 BurrorerrClient Craig Monson - - PreperlyAddress 13838 52nd AveN City Plymouth County Hennepin State MN Zip Code 55446-1629 Lender TCF NATIONAL BANK paired sales from the subjects project. Comparables were weighted based on overall neligross adjustments and similanties, time and overall appeal. Listings were given competitive consideration as current market representatiarr. Asthe subjects market RagfTEClshori sate acUrityvVAfdh appears fi have anefecl onoverall piciug, these comparables were given similar overall weight. SUMMARY OF RECONCILIATION: Most emphasis was placed on the Sales Comparison Approach to Value. TheCost Approach was not applied due to speculative depreciation, and lack of recent vacant land sales. The Income (GRM) Approach was not considered ashomes are normally not punMased for investment purposes. Estimated value assumes a subject marketing time of ± 3-6 months. COST APPROACH COMMENTS: At the request of the client, the Cost Approach was attempted, but was not considered applicable as it did not aid in developing a credible result due to theageoftheimprovements, speculativedepreciation, and lack of recent vacant land sales. INCOME APPROACH COMMENTS: The Income Approach was not relevantto this assignment. The income Approach would not aid in developing a credibleresultandisnotrequiredwithinthisscopeofwork_ LENOER COMMENTS: In the subjects projectthere have been 17 sales in the past 12months, ofthose sales 11 were REQ or short rates 65%}, ofthe 7 amrent listings 3 are REOrShort Sales (43%) The subjects immedmate market appears lobe driven by REO7Short sales. Comparables, 2,3.4,5 and 6 wereIncluded perWader guidelinesand they are over60% of the subjects total sales mancef- Page 21 SouLhwest Financial 3/3012011 2:22:43 PM PAGE 21013 Fax Server Ne'lh 3na INN451 u Summae ADDmisal RoDort FOR INTERNALRISK ANAUIS15 Fest 0-0 M__ 52m Aue,.t;o %I 7p -44s 62%G7 Y k:-, S IU]20 s _-u,coo Tr,,VMIA P q no 79- 7,7,, Pm9 A s, 4i ;_7 s 9233 7 Ew3 - p" "3N 71 486 5', all -phhdly, a[ __01 12_!tb 111.t los I or I 11;aAll Page 22 SaLLhHEE;t Financial 3/30/201: 2.22:49 FM PAG -7 4/013 Fax So"er ADDENDUM cncral Carnmcnls Page 23 Snuthwa5t Finance._. 3i30+7 -G.: Z'22'.g9 P4 PAG I- _ 0 X 1 3 Fax VL JI" rnara n•: -- .. ... - ._ _., ,.on rrt. moo m res -•a . —. . -. : ..mac.. ni]D SALE WITHIN TIIC.EE YEARS AND RECONCMAIDON Jnl... men s mea. In. I T Sa" 11. mI 19AIJt'a c1ammIdaasslCP a -n -.o eye .m9 an9.411 n16Y' x>>C'. a nmiu.al en R].!t •a ,:e na.... u. em •nOn lo[ APPRAISER L._ Page 24 REPORT # 2 2011 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS NAME: Brooklyn Park Investments, LLC / Curt Swanson PROPERTY ADDRESS: Unassigned PIN# LOT / BLOCK PROPERTY TYPE / ELEV 2009 VALUE 2010 VALUE 2011 VALUE PRIOR TO LOCAL BOARD ASSESSOR'S RECOMMENDATION 09-118-22-23-0083 1/6 LR 1 LO 70,000 70,000 60,000 No Change 09-118-22-23-0084 2/6 LR / LO 70,000 70,000 60,000 No Change 09-118-22-23-0085 316 LR / LO 70,000 70,000 60,000 No Change 09-118-22-23-0086 4/6 LR / LO 70,000 70,000 60,000 No Change 09-118-22-23-0089 3/7 LR 1 LO 70,000 70,000 60,000 No Change 09-118-22-23-0090 417 LR / LO 70,.000 70,000 60,000 No Change 09-118-22-23-0091 517 LR 1 LO 60,000 60,000 50,000 No Change 09-118-22-23-0092 6/7 LR 1 LO 60,000 60,000 50,000 No Change 09-118-22-2.3-0093 717 LR I LO 60,000 60,000 50,000 No Change 09-118-22-23-0094 817 LR 1 LO 60,000 60,000 50,000 No Change 09-118-22-23-0097 11/7 LR / LO 60,000 60,000 50,000 No Change 09-118-22-23-0098 1217 LR 1 LO 70,000 70,000 60,000 50,000 09-118-22-23-0099 13/7 LR 1 WO 100,000 100,000 90,000 70,000 09-118-22-23-0100 1417 LR/WO 100,000 100,000 90,000 70,000 Page 25 69) 51ST A V4 3 2) (33) 37) (31 } (34) 70) 91 (35) 92) o 83) ti 93) (108) °,? (36) J (94) _ P` 1 (101) 98) ( 4 7) 1 D2) 97) ( 103) (46) Q. . c J m ( 98) U. 0 b 134) o } 51) (49) 0 i (38) t52) 1 (44) City of Plymouth, MN I Subject Location Map T14 lrprr:r it a•.clnpna0.i rnttma8ai aid L3 1006 Olt. COt1t,. ,: ble at (I 04e raoi rce: tlar iaS lotbee t S! li9e1Wc!. IiY 1u 3051:101it be 11!Y3 e [Wd 31d CQripaled'Arlli 01 tjkl11:G,11Q' dc,---Iln? at. 2 Page 26 SEVEN GREENS TWINHOMES PID DATE OF SALE SALE PRICE LAND VALUE VIEW NATIO (land / sale) New 09-198-22-23-0059 12/28/2010 355,081 50,000 Traffic 14% 09-118-22-23-0060 1/28/2011 405,573 50,000 Traffic 12% 09-118-22-23-0095 10/12/2010 443,600 50,000 Traffic 10% 09-118-22-23-0096 6/30/2010 383,800 50,000 Traffic 12% Pre -owned 09-118-22-23-0065 2/19/2010 340,000 50,000 Traffic 14% 09-118-22-23-0101 4/29/2010 509,000 70,000 House 14% PLYMOUTH TWINHOMES Pre -awned 02-118-22-22-0040 1/1/2010 219,900 53,000 Traffic 24% Bass Lake Estates 15-118-22-42-0053 6/30/2010 299,900 60,000 Houses 20% French Ridge Park 07-118-22-31-0036 11/19/2009 369,900 86,000 Railroad 23% Cascades 10-118-22-33-0173 7/23/2010 360,000 85,000 Wetland 24% Hidden Terrace 07-118-22-34-0042 3/10/2010 375,000 86,000 Houses 23% Cascades 02-118-22-13-0039 8/25/2010 355,000 87,000 Traffic 25% Pike lake woods 02-118-22-22-0040 1/4/2010 210,000 53,000 Traffic 25%n Bass Lake eEstates 09-118-22-34-0037 6/28/2010 160,000 39,000 Wetland 24% Amhurst 16-118-22-41-0035 12/4/2009 164,000 45,000 Traffic 27% Cedar Ridge 16-118-22-41-0040 10/23/2009 162,000 45,000 Houses 28% Cedar Ridge Page 27 OWNERS CONCERNS: Mr. Swanson has retained Laurie Karnes of Land For Sale, Inc. to represent him for this appeal. She has prepared a Summary Report to illustrate her opinion of value for the vacant twinhome lots in the Seven Greens Addition. A copy of the statutory definition of market value" has been attached, see Page 6. VALUE CONCLUSION LOCATION: Seven Greens Addition is located in the northeast quadrant of the intersection of Schmidt Lake Road and Vicksburg Lane North. It is bounded on the north by the railroad, on the south by Schmidt Lake Load and on the west by Vicksburg Lane North. Seven Greens enjoys direct access to Southward Green and Woodland Trails Parks and is in close proximity to Providence Academy and Wayzata High School. SITE: There are 14 lots under appeal, all are located on 50`h Place North. Two of the lots are walkout lots with the balance of the lots having a lookout elevation. Five of the lots back to Vicksburg Lane North and have less market appeal than interior lots. In Ms. Karnes' report she used the foreclosed sale price of one twinhome lot in Plymouth to establish the value of these five lots. She then made an allowance to reflect a superior view for the other nine lots in this appeal based on the views of single family home sales in the Crescent Ponds Addition in Blaine. Also cited in Ms. Karnes' report is the raw land cost and subsequent bank sale of Lakeside Third Addition, a twinhome development in Chanhassen. Ms. Karnes highlights four townhome sales in the Bear Path Addition in Eden Prairie. She states that they represent a "ceiling" on values for Seven Greens. A statistical allocation of lot value divided by sale price reveals a range of 20% to 27% for the Bear Path lots, very comparable to Plymouth Twinhomes on page 3. Additionally, there were two recent sales of new construction twinhomes in the same subdivision and adjacent to Ms. Karnes' "comparable" foreclosure sale. These improved properties sold for $273,000 and $267,000 with a lot value of $72,000 resulting in a 26% and 27% ratio, respectively. It should be noted that these sales are outside the time frame for the 2011 assessment and were non qualified sales due to the improvements made during the assessment year. All of the lots in the current appeal were reduced for the 2008 and 2009 assessment as a result of a tax court petition filed by Mr. Swanson. They were again lowered for the 2011 assessment to reflect the decline in the twinhome market. 4 Page 28 RECONCILATION OF VALUE: Twinhome lots in Seven Greens are purchased in conjunction with an improved twinhome unit. The choice of models is determined by the builder/developer, Curt Swanson. It is not possible to simply purchase a lot, find a builder and design your own home. Without lot sales to analyze for valuation purposes, it becomes necessary to use the allocation method. This method allows the appraiser to expess the value of unimproved lots as a ratio of the sold price of similar improved properties. Using qualified sales of new and pre -owned twinhomes in Seven Greens, (table on Page 3), it can be seen that the unsold, developer owned twinhome lots are equalized and fairly valued. It is supported by qualified twinhome sales, also from the table on page 3, in Plymouth. The statistical allocation for all twinhomes lots in PIymouth is in the range of 20% to 28% of sale price. It is at 10% to 14% in Seven Greens. It is the opinion of this appraiser that the 14 lots in Seven Greens be valued as follows: PIN# LOT/BLOCK PROPOSED 2011 ASSESSORS RECOMMENDATION 09-118-22-23-0083 116 60,000 No Change 09-118-22-23-0084 2/6 60,000 No Change 09-118-22-23-0085 316 60,000 No Change 09-118-22-23-0086 4/6 60,000 No Change 09-118-22-23-0089 3/7 60,000 No Change 09-118-22-23-0090 4/7 60,000 No Change 09-118-22-23-0091 517 50,000 No Change 09-118-22-23-0092 6/7 50,000 No Change 09-118-22-23-0093 7/7 50,000 No Change 09-118-22-23-0094 8/7 50,000 No Change 09-118-22-23-0097 11/7 50,000 No Change 09-118-22-23-0098 1217 60,000 50,000 09-118-22-23-0099 13/7 90,000 70,000 09-118-22-23-0100 14/7 90,000 70,000 J_ -1 J. Michael Vander Linden,AMA Appraiser 763)509-5356 tnvanderl ccpl vmouthmn. izov 5 Page 29 272.03 Subd. 8.Market value. Market value" means the usual selling price at the place where the property to which the term is applied shall be at the time of assessment; being the price which could be obtained at a private sale or an auction sale, if it is determined by the assessor that the price from the auction sale represents an arm's-length transaction. The price obtained at a forced sale shall not be considered. 273.11 Subdivision 1.Generally. Except as provided in this section or section 273.17. subdivision 1, all property shall be valued at its market value. The market value as determined pursuant to this section shall be stated such that any amount under $100 is rounded up to $100 and any amount exceeding $100 shall be rounded to the nearest $100. In estimating and determining such value, the assessor shall not adopt a lower or different standard of value because the same is to serve as a basis of taxation, nor shall the assessor adopt as a criterion of value the price for which such property would sell at a forced sale, or in the aggregate with all the property in the town or district; but the assessor shall value each article or description of property by itself, and at such sum or price as the assessor believes the same to be fairly worth in money. The assessor shall take into account the effect on the market value of property of environmental factors in the vicinity of the property. In assessing any tract or lot of real property, the value of the land, exclusive of structures and improvements, shall be determined, and also the value of all structures and improvements thereon, and the aggregate value of the property, including all structures and improvements, excluding the value of crops growing upon cultivated land. In valuing real property upon which there is a mine or quarry, it shall be valued at such price as such property, including the mine or quarry, would sell for at a fair, voluntary sale, for cash, if the material being mined or quarried is not subject to taxation under section 298.015 and the mine or quarry is not exempt from the general property tax under section 298.25. In valuing real property which is vacant, platted property shall be assessed as provided in subdivision 14. All property, or the use thereof, which is taxable under section 272.01. subdivision 2, or 273.19, shall be valued at the market value of such property and not at the value of a leasehold estate in such property, or at some lesser value than its market value. 0 Page 30 Brooklyn Park Investments, LLC 1360 Haniel Road Medina, NLN 5 340 Phone 763478-0320 Fax 763-473-0321 April 6th, 2011 Local Board of Appeal and Equalization City of Plymouth Assessing Department 3400 Plymouth Blvd Plymouth, MN 55447-1482 RE: Seven Greens ear Board of Appeal and Equalization, I believe the 2011 assessed values for property taxes payable in 2012 are too high and I wish to appeal them. My appraiser, Laurie Karnes, will be presenting the support for this appeal. These are the properties I wish to appeal PID Lot Block Owner Name 091-1822230057---- -10 10 Curtis E -Swanson Et Al Trust 09-11822230058 11 10 Curtis E Swanson Et Al Trust 0911822230083 1 6 Brooklyn Paris lm4ments LLC 0911622230084 2 6 Brooklyn Park lnvtments LLC 0911822230085 3 6 Brooklyn Park Invtments LLC 0911822230086 4 6 Brooklyn Park lnvtments LLC 0911822230089 3 7 Brooklyn Park Invtments LLC 0911822230090 4 7 Brooklyn Paris Invtments LLC 0911822230091 4 8 Brooklyn Park lnvtments LLC 0911822230092 6 7 Brooklyn Park lnvtments LLC 0911822230093 7 7 Brooklyn Park lnvtments LLC 0911822230094 6 7 Brooklyn Park Invtments LLC 0911822230097 11 7Brooklyn Park Irvtments LLC 0911822230098 12 7 Brooklyn Park Invtments LLC 0911822230099 13 7 Brooklyn Park Invtments LLC 0911822230100 14 7 Brooklyn Park Invtments LLC Sincerely, Curt Swanson City of Plymouth Assessing Division 2499 Local Board of Appeal and Equalization Assessment Application 3-400 Plymouth Blvd Qffice `Use Wy Plymouth, IvN 55447 Phone: 763-509-5360 Fax: 763-509-5060 Email., assessing@plymouthmn.gov Keturn ti3s fcirm to the`,Ctty of.plymbufh assessing Divisiba no later than Adn18 1,411 By sul mittrog this applzcatioA ypur;aj }p. viii be Entered into' Date Returned: Received via: Date Withdrawn: WithdraWn. via_ Nbad Appraiser Date: h`' (4 j Home Number: 7iv . - ' Q 3 z Work Number: AAt e5 CeIlNumber r2` `i'313jOwnersName(s)t PAC" '- Fax Number - Address: 3Cat Zip Code: P-e A: dt'4j Email Property ID: f7 --11F Purchase Date: Property Address: 1-5— 'jam */Purchase Price: 2011 Assessor's Estimated Market Value: 4® Additions, renovations, or improvements since purchase: Cost of improvements since purchase: What are the reasons or documentation supporting the owner's opinion of market value? P lease attach supporting Signature of apAcant Bate z7-le,;I / 61- 1 I Owner's opinion of Estimated Market Value as ofJanuary 2, 20114 SG 9,41)r'Ce ,ee City Of PlymOLlth Assessing Division 2611 Local Board of Appeal and Equalization Assessment Application 3400 Plymouth Blvd 0*1fiVseonly Plymouth, IVIN 5W7 Date Returned: Phone: 753-509-5360 Fax. 753-509-5060 Received via: Email: assessing@plymouthmn gov Date Withdraw: Return this farm -to t3ie'C1ty of.Pl rmcuth.. Assessing Withdraw via_. IbMsionuo-tatar than:ripr i 5:2411. Bysubrnitiin tlus'appl cat aii your appeal vr'Il N nteiaid into' the record You are dict x Yuu vil to art nd the:B Mrd Dist Nbad Appraiseri----.. m et g Date: Home Number:—Z( V. 3- Z S- 0,3 Z 0 Work Number. Owners Names) Ue-5 -S 1, CL C_ Address: , tP-_ I-A Zip Code-iJ ls" 51FaxCellNumber. Gas' 3 c6 U -5115- Fax Nurnher. Email: 6 1Z" PropertyID: '/ i r%9Purchase Date: Property Address: / +' 1-'`%/C/fc Purchase Price: 2011 Assessor's Estimated Market Value (} elm Additions, renovations, or improvements since purchase: Cost of improvements since purchase: What are the reasons or documentation supporting the owner's opinion of r eke value? Please attach supporting owner's opinion of Estimated Market Value as of 3anuary 2, 20I 1 Sty SiQnataire of apdlicaut , Date LIQ Y a ti. City of Plymouth Assessing Division 2011 Local Board of Appeal and Equalization Assessment Application 3400 Plymouth Blvd C1ffiCe LTSe Only Plymouth, NIN 55447 Date Returned: Phone: 763-509-5360 Fax: 763-509-5460 Received via: Email: assessing@plymoudmmgoV Return than fcirmto the City o£P1ym4Uth Assessmg Date Withdrawn: Withdrawn via: 3ivision uo later than Anr i 8 2011 $y submitting. finisppitcataoa yQ1ar appeal will be eidtered into lite record Yau are xtc..t x mored tG auerrd theBoard _ Dist Nbad Appraiser meting , t Date: — 6-f Rome Number: 7&3- -7 0-3 20 Work Number: Ce1lNumber. Owners Names) Fax Number: vJG5 LL C— Address: Ac:r-AcA Zip Code: !'A! Email: 5-3 40 Property ID: 6-/7 -/A2 - , g Purchase Date: Property Address: _ $% yf Purchase Price: 2011 Assessor's Estimated Market Value: Additions, renovations, or improvements since purchase: Cost ofimprovements since purchase: What are the reasons or documentation supporting the owner's opinion of market value? P lease attach supporting Signature of applicant /" LDate // 1 5 kcme S -C dG--, Owner's opinion of Estimated Market Value as of January 2, 2011 %gQl` City of Plymouth Assessing Division 2411 Local Board of Appeal and Equalization Assessment Application 34CO Plymouth Blvd C3ffce'Uat . Y Plymouth, IldN 55447 Phone: 763-509-5360 Fax: 763-509-5060 Email: assessingfplymouthmn gov Return flus farm ta.the City cf l?lymiii3th AsessiQg Divis anno=later thai -A r±)t i Bpi suUn ittin files app ,cahore ypurappeal v ill be sitcx'd into therecard Youfirenotx,-q'ttired to attend the Board` - m 4[llig• - - YF" Date Returned: Received via: Date Withdrawn° Withdralx+n via: Dist _ N -bad Appraiser. Date: Home Number:(a,q753- 03 Za Work Number: S'" f X Gc- Cell Number- Numbe. (" ' 5 ` Owners Names) 0 Fax Number: Address: Zip Code: yAl W Email: Property ID: e 7 11V— P!X -,3 — /, Purchase Date: v Property Address.- 1L1 'SD A,0-44Er- 4, 11 Purchase Price: 2011 Assessor's Estimated Market Value: Additions, renovations, or improvements since purchase: Cost of improvements since purchase: What are the reasons or documentation supporting the owner's opinion of market value? Please attach supporting Signature ofappLant Z,/ j, Date / J, Owner's opinion ofEstimated Market Value as of January 2, 2011 A SIMIlki /)-rce X-ef NI \- I City of Plymouth Assessing Division 2011 Local Board of Appeal and Equalization Assessment Application 3-400 Plymouth Blvd Qiee°ZTse only Plymouth, lviN 55447 Date Returned: Phone: 763-509-5360 Fax: 763-509-5060 Received via: Email: assessing@plymouthmn.gov Date Withdrawn: Return tiesfcumto the`Gtty of.Plymcth Assessing Withdrawn via: Divisi-on no-laterthatx.APH1 2011 B scibna ttiag flus app gatton your appeal witi%se Zntered onto the record u r nGt-requtrgdrtckattend the Board I Dist Nbad r meting a - Date: Appraiser Rome Number: (-;;- Z S . 03 zO Mork Number: Cell Number" &;,L 3'D D - 513 Owners Names) ""' Wt ` Fax Number: Address: r ob j 1f c l Zip Code: Email: jGe/L'f 4 Property ID: F 2,1 - 3 -c'P `? Y Purchase Date: Property Address: L44Cy7 41 Purchase Price: 2011 Assessor's Estimated Market Value: '.9 Additions, rerxvations, or improvements since purchase: Cost ofimprovements since purchase: What are the reasons or documentation supporting the owner's opinion ofmarket value? Please attach supporting Signature of ap icaut Date ZZ Owner's opinion. of Estimated Market Value as of January 2, 2011 } r City of Plymouth Assessing Division 2011 Local Board of Appeal and Equalization Assessment Application 3 CO Plymouth Blvd Plymouth, MN 554-47 Date Retumed: Phone: 763-509-5360 Fax. 763-509-5060 Received via: Email; assessing@plymouth=gov Return, this form to the City of Plymouth Assessu2g Divysianuo-latCrthaii:AUtnl K I01I `,Bv submit ink ' tlris appltcatibn your appeal vvili lie . ,lured into the -ecoid You a 'e n squired to offend -the Board meeting _ - Owners Names) (,J. S " e Address: o( -,<5o csl Zip Code: Date Withdrawn: Withdrawn via: WY Dist Nbad Appraiser Nome Number: 7GP 5 - '4 Z % - t7 S 2 - WorkWork Number: Cell Number [gra 3$5 -15t Fax Number. Email: /r e.'L'1' 4 :5 C ScT YuU t+-2 Property ID: TZ -14?- 0 P- --! 3 — da 93 Purchase Date: _ Property Address: / c342 - t7l7y' Purchase Price: 2011 Assessor's Estimated Marrset Value; Ow" Additions, renovations, or improvements since purchase: Cost of improvements since purchase: What are the reasons or documentation supporting the owner's opinion ofmaarIket value? Please attach supporting Owner's opinion ofEstimated Market Value as of January 2, 2011 t 3 ,S' Signature ofapicant Date ! G City of Plymouth Assessing Division 2011 Local Board of Appeal and Equalization Assessment Application 3400 Plymouth Blvd Plymouth, NN 55447 Phone: 763-509-5360 Fax: 763-509-5060 Email: assessing a@plymouthmn gov Return. flus form to the _City af.0lymc}ttk}a Asse: ivistfauta latae than_pn1 8; this appltcatio i yourappeal wil tht~ecord Ddu are rict equ[re rming Date Returned: Received via: Date Withdrawn: Wifh,4ra.-vn vin - WY Appraiser Date: ' `tits J / Rome Number: 7(,-3- qZ s - 03 zC) Work Number: Cell Number. 64 7- - 3 65 -5l3 Owners Ni ame(s) f,/ `t PA Fax Number: Address: Zip Code: hltt a ! _ Email: J3C 4 PropertyID: Purchase Date: Property Address: S-S.'Y -SV Purchase Price: 2011 Assessor's Estimated Market Value: - V ePx",2- Additions, renovations, or improvements since purchase: Cost ofimprovements since purchase: What are the reasons or documentation supporting the owner's opinion ofmarket value? Please attach supporting x4MY Owner's opinion ofEstimated Market Value as of January 2, 2011 4r 3 7 5;-,7,V Signature ofapplicant Date 4 V^--, City of Plymouth Assessing Division 2011 Local Board of Appeal and Equalization Assessment Application 3-404 Plymouth Blvd Plymouth, ?+lei 155447 Phone: 763-509-5360 1= Lx. 763-509-5060 Date: '" — In — Owners Names) Address: I Zip Code: ALA JJ 3 til#fice Tse 4n1y Date Returned: Received via: Date Withdra ,vn: Withdrawn via: Dist Nbad Appraiser_ Home Number: 76 -' - Work Number: Q3 Zo Cell Number: (9 f Z- 3 U 6 -3 z Fax Number: Email:ttlE-t.f 'j C IVII-IJc`j Property ID: 0? —1 T- A2 -,,?-3 - a&' 7-1 Purchase Date: Property Address: 15 r Purchase Price: 2011 Assessor's Estimated Market Value: Y, ,, Additions, renovations, or improvements since purchase: Cost ofimprovements since purchase: What are the reasons or documentation supporting the owner's opinion ofmar'.Ut value? Please attach supporting Signature of apAicant / Date C 1 e Owner's opinion ofEstimated Market Value as ofJanuary 2, 20I 1 < t . Q 41, U1',I1Lr Ki City of Plymouth Assessing Division 2011 Local Board of Appeal and Equalization Assessment Application WO Plymouth blvd Offiee`Use WY Plymouth,l4N 55447 Phone: 763-509-5360 Fax: 763-509-5060 Email: assessing@plymouthmn.gov Return this-fo. t&e cityof.plymauth Assessing therecord fou are nct zequi meting 77777-` Date Returned: Received via: Date Withdrawn: Withdrawn via: Ell be E1teIE(1 iRtp ed to attnd theBoard -; Dist. Nbhd Appraiser Date: Home Humber7&3- Work Number: Cell Number owners Namefs) 1 "- Fix Number, Address: 3 6 Zip Code: P--- 1AJ 4J Email: e/L"f` jtrf "-T Sru`- -e Property ID: Q9 -// 5- ;? -,A— 3 — yo M Purchase Date: Property Address: /-I gm/ R ,,t! Purchase Price: 2011 Assessor's Estimated Market Value: Additions, renovations, or improvements since purchase: Cost of improvements since purchase: What are the reasons or documentation supporting the owner's opinion ofmarket value? Please attach supporting Signature ofapAcant Date Z7Z/ Owner's opinion ofEstimated Market Value as of January 2, 2011 t% , City of Plymouth Assessing Division 2411 Local Board of Appeal and Equalization Assessment Application 3400 Plymouth Blvd Plymouth., MN 55447 Phone: 763-509-5360 Fax: 763-509-5060 Owners Nam4sj Address:' 1- Zip Code: A! Date Returned: Received via: Date Withdrawn: Withdrawn via: Dist E3ff"ice Use Only Wt. _r. Home Number: 7Cv 5 - Work Number: Appraiser, 03 Zo Cell Number Fax Number: Email: Proper -I ID: 09,t/§- Purchase Date: Property Address: irl Purchase Price: 2011 Assessor's Estimated Market Value: T d Additions; renovations, or improvements since purchase: Cost ofimprovements since purchase: What are the rcasons or documentation suppor!mg the owner's opinion of market value? Please attach supporting Z -elle Owner's opinion ofEstimated Market Value as of January 2, 2011 Signature ofapAcant ZZ Date/ G City of Plymouth Assessing Division 2011 Local Board of Appeal and Equalization Assessment Application 33#00 Plymouth Blvd QA& Use 9371y Plymouth, TMIN 55447 Date Returned: Phone: 763-509-5360 Fax: 763-509-5060 Received via: Email: assessing@plymouthmn.gov ReturnElulfarmto the'C tty 4Flyxnquth Assessing Date Withdrawn: Withdrawn via: Dsvisitartna later than April. -8 20t1'.By-s6niittlag .: us app-Iteattor yourappeal vriil be entered into' hafecord Yots sre not required to fteud the Board Dist Nbad AppraiserY _ smetuig i Date: c +la ` 6-t Home Number: ZS . Cd- Z Work Number: Cell Number. ( -151l 3 Owners NamesF&-(Number: A-4el && G. Address: iv b Zip Code: y.til Email: X53 d Property ID: -3 — Q` 6 Purchase Date: Property Address: / S7+/ .. 1jL:4'C €. Purchase Price: 2011 Assessor's Estimated Market Value:— Additions, renovations, or improvements since purchase: Cost ofimprovements since purchase: What are the reasons or documentation supporting the owner's opinion of mar;:{et value? Please attach supportr'ng Signature ofapAcaut Date Z/,/-,-/6, Owner's opinion ofEstimated Market Value as of January 2, 2011 X7 Yl — w, -,M,+ L14F 3 City of Plymouth Assessing Division 2011 Local Board of Appeal and Equalization Assessment Application 3400 Plymouth Blvd Plymouth, MIN 53447 Phone: 763-509-5360 Fax: 763-509-5060 Email: assessing@plymouth=gov 1Return flus i,P11;-mC uih.,.Usessm-g Dsvisionno•latAr $aaii_Xprit g; 4411 ,By submiittirig luS appL..ction your appeal %,,ill be cterud into theYecord You are rirt.t gbired to attend the ad: Date: Owners Narne(s) I,l • '' ``7` +' Address: 3 4 Zip Code: 01tceUse Only Date Returned: Received via: Date Withdrawn: Withdrawn via: Dist Nbad Home Number:y Work Number: Appraiser l WPAE Cell Number. &(7- 356 -5-t3 Fax Number: 4j TSEmail: clp Property 1D: e `J— !! S' A? -,;2-? - ria Purchase Date: Property Address: /_5? Q- J Q ' r '/Z19 C4—C Purchase PrrCe: 2011 Assessor's Estimated Market Value: (1•? lc Q2 Additions, renovations, or improvements since purchase: Cost of improvements since purchase: What are the reasons or documentation supporting the owner's opinion ofmarket value? Please attachsupportino Signature ofap4icant 16_rDate Owner's opinion of Est' ated Market Value as of January 2, 2011 !r City of Plymouth Assessing Division 2011 Local Board of Appeal and Equalization Assessment Application 34CC Plymouth Blvd Off Plymouth, lvlN 55447 Date Returned: Phone: 763-504-5360 Fax 763-509-5060 Received via: Email: assessing@a plymeuthmn.gov Return this form to theCrcity -ofPI Dace Withdrawn: tY .. ymquth Assessing. Withdrawn via: 1]ivss an no later than Tnnl 8 2411' By suli nittiug this appltcaiaoh`'ypur.appeal illise entbt d city' Use Only Nbad Appraiser llate: Home slumber (cam - Lf Z - O S Z o Work Number: w / 3 Cell Number: rt3 Z l 156 Owners Nam s Fal Number. L c - Address:@. Zip Code: ! Email:6 A/L" 3^ Q Property ID: 6*;3?— l! $— 22 - - 3 - Purchase Date: Property Address: -_ / ;J -/- ,5Z " , Purchase Price: 2011 Assessor's Estimated Market Value: Additions, renovations, or improvements since purchase: Cost of improvements since purchase: What are the reasons or documentation supporting the owner's opinion of market value? Please attach supporting Signature of aplSl.icant Date G A 111e- Owner's opinion of Estimated Market Value as of January 2, 2011 a/R City of Plymouth Assessing Division 2491 Local Board of Appeal and Equalization Assessment Application 5400 Plymouth Blvd Plymouth, TVIN 55447 Phone: 763-509-5360 Fax: 763-509-5060 Email: assessing lymouthmn gov Rzturn this facin;:the Ckt a:cf Plyraoih Assessing DiVs16nno lat..t tk aii: Ai>ri1 R: 'li1_: By sulimittiAg . this appLicatiQn yol-Pappeal VAll be 'Uterail into tha- ecord You are not r, quued to alt rd the :Bea, d`-` m eCing - Date: h`" (a f Owners Names) Je, GL C -- Address: 6 l r l Zip Code: .1 W RECEIVED Office use 0n1 Date Returned: Received via: Date Withdrawn: Withdrawn via: U15t NCJiIa Home Number: -- Work Number: AP'I 0 b 2011 Appraiser. QSZo Cell Number. Fax Number: Email: A f _ Property IID: c T— 71i- 2 2.$ —64W3 Purchase Date: Property Address: 15 71a — 5V' %4,46e Purchase Price: 2011 Assessor's Estimated Market Value: Additions, renovations, or improvements since purchase Cost of improvements since purchase: What are the rcasons or documentation supportiag the owner's opinion of market value? Please attach supporting Documenlatlony Owner's opinion of Estimated Market Value as of January 2, 2011 0 071 Signature ofapAcaut / Date G A Narrative Summary Report for the Intended Use of PROPERTY TAX APPEAL Effective Dates: January 2"d, 2010 for property taxes payable in 2011 January 2nd, 2011 for property taxes payable in 2012 Report Date: April 6", 2011 PROPERTY OWNER: BROOKLYN PARK INVESTMENTS LLC INTENDED USERS: City of Plymouth, Hennepin County Board of Review and Equalization PROPERTY: 16 Twin Home lots in the 2I addition of the Seven Greens" subdivision, City of Plymouth, Hennepin County, MN Seven Greens, Plymouth Property Tax Appeal Pay 1 f Page 1 General Assumptions and Limiting Conditions 1. 1 am disclosing that I am familiar with and have experience in this area and property type. 2. The legal descriptions and any surveyed acreage used in this report are assumed to be correct. Unless I am made aware of specific easements, encumbrances or encroachments I am assuming that the subject and comparable properties do not have any easements, encumbrances or encroachments that would affect my estimate of value of the land. 3. Information, estimates and opinions furnished to me and contained in this report were obtained from sources considered reliable but this data is not guaranteed. 4. My disclosure of the contents of this appraisal report is subject to review in accordance with the by-laws and regulations of the professional appraisal organizations with which the I am affiliated. 5. 1 am not required to appear in court or give testimony by reason of completion of this assignment without predetermined arrangements and agreements. B. The estimated market value assigned to the subject property is based on conditions which are applicable as of the date indicated in this report. Estimated market value may be the same but also may vary at a later date due to changing market conditions. It is my opinion that the subject property would sell in an appropriate time period should it be offered on the open real estate market at this time at about the estimated market value subject to the appraisal assumptions; but a guarantee of such sale is not implied or warranted. 7. Neither all nor any part of the contents of this report, especially any conclusions as to value, my identity or my company, Land For Sale, Inc. or any reference to the Appraisal Institute shall be disseminated to the public through advertising media, public relations or news media, sales media, or any other public means of communication without my prior written consent and approval. 8. This appraisal report and its contents must be regarded as a whole and any excerpts from this appraisal cannot be used separately. 9. It is assumed that there is full compliance with all applicable federal, state and local environmental and zoning regulations and laws unless non- compliance is stated, defined and considered in the appraisal report. 10. Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoing general assumptions and general limiting conditions. 11. 1 have valued these lots for a previous property tax appeal. I was the developer's real estate broker when the land was assembled around 1997-98. Seven Greens. P1; mouth Property Tac appeal Pay 1 l Page 2 Extraordinary Assumptions None. Hypothetical Assumptions None. Property Interest Appraised Fee Simple Scope of Work Study the aerial photo with plat overlay and identify the view for each lot Search for comparable sales of twin home lots in Plymouth and comparable or superior communities Analyze and adjust data to determine an estimate of value for the subject properties as of January 2r 2010 and January 2nd, 2011 Definition of Market Value From the Uniform Appraisal Standards for Federal Land Acquisitions: Market value is the amount in cash, or on terms reasonably equivalent to cash, for which in all probability the property would have sold on the effective date of the appraisal, after a reasonable exposure time on the open competitive market, from a willing and reasonably knowledgeable seller to a willing and reasonably knowledgeable buyer, with neither acting under any compulsion to buy or sell, giving due consideration to all available economic uses of the property at the time of the appraisal. " Rental Income There is no rental income for the subject properties. History of the Subject Properties Seven Greens was platted in 2001 with both single family and twin home lots. The twin homes are unique because the sides are not mirror images of each other, as is typical for this product. The homes are custom and have all been built exclusively by developer Curt Swanson. Seven Greens, Plymouth Property Tax Appeal Pay 11 Page 3 Location Mao of Seven Greens wuh Fel* BassLaka aOPEake- R Fsay£elr.= y, J SeWenr ` Elm, G':'fc l s= Greens tiri i t7Y5 ar a ry x p0o 7 - cr Q s Hatrtt r FdLle c A GJf Calm- 5 S L z30arf Y f5 ejyit yQ P Fr li4ij d K S F.ymaLt Cre--i P-ayFe;C 1 3tf 11 Cro" Ter Sales Pattern of Seven Greens Twin Homes The subject lots are shown with green drops, lus the yellow one (hold) 115 ACJf4e Seven Greens, Plymouth Property Tax Appeal Pay 1I Page 4 Price List on Swanson Homes Web.Sitp Lurie weignt is given to the price list because the builder and the developer are the same person. You cannot buy half a twin home and build it yourself. Aerial Photo of the Sub'ect Lots Seven Greens, Plymouth Property Tax Appeal Pay 11 Pale 5 Highest and Best Use of the 97 Subject Property finished townhome lots Physically possible. The roads and utilities are installed for twin homes. . Legally Permissible. These lots are final platted for two family lots. Financially Feasible It is financially feasible to two family homes on these lots. Highest and Best Use Construct two family homes. Appraisal Method Used The income approach is not used because there is no rental income. The cost approach is not relevant to this appraisal assignment. This sales comparison approach is the only valuation method used The Sales Comparison Approach In reviewing various factors that impacted value, the only adjustment that can be supported with market data is the view from the rear of the home. View Studv Comoleted in Crescent Ponds development. Blaine. Anoka County Pulte Homes is a production builder and offer a limited number of home styles with a limited number of options. All homes in Crescent Ponds are two story. These are the homes available, as shown on Pulte's website: Home Models In This Neighborhood Summit Starting from $?54,990 Sumter 2,704 Square Feat Starting from $209,990 4 Bedrooms 12.5 Bathrooms 1,350 Square Feet - 3 Bedrooms 12.5 Bathrooms F Wilshire Starting from $269,90,0 Vicksburg - 2,470 Square Feet CZtartinfrom $1'9 990 4 Bedrooms 12.5 Bathroomsg _ 2,252 Square Feet 3 Bedrooms 12.5 Bathrooms Plymouth 4 Starting from $224,990 NMI 1 2,417 Square Feet 4 Bedrooms ,r 2.5 Bathrooms Cambridge Starting from $249,990 2,636 Square Feet 3 Bedrooms 12.6 Bathroc1ms Seven Greens, Plymouth Property 1 9 Rockport Starting from $.292,Q00 2,750 Square Feet 4 Bedrooms 12.5 Bathrooms Birmingham Starting from $304,900 3,036 Square Feet 4 Bedrooms 12.6 Bathrooms Devonshire Starting from $312,900 3,372 square Feet 4 Bedrooms/ 2.5 Bathrooms If you were to explore purchasing a home in Crescent Ponds, you would not be told a price for the lot, its part of the home package. The on site salesman said lot premiums may be added onto the home package for specific lots, but per lot premiums for the development were not shared. Adiustina for the Views Because there is only one builder with limited home options, Crescent Ponds is an excellent laboratory to study view adjustments for the lots. All of the home sales in Crescent Ponds in 2010 were studied. Home prices were adjusted downward for seller paid closing costs. The homes were then grouped by views and the adjusted sale prices were averaged by view. The view from the rear of the home of your typical lot in Blaine, like many residential subdivisions, is other houses. So this is the default view. Some lots back a sod farm that is disclosed as being for future development. While home buyers were told this land would not stay open, there was still a premium paid for the current open space view. Most of the subject lots back either University Avenue or Main Street, both major collector roads with high traffic. The remainder of the subject lots back wetlands. Results of the View Study View Average Sold Home Price Adjustment from view of other houses Houses 290,934.00 INone. Default value. Sod Farm 302,039.00 4% adjustment University/Main St. 254,805.00 12% from houses Wetlands 318,297.00 9% adjustment For the 14 lots in Seven Greens, there are only options for views: Houses or Vicksburg Lane. Vicksburg lane is similar in traffic to University/Main Street for the Crescent Ponds study. Details of the Crescent Ponds view study are shown on the following page: Seven Greens, Plymouth Property Tax Appeal Pay ! I Page 7 073123230113 1 5 63 121 s1 Ave NE 2010 01128110 5276,450 UnNersily Ave pid Lot Btk Steet Address EMV Lot Sale Dale Sate Price View 0173123220006 3 812316 4th :C1 NE 5841.400 02JD510 307,800 Houses 073123220042 16 1,0 100 1241h Ave NE 77100 01122110 257,610 Houses 073123220062 3 4 12337 5th S1 NE 569.600 01,115/10 265,030 Houses 073'123220063 4 412325 5th St NE 019,600 09121110 278,445 Houses 073123230085 5 1 12045 3rd S1 NE 77,100 10129110 335,000 Houses 073123220065 6 4 12317 5th St NE S69,600 01122110 301,720 Homos 073123230133 7 812200 3rd St NE 77,100 01/12110 290,934 073123220066 7 412309 5th St NE 69,600 03112/10 287,050 Sod Farm 073123220076 10 5 12340 5th St NE S69,600 04122/10 S254,425 Sod Farm 073123220077 11 5 12336 5th St NE 69,600 0610-t/10 278,530 Sod Farm 073-123230086 6 1 12049 3rd St NE 77,100 08127/10 5292,547 Sod Farm 073123240056 27 4 12307 Jefferson So9,700 1 V(Y2J10 300,500 Sod Farm 073123240105 7 1,325 122'0 St NE 78,500 10129110 5302,000 Sod Farm 073123240113 15 1 '525 122nd Ave NE 578,500 11 102/1 0 381,257 Sod Farm 073-123230087 7 1 12057 3rd St NE 577,100 09102/10 320,000 Sod Farm 073123240069 13 2 511 121st Ave NE 69,700 07/12/10 30:2,03.9 073123230113 1 5 63 121 s1 Ave NE 80,700 01128110 5276,450 UnNersily Ave 073123230118 6 512117 3rd St NSE 80,700 02!08110 317,500 University Ave 073123230131 5 6 12143 3rd St NE 77,100 07/14110 5235,000 University Ave 0731232301.21 9 9 12348 31' St NE 577,100 06/30/10 232,000 University Ave 073123220022 10 9 12356 r SINE 77,100 12121(10 5232,000 University Ave 073123220104 8 1 129 1241h Ave NE 101/9/10 233,000 Main Street 073123230132 6 5 12156 3rd St NE 577,100 01/07110 257,6870niversity Ave S254,805 073123230133 7 812200 3rd St NE 77,100 01/12110 5300,000 Wetand 073123230134 8 6 12216 3rd St NE 77,100 06114,110 S234,460 Wetland 073123230144 7 7 12239 4th Ct NE 84,400 08/02110 262,910 Wetland 07312323016-1 2 2 208 122nd Ave NE 78,500 04130/10 384,780 Wetland 073123240050 21 1 508 121 st Ave NE 569,700 02/12/10 342,765 Wetland 073123240051 22 1 '512 121 st Ave NE 69,700 01106/10 5356,335 Wetland 073123240052 23 1 518 121 st Ave NE 69,700 08/31110 294,000 Wetland 073123240065 9 2 409 121 st Ave NE 69,700 03123/10 S363,700 Wetland 073123240066 10 2 417 121 st Ave NE 69,700 02/25110 5365,989 Wetland 073123240069 13 2 511 121st Ave NE 69,700 07/12/10 348,860 Wetland 017312322106 8 1 401 122nd Ave NE 78,500 06104110 5305,760 Wetland 073123220007 4 812324 4'' (at NE 84,400 09/27/10 5260,000 Wetland 318,297 Seven Greens, Plymouth Property Tax Appeal Pay 1 I Page 8 The Comparable Lot Sales Comparable Min home lot sales were found in Plymouth and Chanhassen. Plymouth Townhome Com arable This property was first sold after 310 days on MLS. Note the original list price was $70,000. The $37,500 represents one side of a twin home lot. The lot is south of Seven Greens. r 1501/ 15;05 CO.MStGck Ln N., ,.p# earth„ #AN ,554- 7 Status., Solld List Price: $5 -ID' OO Irrrag-e 1 of 1 _ r. 4II Sold Prc=-: $37,500 Gl7girtal Li. =.nee: :$70;000 Sel sir Cert: List Gate: 05/13/21?o-9 i3l--C-- meed 8y MLS; 0..5%13.-21 09 'Gals fln.aiar6tet: 310 Hi_ c^ Cif- market Date:: 03/19/2010 MINNESOTA -REVENUE PE20 "IM ,,,„MP, Certificate of Real Estate Value XL z 6 4u10 00002 1 3 3 8 TTU, s;,. s" 156M F;ayzata BIZ' Ste 108 Fla ta. !'r±d 55341 [95Z 473-15017 haus, a' setecrs ptul. arq. ,,u, -----------_____ _. - , -- na., adaviaa a.,wee ,rat, Hest Fatwe b Metchant&nk gip:' .+1va w t;rul rwcc of pogdRy a.Tlusea C M t9wvtl Q - T•J_ _ __ - __ 1701/IL:, 5 Comstock Lane Plymouth _ l.Wpl deseriAtfon of Mwe' c-tyad Rn, end 4r 717/10 Bee.di?d t'J(Q '1 1" r Uf{1fdC.V' FinmcbW uranC n»rtta 2 TaWt 7vtcra4a aka ewn...Mr eldeopuRMe axe Ie.{.. rwrrt.r. 37.5)0.00 _ Pl dry. Fs: P+RTl.ard _.._ .__.. . _.._-.. _.... _ $ 3. Ge rt omen( CLI" trwl rftLX n Mt: rah,- al ne-L W ama. ldil ;rt Ba.S U47..- U"6fw ar f-xm if r"CE4 f o...r. ,.......t .... ...n ....rw F ;;..... val iw .,(w ...at n•.v,.rn __._ _ ...___-- : .___—___-.---T Seven Greens, Plyrnouth Property Tax Appeal Pay I I Page 9 i9ih-kueS#- p 1501 Comstock C"--Rmd 6: Ptytnotdh a 02010 Micnsodcmp 02(TEQ;andlari°tle 49;s,lec. KTaP PNa.: 104 hfap .Cooed: c-1 - List Gate: 05/13/21?o-9 i3l--C-- meed 8y MLS; 0..5%13.-21 09 'Gals fln.aiar6tet: 310 Hi_ c^ Cif- market Date:: 03/19/2010 MINNESOTA -REVENUE PE20 "IM ,,,„MP, Certificate of Real Estate Value XL z 6 4u10 00002 1 3 3 8 TTU, s;,. s" 156M F;ayzata BIZ' Ste 108 Fla ta. !'r±d 55341 [95Z 473-15017 haus, a' setecrs ptul. arq. ,,u, -----------_____ _. - , -- na., adaviaa a.,wee ,rat, Hest Fatwe b Metchant&nk gip:' .+1va w t;rul rwcc of pogdRy a.Tlusea C M t9wvtl Q - T•J_ _ __ - __ 1701/IL:, 5 Comstock Lane Plymouth _ l.Wpl deseriAtfon of Mwe' c-tyad Rn, end 4r 717/10 Bee.di?d t'J(Q '1 1" r Uf{1fdC.V' FinmcbW uranC n»rtta 2 TaWt 7vtcra4a aka ewn...Mr eldeopuRMe axe Ie.{.. rwrrt.r. 37.5)0.00 _ Pl dry. Fs: P+RTl.ard _.._ .__.. . _.._-.. _.... _ $ 3. Ge rt omen( CLI" trwl rftLX n Mt: rah,- al ne-L W ama. ldil ;rt Ba.S U47..- U"6fw ar f-xm if r"CE4 f o...r. ,.......t .... ...n ....rw F ;;..... val iw .,(w ...at n•.v,.rn __._ _ ...___-- : .___—___-.---T Seven Greens, Plyrnouth Property Tax Appeal Pay I I Page 9 The lots were flipped two weeks later for $46,500 each side. MINNESOTA- REVENUE PE20 A%XROr.50ZM Certificate of Real Estate Value B z ' O n n 0? 1 3 3 6 Lnwx of Cuyers hast. first. Mf) ------- -- , L tlrne Zone Ccostock, LLC M 5'tsa-1 Na - of somom iLw. w. Mn NOW ada•es~k l7synrrte memo - --- -• - T1CP, UC ` p `. ad 16111 41 SfT*.'et 9ddre9.1 M1,rel hW;e Or vPba ly 3uisrri af' P*t"'____ ColIrn 1_501 Comstock Lane Plymouth Hermepin 1,. Date of *.d Pr WT1-dSt U%jI dOSC glm V p Werty OUrMa5ed 1*41t. bKCk IrO alai) Or Macri 3 V091W3 W Ulu -egad Oncrz tion - Fawdal aryan$nraa A3 Z. Tool wrch2se :r:c 7rr prr ara0s,ry'notuaca myumrwse te.4.. lure uLwe. arMMmy, "LPM e l07 46,500,00 Yes Ho It}es,SStvroAcrl7 vd 3.0a,1 aimera "rcm toot r nt) .att.a AmCht and anter. - total ib Sox S oelow. LSA back of hxm if ncrdca. Wayzata Schools. Twin Home Lot Backs County Load 6. Seven Greens, Plymouth Property Tax Appeal Pay 11 Pave 10 A C M IrI On April 4t' I interviewed the buyer, whose name is Tyler. The lots were not advertised on the open market in the two weeks since being purchased byTTCRInc. The buyer knew the seller. Not only did the seller provide financing for Tyler to purchase the twin home lots, the seller also provided a construction loan for the homes. Construction financing is difficult to obtain in the current market, especially for smaller builders. In examining these two sales, its the first sale, at $37,500, that best meets our definition of market value. Given the close proximity to Seven Greens, and the fact that these twin home lots back County Road 6, this is an excellent comparable sale for the five lots in Seven Greens that back Vicksburg Road. Recalling our view study, a 12% upward adjustment to $42,000 is used to value the remaining nine lots that back other homes in the development. Another way to verify these values is too look at twin homes lots in a neighborhood that is superior to Seven Greens. These lots near the Bearpath Golf Course and Lake Riley in Chanhassen act as a ceiling on value for Seven Greens. Seven Greens, Plymouth Property Tac Appeal Pay l 1 Pale 11 Chanhassen Lakeside Townhome Lots Date: November 30`1, 2009 Price: $1,350,000 Number of townhome lots: 26 Price per lot: $51,923 Upon inspection, all appeared to be walkout lots. The original purchase was from a Home Federal Savings Bank to Shamrock Development for $583,291 or $22,434/townhome lot. alp. *:` 42-,'C91; = i S&LL Lake Riley Ot, Chanhassen. N!i x331.7 Sat Carvel County a •ter; saltcrr: srlr-.a^ '. xr. : ' a 3+. r•s art Cry is _ __.-: i -' . sT•=_'+ '_ Crew F'rPe: -_ V\'5=_e'dJ Gw tO:: __,..':3 •fitd_. e_, Pumhaae aqr arts _..: -' Sr.lna 0-4LW. 'r ',?."'s2;; -- i4— Filing-- Rurthsse Prlcs: -_ --- firs n R'iryms t:, 'L::.:.J Seller Points::: - - - RR -d P"ars9l Pr*py tic #: avy- Points. Planned tlsa V Rrapert?ft Fla-edFla-edd -se 6usc. Pqp+ of Aejutsrtian. r•r e. -!zrr:lt `!.-r ..; Commank: Len d S!:- . C "> .. --- ' t'atlri auilding gra; V _r auiklw Y srf Slar'rea: i of Isuildings:: The lots were resold to Wooddale Builders for $51,923/lot. DID = t bvge*r ems `.0+'a`• ____ Purchase Decd-Cppx*-;-;ti Pra ptrty Mm h MA Lake Ziley Dr, Cltanlrsssan. MM'»3:1.7-4JR wRILi 7T Sync nits : _: P--r-sanal Rropertp':: Planned Use of praptrty; Plsnnad Use Dtea t_-gsl I},acripkiun: C- - - ..a ;.n:e_, ._ -...: ?'::•. Tutsi Building uP Sta r'rer. oP auikdings:: T Carver Courl'ty Cr"'Typ Crew t0: __. _.-. •u DA :_: Seller Paints::._--___ avy+x Paints: - - iYpe of Acaulsiti-, y_r 5.ilh Dee=riptiun; The CRV was for 8 townhome lots and 2 outlots: They are located right off the new Highway 212 and 101. Highway 212 is below with sound walls, minimal impact on the development. Seven Greens, Plymouth Property Tax Appeal Pay 11 Page 12 Will _ or a ow Bearpath v'4: •jam • M . }'' -" - _ X alt`_•-.'} 6616 a all WA Si` v. - -. -'err PRE- do fief r-": - +s s S` Tyr - #i•_.{.._ -` consulted the Chanhassen City Planner to verify the total units in the 2 outlets: From: Aanenson, Kate Date: Tuesday, July 06, 2010 7:52 AM To: lar.dforsale@visi.com Subject: Re: Lakeside, Quick question. Correct Sent from my HTC on the Now Network from Sprint! Reply message ----- From: "landforsale" <landforsale visi com> Date: Tue, Jul 6, 2010 8:45 am Subject Lakeside. Quick question- To: uestionTo: "Aanenson, Rate" <kaanenson r ci.channhassen mn us> Thanks, Kate, To clarifj: Outlot E is 3 units total, Outlot C is 15 units total? Laurie From: Aanenson, Kate Date: Tuesday, July 06, 2010 7:52 AM To: landforsale@visi.com Subject: Re: Lakeside. Quick question. Correct Sent from my HTC on the Now Network from Sprint! Reply message ----- From: "landforsale" <landforsalecx uisi.com> Date: Tue, Jul 6, 2010 8:45 am Subject: Lakeside. Quick gfiestion. To: "Aanenson, Kate" <kaanensonut ;}cichanha:asen.mn.us> Thanks, Kate, To clarif OutlotE is 3 units total, Outlot C is 15 units total? Laurie Seven Greens, Plymouth Property Tax Appeal Pay 11 Page 14 About the townhomes —from Wooddale Builders Website Print PGF Version J C'haiillassen - Lakeside 450,000 About Located between the sparkling ,raters of Lake Riley and Bearpath Golf Course, Neighborhood amenities induda a private clubhouse, swimming pool and spacious patio, fitness center, and association owned pontoon boat, parrs, waterfall and over 1,000 feet of lakeshore. Wooddale Builders is offering rambler style townhomes. Feature; include custom cabinets, hardwood floors, gourmet kitchens, fireplace, and main level owner's suite with luxury bath. Enjoy the carefree lifestyle offered by this association managed community. Prices starting in the $450,000s. About Bear Path in Eden Prairie, which is adjacent to the townhome lots: Bearpath is the Twin Cities' premier golf community, featuring the Jack Nicklaus designed 18 hole signature golf club. This is a very high end neighborhood Townhomes sold in Bear Path since January 1 st, 2009. NOT new construction. 17559 Bearpath Trail , Eden Prairie, MN 55347 List#: 3893191 Status: Sold Price: $5+5,500 Style: (TH) Side x Side Contingency?: N Beds: 4 Baths: 4 Garage; 2 Total Fin Sqft: 3,512 Year Built: 1999 A W1 4 17570 Bearpath Trail , Eden Prairie, MN 553.17 List#: 3653377 Status: Sold Price: $565,000 Style; (TH) Side x Side Contingency?: N Beds: 3 Baths: 4 Garage: 2 Total Fin Sqft: 2,720 Year Built: 1997 y 17591 Bearpath Trail , Eden Prairie, MN 553.17 List#: 3844839 Status: Sold Price: $600,000 Style: (TH) Side x Side Contingency?: N Beds: 3 Baths: 3 Garage: 2 Total Fen Sgf ; 3,825 Year Built: 2001 A Q 4 4 17556 Bearpath Trail , Eden Prairie, MN 55347 List#: 3651253 Status: Sold Price: $746,000 Style: (TH) Side x Side Contingency?: N Beds: 4 Baths: 3 Garage; 2 Total Fin Sqft: 3,836 Year Built: 1997 Seven Greens, Plymouth Property Tax Appeal Pay 11 Page 15 Single Family that have sold in Bear Path since January 111, 2009: Street Address Area Municipaftj Price DOM Style Bds Bth 18322 Nicklaus Way 392 Eden Prairie 1,006,250 60 ONEST 4 4 18334 Nicklaus Way 392 Eden Prairie 1,050,000 116 ONEST 4 4 18194 Bearpath Trail 392 Eden Prairie 1,020,000 175 ONEST 5 5 9166 Breckenridge Lane 392 Eden Prairie 1,091,000 105 ONEST 3 4 9122 Breckenridge Lane 392 Eden Prairie 1,390,000 80 ONEST 4 4 Photos taken September 16th, 2010: TFSF FSZ Built 4,630 2,585 2001 5,043 2,543 1997 5,010 2,744 2003 4,300 2,300 1995 5,429 2,467 2004 Seven Greens, Plymouth Property Tax Appeal Pay 11 Page 16 i g77 7W ti L s . 5 1 S _ .. ..`. _.::• -. .fir i --• ^moi - 9 i' i . L a— gk J S F Seven Greens, Plymouth Property T, -L-, Appeal Pay 11 Page 15 Chanhassen Townhome Comparable, 3/12/2010 The seller was Home Federal Savings of Rochester. Our definition of market value includes this: after a reasonable exposure time on the open competitive market. The seller does advertise the properties they need to sell on their website, which I checked today and found this recent listing, which tax records show is still owned by the bank: Bank Owned Property- Lo#i and Land o uFe+v°ewalesat-P]r:K_. QescrlPtlan: L-aitIS:Ge is 4.'.rmrr .ail 5550;7003RlfiCeLTrCi,";i„rl i3i FC tY-r/.3CtL• hanrd3sen,. Yj1 i5SiY -Jy wcs::! Uarpam Gdf Carse 30C Castrtrr C.td ContactIneormarlan C_u,ty; Carrer norJ. V Lake 3:4Y acs SW -n3!;ta4 oeWkXE Ne;kxap "ser a +eit: YP+f::s;S+ Ges5lty 3I.1.exL- sia% 7lre Pepea wstest me- CUook, 0it Ycra FMerY Rts::esrialEet--r,ed to kigrt aW. .y resi®enGicntrrse!rgY H S 7?3PD-3A:9 P=c - 3.3 LreJ trHts. Mxnilies widen it!e-astiiris+e-nd 4e x.11'3-0. 1'Xw Flat .w.aoi Rir!ess .enter,-Mtocrpod, 13Y3'!rwage, tescl, park, F4-unt derelnfarrlat n nrslltn .{ Scck sn6 wemr.M. What follows is another comparable sale in Lakeside that has closed and the models just opened for the Parade of Homes in March 2011. Builder Ron Clark said they were seeing 70 groups a day, far more than his custom townhome developments in Minnetonka, Eagan, Savage and Maple Grove. Seven Greens, Plymouth Property Tax Appeal Pay 11 Pacre 19 Buyer: REC, Inc. dba Ron Clark Construction Seller: Home Federal Savings Bank Former owner: Sienna Legal: Outlot B and Outlot E, Lakeside Third A.dditinn From: Ron (Iark Date: Sunday, July 04, 2010 1,40 PM To: larwforsale Subject: RE; Ron, what is the story behind the $L .060,000 purchase in Chanhassen? How manyltype unxsis this guided For? Thanks. Laurie It is two seperate oudots that were originally planned for a condo building on each outlot. I have recent approval to build 20 twin home units ( 10 buildings) in total on the two oudots. Total Price: $1,060,000 $53,000 per lot. these oudots are part of /within the development called Lakeside, very high end abbuttigb Bearpath Country and Golf Club - S M of our units will abbot and overlook a Bearpath fairway and about 10 other units will overlook Lake Pile,. The development has Lake Riley frontage and access to the Lake and the Association owns two pontoon boats with docks for the Lakeside residents. It has the finest clubhouse in the metro, its over the top, with a work out room practically the size of Life Time Fitness_ The developmet work including streets and utilities was completedin about 2001_ There is only the final course of blacktop to go on the private street, which the city will be installing since it received payment from the developers letter of credit. I do have to run individual water and sewer to each twin home unit, since it was originally planned for two condo buildings. It has its own club house on the left comer ot'the entrar_ce and a to loll for watertall entry monument on the richt comer ofthe entrance_ Yes water and sewer from the main lines to each unit, same as sine family laterals SevenGreens, Plymouth Property Tax Appeal Pay 11 Page 20 Uhuer cw6[rucuon. i ne Hon Clark site. Aerial photo. The Ron Clark site is shown in yellow. The commons areas labeled "HC)A" 'd are i n re .The site north of Lyman Blvd is the clubhouse and pool. The sites south of Lyman Blvd are the decks on Lake Riley. Seven Greens, Plymouth Property Tax Appeal Pay 11 Page 21 31 About Us - - 4 Our Single family Homes a OurTownhomes Lakcsi e Moughby -- Troin Run Preserve Peartmont Heights T ownhornes at Arbor.Lakts Quick Occupan'c'y o -t 35 Valuable Resources} I Home Remodef ng r News A Photo Gaffery Lakeside Twinhames Rz* Ciark°s ase-.arest neighbertrcod.- LakasidieT,rirhemes in Chanhassen, khmm ma )coated between Lair File'/' and BEarpath Galt 3 Countrp Club in Eden Prairie. Lakag& is a premier master-ptannetii cammenihj especialy desiped ler your I festyle. P7eiSh rhecd amenities include: priueta clolthouse, swimming p7eL pait4, gess center, assecistien owned peeteea, pr6ota lair: access, park and much mere. Ron Clark's ratmbler townhom. es amenOws include: premier lets w..i alk A,r1r4 1 - Ab At W,k r IMS .. INN pin r y r yr - _ _ y Y -_ qtr......... . - 't- ,# 'gj.i 4` b1 i y L.- y mac: i'-4.- ` - . y s _ :. moii. _ .:.1•,+ - _ 1"` r } s I . E ;•t i t - Ci irmmnry of I nkprzirip in C: Certification. 1. The statements of fact contained in this report are believed to be true and correct. 2. The reported analysis, opinions, and consultations are limited only by the reportedassumptionsandlimitingconditionsandaremypersonal, impartial and unbiased professional analysis, opinions and conclusions. 3. 1 have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. 4. 1 have no bias with respect to the property that is subject of this report or to thepartiesinvolvedintheassignment. 5. My engagement of this assignment was not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, the approval of a loan or the occurrence of a subsequent event directly related to the intended use of this appraisal. 6. 1 am self employed and have not been sued by a regulatory agency or financialinstitutionforfraudornegligenceinvolvinganappraisalreport. 7. My analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal PracticeeffectiveJulyis', 2010. 8. 1 have made a personal inspection of the property that is the subject of this report. April 6th2011 Laurie E. Karnes Date MN License 1D#. Certified Residential Real Property Appraiser #20595543LicenseExpirationDate: 8/31/2012 Phone: 763-4204757 Seven Greens, Plymouth Property Tax Appeal Pay 11 Page 27 Laurie E. Karnes Real Estate Broker and Appraiser P.O. Box 2315, Maple Grove, MN 55311 763-420-4757 landforsale@visi.com Work Experience 1995 to Present: Land For Sale, Inc. Owner, Broker, Appraiser, Developer and Consultant Have brokered $So ,million of land, $2 million in house 1983-1995: Co Owner Land innovation, Inc. Provided CADD/GIS systems to civil engineers, land surveyors and local governments and land planning services for developers. 1982: Traveling Auditor, Kmart Corporation Education May 2010 Minnesota Association of Assessing Officers, spring program in St. Cloud. Eight hour class on handling property tax appeals. October 2009 MN Bar Association Property Tax Appeal Seminar 1995- Various pre -licensing and continuing ed classes. 1990 Univ. of Minnesota, audited Surveying class and sails lab 1985-1987: Masters in Business Administration, Marketing emphasis, Carlson School of Management, University of Minnesota, 1979-1982: Bachelors in Accounting, the Honors College Western Michigan University, Kalamazoo Professional Licenses Minnesota Certified Residential Real Property Appraiser, License ,#20595543 Minnesota Licensed Real Estate Broker Minn. License #20048980 Professional Associations Sensible Land Use Coalition member President of the Council of Independent Professional Consultants Wright County Economic Development Partnership member Minnesota Commercial Realtors Association Minneapolis Area Association of Realtors Highway 55 Corridor Coalition Seven Greens, Plymouth Property Tac Appeal Pay 11 Page 28 REPORT 4 3 2011 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS NAME: Alex Olchanski PROPERTY ADDRESS: 13921 54th Avenue N PID 4: 03-118-22-33-0060 LEGAL DESCRIPTION: The Reserve Second Addition Lot 6 Block 6 PROPERTY TYPE: Residential Townhouse 2011 MARKET VALUE VALUE PRIOR TO LOCAL BOARD ASSESSOR'S RECOMMENDATION LAND MARKET VALUE 35,000 35,000 STRUCTURE MARKET VALUE 108,300 108,300 TOTAL MARKET VALUE 5143.300 143.300 ASSESSMENT HISTORY 2009 2010 2011 Total Market Value $161000 $15'1.900 $143300 Limited Market Value Improvement Page 31 OWNERS CONCERNS: Jan Olsson spoke with Alex Olchanski on November 20, 2009 when he received his Truth in Taxation Notice. Mr. Olchanski spoke with Jan Olsson again at the Board of Appeal and Equalization on April 12, 2011. On both occasions he expressed feeling property tax should decrease when property value decreases. I spoke with Mr. OIchanski on April 13, 2011, He wants his property taxes due in 2011 to be reduced. We discussed the relationship between decreasing property values and increases to property tax. He also feels the value of his property should be $100,000 because he spoke with a realtor in his neighborhood and was given data on two bank mediated sales in his neighborhood. I explained to Mr. Olchanski the Minnesota Department of Revenue mandates the City not include bank mediated sales in our sales ratio studies and market adjustments. I also explained Minnesota statues mandate we use sales from the one year time frame of October 1, 2009 through September 30, 2010 for determining adjustments to his 2011 market valuation. I agreed with Mr. Olchanski that I also feel the foreclosed and bank -mediated sales in his neighborhood are having a negative effect on the selling prices of the arms -length sales. The effect of bank mediated sales can be lower selling prices of the arms -length sales, which was reflected in the downward adjustment in his 2011 market valuation. I offered to set up an appointment to review the interior of his townhome. He said he has made improvements to the property because he is renting it. He felt it is in good condition. He decided to drop his appeal and call his legislators to discuss property taxes. It is the opinion of this appraiser that the 2011 market value remain unchanged at: S143,300 Cindy Bowman, CMAS Residential Appraiser 763-509-5353 cbowmanr(bplymouthmn. gov Page 32 City of Plymouth Assessing Division 2011 Local Board of Appeal and Equalization Assessment Application 3-400 Plymouth Blvd Plymouth, NIN 55447 Date Returned-- Phone: eturned: Phone: 763-509-5360 Fax: 763-509-5060 Received via: Email: assessing@Plymouthmn.gov Date Withdrawn: Return this form to the City of Plymouth Assessing Withdrawn via: Division no later than April S. ?011. By submitting this application your appeal will be entered into the record. You are not required to attend the Board Dist meeting. Dace: . -f, i2- 0 Office Use Only Iv'bad Home Dumber: Work Number: Ceti Number: Owners Names) f e -V 0110 9"`r Fax Number: Address: y O Cird Ve c t'l 71 tV1FP , 4-# Zip Code: %1'f 1 kI 0 'e C? /% 0 1 S, 2/N S5%Email: Appraiser 6 /Z Property ID: l - -3 Purchase Date: Qj, 2100 Property Address: /3 92 P' Purchase Price: oe9l 2011 Assessor's. Estimated Market Value: D(2, Additions, renovations, or improvements since purchase: Cost of improvements since purchase: Owner's opinion ofEsti ated Market Value as ofJanuary 2, 2011 , r 0 G ® or What are the reasons or NLS * 3Y62-'-103 documentation supporting the / J S- L( owner's opinion of market value? Solql' r/te' /(7 69eV, lease attach supporting 2 _ 743996,'S-61 5 u'/f f Al f' I jYI U Clf 4'j 1 Documentation) v/ 11 qe -7 § S Signature of applicant Date © Y /Z r // Page 33