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2009 04-20 CCP Board of Appeal & Equalization
~ C TY OF BROOKLYN CENTER 1 2009 LOCAL BOARD OF APPEAL AND EQUAL ZAT ON APR L 2012009 City of Brooklyn Center I A Millennium Community April 20, 2009 Letter of Transmittal 2009 Local Board of Appeal and Equalization To The Honorable Mayor and City Council: As you know, each year the City Council is required by our Charter to sit as the Board of Appeal and Equalization. The purpose of this Board is to review the work of the Office of the City Assessor and to hear valuation and classification appeals. The 2009 Local Board of Appeal and Equalization is scheduled to begin at 7:00 p.m. on Monday, April 20, 2009. In addition to the valuation notices mailed to all individual property owners on March 19, 2009, the City Clerk has published and posted notices of this meeting as required by state statute. The attached report is presented for your information. This report contains a review of the Board's powers and responsibilities, information from our office regarding the 2009 assessment and an overview of recent market activity. The issues before the Local Board of Appeal and Equalization are questions of estimated market value and classification of Brooklyn Center properties for the January 2, 2009 assessment for taxes payable in 2010. Respectfully submitted, Nancy J. Zk, S.A.M.A. City Assessor 6301 Shingle Creek Parkway Brooklyn Center, MN 55430-2199 City Hall & TDD Number (763) 569-3300 FAX (763) 569-3494 www.cityofbrooklyncenter.org Recreation and Community Center Phone & TDD Number (763) 569-3400 FAX (763) 569-3434 2009 Brooklyn Center Board of Appeal and Equalization Meeting Aaenda: 1. Meeting called to order, roll call. (7:00pm) 2. Local Board of Appeal and Equalization (LBAE) Certification Form. 3. The Purpose of the Local Board of Appeal and Equalization. 4. Questions regarding the Local Board of Appeal and Equalization duties. 5. The Assessor's report. 6. Questions regarding the assessment report. 7. Appearances by taxpayers with appointments. Refer to attached appeals. 8. Appearances by taxpayers without an appointment. Refer to attached format. 9. Consideration of written appeals. 10. Set Date of Local Board of Appeal and Equalization reconvene meeting. 11. Adjourn AQpearances by taxgayers with an appointment William & Kim Kenny 7036 Willow Lane ' PID # 25-119-21-44-0023 ' Nedim Fr1j 7230 West River Rd PID # 25-119-21-42-0444 Jason Quilling Quilling Properties LLC Willow Lane Apartments ' 7015 Brooklyn Blvd PID# 27-119-21-33-0010 i i W h g ane r t . Eugene & D 4416 61P Ave N. PIN 27-119-21-33-0017 Leo Schultz 3318 63`d Ave N. PID # 34-119-21-41-0016 ' Steve Sines 6 0 0 Woodbine Lane 3 PID # 27-119-21-42-0032 Michael Symons ' Catherine Symons Wanda Anderson 6407 Orchard Ave N. PID# 33-119-21-41-0037 Taxpayers with written appeals My Bui Le ' 6100 Brooklyn Blvd. / adjacent parking lot. PID #'s 34-119-21-43-0047 and 03-118-21-12-0090 Som LLC 5810 Xerxes Ave N. PID # 02-118-21-23-0022 Garden City Court Apartments 3407 65 h Ave N. - Primary Address PID 3 # 4-119-21-42-0018 # 34-119-21-42-0019 # 34-119-21-42-0020 # 34-119-21-42-0021 # 34-119-21-42-0024 # 34-119-21-42-0025 # 34-119-2142-0026 Local Board of Appeal and Equalization Certification Form The Local Board of Appeal and Equalization must sign and complete the LBAE Certification form for each meeting of the local board. Since all boards are required to comply with the training and quorum requirements, this form must be completed even if no appeals are heard. . This form certifies that a quorum was present, with a majority of the voting members of the Local Board of Appeal and Equalization in attendance and that at least one of the members present has attended an appeals and equalization course approved by the Commissioner of Revenue within the last four years. If the above requirements are not met the meeting will become an open book meeting. Additional training of Local Board members will be offered on an ongoing basis but not until all local boards are completed. An addition, the Minnesota Department of Revenue states that they will be monitoring changes to "parcels owned by a member of the board, the spouse, parent, son or daughter of a board member, or property in which a board member has a financial or other interest in the property". It is the recommendation that the board vote "no change" to avoid the appearance of having a conflict of interest, and forward the appeal to the county board. While making changes is not prohibited, these changes will be monitored and must be noted on the LBAE certification form. The Minnesota Department of Revenue will be conducting random surveys of persons who attended the local boards to monitor the public's perception of the board's performance. MINNESOTA- REVENUE Local Board of Appeal and Equalization Certification Form for 2009 The Local Board of Appeal and Equalization (LBAE) must complete and sign the LBAE Certification Form for each meeting of the local board. Since all local boards are required to comply with the training and quorum requirements, this form must be completed even if no appeals are heard. At the end of each LBAE meeting, the county assessor or authorized city assessor takes possession of the completed form. Section 1- The following information must be completed at the beginning of the meeting. County name Jurisdiction name (indicate city or town) Meeting (circle`one): convened or reconvened Date Time ❑a.m. ❑p.m. Township/City Board Members Please list all voting members of the LBAE. For each voting member, check "Present" or "Absent" to indicate which members were in attendance. For each voting member present, check "Yes" or "No" indicating if the member has completed the training required under Minnesota Statutes, Section 274.014 within the last four years. All voting members present at the meeting must sign this form. By signing this form, you certify that you attended the LBAE meeting. You are also certifying that no board member participated in actions concerning the valuation or classification of a property owned by the board member, the board member's spouse, parent, stepparent, child, stepchild, grandparent, grandchild, brother, sister, uncle aunt, nephew, or niece of a board member, or any property in which the board member has a financial interest (the relationships may be by blood or marriage). Print names of all voting members Title (Attendance Training certified Signature (for those in attendance only) ❑Present ❑Absent ❑Yes ❑No IX ❑Present ❑Absentl ❑Yes ❑No X I❑Present ❑Absentl ❑Yes ❑No IX ❑Present ❑Absentl ❑Yes ❑No X ❑Present ❑Absent ❑Yes ❑No X I❑Present ❑Absent ❑Yes ❑No X ❑Present ❑Absent ❑Yes ❑No X Assessment Personnel This section must be completed by the county assessor (or an assistant delegated by the county assessor) or authorized city assessor present at the meeting. Local assessor information County assessor (or delegate) I authorized city assessor information Does this jurisdiction have a local assessor? ❑Yes ❑No Name Title License no. If yes, was the local assessor present? ❑Yes ❑No Local assessor name License no. County assessor (or delegate) I authorized city assessor certification By signing below, I certify I was present at the meeting and (please check one): Other assessment personnel present Please list additional names on back of this form. ❑ A quorum was present and a training certified member was present; or Name Title E] I took over the meeting and changed it to an open book format because: ❑ A quorum was not present and/or Name Title ❑ A trained member was not present. County assessor (or delegate) / authorized city assessor signature Name Title X Section 2 - The following information must be completed at the end of the meeting. Time 0a.m. Meeting (circle one): recessed or adjourned ❑p m Scheduling for Reconvene Meeting (if needed) The LBAE must resolve all issues before the meeting is adjourned. If issues are unresolved, the board should recess until the next meeting. The LBAE must complete and sign a LBAE Certification Form for each reconvene meeting. The date and time for the reconvene meeting must be determined before the initial meetinq is recessed. Once the LBAE has adiourned it cannot reconvene. Date for reconvene meeting Time Ha.m. ❑p.m. Rev. 02/19/2009 Puraose of the Local Board of Aooeal and Equalization The purpose of the Local Board of Appeal and Equalization is to provide a fair and objective ' forum for property owners to appeal their valuation or classification. One of the most important duties placed by law upon the governing body of a township or city is to serve as the Local Board of Appeal and Equalization. Effective actions taken by the local board may potentially make a direct contribution to attaining assessment equality. The goal of the, Local Board of Appeal and Equalization should be to attempt to address property owners' issues efficiently, fairly and objectively. Always keep in mind that any changes made by the board must be substantiated by facts. Any value reductions must be justified because they have the effect of shifting the tax burden to other property in the jurisdiction. Minnesota Statutes, Section 274.01, provides that the governing body of each city or a duly appointed board will serve as the Local Board of Appeal and Equalization. This review is held each spring. The board has the responsibility to review the assessed valuation and classification of property within the city. This year's review is limited to the 2009 assessment; which affects taxes payable in 2010. .I Role of the Local Board in the Assessment Process The Local Board of Appeal and Equalization has the authority to change the valuation or classification of a property for the current assessment year (2009). Taxes or prior year assessments are not within the jurisdiction of the local board. In order to make an informed decision on these two items, it is important to understand them. Excerpts from the Minnesota Revenue Local Board of Appeal and Equalization ' handbook have been enclosed to assist in the definition of market value and classification. Limits of Authoritv for the Local Board of Appeal and Equalization The authority of the board extends over individual parcels only. Changes of value are made to the estimated market value. No changes may be made by percentage, class, or property type. Changes in the aggregate assessment may be made by the state board of equalization. The total of all changes made by the local board of review must not reduce the aggregate assessment by more than I%. Should this occur, none of the changes of the local board of review will be accepted. This limitation does not apply to clerical corrections. i ous The local board of review does not have the authority to reopen prev assessments. An example of this is the 2008 assessment for the taxes payable in 2009. Homeowner's that received their 2009 tax statement in March, 2009, are not able to appeal the 2008 estimated market value listed on the notice. Should the board wish to raise any assessment, the owner must be notified. It is necessary for a majority of the board be present for any valid board action to be ' taken. The board should carefully consider any cases where taxpayers feel aggrieved by the proposed assessment. All available evidence should be considered. The board then has authority to adjust the assessment as it deems just. The initial 2009 meeting is scheduled for April 20, 2009. The board must complete its work within 20 days or receive a written extension from the Commissioner of Revenue. Any actions taken after 20 days without an authorized extension will be invalid. The assessor's recommendation is to hear all appeals at the first meeting and complete all board business at the second meeting. The reconvene meeting must be held no later than Sunday, May 25, 2008. A reconvene meeting date has been set for May 4, 2009 at 5:30 p.m. A motion to sustain the assessment or to adjust the assessment may be made upon completion of the discussion of each property or may be held until all ' appeals have been heard. t 1 Im Duties of the local board The local board is to determine whether all of the taxable property in the town or city has been properly valued and classified. All property is to be valued at its market value, and all property is to be classified according to use. It is assumed that the assessor has properly valued and classified all the property in the jurisdiction. The burden of proof rests with the property owner who must present factual evidence to disprove the assessor's value or classification. The complaints and objections of property owners appealing individual assessments for the current year should be considered very carefully by the board. An appeal may be made in person, by letter, or through a representative of the owner. Written objections should be filed with the city or town clerk prior to the meeting of the Local Board of Appeal and Equalization and must be presented to the board for consideration while it is in session. The board must hear all complaints and examine all letters. Such assessments must be reviewed in detail, and the board has the authority to make corrections as it deems to be just. The board may recess from day to day until all cases have been heard .4 The board should look for property or improvements that are not on the tax rolls. When property or improvements are missing from the tax rolls, an unfair burden falls upon the owners of all property that has been assessed If the board finds any property or improvements that are not on the tax rolls, the board should place it on the assessment list along with its market value, and correct the assessment so that each tract or lot of real property and each article, parcel or class of personal property is entered on the assessment list at its market value. Changes within 10 days of local board meeting Since the Notice of Valuation and Classification must be mailed to taxpayers at least 10 days prior to the meeting of the Local Board of Appeal and Equalization, the assessor should not make changes to the valuation or classification of a property within that 10-day window without bringing the change to the local board for action. After receiving the notice, the property owner can contact the assessor to discuss questions or concerns. The assessor can make changes to the valuation or classification without bringing the change to the local board if a new notice is mailed to the property owner at least. 10 days prior to the local board meeting. Oftentimes, the assessor will continue to review properties within 10 days of the local board meeting. However, if the assessor makes a change, that change should be brought to the local board for action. If the property owner agrees with the change, he/she does not need to personally appeal to the board. Instead, the assessor should present such changes to be voted on by the board. What the board can do Reduce the value of a property. The local board may reduce the value of a property if the facts show that the property is assessed at a value that is higher than its market value. All property is to be valued at its market value. It is assumed that the assessor has properly valued the property. The burden of proof rests with the property owner who must present factual evidence to disprove the assessor's value. Increase the value of a property. The local board may increase the value of a property if the facts show that the property is assessed at a value that is lower than its market value. The board also must base the decision to increase the market value on facts. All property is to be valued-at its market value. It is assumed that the assessor has properly valued the property. The board must rely on factual evidence to disprove the assessor's value. Before the board raises the market value of a property, it must notify the owner. The law doesn't prescribe any particular form of notice, except that the person whose property is to be increased in assessment must be notified of the intent of the board to make the increase. The owner must be notified either in writing or orally. He/she should be given a time to appear before the local board After the hearing, the local board should make any corrections that it deems just. Add properties to the assessment list If the board finds that any real or personal.property has not been entered onto the assessment list, the board shall place it on the assessment list along with its market value, and correct the assessment so that each tract and lot of real property and all personal property is entered on the assessment list at its market value. Role of the local board in the assessment process 1 Add improvements to the assessment list In reviewing the individual assessments, the board may find instances where property is not listed at its market value because the value of a building or other improvement was not included when the market value of the property was estimated. These should be carefully reviewed by the board and placed on a tentative list of property values to be increased. The board should then determine to what extent the valuation of such property should be increased. Before the board adds value for new or overlooked improvements, it must notify the owner. Change the classification of a property. In Minnesota, property is classified according to its use on the assessment date (January 2 of each year). If the property is not currently being used, it is classified according to its most probable, highest and best use. Property owners do not get to choose or request how they want their property to be classified. It is the assessor's job to classify it according to its current use or its most probable, highest and best use. The board can change the classification of any property which in the board's opinion is not properly classified. Again, it is assumed that the assessor has classified the property correctly. The classification must be based on use, and in order for the board to change the classification, the appellant must present evidence that the property is used in a manner consistent with the classification. For example, the assessor classified the property as residential. The owner seeks the agricultural classification. In order for the board to change the classification to agricultural, the owner must prove that the property is used agriculturally and meets the statutory requirements of the agricultural class. What the board can't do The local board can't consider prior year assessments. The Local Board of Appeal and Equalization doesn't have the authority in any year to reopen former assessments on which taxes are due and payable. The board considers only the assessments that are in process in the current year. Occasionally, a property owner may appear with a tax statement and protest the taxes or assessment of the previous year. The board should explain tactfully that it does not have the authority to consider such matters. After taxes have been extended, adjustments can be made only by the process of application for abatement or by legal action. Rote of the local board in the assessment process ' t order percentage increases or The local board can decreases for an entire class of property . The authority of the local board extends over the individual assessments of real and personal property. The board can't increase or decrease by percentage all of the assessments in the district of a given class of property. Changes in the aggregate assessments by classes are made by the County Board of Appeal and Equalization. The local board can't reduce the aggregate assessment by more than I percent Although the Local Board of Appeal and Equalization has the authority to increase or reduce individual assessments, the total of such adjustments must not reduce the aggregate assessment of the jurisdiction by more than 1 percent. The "aggregate assessment' 'is the total EMV that the local ' board has the authority to change, i.e. the total EMV of assessments within the jurisdiction excluding state assessed property. For example, if the total EMV of a jurisdiction is $2,000,000, the board cannot reduce the total EMV of the jurisdiction by more Assessor's EMV than $20,000. This + Total board EMV increases means the EMV after - Total board EMV reductions board actions must be EMV after board actions at least $1,980,000. If the total amount of adjustments made by the local board does lower the aggregate.assessment by more than 1 percent, none of the adjustments will be ' allowed. This limitation doesn't apply, however, to the correction of clerical errors or to the removal of duplicate assessments. Clerical errors are limited to errors made by someone performing a clerical function during the course of the actual assessment. Examples of clerical errors are errors such as transposing numbers or mathematical errors. Errors that occur when making estimations during the inspection and appraisal process (judgment errors) are not considered to be clerical errors. The local board can't exempt property. The Local Board of Appeal and Equalization does not have the authority to grant an exemption or to order property removed from the tax rolls. The local board can't make changes benefiting a property owner who refuses entry by the assessor. The board may not make an individual market value adjustment or classification change that would benefit ' the property in cases where the owner or other person having control over the property will not permit the assessor to inspect the property and the interior of any buildings or structures. Duties: Local and County Boards Local Board of Appeal and Equalization T Ensures individual assessments within the jurisdiction are properly valued and classified. What can local and/or county boards do? I T ❑ Increase or decrease value of individual property. ✓ Yes ❑ Add properties to the assessment list. ✓ Yes County Board of Appeal and Equalization Ensures equalization among individual assessments, between classes and from jurisdiction to jurisdiction. T 1 m ✓ Yes ❑ Add improvements to the assessment list. ✓ Yes ✓ Yes ❑ Increase or decrease value for an entire property class. No ✓ Yes ❑ Change the classification of a pr~erty._ _ ✓ Yes ✓ Yes What local and county boards cannot do: ❑ 'Cannot change prior year assessments. ❑ Cannot reduce aggregate assessment by more than 1 percent. ❑ Cannot exempt property. . ❑ Cannot make change benefiting owner who refuses entry by assessor.* *Minnesota Statutes, Section 274.01, subdivision 1, paragraph b states that the local board may not make an individual market value adjustment or classification change that would benefit the property in cases where the owner or other person having control over the property will not permit the assessor to inspect the property and the interior of arty buildings or structures. The county board is not statutorily precluded from making a change based on the property owners refusal to allow the assessor access to view thepropeny. However, simply because the statute does not explicitly preclude the county board from making such a change, a is strongly recommended that the county board not grant any reduction in value until the property owner has allowed the assessor access to view the property. It seems obvious that for an assessor to make a fair and knowledgeable value estimate, heIshe must fast be allowed to view the entire properly. Until such access is grantee(, the county board should not grant a value reduction. Recommendations for local board members Become familiar with sales information prior to local board meeting Most local board members aren't necessarily aware of current trends in the real estate market or trained in the field of appraisal. Therefore, advance preparation is essential to malting informed, fair decisions on the appeals heard by the local board. The county assessor (or the local or city assessor in some instances) should provide information on the real estate market in advance of the local board meeting. If this information isn't provided, the local board should request that the assessor provide the information at least one week prior to the meeting so board members have time to review it. Role of the local board in the acsR.csmPnt nrnrwcc The following are examples of the type of data that the assessor may provide for the local board to use when determining if an adjustment is necessary. This is not an all-encompassing fist, and depending on the jurisdiction, it may or may not be necessary for every board to have all the items on the list. The local board should work with the assessor to determine the specific information to be supplied to the local board. ■ Information on sales within the district that occurred in the previous year. ■ Valuation tables of land types. ■ Copy of the values from the mini-abstract for the district (current year and prior year). ■ Printout of parcel listings for the district with the values. ■ Review of the current statutory classifications and the corresponding class rates. ■ Review of value changes by property type in the district. The local board should also be prepared to request additional background information and to ask questions of the assessor in order to assist with the board's deliberations. As a local board member, you should review the information provided by the assessor. If you have any questions about the materials, please be sure to contact the assessor. Being knowledgeable about the real estate market is the key to making informed and fair decisions. Duties of the clerk The town or city clerk plays an important role in the Local Board of Appeal and Equalization process. The following is a brief list of the duties of the clerk pertaining to the local board meeting: • The clerk should work with the county assessor to establish the meeting date(s) for the local board. ■ The clerk should coordinate with the board to ensure that a quorum will be present at the meeting. ■ The clerk must publish and post notice of the meeting at least 10 days prior to the date of the meeting (Minnesota Statutes, Section 274.0 1, subdivision 1). Avoid conflicts of interest No board member shall participate in the discussions or vote on any matters relating to property in which he or she has a conflict of interest. A conflict of interest exists where a merftber. ■ has a financial interest in the property; ■ is a director, trustee, officer, employee or agent of any business or institution directly involved with the property; or ■ is related by blood or marriage to an individual having an ownership or financial interest in the property. Board members are afforded the same rights as the general public when it comes to the appeal process. ' However, when a local board member is appealing the value or classification of his/her property, as a general rule, the local board should not make any changes to the valuation or classification. The local board should vote "no change," and the appeal should be recorded so that the board member can appeal to the County Board of Appeal and Equalization. This will eliminate any appearance of the board having a conflict of interest or the appearance of giving preferential treatment. ■ The clerk should have a sign-in sheet for all appellants. • The clerk should take minutes of the meeting as part of the town or city record.' ■ The clerk should return all necessary records to the county assessor in a timely manner. In some jurisdictions, various duties of the clerk may be performed by the city or county assessor or the assessor's staff. In these instances, it is recommended that the clerk be aware of and monitor the duties to , ensure that all duties are performed Role of the local board in the assessment process ml t 1 Market value State law requires that all property shall be valued at its market value (Minnesota Statutes, Section 273.11, ' subdivision 1). Minnesota Statutes, Section 272.03, subdivision 8 defines "market value" as follows: " 'Market value' means the usual selling price at the place where the property to which the term is applied shall be at the time ofassessment; 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 " Many professional appraiser/assessor organizations have a more detailed definition of market value. The elements of these definitions can be used to clarify the statutory definition. The definition of market value usually implies the consummation of a sale as of a specific date under the following conditions: ■ The buyer and seller are typically motivated; • Both parties are well informed or well advised and both are acting in what is considered to be their own best interest; ■ A reasonable time is allowed for exposure in the open market; ■ Payment is made in cash or its equivalent; ■ Financing, if any, 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 property sold unaffected by special financing amounts and/or terms, services, fees, costs or credits ' incurred in the transaction. In other words, market value is the price that would tend to prevail under typical, normal competitive open market conditions. I Role of the local board in the assessment process The price that would tend to prevail under typical, normal competitive open market conditions. Minnesota Statutes, Section 273.11, subdivision 1 further states: "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 far 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 law provides that all property must be valued at market value, not 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 action 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 (EMVV). This value is determined on the assessment date, January 2 of each year. There are also two other types of market value used for property tax purposes: limited market value and taxable market value. The EMV for the current assessment year is the only value property owners may appeal to the local board a 1 Limited market value Limited market value (LMV) is a statutory calculation that limits how much the taxable value of certain properties can increase from year to year. Under current law, LMV is scheduled to sunset after assessment year 2006. For assessment year 2005, the value is limited to the greater of. 1) 15 percent increase over last year's LMV or 2) 33 percent of the difference between this year's EMV and last year's LMV. For assessment year 2006, the value is limited to the greater of. 1) 15 percent increase over last year's LMV or 2) 50 percent of the difference between this year's EMV and last year's LMV. LMV only applies to agricultural, residential, timberland, and noncommercial seasonal residential recreational (cabin) property. New improvements are not subject to LMV. EMV changes that do not affect LMV or TMV 2004 value ` ?fib ualue ,(b vocal board). If the s locat board EMV $145,800 $160,800 decreases LMV $118,000 $135,700 value bY TMV $118,000 $135,700 Classification In Minnesota, property is classified according to its use on the assessment date (January 2 of each year). If the property is not currently being used, it is classified according to its most probable, highest and best use. Property owners do not get to choose or request how they want their property to be classified. It is the assessor's job to classify property, consistent with Minnesota Statutes, according to its current use or its most probable, highest and best use. When determining the most probable, highest and best use for a property that is not being used, zoning may be an influencing factor in the classification of the property; however, it is not the sale factor. The local board cannot change the LMV of a property. , The only value that the local board can review is the EMV for the current assessment year. Taxable market value Taxable market value (TMV) is the value that property taxes are actually based on, after all reductions, limitations, exemptions and deferrals. The local board cannot change the TMV of a property. The only value the local board has the authority to change is the EMV for the current year. Changing the EMV may ultimately change the TMV, but it is important to note that there can be instances where the board raises or lowers the ENV, and the TMV remains the same. The example below illustrates how some value changes may not affect LMV or TMV. Resulting values Resulting values far 2005 If the for 2005 local board $150,800 increases $170,800 $135 700 the value by $135,700 , $10,000 $135,700 $135,700 The assessor assigns a statutorily-defined classification to all property based upon the use of the property on January 2 of each year. Examples of Minnesota property classes include residential, . agricultural, commercial-industrial, apartment and seasonal residential recreational. 13 Role of the local board in the assessment process 1 All real property that is not improved with a structure also must be classified according to its current use or its highest and best use permitted under the local zoning ordinance if there is no identifiable current use. If zoning permits more than one use, the land must be classified according to the highest and best use permitted. If no such zoning ordinance exists, the assessor shall consider the most likely potential use of the unimproved land based upon the use of surrounding land or land in proximity to the unimproved land. Property classifications are defined in Minnesota Statutes. Examples of classifications include residential homestead, residential non-homestead, apartment, commercial and agricultural. The board can change the classification for the current ' assessment year of any property which in the board's opinion is not properly classified The classification must be based on use, and in order for the board to change the classification, the owner must present evidence that the property is used in a manner consistent with the classification he/she is seeking. For example, the assessor classifies a property as residential. The owner seeks the agricultural classification. In order for the board to change the classification to agricultural, the owner must prove that the property is used agriculturally and meets the statutory requirements of the agricultural class. A principle of appraisal and assessment requiring that each property be appraised as though it were being put to its most profitable use (highest possible present net worth), given probable legal, physical, and financial constraints. Glossary for Property Appraisal and Assessment, International Association of Assessing Officers, 1997. It is important to remember that use and not zoning is the key factor in determining the classification of a property. For example, a property owner has a parcel that is used as an auto repair shop. The assessor has the property classified as commercial. The property is zoned agricultural so the owner is seeking the agricultural classification. Classification is based on use. Since the property is used as an auto repair shop, it is properly classified as commercial. Therefore, the board must vote to uphold the commercial classification. Split-class property A property can have more than one property tax classification if it has more than one use. Such properties are called split-class properties. If this is the case; the assessor will classify the different uses accordingly. For example, when an owner-occupied farm also has a structure that is used as a commercial repair shop for farm equipment, the property is split classified agricultural homestead and commercial. Overview of the assessment process Assessor estimates value ' The assessor determines the approximate selling price (or EMV) for each taxable parcel based on the conditions of the market on January 2 of each year. The assessor is required by law to view each property at least once every five years. However, even if the ' assessor raid not physically visit a property for that assessment year, the property is subject to valuation changes to reflect market conditions. The assessor is required to estimate the market value as of January 2 of each year to reflect current market conditions. When the assessor views the interior of a property, he/she can make a more accurate assessment and eliminate any guesswork. The assessor bases his/her assessment on multiple factors, including size, age, condition, quality of construction and other features such as fireplaces, etc. The assessor compares the property to actual sales of similar properties in the area to determine the EMV of a property. Rote of the local board in the assessment process i a Three approaches to value The assessor applies one or more of the three approaches to value: ■ Sales comparison approach; • Cost approach; and/or ■ Income approach. The assessor will consider all approaches to value, but one approach may be better suited than the others for estimating the value of a particular property. In some cases, one or more approaches may not be applicable. Sales comparison approach: This approach is based on the reasoning that the value of a property is related to the sale prices of similar properties in the same market. Using this approach, the assessor identifies similar properties that have recently sold and analyzes the differences between the subject and the comparable properties. The sale price for each comparable sale is adjusted to reflect the differences (i.e. the subject property has three bathrooms and the comparable property has two bathrooms, so the sale price of the comparable property is adjusted upward to make it more similar to the subject property). The assessor then estimates the value based on the analysis of the comparable sales. The sales comparison approach is applicable when there is sufficient sales data available for analysis. This approach is most often used for residential properties. It is the most common and preferred method for valuing vacant land when comparable sales data is available. The sales comparison approach is not applicable when comparable sales are limited or unavailable. Cost approach: This approach is based on the principle of substitution which means that an informed buyer will not pay more for a property than it would cost to build an acceptable substitute with comparable utility. Using the cost approach, the assessor calculates market value by estimating the current cost of replacing a structure with one having comparable utility minus depreciation plus the value of the land. The cost approach is most reliable when valuing new or relatively new properties because the depreciation is minimal. Estimating the amount of depreciation can be difficult making the cost approach less reliable when valuing older properties. The cost approach also can be useful when valuing structures that are not frequently exchanged in the market. Income approach: This approach is based on the reasoning that the value of the property is directly related to its ability to produce income. The property value is measured in relation to anticipated future benefits derived from ownership of the property. Using this approach, the assessor reviews income and expense information for the subject property and estimates ' the market value of the property based upon the income stream projected to be derived from the property. This approach has limited applicability because it is only appropriate for income-producing properties such as commercial, industrial and apartments. The income approach is generally the primary approach for valuing income-producing properties. Sales ratios Assessors analyze the sales in a community in order to understand local market trends. Whenever real estate is sold for more than $1,000, a certificate of real estate value (CRV) must be filed in the county in which the property is located. The assessor uses the CRVs to analyze actual sales of property and to complete sales ratio studies for each community and for each type of property. The ratio is determined by dividing the EMV by the sale price. The assessor uses the sales as a guide to estimate what similar properties would likely sell for on the open market. The assessor examines the property and the conditions and terms of the sale as indicated on the CRV to determine if the sale reflects normal conditions. It is important to remember that one sale, taken by itself, does not necessarily reflect the actual real estate market in a jurisdiction. The assessor needs to group all sales by . type (residential/seasonal, agricultural, commercial, ' etc.). Once the grouping is complete, the assessor arrays all of the grouped sales by ratio from the highest to the lowest. The median (center) ratio in this array is selected , as being representative of the typical level of assessment for the jurisdiction. Role of the local board in the assessment process 1 To make matters more complicated, not every type of property in every jurisdiction has enough sales in the sales period to provide an accurate reflection of the level of assessment. The Department of Revenue has determined that a minimum of six sales in a jurisdiction are required for the median ratio to be reflective of actual assessment levels. This does not mean that the assessor is relieved of his/her responsibility to value ' property at its market value. It simply means that the process of establishing an accurate market value estimate becomes more subjective. There are some ' jurisdictions that never have enough sales - this is particularly true in the case of small-town commercial properties. In these instances, the assessor may examine sales over a protracted period of time or borrow sales from other similar jurisdictions to help measure the level of the assessment. In addition to the sales ratio study conducted by the assessor, the Department of Revenue conducts a similar independent sales ratio study for the jurisdiction to monitor how close the median ratio is to the required level of assessment. The Department of Revenue's sales ratio studies should be the same or similar to the studies conducted by the assessor. State Board of Equalization The required level of assessment is between 90 and 105 percent. If the sales ratio study indicates that the median ratio of EMVs to the selling prices is below 90 percent or above 105 percent, the Commissioner of Revenue, acting as the State Board of Equalization, will increase or decrease values to bring about equalization. State Board orders are usually on a county-, city-, or township-wide basis for a particular classification of property. All State Board orders must be implemented by the county, and the changes are made to the current assessment year. The equalization process is designed not only to equalize values on a county-, city-, and township-wide basis but also to equalize values across county lines to ensure a fair valuation process across taxing districts, county lines, and by property type. State Board orders are implemented only after a review of values and sales ratios, and after discussions with the county assessors in the county affected by the State Board orders, county assessors in adjacent counties, and the Commissioner of Revenue. Role of the local board in the assessment process Assessor determines classification Along with estimating the market value of each property, the assessor must determine the classification, or use, of each parcel of property. Property classifications are defined in Minnesota Statutes, and the assessor classifies the property based on its use as of January 2 of each year. Examples of classifications include residential homestead, residential non- homestead, apartment, commercial and agricultural. Notice of Valuation and Classification The assessor notifies taxpayers of their value and classification each year. The notice must be mailed at least 10 days prior to the Local Board of Appeal and Equalization meeting or 10 days prior to the open book meeting (generally, this means that the notices are mailed in February or March of each year). Appealing the valuation or classification At this point, the property owner can appeal the EMV and/or classification if he/she feels that the property is: • classified improperly; ■ valued at an amount higher than they could sell the property for, and/or ■ valued at a level different from similar properties in the area. The property owner should first contact the assessor's office to discuss questions or concerns. . Issues often can be resolved at this level. If questions or concerns are not resolved after talking with the assessor, formal appeal options are available: ■ Property owners may appeal to the Local Board of Appeal and Equalization (some jurisdictions that have transferred the local board duties to the county will have open look meetings instead of local board meetings); If the property owner is not satisfied with the local board's decision (or the outcome of the open book meeting), he/she may appeal to the County Board of Appeal and Equalization; and/or ■ The property owner may appeal to Tax Court. The Notice of Valuation and Classification must provide the property owner with the date, time and location of the Local and County Boards of Appeal and Equalization. a Review Procedures - 2009 Assessment Informal 1. Discuss assessment procedures and the valuation methodologies employed by the assessor's office. 2. Review market information, sales and property characteristics with the owner by ' phone- or in the assessor's office. 3. Provide the owner with nearby assessed values and/or sales of homes similar to the subject property. ' 4. Suggest the owner have a market analysis provided by a local Realtor. ' 5. Review by physically inspecting the property and recalculating the value based on characteristics gathered in the new inspection. ' 6. Discuss with the owner the valuation recommendation based on the review performed. ' Formal 1. Local Board of Review / City Board of Equalization 2. County Board of Equalization ' 3. Minnesota Tax Court 4. Abatement I Summary ' The assessor's office will make every effort to resolve as many questions possible prior to the board. Those property owners still wishing to be heard at the board will be given an ' opportunity to express their individual concerns. The assessor's office will have an appraisal prepared for all properties where the owner has notified the assessor's office of ' their intent to appear at this year's board of review. A copy of this report will be provided to each board member and the property owner. ' Please remember that the issue at hand is the market value or classification of the property at hand, not the taxes. Cases that the board feels may be too difficult or complex to decide ' may be affirmed. The property owner will then have the opportunity to continue on to the County Board of Appeal and Equalization. Hennepin Countv Board of Appeal and Equalization ' The 2009 County Board of Appeal and Equalization will be held beginning June 15, 2009. Taxpayers wishing to appear must have appealed to their local board of review and must complete an application with the county board prior to June 3, 2009. Please call (612) 348- 7050 to be placed on the agenda. ' At the County'Board level the county assessor's office will perform an independent ' appraisal of each property. Should a reduction to the assessment be indicated, it is offered to the owner. The county will also notify the owner if their review indicates either no change or an increase. At this point, the owner can accept the reduction, withdraw the appeal, or continue on, to be heard by the County Board of Equalization. ' Minnesota Tax Court For information regarding a tax court appeal, contact (651) 296-2806. The filing deadline for ' the 2009 assessment is April 30, 2010. The deadline is always the last day in April in the year the taxes are payable. ■ Abatements ' This is a process that allows assessors to correct a clerical or appraisal error. Application must be received by assessor no later than December 31 for the year the taxes are payable. This is a discretionary process and decision of the assessor is final. The City of Brooklyn ' Center charges a $45.00 application fee for abatements when it is not an error of the assessment process. However, in most cases the assessor's office is able to inform the property owner prior to application if approval is likely. 1 ' MINNESOTA- REVENUE www.taxes.state.mn.us Appealing the Value or Classification of Your Property ' Property Tax Fact Sheet 7 Each spring your county sends you a property tax bill. Three factors that affect your tax bill. are: ' 1. the amount your local governments (town, city, county, etc.) spend to provide services to your community. 2. the estimated market value of your property, and 3. the classification of your property (how it is used). The assessor determines the last two factors. You may appeal the value or classification of your property. This fact sheet ' discusses estimated market value and classification as shown on your Notice of Valuation and Classification. On the back, it tells you what you can do if you and the assessor disagree. 111101111111 solo Estimated market value I Do your research l Estimated market value is the amount the assessor estimates Begin by contacting the assessor's office. ' a buyer would pay for your property if it were offered for ■ Verify information about your property, such as its sale. Each year the assessor reviews the market valuation dimensions, age and condition of its structures. of your property to determine if changes in the real estate market or improvements to your property require a change ■ Review records to determine the market value of in the estimated market value. similar property in your neighborhood. OPNOW ■ Review sales data to find out what similar property in Classification and class rates your area is selling for. All property is classified by the assessor according to ■ Check real estate ads in your newspaper to get an idea ' its use. Each class of property (home, apartment, cabin, of the asking price of local properties. farm, business) is taxed at a different percentage of its m Ask the assessor to explain the criteria used for value. This percentage, or class rate, is determined by the classifying your property. You may also review the state legislature. Like market value, the class rate of your classification of other property used in the same manner property plays a significant role in how much property tax you pay as yours. Valuation and classification notice Appealing your assessment ~b. You have the right to appeal your market value estimate Each spring, the assessor will mail you a Notice of Valuation and Classification and/or property classification if you feel your properly is: informming you of the ' value and classification of your property. If you believe ■ Classified improperly. the classification or the estimated market value of your ■ Valued at an amount higher than you could sell your property is incorrect, you have several appeal options. property for. ' The first step is to do some research. • Valued at a level different from similar property in your area. First, talk to the assessor to discuss changing your ' assessment If you and the assessor are unable to agree on your valuation or classification, more formal methods of appeal are available. ' See reverse for formal appeal information Property Tax Division - Mail Station 3340 - St. Paul, MN 55146-3340 This fact sheet is intended to help you become more familiar with Minnesota tax laws and your rights and responsibilities under the laws. Nothing in this ' fact sheet supersedes, alters, or otherwise changes any provisions of the tax law, administrative rules, court decisions, or revenue notices. Alterative formats available upon request Revised 07/04 Minnesota Revenue. Appealing the Value or Classification of Your Property 1 - Appeals You can appeal to your local and county Boards of Appeal and Equalization or you can take your appeal ' directly to the Minnesota Tax Court. Or you can choose both options, in which case begin with the Local Board of Appeal and Equalization. i Local Board of Ap eal Z9 p ~ and Equalization Minnesota Tax Court ' If you choose to appeal to your boards of appeal and You have until April 30 of the year the tax becomes payable equalization, fast meet with your Local (city or town) to appeal your assessment to the Minnesota Tax Court. In Board of Appeal and Equalization. These are usually other words, you must appeal your 2004 valuation and the same people as your city or town council. The board classification on or before April 30, 2005. ' meets on a specified day in April or May. The exact date The Tax Court has two divisions: is listed on your Notice of Valuation and Classification. We strongly recommend that you call or write your city A. The small claims. division only hears appeals , or town clerk to schedule your appearance. involving one of the following situations: You may make your appeal in person, by letter, or have ■ The assessor's estimated market value of your someone else appear for you. The assessor will be present properly is less than $300,000. ' to answer questions. You must present your case to the ■ Your entire parcel is classified as a residential city or town board before going to the County Board of Appeal and Equalization. homestead (1a or lb) and the parcel contains no more than one dwelling unit. , Cities and towns have the option of transferring their board ■ Your entire property is classified as an agricultural powers to the County Board of Appeal and Equalization.. homestead (lb or 2a). If your municipality has elected to do this, your Notice of ■ Appeals involving the denial of a current year ' Valuation and Classification will direct you to begin your application for homestead classification of your appeal at the county level. property. i i i v on are s The proceedings of the small claims d County Board of Appeal I less formal and many people represent themselves. and Equalization Decisions made by the small claims division are If you are not satisfied with the decision of the city or town final and cannot be appealed further. board or if your city or town has transferred their powers to the county, you may appeal to the County Board of Appeal B. The regular division will hear all appeals-including and Equalization. those within the jurisdiction of the small claims , division. Decisions made here can be appealed to This board meets in June. The exact date is listed on a higher court your Notice of Valuation and Classification. The members are usually the county board of commissioners or their Most people who appeal to the regular division hire an , appointees. We strongly recommend that you call or attorney because the hearing is conducted according to write your county auditor or assessor to schedule your the Minnesota rules of civil procedure. appearance before the board. , You may obtain complete information on Tax Court appeals You may make your appeal in person, by letter, or have by writing or calling the court administrator in your county someone else appear for you. The assessor will be present or by contacting: to answer questions. If you are not satisfied with the Minnesota Tax Court ' decision of the County Board of Appeal and Equalization, ta Judicial Minnesoota Center you may appeal to the Minnesota Tax Court. 24 Suitto e 245 25 Reverend Dr.. Martin Luther King, Jr. Boulevard , St. Paul, MN 55115 (651) 296-2806 www.taxcourt.state.mn.us , Minnesota Revenue, Appealing the Value or Classification of Your Property 2 ' 1 MINNESOTA- REVENUE www.taxes.state.mn.us Preparing an Appeal to Your Local and County Boards of Appeal and Equalization Property Tax Fact Sheet 10 You have decided to appeal the valuation and/or classification of your property to your Local or County Boards of Appeal and Equalization. You must appeal to the Local Board of Appeal and Equalization before appealing to your County Board of Appeal and Equalization. If you haven't done so already, you should contact your assessor's office before making a formal appeal to discuss changing your assessment. Often issues and concerns can be resolved at this level. ' ! g• If you and the assessor were unable to agree on your valuation or classification you may decide to appeal to your Local and/or County Boards of Appeal and Equalization. The general information contained in this fact sheet is applicable to preparing for appeals to both the Local and County Boards of Appeal and Equalization. Successfully appealing your assessment Minnesota law assumes that the County Assessor has correctly valued and classified your property. You must present factual evidence to convince the Board otherwise in order to win your appeal. Make sure all facts are presented, and tine board understands the information presented, so a decision can be made based on facts. IRA Successfully appealing your value or classification at your Local or County Board of Appeal and Equalization can mean a nu rnber of things. It does not necessarily mean that the board ruled in your favor and lowered your value or changed your classification. ' Whether or not the local board decides to make a change in your estimated market value or classification, you can still be successful in appealing to your local board. The ultimate result you want to achieve is to make sure your ' value is warranted and the classification of your property is correct based on its use. Property Tau Division - Mail Station 3310 - St Paul. MN 35146-3300 Revised 07104 Preparing for your appeal The fast step is to do some research to collect information to show why you believe your estimated market value or classification is incorrect. Begin by contacting the assessor's office, • 4--/' ■ Verify information about your property, ❑ such as its dimensions, age and, condition of its structures. Ell ■ Review records to determine the market value of similar property in your neighborhood ■ Review sales data to find out what similar property in your area is selling for. ■ Check real estate ads in your newspaper to get an idea of the asking price of local properties. ■ Ask the assessor to explain the criteria used for classifying your property. You may also review the classification of other property used in the same mariner as yours. Gathering supporting evidence You must have documentation to support your appeal. Items you may wish to bring to the meeting include: • A recent appraisal of your property. • Recent sales of similar property- • Documentation supporting the use of your property (if you are appealing the classification). • Copies of other property owners' field cards/property information. • Photos of your property. • Photos or exhibits comparing neighboring properties to yours. If you should have questions, please don't hesitate to contact your assessor's office. Staff members are always willing to answer questions and give you infomration that will help you understand your assessment. See page 2 for helpful hurts --1• This fact slwot it ummded to help you bwoma mac familiar with Min== in laws and your rights and responsibilities under dx laws. Nothing is this fact sheet supersedes, a1=3, or otherwise lunges any pravisiaa of du tint kw. adttunisttadve totes, away docistons, or revenue ounce. Alternative fermata available upon request ANmusote Reverm, Propannq an Appeal to your Lociii and Coutty ao ds d Appeal and Equalization t 1 Presenting your case Remember, how you present your case may affect the outcome of your appeal - you want to be sure you get your point across as effectively as possible. • Make a list of key points you may wish to present ■ The board has never seen your property. Describe your property so they will understand your arguments more fully. Photos can be helpful to support your argument. ■ Keep your presentation brief and factual. • Be prepared to discuss your case with the board or answer any questions that the board may have. Written appeals You may also appeal your value or classification by submitting a letter of appeal to the board instead of appearing in person. You will want to do your research and explain your appeal in writing. Your letter tg~ should state the facts and include supporting documentation. You may want to include your daytime phone number so you can be reached in case the board has any questions. Other helpful information ' Please keep in mind that taxes are not the issue. To strengthen your appeal, you should present evidence about your property's value or classification, not how much you are paying in taxes. { This fact sheet is not meant to give you legal advice. It is intended to be a helpful tool with ' general information for presenting your property tax appeal at your Local ad County Boards of Appeal and Equalization. ReMSed 07104 Mi nnesoo RrAw%m, Prspainq an Appeal to your Local &W County ®owds d Appeal and E*Adzndw 2 MINNESOTA- REVENUE My House is Worth What?? Property Tax Fact Sheet X Why doesn't the assessor's value reflect the sale price of my property? 1. There is a lag between the time of the assessment and when the sale takes place. An appraisal is an estimate of property value based on ' historical data at a set point in time - January 2 of each year - and the market can change dramatically by the time the property is sold. For example, consider a property valued at $180,000 as of January 2, 2007. This assessment is based on home sales that occurred between October 2005 and September 2006. However, the property may sell for $230,000 in August 2007. Does this mean the estimated value is incorrect? Not necessarily. It could signal an upturn in the housing market between September 2006 and August 2007, raising the sale price of the home. Just as buyers in rapidly accelerating markets may pay significantly more than the assessor's last valuation, they may also pay less in declining markets. A property valued by the assessor at $200,000 for the 2007 assessment may sell for $175,000 in August 2007. This lag time often results in a dramatic difference between actual sale prices and the estimated market values for the' current year. 2. Properties can change over time. While values can fluctuate on an annual basis due to. sales of similar properties, Minnesota law requires that properties only be inspected once every five years, unless new construction or demolition takes place. Between those inspections, properries may be improved without the owner obtaining a building permit - or they may deteriorate if neglected These changes can be difficult for assessors, who see only the exterior of the home, to consider in their annual evaluations Property Tax Division - Mail Station 3340 - St. Paul, MN 55146-3340 Ravi" 3.Od www. taxes.state.mn. us 3. There is no "correct" price for real estate - but rather a range of prices. The ultimate sale price ofa particular property depends -on its unique characteristics as well as the complex motivations and preferences of the seller and potential buyers. If that weren't the case, Realtors and sellers would never have to reduce listing prices, offers from multiple buyers would all be identical, and professional appraisals would all arrive at the same value. In reality, list prices often misjudge the market, offers are negotiable and can vary widely, and appraised values may be disputed. 4. No two parcels of property are identical. Estimating the precise value of a property that is based on dozens, if not hundreds, of characteristics is very difficult. Even nearly identical properties (e.g. adjacent townhomes or condominiums) often sell for different amounts. 5. Real estate markets are highly localized and always changing. Sale prices of different types of properties can vary widely. Currently, farmland and recreational properties are rising in value and sales are strong, but residential sales are stable or slightly declining in several areas. Some neighborhoods are declining at a much faster rate than other areas, which may be stable or slightly increasing in value. 6. Fewer sales mean more challenges for assessors. In many markets and for many types of property, there are few sales of comparable properties. This can make accurate market assessments more difficult; but the assessor must still use his/her professional judgment and knowledge to estimate market values on an annual basis. This may mean looking at sales that take place outside the study time frame or in a neighboring city or township. This fact sheet is intended to help you become more familiar with Minnesota tax laws and your rights and responsibilities under the laws. Nothing in this fact sheet supersedes, alters, or otherwise changes any provisions of the tax law, administrative riles, court decisions, or revenue nonce:. Alternative formats available upon request. Minnesota Revenue 1 Assessment Valuation Procedures Residential Sales occurring in the prescribed study period, October 1, 2007 through September 30, 2008, are analyzed by comparing them to the previous assessment and the preliminary assessment in process. Adjustments are then made either to the land values or to the computerized rate tables employed by the CAMA system in calculating the building values. This computer assisted mass appraisal system allows the assessor's office to value properties according to their individual characteristics. Examples of these characteristics include age, condition, size, style, amenities, functionality, and location. The preliminary final ' assessment is then analyzed statistically to ensure accuracy and uniformity. This process is greatly assisted by the verification and review of all residential sales by assessing staff each year, giving the statistical analyses a high degree of reliability. The Brooklyn Center residential assessment fails well within all accepted measurement guidelines for mass appraisal accuracy and uniformity. For the 2009 assessment the median residential level of assessment is 93.4%. ' Apartment The apartment assessment is based on a combination of market sale activity and analysis of the rental market. In years without adequate sale information, changes in rental rates and occupancy levels are valid, accurate measures of changes in market value. Apartments are sold primarily for their potential to generate future income for the buyer. Therefore, the analysis of the likely (economic) income is a proven and widely accepted approach to valuation. Commercial I Industrial The valuation of these properties is primarily accomplished through an analysis of the rental market, potential income, and the sale market. What are typical investor expectations? What are typical investor yield requirements for different market segments? These are two key questions where market activity can provide some guidance. The potential market I (economic) income to a property is best estimated by analyzing recent leases, rental 1 listings, and published data like the Real Estate Tracking Service of the Minnesota Real Estate Journal and the Colliers Towle Report. All of these sources and more have been employed by the assessor's office to ensure that the current assessed values follow the market as closely as possible. 1 2008 Reinspection Program for the 2009 Assessment During the summer of 2008 our office conducted re-inspections for the 2009 assessment of the residential properties located within a triangular area located south of 694, east of Highway 100 and north of 53rd Avenue. In addition to all single-family homes located in the review area, all commercial/industrial and apartment properties located within this area were reviewed. The inspection area also included all townhomes and condominiums located in the eastern portion of the city. The summer inspections began May 6, 2008, and included approximately 1,800 parcels. The quintile inspections were completed by the end of October. The re-inspections were performed by City Assessor, Nancy Wojcik, Appraiser, Jill Brenna, and Appraiser Technician, Karen Casto. Following the review of the scheduled quintile, our focus switched to the residential properties with new improvements, commercial/industrial and apartment properties. All residential permit review inspections were completed by Appraiser I, Jill Brenna, Appraiser Technician, Karen Casto and commercial inspections were completed by Nancy Wojcik, City Assessor. The review of new improvements added an additional 331 permit reviews to the inspection total. We estimate that the total number of residential properties reviewed in 2008 was approximately 2,131: Additional property inspections were added in the fall due to inspections of foreclosed and vacated homes. i so 00 wo Y rfpE 20 10 BY pp,0- - 00 ASSESSECl VALUE CENTER CQMpAR1S014 OFTHE BRgpKLYN T AX pAYABLE SEARS p GE 2008 to 20 PERCENTA AL PAY Y 2010 PROPERTY ® TYPE TOTAL PAY 2008 VALUAn0% APARTMENT COWAERC1AL INpUSTRIAI- PARMM $177,915,200 TAGE PERCE'N TOTAL PAY 2009 OF PAY 2008 vpLUATION VALUE $179,410,200 815°/0 12.36°/0 $269,71`1,004 5.700/a $124,320,600 73.76 $1,609,605,9 0.03°/0 5650,0 $2182,206,700 TALE TOT OI- PA PERCEt+I 2010 VALUE Of PAY 2009 VALUATION $288,110,100 $137,196,800 51,474,680,800 $162,800 $2,079,560,700 8.63°/0 13.85°/0 6.60°/0 70.9116 0.010/0 $178," $295,553,500 $13011,100 $1,290,074,800 $187,100 $1,898,946,500 15.56% 7.12°/. 67.94% 0.0A% TOTALS ' able fris cet Val a total for ta 2009 Residential luded of 26, 2009 g t~ n►arket value ~s a klyn Center receiving mo Pert 'es ar ~$iving the "This are based an values 400 of athe rc nger any residenfial ProPeTtles in tuatwn totals 390/0 Of $5'0 the no mange and 153 p NOTE. Payable 10285,055,800• A WWI excluss ans. v1~9 a Veterans Exctuswn peiy 2010 was $ "This Old toes are rece due to the V X133 residenlal propen 2010• r n" for taxes payable old House Exclus'io 4t14~2009 wiwbvvaP' t's tae ID GUm n center Assesso Prepared by the Eroakly j CHANGES MADE TO 2009 ASSESSMENT CITY OF BROOKLYN CENTER As Submitted 1/2/09 Prepared by the Brooklyn Center Assessor's Office 4/10/2009 City Wide - All (Includes all property types) (Excluding new construction) City Wide Resid. (Single Family - Detached Only) (Excluding new construction) Commercial Industrial Apartments Condominiums ~pwnhouses Double Bungalows Residential Neighborhoods: #50 - #56 All Residential #50 - #55 Residential Off Water ' Residential Waterfront: #56 Residential Waterfront X"ChWVPW OVERALL VALUE CHANGE -8.77% -9.18% -12.34% -12.40% 0.21%- -1.180A. -1.10% 27.84;% -18.38% -12.401 -12.50% -10.50% M on M MM M M M ® M M M R2 24/200r 3°! 1 BROOKLYNCT RESIDENTIAL STATISTICS SALES:8817287 ° 1.2 /o CONDO STATISTICS SALES:?1157 ° . DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN 4% 91 MEAN COD 4% 7.4 91 bCC, HL NP CAF' O M ME=G SL ND SC GC 2009 93.4% 95.1% 7.9 2009 2008 . 117.9% . 117.9% 10.1 , , , , , F,FF,FP,LF FARM=BF 2008 107.4% 109.1% 9.5 , LAND=LA,LC, L1, LL,LR,LV SALES GROWTH: -12.4% INFERRED RATIOS SALES GROWTH: -22.1% RES=B,BJ,D,DJ,P,R,RL INFERRED RATIOS PROP TYPE ROWTH: -28.0% OTHER=CHANGED PROP TYPE } SAMPLE GROWTH: -12.3% PROP TYPE GROWTH: -12.4% SAMPLE GROWTH: -22.4% X MEDIAN: X MEDIAN: 94.2% X MEDIAN: 94.1% X MEDIAN: 91.5% 5% 91 X MEAN: 84.9%0 X MEAN: 95.7% X MEAN: 95.6% X MEAN: . 5% 2 RES ON LAKE STATISTICS SALES:2J109 1.8% TOWNHOUSE STATISTICS SALES:51683 0.7% COMiIND STATISTICS SALES:51199 . N MEAN COD DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS 09 MEDIAN 3°/ 92 MEAN COD 92.3% 6.3 DIRECT RATIOS MEDIA 9 6 4°% 7 92 2009 90.8% 90.8% 6.7 20 2008 0 . 7% 99 100.5% 5-7 2009 2008 922.22% . . 89.0% 9.0 2008 93.0% 93.0% 8.9 . ' 2% INFERRED RATIOS SALES GROWTH: -1.8% INFERRED RATIOS SALES GROWTH: -7.8% INFERRED RATIOS SALES GROWTH: 1. P TYPE GROWTH: PR -0.5% SAMPLE GROWTH: -13.5% PROP TYPE GROWTH: % SAMPLE GROWTH: -7 9% 9 X MO DIANE GROWTH: 88.0%° SAMPLE GROWTH: -1.8% A W O X MEDIAN: 91.7% X MEDIAN: 80.4% X MEDIAN: 83.2°% 0 X M X MEAN: . 92. % X MEAN: 88.7% . . X MEDIAN: 87 4% X MEAN: 88.5% X MEAN: 80.4% X MEAN: 83.2% . X MEAN: 0% 2 RES OFF LAKE STATISTICS - SALES:86/7178 - 12% DB, TP STATISTICS SALES:0766 0.0% APAR fMENT STATISTICS SALES:2J98 . MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD RATIOS DIRECT CT R 2009 MEDIAN EDI MEAN COD N OA NRECT RATIOS 2009 98.3% 98.3% 4.4 2009 93.4% '95.2% 8.0 2008 0.0% 0.0% 0.0 2008 111.3% 111.3% 20.5 2008 108.4% 109.5% 9.3 ' 8% 2 INFERRED RATIOS SALES GROWTH: -12.7% INFERRED RATIOS SALES GROWTH: 0.0% INFERRED RATIOS SALES GROWTH: . - PROP TYPE GROWTH: -1.0% SAMPLE GROWTH: -12.2% PROP TYPE GROWTH: -12 5~o GROWTH: X P LE 0 0% PROP X MEDIAN E GROWTH: ®80% SAMPLE GROWTH:. 5.7% 117 6%- X MEDIAN: .110.1% X MEDIAN: 9522% 'X MEDIAN: 9 D AN X MEAN: . 0 0°10 X MEAN: 0.0% . X MEUkAw 117 6 X MEAN: 110.1% X MEAN: 96.1% - X MEAN: 95.9% . . 0 X MEAN: STRATIFICATION(SING - - L:E FAMILY HOMES) RZ STATISTICS SALES:010 0.0% BY PRICE DIRECT RATIOS MEDIAN MEAN COD BY EMV % 2009 0.0% 0.0% 0.0 # % 72 UNDER 175K 95.2% # 58 UNDER 175K 98.0% 2008 0.0% 0.0% 0.0 15 175-250K 95.2% 28 175-250K 250-350K 89.7% 1% 86 INFERRED RATIOS SALES GROWTH: 0.0% 1 250-350K 84.7% 1 . 0 350-500K 0.0% ° 1 350-500K 700K 500 84.7% 0% 0 SAMPLE GROWTH: 0.0°% PROP TYPE GROWTH: 0.0% 0 500-700K, 70OK-IMIL 0.0 % 0 0% - 0 0 70OK-1MIL . 0.0% X MEDIAN: 0.0°% X MEDIAN: 0.0%. 0 0 OVER 1MIL . 0.0% 0 OVER 1MIL 0.0% X MEAN: - 0.0% X MEAN: 0.0% m m= m m r M BROOKLYNCTR - 2/24/2009 AS SUBMITTED GROWTH ANALYSIS 2008 TAXABLE 2009 IMPROVE NET % TAXABLE EMV PARCELS EMV AMOUNT CHANGE CHANGE PARCELS APTS* 179,330,000 98 177,961,800 265,000 -1,633,200 -0.9% 99 APTS* COP.i* 273,181,800 150 281,619,400 6,819,000 1,618,600 0.6% 151 COM* CR,CT 1,591,300 4 1,551,300 0 -40,000 -2.5% 4 CR,CT DB,TP,HR 19,019,300 f 67 15,309,100 1,000 -3,711,200 -19.5010 66 D8,TP,HR FARM* 162,800 1 167,100 0 4,300 2.6% 1 FARM* 1 132,317,500 49 130,231,800 285,000 -2,370,700 -1.8% 49 1 K 0 46 0 0 0 0.0% 46 K LAND* 18,652,300 84 19,004,600 0 352,300 1.9% 83 LAND* MH 0 0 0 0 0 0.0% 0 MH NH 0 0 0 0 0 0.0% 0 NH RES' 1,340,742,900 7,291 1,175,246,700 924,900 -166,421,100 -12.4% 7,290 RES* RZ 0 0 0 0 0 0.00/0 0 RZ S 0 0 0 0 0 0.0% 0 S U 2,867,800 3 2,867,800 0 0 0.0% 3 U X,XC,AX,XM 14,812,300 157 10,666,200 0 -4,146,100 -28.0% 157 XXC,XM,AX Y 97,041,700 683 85,742,600 63,500 -11,362;600 -11.7% 683 Y Z 0 0 0 0 0 0.0% 0 Z OTHERS" 0 0 0 p.:. 0 0.0% 0 OTHERS' 'TOTAL 2,079,719,700 8,633 1,900,368,400 8,358,400 -187,709,700 -9.0% 8,632 TOTAL CHANGE -8.6% GROSS -9.0% NET CHECK * APTS=A HF,HL COM=C,GC,NP,SC,NO,SL STATE RES. FARM=BF,DF,F,FF,FP,PF,LF IMPR. TOTAL 989,400 LAND=LA,LC,LI,LL,LR,LV GROWTH -12.6% RES=B,BJ,D,DJ, P,R,RL,RM OTHER=CHANGED PROP TYPE X 14,812,300 157 10,666,200 0 -4,146,100 -28.0% 157 XC 0 0 0 0 0 0.0% 0 AX 0 0 0 0 0 010%. -0• XM 0 0 0 0 0 0.0% 0 STATIC PROPERTY TYPE 2008 TAXABLE 2009 IMPROV NET % TAXABLE EMV PARCELS EMV AMOUNT CHANGE CHANGE PARCELS 179,330,000 98 177,718,800 265,000 -1,876,200 -1.0% 98 273,181,800 150 274,190,400 865,000 143,600 0.1% 150 1,591,300 4 1,551,300 0 -40,000 -2.5% 4 18,763,200 66 15,309,100 1,000 }3,455,100 -18.4% 66 162,800 1 167,100 0 4,300 2.6% 1 132,317,500 49 130,231,800 285,000 -2,370,700 -1.8% 49 0 46 0 0 0 0.0% 46 18,642,500 82 18,729,600 0 87,100 0.5% 82 0 " 0 0 0 0 0.0% 0 0 0 0 0 0 0.0% 0 1,340,002,400 7,287 1,174,841,000 924,900 -166,086,300 -12.4% 7,287 0 0 0 0 0 0.0% 0 0 0 _ 0 0 0 0.0% 0 2,867,800 3 2,867,800 0 0. 0.0% 3 14,812,300 157 10,666,200 0 , -4,146,100 -28.0% 157 97,041,700 683 85,742,600 63,500 -11,362,600 -11.7% 683 0 0 0 0' 0 0.0% 0 1,006,400 7 8,352,700 • 5,954,000 1,392,300 138.3% 6 2,079,719,700 8,633 1,900,368,400 8,358,400 -187,709,700 -9.0% 8,632 2,079,719,700 8,633 1,900,368,400 8,358,400 -187,709,700 -9.0% 8,632 STATE RES. GROWTH CALC. 1,470,619,600 1,286,558,900 989,400 185,050,100 -12.6% STATE RESIDENTIAL PROPERTY TYPES - B,BJ,D,DJ,P,R,RL,RM,DB,TP,X,XC,XM,AX,RZ,Y & Z I ' 2009 SPRING ALL RESIDENTIAL ( R & RLI* RATIO- STUDY MUNICIPALITY #SALES % MEDIAN MEAN COD MUNICIPALITY BLOOMINGTON 461 2.17% 94.7% 96.4% 7.8 MEDINA BROOKLYN CENTER 88 1.21% 934% 95.1% 7.9 MINNEAPOLIS' BROOKLYN PARK 345 2.09% 95.1% 95.9% 8.0 MINNETONKA CHAMPLIN 133 0 2. 3% 95.0% 95.4% 6.9 MINNETONKA BEACH CORCORAN 19 1.19% 95.0% 97.5% 5.1 MINNETRISTA CRYSTAL 177 2.41% 95.4% 95.9% 7.7 MOUND DAYTON 20 1 50% 94 9% 96 2% 7 1 NEW HOPE . . . . DEEPHAVEN 47 3.36% 94.9% 94.8% 4.7 ORONO EDEN PRAIRIE 388 3.02% 94.8% 95.3% 6.0 OSSEO EDINA 346 2.76% 95.5% 95.5% 5.8 PLYMOUTH ' EXCELSIOR 12 2.53% 96.4% 97.7% 8.8 RICHFIELD GOLDEN VALLEY 139 2.21% 95.21% 95.0% 5.9 ROBBINSDALE GREENFIELD 13 1.59% 95.7% 96.7% 4.5 ROCKFORD GREENWOOD 11 3.79% 95.3% 94.1% 3.7 ROGERS HANOVER 2 1.08% 95.9% 95.9% 5.3 ST ANTHONY ' HASSAN 9 1.10% 93.0% 97.0% 6.2 ST BONIFACIUS HOPKINS 69 2.93% 95.0% 95.6% 5.8 ST LOUIS PARK ' INDEPENDENCE 13 1 15% 95 2% 95 4% 5 0 SHOREWOOD . . . . 1 LONG LAKE 11 2.09% 94.7% 94.0% 8.1 SPRING PARK LORETTO 5 2.72% 96.0% 95.3% 2.9 TONKA BAY MAPLE GROVE 361 2.43% 94.5% 95.1% 5.5 WAYZATA MAPLE PLAIN 4 0.79% 95.6% 97.3% 3.1 WOODLAND MEDICINE LAKE 0 0.00% 0.0% 0.0% 0.0 SUBURBAN HENNIEPIN° -PROPERTY TYPES: B,BJ,D,DJ,P,R,RL (Except Minneapolis which is only R & RL) ALL HENNEPIN— "2009 EMV / 10-2007 THRU 9-2008 SALE S "'TOTAL FIGURES (EXCEPT SALES) AR E WEIGHTED MUNIC AVERAGES 04/07/09 #SALES % MEDIAN MEAN COD 22 1.47% 93.5% 94.6% 7.2 2215 2.95% 93.4% 93.1% 10.7 256 1.97% 95.3% 98.9% 7.5 3 1.30% 95.3% 94.9% 0.5 45 2.18% 96.1% 98.2% 9.4 70 2.09% 94.6% 94.1% 6.5 102 214% 95.4% 95.4% 6.5 63 2.15% 95.2% 94.3% 5.1 11 1.84% 95.5% 95.7% 4.8 321 2.06% 94.5% 94.7% 4.8 269 2.76% 95.1% 95.9% 7.2 92 2.14% 95.6% 95.2% 3.8 0 0.00% 0.0% 0.0% 0.0 50 2.50% 95.9% 96.2% 7.5 39 2.25% 94.9% 94.4% 5.6 28 4.10% 93.6% 95.5% 6.2 371 3.22% 95.3% 95.5% 5.0 50 2.16% 95.3% 95.3% 2.8 2 0.98% 95.2% 95.2% 6.9 13 2.11% 95.4% 95.8%. 4.0 23 2.64% 94.7% 91.7% 7.0 2 1.05% 93.4% 93.4% 1.5 4,505 1.85% 95.0% 95.7% 6.3 6,720 2.11% 94.5% 94.8% 7.8 ' 2009 SPRING R ESIDENTIAL LAKESHORRE (RLr RATIO - STUDY 04/07109 MUNICIPALITY #SALES % MEDIAN MEAN COD MUNICIPALITY #SALES % MEDIAN MEAN COD BLOOMINGTON 1 1.49% 94.6% 94.6% 0.0 MEDINA 0 0.00% 0.0% 0.0% 0,0 BROOKLYN CENTER 2 1.83% 90.8% 90.8% 6.7 MINNEAPOLIS N/A N/A NIA N/A N/A BROOKLYN PARK 1 0.80% 90.9% 90.9% 0.0 MINNETONKA 6 403% 95.8% 97.0% 15.8 CHAMP 87% 95 5% 95 5% 0 0 LIN 0 0.00% 0.0% 0.0% 0.0 MINNETONKA BEACH 1 0. . . . ' CORCORAN 0 0.00% 0.0% 0.0% 0.0 MINNETRISTA 15 2.65% 96.7% 97.6% 8.3 CRYSTAL 0 0.00% 0.0% 0.0% 0.0 MOUND 11 1.13% 95.3% 95.3% 9.4 DAYTON 3 2 33% 94 0% 94 5% 1 7 NEW HOPE 0 0 00% 0 0% 0 0% 0 0 . . . . . . . . ' DEEPHAVEN 5 2.81% 94.9% 97.0% 4.6 ORONO 19 1.87% 93.3% 93.3% 6.2 EDEN PRAIRIE 6 2.07% 92.7% 95.3% 6.3 OSSEO 0 0.00% 0.0% 0.0% 0.0 ' EDINA 20 1.94% 97.9% 98.5% 4.1 PLYMOUTH 11 2.59% 95.0% 95.0% 4.1 EXCELSIOR 0 0.00% 0.0% 0.0% 0.0 RICHFIELD 0 0:00% 0.0% 0.0% 0.0 GOLDEN VALLEY 0 0.00% 0.0% 0.0% 0.0 ROBBINSDALE 1 0.95% 98.7% 98.7% 0.0 GREENFIELD 0 0.00% 0.0% 0.0% 0.0 ROCKFORD 0 0.00% 0.0% 0.0% 0.0 GREENWOOD 8 4.82% 95.5% 94.0% 4.6 ROGERS 0 0.00% 0.0% 0.0% 0.0 AN 0 0 0% 0 0 H OVER 0 0.00% 0.0% 0.0% 0.0 ST ANTHONY 0 0.00% 0. % . . ' HASSAN 2 2.25% 93.7% 93.7% 1.7 ST SONIFACIUS 0 0.00% 0.0% 0.0% 0.0 HOPKINS 0 0.00% 0.0% 0.0% 0.0 ST LOUIS PARK 1 0.57% 96.5% 96,5% 0.0 INDEPENDENCE 4 2 22% 95 7% 0% 93 3 5 SHOREWOOD 10 2 20% 95 2% 95 2% 3 2 . . . . . . . . ' LONG LAKE 0 0.00% 0.0% 0.0% 0.0 SPRING PARK 0 0.00% 0.0% 0,0% 0.0 LORETTO 0 0.00% 0,04/0 0.0% 0.0 TONKA BAY 9 2.78% 95.4% 95,3% 3.2 ' MAPLE GROVE 8 1.15% 93.9% 94.5% 3.1 WAYZATA 2 2.13% 95.8%. 95.8% 3.2 MAPLE PLAIN 0 0.00% 0.0% 0.0% 0.0 WOODLAND 1 1.79% 92.0% 92.0% 0.0 MEDICINE LAKE 0 0.00% 0.0% 0.0% 0.0 SUBURBAN HENNEPIN++* 147 1.85% 95.2% 95.5% 5.3 ALL NENNEPIN"' NIA N/A NIA N/A N/A "2009 EMV / 10-2007 THRU 9-2008 SALES "-TOTAL FIGURES (EXCEPT SALES) ARE WEIGHTED MUNIC AVERAGES 1 1 2009 SPRING RESIDENTIAL NON LAKESHORE IRI* RATIO** STUDY MUNICIPALITY #SALES % MEDIAN MEAN COD MUNICIPALITY BLOOMINGTON 460 2.17% 94.7% 96.4% 7.9 MEDINA BROOKLYN CENTER 86 1.20% 93.4% 95.2% 8.0 MINNEAPOLIS BROOKLYN PARK 344 2.10% 95.1% 96.0% 8.0 MINNETONKA ' CHAMPLIN 133 2.10% 95.0% 95.4% 6.9 MINNETONKA BEACH CORCORAN 19 1.19% 95.0% 97.5% 5.1 MINNETRISTA CRYSTAL 177 2.43% 95.4% 95.9% 7.7 MOUND DAYTON 17 1 41% 95 1% 96 6% 8 0 NEW HOPE . . . . DEEPHAVEN 42 345% 95.0% 94.5% 4.7 ORONO EDEN PRAIRIE 382 3.04% 94.8% 95.3% 6.0 OSSEO EDINA 326 2.83% 95.2% 95.3% 5 8 PLYMOUTH . EXCELSIOR 12 2.91% 96.4% 97.7% 8.8 RICHFIELD GOLDEN VALLEY 138 211% 95.2% 95.2% 5.8 ROBBINSDALE ' GREENFIELD 13 1.821/6 95.7% 96.7% 4.5 ROCKFORD GREENWOOD 3 2.42% 95.1% 94.3% 0.9 ROGERS HANOVER 2 1.13% 95.9% 95.9% 5.3 ST ANTHONY ' HASSAN 7 0.96% 93.0% 98.0% 7.5 ST BONIFACIUS HOPKINS 69 2.93% 95.0% 95.6% 5.8 ST LOUIS PARK ' INDEPENDENCE 8 0 84 . % 96.3% 97.7% 5.2 SHOREWOOD ' LONG LAKE 11 2.16% 94.7% 94.0% 8.1 SPRING PARK LORETTO 5 2.72% 96.0% 95.3% 2.9 TONKA BAY ' MAPLE GROVE 353 2.49% 94 5% 95 1% 6 5 WAYZATA . . . ' MAPLE PLAIN 4 0.79% 95.6% 97.3% 3.1 WOODLAND MEDICINE LAKE 0 0.000% 0.0% 0.0% 0.0 SUBURBAN HENNEPIN"' All HENNEPIN"' "2009 EMV / 10-2007 THRU 9-2008 SALE S ~ "-TOTAL FIGURES (EXCEPT SALES) AR E WEIGHTED MUNIC AVERAGES f I 04/07/09 #SALES % MEDIAN MEAN COD 22 1.54% 93.5% 94.6% 7.2 N/A N/A N/A N/A N/A 250 1.95% 95.3% 99.0% 7.3 2 1.72% 94.6% 94.6% 0.6 30 2.00% 96.0% 98.5% 10.0 59 2.48% 94.5% 93.9% 5.9 102 2.24% 95.4% 95.4% 6.5 44 2.30% 95.4% 94.8% 4.6 11 1.84% 95.5% 95.7% 4.8 310 2.04% 94.5% 94.6% 4.8 269 2.76% 95.1% 95.9% 7.2 91 2.17% 95.6% 95.2% 3.8 0 0.00% 0.0% 0,01% 0.0 50 2.50% 95.9% 96.2% 7.5 39 2.25% 94.9% 94.4% 5.6 28 4.10% 93.6% 95.5% 6.2 370 3.26% 95.3% 95.4% 5.0 40 2.15% 95.5% 95.3% 2.9 2 2.06% 95.2% 95.2% 6.9 4 t.37% 95.2% 96.9% 6.0 21 2.70% 94.7% 91.3% 7.4 1 0.75% 94.9% 94.9% 0.0 4.356 1.85% 95.0% 95.7% 6.4 N/A N/A N/A N/A N/A ' 2009 SPRING CONDOMIN IUM W* RATIO`* STUDY 04/07/09 MUNICIPALITY #SALES % MEDIAN MEAN COD MUNICIPALITY #SALES % MEDIAN MEAN COD BLOOMINGTON 108 2.26% 94.1% 94.8% 5.1 MEDINA 0 0.00% 0.0% 0.0% 0.0 BROOKLYN CENTER 2 1.27% 91.4% 91.4% 7.4 MINNEAPOLIS 926 3.79% 93.3% 92.0% 7.7 BROOKLYN PARK 12 0.95% 92.6% 101.1% 16.7 MINNETONKA 87 2.86% 95.2% 95.1% 5.9 ' CHAMPLIN 20 3.45% 93.7% 95.4% 5.0 MINNETONKA BEACH 0 0.00% 0.0% 0.0% 0.0 ' CORCORAN 0 0.00% 0.0% 0.0% 0.0 MINNETRISTA 0 0.00% 0.0% 0.0% 0.0 CRYSTAL 6 5.17% 94.5% 96.7% 9.0 MOUND 7 1.30% 95.5% 96.5% 7.9 DAYTON 0 0 00% I f . 0.0% 0.0% 0.0 NEW HOPE 8 1.39% 96.2% 96.1% 5.1 DEEPHAVEN 0 0.00% 0.0% 0.0% 0.0 ORONO 0 0.00% 0.0% 0.0% 0.0 EDEN PRAIRIE 115 3.46% 95.2% 95.5% 4.6 OSSEO 0 0.00% 0.0% 0.0% 0.0 ' EDINA 107 1.76% 92 0% 94 0% 8 9 PLYMOUTH 102 96% 2 94 0% 94 1% 3 6 . . . . . . . ' EXCELSIOR 8 4.32% 94.2% 93.7% 3.4 RICHFIELD 26 2.16% 95.1% 94.6% &.7 GOLDEN VALLEY 22 2.39% 94.7% 93.5% 3.9 ROBBINSOALE 1 0.72% 98.90% 98.90/6 0.0 ' GREENFIELD 0 0.00% 0.0% 0.0% 0.0 ROCKFORD 0 0.00% 0.0% 0.0% 0.0 GREENWOOD 2 10.00% 95.3% 95.3% 1.0 ROGERS 0 0.00% 0.0% 0.0% 0.0 HANOVER 0 0.00% 0.0% 0.0% 0.0 STANTHONY 9 3.19% 95.4% 91.1% 6.8 HASSAN 0 0.00% 0.0% 0.0% 0.0 ST SONIFACIUS 0 0.00% 0.0% 0.0% 0.0 HOPKINS 22 1.54% 94.8% 94.5% 6.6 ST LOUIS PARK 105 3.26% 94.5% 95.2% 2.4 ' INDEPENDENCE 0 0.00% 0.0% 0.0% 0.0 SHOREWOOD 0 0.00% 0.0% 0.0% 0.0 LONG LAKE 0 0.00% 0.0% 0.0% 0.0 SPRING PARK 0 0.00% 0.0% 0.0% 0.0 LORETTO 0 0.00% 0.0% 0.0% 0.0 TONKA BAY 0 0.00% 0.0% 0.0% 0.0 ' MAPLE GROVE 91 3.08% 94 6% 95 4% 4 2 WAYZATA 5 20% 2 94 9% 100 0% 7 6 . . . . . . . ' MAPLE PLAIN 0 0.00% 0.0% 0.0% 0.0 WOODLAND 0 0.00% 0.0% 0.0% 0.0 MEDICINE LAKE 0 0.00% 0.0% 0.0% 0.0 SUBURBAN HENNEPIN"' 865 1.85% 94.3% 94.9% 5.3 , -PROPERTY TYPES: AX, X, XC, XM ALL HENNEPIN- 1,791 2.11% 93.8% 93.4% 6.6 2009 EMV 110-2007 THRU 9-2008 SALE S "`TOTAL FIGURES (EXCEPT SALES) AR E WEIGHTED MUNIC AVERAGES ' 2009 SPRING TOWNHOME (Y1* RATIO" STUDY ' MUNICIPALITY #SALES % MEDIAN MEAN COD MUNICIPALITY BLOOMINGTON 69 3.11% 94.2% 95.4% 5.4 MEDINA ' BROOKLYN CENTER 5 0.73% 92.3% 92.3% 6.3 MINNEAPOLIS BROOKLYN PARK 55 1.75% 94.7% 97.3% 7.3 MINNETONKA ' CHAMPLIN 5 1.36% 95.3% 99.1% 6.5 MINNETONKA BEACH CORCORAN 0 0.00% 0.0% 0.0% 0.0 MINNETRISTA CRYSTAL 7 7.45% 95.2% 94.6% 2.7 MOUND DAYTON 0 0 00% 0 0% 0 0% NEW HOPE . . . 0.0 DEEPHAVEN 0 0.00% 0.0% 0.0% 0.0 ORONO EDEN PRAIRIE 107 3.67% 95.4% 95.8% 4.9 OSSEO ' EDINA 21 3.35% 93.4% 94.6% 4.3 PLYMOUTH ' EXCELSIOR 1 5.56% 90.1% 90.1% 0.0 RICHFIELD GOLDEN VALLEY I 18 4.14% 96.2°/6 94.3% 4.0 ROBBINSDALE ' GREENFIELD 2 2.94% 94.1% 84.1% 3.3 ROCKFORD GREENWOOD 0 0.00% 0.0% 0.0% 0.0 ROGERS HANOVER 0 0 00% . 0.0% 0.0% 0.0 ST ANTHONY HASSAN 0 0.00% 0.0% 0.0% 0.0 ST BONIFACIUS HOPKINS 18 3.10% 95.4% 96.0% 8.1 ST LOUIS PARK ' INDEPENDENCE 0 0 00% R . 0.0% 0.0% 0.0 SHO EWOOD LONG LAKE I 3 5.17% 93.3% 96.3% 9.7 SPRING PARK LORETTO 1 3.23% 95.0% 95.0% 0.0 TONKA BAY ' MAPLE GROVE 84 2.69% 94 1% 94 7% 4 0 WAYZATA . . . ' MAPLE PLAIN i 0 0.00% 0.0% 0.0% 0.0 WOODLAND MEDICINE LAKE 0 0.00% 0.0% 0.0% 0.0 SUBURBAN HENNEPIN- ' ALL HENNEPIN"' 2009 EMV / 10-2007 THRU 9-2008 SALE S `**TOTAL FIGURES (EXC EPT SALES) ARE WEIGHTED MUNIC AVERAGES 04/07/09 #SALES % MEDIAN MEAN COD 1 7.14% 94.9% 94.9% 0.0 43 4.25% 93.2% 89.3% 11.1 75 3.72% 95.0% 95.6% 4.4 0 0.00% 0.0% 0.0% 0.0 5 9.43% 95.6% 99.6% 4.9 1 1.49% 91.4% 91.4% 0.0 5 2.33% 91.0% 92.3% 3.7 2 103% 93.9% 93.9% 0.6 0 0.00% 0.0% 0.0% 0.0 102 2.98% 94.5% 94.4% 4.1 0 0.00% 0.0% 0.0% 0.0 1 0.56% 96.6% 96.6% 0.0 1 5.00% 95.3% 95.3% 0.0 13 3.24% 94.9% 943% 5.6 4 6.90% 95.6% 96.3% 2.5 5 3,42% 93.5% 93.1% 3.1 24 3.33% 93.2% 93.5% 1.5 8 2.52% 95.0% 94.3% 4.9 2 4.44% 95.0% 95.0% 0.0 0 0.00% 0.0% 0.0% 0.0 0 0.00% 0.0% 0.0% 0.0 0 0.00% 0.0% 0.0% 0.0 645 1.85% 94.6% 95.2% 4.6 688 2.11% 94.5% 94.8% 5.0 I 1 2009 SPRING DOUBLE BUNGALOW (DB & TPI* RATIO** STUDY ' MUNICIPALITY #SALES % MEDIAN MEAN COD MUNICIPALITY BLOOMINGTON 4 2.33% 95.8% 95.0% 4.8 MEDINA BROOKLYN CENTER 0 0.00% 0.0% 0.0% 0.0 MINNEAPOLIS BROOKLYN PARK 4 1.23% 94.0% 96.4% 9.8 MINNETONKA CHAMPLIN 1 1.52% 112.0% 112.0% 0.0 MINNETONKA BEACH CORCORAN 0. 0.00% 0.0% 0.0% 0.0 MINNETRISTA CRYSTAL 0 0.00% 0.0% 0.0% 0.0 MOUND ' DAYTON 0 0 00% 0 0% 0 0% . . . 0.0 NEW HOPE DEEPHAVEN 0 0.00% 0.0% 0.0% 0.0 ORONO EDEN PRAIRIE 0 0.00% 0.0% 0.0% 0.0 OSSEO ' EDINA 3 1.65% 94.6% 93.0% 3.3 PLYMOUTH ' EXCELSIOR 0 0.00% 0.0% 0.0% 0.0 RICHFIELD GOLDEN VALLEY t t.52% 98.1% 98.1% 0.0 ROBBINSDALE GREENFIELD 0 0.00% 0.0% 0.0% 0.0 ROCKFORD GREENWOOD 0 0.00% 0.0% 0.0% 0.0 ROGERS HANOVER 0 0.00% 0.0% 0.0% 0.0 ST ANTHONY HASSAN 0 0.00% 0.0% 0.0% 0.0 ST SONIFACIUS HOPKINS 2 0.87% 98.6% 98.6% 3.4 ST LOUIS PARK ' INDEPENDENCE 0 0 00% 0 . 0. % 0.0% 0.0 SHOREWOOD LONG LAKE 0 0.00% 0.0% 0.0% 0.0 SPRING PARK LORETTO 0 0.00% 0.0% 0.0% 0.0 TONKA BAY ' MAPLE GROVE 1 1.22% 88.2% 88.21/6 0.0 WAYZATA ' MAPLE PLAIN 0 0.00% 0.0% 0.0% 0.0 WOODLAND MEDICINE LAKE 0 0.00% 0.0% 0.0% OA SUBURBAN HENNEPIN- i~ ' ALL HENNEPIN"' "2009 EMV / 10-2007 THR U 9-2008 SALES -TOTAL FIGURES (EXCEPT SALES) ARE WEIGHTED MUNIC AVERAGES 04/07/09 #SALES % MEDIAN MEAN COD 0 0.00% 0.0% 0.0% 0.0 151 1.29% 93.8% 94.3% 12.9 0 0.00% 0.0% 0.0% 0.0 0 0.00% 0.0% 0.0% 0.0 0 0.00% 0.0% 0.0% 0.0 0 0.00% 0.0% 0.0% 0.0 1 1.79% 94.4% 94.4% 0.0 0 0.00% 0.0% 0.0% 0.0 0 0.00% 0.0% 0.0% 0.0 0 0.00% 0.0% 0.0% 0.0 2 1.34% 95.2% 95.2% 0.0 2 0.74% 97.1% 97.1% 0.0 0 0.00% 0.0% 0.0% 0.0 0 0.00% 0.0% 010% 0.0 0 0.00% 0.0% 0.0% 0.0 0 0.00% 0.0% 0.0% 0.0 4 1.93% 96.4% 96.6% 1.1 2 4.17% 95.4% 95.4% 3.3 0 0.00% 0.0% 0.0% 0.0 0 0.00% 0.0% 0.0% 0.0 1 3.13% 85.5% 85.5% 0.0 0 0.00% 0.0% 0.0% 0.0 28 1.85% 95.7% 95.8% 3.1 179 2.11% 94.1% 94.5% 11.4 ' 2009 SPR ING TWINHOME IRZI* RATIO" STUDY 04/07109 ' MUNICIPALITY #SALES % MEDIAN MEAN COD MUNICIPALITY #SALES % MEDIAN MEAN COD BLOOMINGTON 5 2.48% 92.8% 100.9% 12.6 MEDINA 6 8.11% 95.3% 93.1% 4.2 BROOKLYN CENTER 0 0.00% 0.0% 0.0% 0.0 MINNEAPOLIS N/A N/A N/A N/A NIA BROOKLYN PARK 4 1.13% 95.4% 99.3% 9.8 MINNETONKA 3 1.22% 100.6% 117.9% 21.7 ' CHAMPLIN 2 1.16% 91.0% 91.0% 4.1 MINNETONKA BEACH 0 0.00% 0.0% 0.0% 0.0 ' CORCORAN 0 0.00% 0.0% 0.0% 0.0 MINNETRISTA 0 0.00% 0.0% 0.0% 0,0 CRYSTAL 1 1.92% 97.4% 97.4% 0.0 MOUND 1 3.459/0 97.1% 97.1% 0.0 DAYTON 0 0 00% 0 0% . . 0.0% 0.0 NEW HOPE 2 1.35% 91.1% 91.1% 4.6 ' DEEPHAVEN 0 0.00% 0.0% 0.0% 0.0 ORONO 0 0.00% 0.0% 0.0% 0.0 EDEN PRAIRIE 19 3.19% 94.8% 97.4% 9.7 OSSEO 0 0.00% 0.0% 0.0% 0.0 ' EDINA 12 4.18% 93.3% 92.2°16 4.5 PLYMOUTH 2 1.12% 95.1% 95.1% 1.0 EXCELSIOR 0 0.00% 0.0% 0.0% 0.0 RICHFIELD 0 0.00% 0.0°x6 0.0% 0.0 GOLDEN VALLEY 0 0.00% 0.0% 0.0% 0.0 ROBBINSDALE 0 0.00% 0.0% 0.0% 0.0 GREENFIELD 0 0.00% 0.0% 0.0% 0.0 ROCKFORD 0 0.00% 0.0% 0.0% 0.0 GREENWOOD 0 0.00% 0.0% 0.0% 0.0 ROGERS 1 4.35% 91.4% 91.4% 0.0 ' HANOVER 0 0.00% 0.0% 0.0% 0.0 ST ANTHONY 0 0.00% 0.0% 0.0% 0.0 ' HASSAN 0 0.00% 0.0% 0.0% 0.0 ST BONIFACIUS 0 0.00% 0.0% 0.0% 0.0 HOPKINS 0 0.00% 0.0% 0.0% 0.0 ST LOUIS PARK 1 3.33% 107.8% 107.8% 0.0 ' INDEPENDENCE 0 0 00% . 0.0% 0.0% 0.0 SHOREWOOD 0 0.00% 0.0% 0.0% 0.0 ' LONG LAKE 0 0.00% 0.0% 0.0% 0.0 SPRING PARK 0 0.00% 0.0% 0.0% 0.0 LORETTO 0 0.00% 0.0% 0.0% 0.0 TONKA BAY 0 0.00616 0.0% 0.0% 0.0 ' MAPLE GROVE 12 2:026/6 90.9% 91.9% 4.4 WAYZATA 0 0.00% 0.0% OA% 0.0 ' MAPLE PLAIN 0 0.00% 0.0% 0.0% 0.0 WOODLAND 0 0.00% 0.0% 0.0% 0.0 MEDICINE LAKE 0 0.00% 0.0% 0.0% 0.0 SUBURBAN HENINEPINI- 71 1.85% 94.1% 96.1% 7.1 ALL HENNEPIN"' N/A N/A N/A NM NIA "2009 EMV / 10-2007 THR U 9-2008 SALES "-TOTAL FIGURES (EXCE PT SALES) ARE WEIGH TED MUNIC AVERAGES VALUATION NOTICES ' March, 2009 Commonly Asked Questions What is this notice I received in the mail. This notice is your 2009 assessed value for taxes payable in 2010. It is intended to show you the estimated market value, limited market value and taxable market value of your house for taxes payable in 2010. It also includes the previous year's value for comparison purposes only. ' Is this a bill? No. A Truth in Taxation notice will be mailed to you from Hennepin County ' approximately November 9, 2009 estimating the 2010 property taxes. The Truth in Taxation notice will also contain meeting dates of any taxation meetings. Actual tax statements reflecting the 2009 assessment will be mailed in March, 2010. Whv did my market value change? The value of your property changes as the market indicates (through analysis of sales) and/or due to changes in the property (permit work, characteristic changes, etc.) The estimated market value is the most probable price that a well informed buyer would pay a well informed seller for a property without either party being unduly forced to buy or sell. If you have specific questions you may elect to speak with an appraiser on your specific property. ' You recently reviewed my oronerty this last summer and told me there were no chanaes to my characteristics. why did my value increase? ' The value of your property is based on reported and recorded market sales data collected over the past year. Your 2009 assessed value is based on rates that are ' determined through analysis of residential sale data. These rates change as indicated by recent market sales. Your 2009 value may have increased or decreased even though the characteristics of your home have not changed. This change in value may ' be based solely on the market data. Any changes in your property characteristics either positive or negative may also impact the final estimated value of your property. ' Is there a limit on how much you can chanq►e my value? There is no limit on the change in estimated market value. The limited market value ' program was not renewed by the state legislature after its expiration following the 2008 assessment. Is my property still considered a 2Loperty! current homestead status for the 2009 assessment for taxes payable in 2010 is , displayed in the upper right hand corner under the property classification. Any partial percentage homesteads will be reflected on the notice. Can l appeal the valuation of m ro erty? You should first review sale information from your neighborhood. Review homes similar ' in style and size to yours. If you still feel that your value should be changed you may wish to speak with an appraiser and schedule an appointment to review your home. If you plan to attend the local board appeal and equalization we must review your ' property prior to scheduling you on the agenda. In most cases we can come to a mutually acceptable adjustment to your value without your appearance before the , board. What can I do as a senior citizen with a limited income if I feel you are taxincq me I out of my home? As a senior citizen it is important to remember to file for the.property tax refund. This ' program is designed to shield you from excessive increases in property tax and/or property taxes, which are too high when compared to your income. In addition to these programs there is also a senior citizen property tax deferment program available. You may also wish to contact your local legislature to voice your concerns regarding tax changes for senior citizens. Can l have you also look at my 2008 valuation for taxes savable in 2009? No. The previous year's valuation has already been finalized. Your 2009 tax statement that you received in Larch is based on your 2008 valuation. Questions regarding that value would have had to have been addressed at the time you received that valuation ' notice, or at the 2008 Local Board of Appeal and Equalization. What will my 2010 taxes be with this chancre? The tax rates have not been determined for the 2010 taxes. We will have a better idea of estimating taxes when the legislature. adjourns. You will receive a Truth in Taxation notice in November, 2009 that will give you an estimate of the 2010 taxes. Typically the Truth in Taxation notice does not include school district referendums. Please be observant of any local referendum issues in your school district. If you would like an , estimate using.this years tax rates you may call Hennepin County Tax Estimates at (612) 348-3011 for assistance. City of Brooklyn Center 1999 THRU 2009 GROWTH IN RESIDENTIAL ASSESSED VALUE AND TAX CAPACITY MEDIAN SINGLE FAMILY VALUE AND TAX CAPACITY TAX YEARS 2000 THRU 2010 Single Family Residential Payable 2000 Single Family Residential Payable 2001 Single Family Residential Payable 2002 Single Family Residential Payable 2003 Single Family Residential Payable 2004 Single Family Residential Payable 2005 Single Family Residential Payable 2006 Single Family Residential Payable 2007 Single Family Residential Payable 2008 Single Family Residential Payable 2009 Single Family Residential Payable 2010 GABOARD\2009uMedian SF.x1sxj2009 Median Median Value Percentage Tax Capacity Percentage Change Change $90,100 7.26% $992.65 9.93% $105,600 17.20% $1,248.40 25.76% $119,300 12.97% $1,193.00 -4.44% $140,200 17.52% $1,402.00 17.52% $152,000 8.42% $1,520.00 8.42% $164,100 7.96% $1,641.00 7.96% $176,400 7.50% $1,764.00 7.50% $190,400 7.94% $1,904.00 7.94% $196,100 2.99% $1,961.00 2.99% $180,400 -8.01% $1,804.00 -8.01% $156,500 -13.25% $1,565.00 -13.25% 4/15/2009 FORECLOSURES AND SHORT SALES N T H E TW I N C I T I Es H O U S I N G MARKET MINNEAPOLIS AREA Association ~r REALTORS` Area 363: Brooklyn Center Lender-Mediated Traditional 2007 2008 +l- 2007 2008 +1- Inventory of Homes for Sale* 167 213 +27.5% 183 110 -39.9% Months Supply of Inventory* 18.5 13.9 -24.5% 11.0 12.8 +15.8% New Listings 242 661 +173.1% 717 442 -38.4% Closed Sales 61 241 +296.1% 192 122 -36.5% *At year-end What to Watch For Brooklyn Center has a higher-than-average share of lender-mediated Share of Inventory That is Lender-Mediated At Year-End properties-65.9 percent of current homes for sale. Total Twin Cities 65.9% inventory is 32.0 percent lender-mediated. Over the last two quarters, the total number of lender-mediated homes for 47.7% sale in Brooklyn Center has fallen from 219 to 213-a dip of 2.7 percent. Traditional inventory has fallen from 184 to 110. In the last year, the months supply of lender-mediated inventory has 18.3% decreased from 18.5 months to 13.9 months, due to increasing sales of lender-mediated properties. Inventory of Homes for Sale 300 250 - 200 - 150 100 50 0 ~ a Q1-06 Q2-O6 New Listings a I 7 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Closed Sales -m-Traditional -1 -Traditional -Lender-Mediated 140 300 -101--Lender-Mediated - 120 - 250 - 100 - 200 - 60 150 - 60 - 100 40 50- 20 0 - - 0- Q1- 02- 03- 04- Q1- 02- Q3- Q4- Q1- Q2- 03- 04 Q1- Q2- 03- 04- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- 06 06 06 06 07 07 07 07 08 08 08 08 06 06 06 06 07 07 07 07 08 08 08 08 2006 2007 2008 Traditional -Lender-Mediated 0 2009 Minneapolis Area Association of REALTORS. Developed by Jeff Allen and Aaron Dickinson. Page 1 of 2 1 ' FORECLOSURES AND SHORT SALES IN THE TWIN CITIES HOUSING MARKET Area 363: MINNEAPOLIS AREA Association -t REALTORS` Brooklyn Center Lender-Mediated Traditional 2007 2008 2007 2008 +f- Median Sales Price $154,000 $103,500 32.8% $179,950 $151,500 -15.8% Median Price Per Square Foot $95 $65 -31.9% $111 $87 -21.6% Percent of Original List Price Received at Sale 91.6% 87.8% -4.2% 94.8% 89.2% -6.9% Days on Market Until Sale 148 159 +7.5% 138 178 +28.7% Closed Sales That Are Single-Family Detached 51 207 +306.9% 172 113 -34.3% Closed Sales That Are Townhouse-Condo 10 34 +240.0% 20 9 -55.0% What to Watch For In 2008, the median home price of lender-mediated homes in Brooklyn Median Sales Price Center declined by 32.8 percent, while traditional properties declined by 15.8 percent. ■ 2007 $179,950 ' $154,000 ■2008 $151,500 The Percent of Original List Price Received at Sale for lender-mediated properties in Brooklyn Center was 87.8 percent, which was a decline from last year. Traditional properties received 89.2 percent of their original $103,500 asking price. On average, lender-mediated properties took less time to sell in 2008 than traditional homes. The average market time of lender-mediated properties increased by 7.5 percent, while traditional properties increased by 28.7 M 0 percent. Lender-Mediated Traditional Median Price Per Square Foot Percent of Original List Price Received $111 ■ 2007 0 ■ 2007 94.8% ■ 2008 $8' 91.6 87.8% ■ 2008 89.2% $95 $65 Lender-Mediated Traditional Lender-Mediated Traditional Days on Market Until Sale Share of Sales That Are Lender-Mediated ■ 2007 178 ■ 2007 148 159 ■ 2008 ■ 2008 79.1% 138 64.7% 33.3% 22.9% Lender-Mediated Traditional Single-Family Detached Townhouse-Condo © 2009 Minneapolis Area Association of REALTORS. Developed by Jeff Allen and Aaron Dickinson. Page 2 of 2 Report Name: Sales Ratio Analysis City of Brooklyn Center Printed: 4/15/2009 Assessment Year: 2009 Page: 1 Version: 1 Sales Ratio Analysis User Name: 1BRENNA (3) SF RESIDENTIAL SALES STUDY 10/01/07 TO 9/30/08 &to $gti4 Dev F rom Std Dev Ratin SiM Sate Date EM Dist Nbrhd Address Mkt Value Purch Price Baba Baak Median M= From Mean Code 02-118-21-44-0128 0054 5431 James Ave N 128,300 160,000 80.2 1 -13.2 -14.0 -1.66 00 06/26/2008 03-118-21-21-0052 0053 6018 Halifax PI 174,600 214,900 81.2 2 -12.2 -12.9 -1.54 00 10/03/2007 27-119-2142-0108 0051 3631 Violet Ave 129,400 158,000 81.9 3 -11.5 -12.3 -1.46 00 10/15/2007 33-119-2144-0061 0053 6110 Regent Ave N 133,300 162,427 82.1 4 -11.4 -12.1 -1.44 00 10/10/2007 33-119-21-42-0123 0053 5212 63rd Ave N 144,000 175,000 82.3 5 -11.1 -11.9 -1.41 00 10/26/2007 03-118-21-14-0004 0053 5836 York Ave N 139,200 168,300 82.7 6 -10.7 -11.4 -1.36 00 10/24/2007 03-118-21-31-0029 0055 3906 Burquest La 146,300 176,450 82.9 7 -10.5 -11.2 -1.34 00 11/02/2007 03-118-21-11-0071 0053 5924 Beard Ave N 153,600 185,000 83.0 8 -10.4 -11.1 -1.33 00 09/02/2008 34-119-21-12-0069 0051 6806 France Ave N 164,500 198,000 83.1 9 -10.3 -11.1 -1.32 00 11/01/2007 33-119-21-13-0071 0053 5318 Howe La 154,800 186,000 83.2 10 -10.2 -10.9 -130 00 03/26/2008 10-118-21-32-0041 TL 0056 4725 Twin Lake Ave 311,600 368,000 84.7 11 -8.7 -9.5 -1.13 00 10/25/2007 26-119-2142-0056 0052 7225 Morgan Ave N 176,900 208,500 84.8 12 -8.6 -9.3 -1.11 00 05/23/2008 25-119-21-31-0049 0052 7219 Bryant Ave N 168,200 198,000 84.9 13 -8.5 -9.2 -1.10 00 12/14/2007 28-119-2144-0027 0051 7012 Quail Ave N 152,200 178,900 85.1 14 -8.3 -9.1 -1.08 00 08/21/2008 03-118-21-43-0062 0055 3706 53rd Ave N 137,500 161,500 85.1 15 -8.3 -9.0 -1.07 00 12/14/2007 33-119-21-13-0055 0053 5112 65th Ave N 132,900 155,800 85.3 16 -8.1 -8.8 -1.05 00 01/10/2008 26-119-2143-0045 0052 7007 Logan Ave N 184,000 215,000 85.6 17 -7.8 -8.6 -1.02 00 06/27/2008 34-119-21-13-0026 0053 6606 France Ave N 137,000 160,000 85.6 18 -7.8 -8.5 -1.02 00 10/26/2007 01-118-21-22-0009 0054 5900 Emerson Ave N 225,300 261,803 86.1 19 -7.4 -8.1 -0.96 00 10/11/2007 01-118-21-21-0008 0054 5911 Camden Ave N 144,400 166,350 86.8 20 -6.6 -7.3 -0.88 00 10/24/2007 02-118-21-14-0008 0054 5715 Knox Ave N 156,700 180,000 87.1 21 -6.4 -7.1 -0.85 00 I 1 /29/2007 36-119-21-21-0102 0052 6731 Camden AveN 181,900 207,000 87.9 22 -5.5 -6.3 -0.75 00 09/12/2008 02-118-21-31-0014 0054 5542Lilac DrN 141,100 160,083 88.1 23 -5.3 -6.0 -0.72 00 11/26/2007 34-119-21-34-0083 0053 4012 Joyce La 166,000 188,000 88.3 24 -5.1 -5.9 -0.70 00 06/19/2008 02-118-21-22-0048 0053 5924 Washburn Ave N 141,700 160,000 88.6 25 4.9 -5.6 -0.67 00 05/22/2008 28-119-2144-0007 0051 6919 Perry Ave N 173,200 193,903 89.3 26 4.1 -4.8 -0.58 00 11/26/2007 27-119-21-42-0022 0051 7100 France Ave N 135,100 150,000 90.1 27 -3.4 -4.1 -0.49 00 05/30/2008 34-119-21-32-0091 0053 6342 Lee Ave N 147,000 163,000 90.2 28 -3.2 -4.0 -0.47 00 10/30/2007 01-118-21-23-0042 0054 5730 Girard Ave N 153,800 170,000 90.5 29 -2.9 -3.7 -0.44 00 09/19/2008 01-118-21-34-0074 0054 5336 Colfax Ave N 155,200 171,000 90.8 30 -2.7 -3.4 -0.40 00 03/14/2008 26-119-2142-0073 0052 7219 Newton Ave N 135,600 148,500 91.3 31 -2.1 -2.8 -0.34 00 06/26/2008 34-119-21-13-0032 0053 6527 Ewing Ave N 150,800 165,000 91.4 32 -2.0 -2.8 -0.33 00 09/25/2008 03-118-2143-0076 0055 3507 53rd PI N 186,700 204,164 91.4 33 -2.0 -2.7 -0.32 00 06/06/2008 25-119-21-32-0051 0052 7118 Girard Ave N 165,900 181,390 91.5 34 -2.0 -2.7 -0.32 00 09/24/2008 34-119-2141-0123 0053 6406 Beard Ave N 169,500 185,000 91.6 35 -1.8 -2.5 -0.30 00 04/10/2008 01-118-21-32-0009 0054 5549 Dupont Ave N 146,900 160,000 91.8 36 -1.6 -2.3 -0.28 00 05/30/2008 03-118-21.13-0060 0055 3633 Admiral La 165,500 179,935 92.0 37 -1.4 -2.2 -0.26 00 10/04/2007 34-119-21-11-0097 0051 3013 Thurber Rd 197,900 215,000 92.0 38 -1.4 -2.1 -0.25 00 06/30/2008 26-119-21-43-0029 0052 6907 Newton Ave N 148,900 161,500 92.2 39 -1.2 -2.0 -0.23 00 05/09/2008 MM MM M MM MM mm m m m~ m MM Report Name: Sales Ratio Analysis City of Brooklyn Center Assessment Year: 2009 Version: 1 Sales Ratio Analysis User Name: JBRENNA (3) SF RESIDENTIAL SALES STUDY 10/01/07 TO 9/30/08 Sales R atio Dev From Std Dev RAI Q EM Dixt Nbrhd Address Mkt Value Purch Price B&I1Q HInk Median jti F rom Mean Code 25-119-21-33-0069 0052 7018 Girard Ave N 190,500 206,000 92.5 40 -0.9 -1.7 -0.20 00 34-119-21-33-0018 0053 6218 Kyle Ave N 158,000 170,846 92.5 41 -0.9 -1.7 -0.20 00 33-119-21-43-0053 0053 5306 Boulder La 165,300 178,500 92.6 42 48 -1.5 -0.18 00 10-118-21-32-0023 0055 4717 Azelia Ave N 123,400 133,196 92.6 43 -0.8 -1.5 -0.18 00 36-119-21-33-0034 0054 6119 Emerson Ave N 172,100 185,125 93.0 44 -0.5 -1.2 -0.14 00 03-118-21-11-0026 0053 6013 Zenith AveN 200,900 214,000 93.9 45 0.5 -0.3 -0.03 00 35-119=21-32-0077 0053 2800 Ohenry Rd 148,700 158,013 94.1 46 0.7 0.0 -0.01 00 03-118-21-21-0081 0053 5900 June Ave N 141,200 150,000 94.1 47 0.7 0.0 0.00 00 33-119-21-42-0003 0053 5112 63rd Ave N 194,000 205,000 94.6 48 1.2 0.5 0.06 00 02-118-21-44-0071 0054 5300 Logan Ave N 129,500 136,673 94.8 49 1.3 0.6 0.07 00 34-119-21-31-0005 0053 6345 Halifax Dr 175,300 184,979 94.8 50 1.3 0.6 0.07 00 02-118-21-43-0125 0054 5407 Oliver Ave N 142,200 149,500 95.1 51 1.7 1.0 0.12 00 33-119-21-43-0028 0053 6236 Scott Ave N 157,100 164,250 95.6 52 2.2 1.5 0.18 00 03.118-21-12-0082 0053 6043 Ewing Ave N 177,200 185,000 95.8 53 2.4 1.6 0.19 00 34-119-21-11-0070 0051 6809 Zenith Ave N 153,300 160,000 95.8 54 2.4 1.7 0.20 00 34-119-21-23-0103 0053 4418 66th Ave N 149,800 155,820 96.1 55 2.7 2.0 0.24 00 10-118-21-12-0039 0055 5100 Ewing Ave N 162,300 168,000 96.6 56 3.2 2.5 0.29 00 34-119-21-43-0052 0053 3606 61st Ave N 150,100 155,000 96.8 57 3.4 2.7 0.32 00 01-118-21-31-0113 0054 5606 Aldrich Ave N 155,100 160,050 96.9 58 3.5 2.8 0.33 00 10-118-21-32-0050 TL 0056 4825 Twin Lake Ave 213,400 220,000 97.0 59 3.6 2.9 0.34 00 27-119-21-43-0092 0051 7001 Palmer Lake Dr W 157,500 162,000 97.2 60 3.8 3.1 0.37 00 02-118-21-43-0094 0054 2012 54th Ave N 163,600 167,500 97.7 61 4.3 3.5 0.42 00 26-119-21-44-0054 0052 7006 Irving Ave N 160,200 163,875 97.8 62 4.3 3.6 0.43 00 34-119-21-13-0040 0053 6526 Ewing Ave N 127,200 130,000 97.8 63 4.4 3.7 0.44 00 27-119-21-32-0092 0051 7200 Kyle Ave N 151,800 155,000 97.9 64 4.5 3.8 0.45 00 36-1.19-21-31-0036 0052 6414 Dupont Ave N 162,600 165,000 98.5 65 5.1 4.4 0.52 00 27-119-21-32-0037 0051 7200 Major Ave N 145,800 147,925 98.6 66 5.1 4.4 0.53 00 02-118-21-22-0024 0053 5907 Washburn Ave N 172,600 175,000 98.6 67 5.2 4.5 0.53 00 03-118-21-24-0010 0055 5730 June Ave N 178,000 180,350 98.7 68 5.3 4.5 0.54 00 34-119-21-14-0073 0053 3212 Quarles Rd 144,100 145,015 99.4 69 5.9 5.2 0.62 00 27-1 19-21-31-0073 0051 7131 Halifax Ave N 178,900 180,000 99.4 70 6.0 5.2 0.62 00 33-119-21-14-0028 0053 5013 Winchester La 130,500 129,720 100.6 71 7.2 6.5 0.77 00 33-119-21-12-0088 0051 6701 Scott Ave N 135,900 135,000 100.7 72 7.2 6.5 0.78 00 27-119-21-32-0115 0051 7113 June Ave N 163,500 160,800 101.7 73 8.3 7.5 0.90 00 01-118-21-21-0053 0054 6000 Dupont Ave N 152,700 149,900 101.9 74 8.4 7.7 0.92 00 02-1 18-21-44-0076 0054 5455 Humboldt Ave N 183,200 179,100 102.3 75 8.9 8.1 0.97 00 02-118-21-33-0017 0054 5320 Lilac Dr N 134,000 130,950 102.3 76 8.9 8.2 0.98 00 35-119-21-33-0050 0053 2806 Mumford Rd 146,800 143,100 102.6 77 9.2 8.4 1.01 00 01-118-21-31-0017 0054 5630 Dupont Ave N 145,600 140,600 103.6 78 10.1 9.4 1.12 00 Printed: 4/15/2009 Page: 2 SiM Sall Date 08/28/2008 12/28/2007 07/25/2008 04/29/2008 05/27/2008 06/02/2008 03/26/2008 04/25/2008 07/31/2008 10/12/2007 12/14/2007 05/21/2008 03/26/2008 11/26/2007 09/19/2008 09/22/2008 07/31/2008 07/22/2008 10/24/2007 10/03/2007 04/29/2008 05/09/2008 07/31/2008 07/21/2008 09/24/2008 03/26/2008 09/26/2008 12/28/2007 08/26/2008 02/07/2008 09/26/2008 09/25/2008 09/17/2008 08/08/2008 07/28/2008 06/30/2008 07/17/2008 08/04/2008 08/13/2008 Report Name: Sales Ratio Analysis Assessment Year: 2009 Version: I User Name: JBRENNA (3) City of Brooklyn Center Printed: 4/15/2009 Sales Ratio Analysis Page: 3 SF RESIDENTIAL SALES STUDY 10/01/07 TO 9/30/08 Sales Ratio ev F rom Std Dev Ratio Sub# Sale Date EM Dig Nbrhd Address Mkt Value Purch Price $gtjg Bm.k Median Alm F rom Mean Cuds 02-118-2142-0089 0054 5524 Judy La 147,800 141,052 104.8 79 11.4 10.6 1.27 00 09111/2008 03-118-21-34-0018 0055 5300 Twin Lake Blvd E 167,700 160,000 104.8 80 11.4 10.7 1.27 00 05/16/2008 01-118-21-22-0021 0054 5915 Emerson Ave N 163,500 155,000 105.5 81 12.1 11.3 1.35 00 08/19/2008 28-119-21-44-0052 0051 6913 Quail Ave N 149,600 140,000 106.9 82 13.4 12.7 1.51 00 07/28/2008 02-118-21-44-0135 0054 5412 Irving AveN 139,500 129,820 107.5 83 14.0 13.3 1.59 00 06/09/2008 26-119-21-42-0086 0052 7133 Newton Ave N 184,000 170,235 108.1 84 14.7 13.9 1.66 00 08/28/2008 35-119-21-32-0061 0053 271964th AveN 162,100 147,500 109.9 85 16.5 15.7 1.88 00 09/30/2008 34-119-21-34-0001 0053 6126 June Ave N 176,300 156,000 113.0 86 19.6 18.9 2.25 00 12/14/2007 01-118-21-34-0101 0054 5400 Dupont Ave N 144,600 126,401 114.4 87 21.0 20.2 2.41 00 07/22/2008 02-118-2143-0118 0054 2107 55th Ave N 147,100 117,561 125.1 88 31.7 31.0 3.69 00 07/18/2008 Arithmetic Average Values: 159,471 170,747 / - 00 Sales Ratio Analysis Report Name: 2004 Assessment Year: Version' t User Name: JBREA (3) Ratio Analysis Statistics A) Number of sales.. . . Ratios. B) Range of Sales C) t Udian Ratio: D) Mean Ratio: ate Ratio: E) Sales.weighted Aggreg Median: 'From F) Average' Deviation ers on G) Coefficient of variatiow- t1) Coefficient of 1) Index of Regression: 1) Standard Deviation'. K) Sample Sufficiency Gauge: Parcels in Area = 11216 so go 00 so 00 so ,-yn Center city of Broo nalysis Sales Ratio A O 9130108 I,ES "'rum 1Q101141 T SF RESID-~~'IIAL SA 88 g(j.2 to t25.1 93.4 94A 93A 6.5 * F!C) 1.0 8.9 t00 *DIE) taa.g 9.4 ~05 0.51 Criteria sales Ratio Analysis selection Assessment Year -2009 version = t „ Exempt Type SubRecord Nbr = t /2W Sale_Date >='101t~' Sate_Date 1913012008' „ Status IV ) Code" d'0056 LR';P'R ; 'RZ; TP, pmt Const 005(y an (Neighborhood Between Da, ,p1 11 Property Type in Sate Ratio Code in (a0) Actual riall ActualMarket Values _ cash Equivalent T uivatent sale Price/Cash Eq yagG. 1 --11 CITY OF BROOKLYN CENTER RESIDENTIAL NEIGHBORHOODS 2009 ASSESSMENT AVG. LOT VALUE ' This map prepared by the assessing division for illustrative purposes only. N Residential 2009 Values REVLSP.D 4/10/2009 I A`I- --T - - - - - - F .I overall Target 93.3 Number Median I I % W I Average I Avenge Cash Eouiv I Ratio # Ratios I % Ratios I # Ratios I % Ratios Area ASales I Ratio J C.O.D. J change Clnan3eJ tas vw. E.M.V. Sale Puce J Range Under 85%. Under 85%. Overt 106 % Ova 106% .:::n::.::..:n.:'::.:::::::: v:i'i:•}:?}}-rji•}}':n...:........ n.......•,::::::.n, .....:w: v. ..:...::nv:.v::...\..........:.. n....r :}r. 88 a;3* ..4.:,} .:::..0 7::::::::::.::::::. nv:: n•: 5170 170... ,':::^}.....;:f •.}:•43n*} vi:•}n':•~%•:va:;;;•:•:•:'v:{•:;i \,';i^iti~Y f•}}:; Clty (SF 50-56) 8 9.09% City I I -12,3 -3.6X I S f 1,5D0 I 5159,463 1.747 f 80.2 - 125.1 J 13 J 14.77% 4/08 - 9/08 (SF 56 river 50.x6) 0 55 I 96.1 I 6.5 12.1 I 1 1 5157,840 5364.482 I 80.2-125.1 1 1 1 3 1 5.45% 1 I I 7 I 12.73% I 46 lake 2 9O S I I 1 6 8 -8.6 I -4.8 I S I 1 1 173100 1 S262,500 I $294,000 I 94.7-97.0 I I I I 59.00% I 1 1 I 0 I 0.00Y. I N 50 RIVER INFL 0 I 1 I I I I I I I I I I $69,988 I I I I I ( I I I I ' N 51 2 NE NW 5 N 54 SE N 55 SW N56 WATERFRONT OaYClass 81 I I 1 14 1 22 1 S I 2 I I 0 91 96.5 .5 1 I 939 1 1 96.0 I 91,7 I 1 90,8 I I I I I I 65.3 .4 I ! I 6.3 I I 1 8.5 I I I 5.8 I I I 6.S 1 I I I I 1 I I I I I I 359.800 $59,400 1 $168,972 $156328 1 $166,$184;091752 1-- $L984R.-101068.19 ,1 I S59,100 1 $155,535 1 5168,264 1 $1.2-113.0 559.100 I S153,413 15159.021 1 80.2-125.1 1 $60,400 I 5157.975 15370449 I 92.9-104.8 I 5177^_590 I 5261500 15294,000 I 84.7-97.0 I I I I I I 1 I 1 2 I 14.255% %9% I I 2 18. I 6 193 l I 4.55K I 1 I 12.58%. 1 1 50.08% I I I I I I 7.14%. 1 9. I t 1 I 6.45% 5% 4 I ISIS%. 0 I 0.011% 0 I 0.98% I I QaYClaxs 02 0 I J I I I I I I I I I OaYClass 03 1 0 1 I I I I I I I 6 I I I ' OaYCless 04 Oal/Class 05 QaYCiaxx 06 Oal/Ctrsx 07 Oal/Claxx 08 QaYOiass 09 1 4 I 6 1 16 1 61 I 1 I D 1 90.0 1 90.8 I 1 93.6 I 1 93.0 I 97.11 I 1 7.5 1 I I L3 I 1- I 6,6 1 I 7.1 1 I 1 I I I I 1 S 193,4751 $213,226 1 $3.1-107-3 1 1 3 187.'[66 1$ 205.897 1 84.7 - 109.9 1 1 S 174,1181 S 185586 1 81.2-113.0 1 I$ 149.740 1 S159,805 1 80.2. 125.1 I I S 213,400 1$ 220,000 I 97 I I I I I 1 I, 25.00% I 2 I 33,33% I 2 1 1250% 1 8 1 13.11% 1 B I 0,00% I I i 0 I 0.00% 1 I 16.67% 2 1 12.50% 5 I 8.28% I .00% 0 0 I OaYClass 10 QaYCtssx 11 0 I 0 I 1 I ---I I I I I I I I I I I I I 1 I I I I I I ' OaYClass 12 I 0 I I I I I I I I I I I I I I I 1 I 1 I I I I I I Sale Price to $140,000 Sale price $140,001 to 5160,000 Sale Price $160.001 to 5188,000 Sale Price $180.001 to 5200•.000 Sale Price $200.001 to 5225.000 Sale Price 5225,001 to $250,000 I I 10 1 25 1 29 1 12 I 10 1 0 1 I 1101.5 I 1 %.1 I 1 92,2 1 I "A 1 I 91.8 I 1 I I I 7.1 I 1 6,9 I 1 1 59 1 I I 4.9 1 I I 4.3 1 I I 1 I I I I I I 1 S 135,770 1 S130,9321 119.9-125-1 I 1 S 147.172 1 $152.869 1 90.2-113.0 I I$ 156,544 I S169,1241 $2.1-143.1 1 13 168.191 1 S 187562 1 93.0-98.7 1 1 S 19111080 1 S2104561 81.2 - 97 I 1 1 1 I I I 0 I 8.00% 1 2 J LOB% I 4 1 13.79% 1 4 1 33.33% 1 2 I MAW. 1 I I I 4 I 40.80% 3 1 12.00% 1 1 3.45% 0 1 0.00% 0 I 0.00% J Sale Price S250,001 to $275,000 Sale Price $275,001 to S300.000 1 1 1 0 1 86.1 1 1 1 1 I I I I 1 1 S 225-30 I S 26&803 1 86,1 I 1 I I 1 0 I 0,08% I 1 I 0 I 0.00%. ' Sale Price 5300,001 and Over I 1 I I 94.7 1 I I I 1 I I I I I S 311480 I$ 368,000 1 $4.7 I I 1 I 100.09% 1 0 0.00% ' EMV m 5140,000 EMV 5140,001 1. $110.000 1 EMV $160,001 to 5180,000 I EMV SUOMI to 5200,000 1 EMV $200.001 to $225,000 1 EMV 5225.001 to 5250.000 I EMV 5250,801 to $275,000 1 1 16 35 25 8 2 1 0 I 98.0 1 I 94,1 I I 95.8 J I 92.3 I I 95,4 ! 1 86.1 1 I I 7.8 I 1 I 6.9 I I I 6.6 1 I I 5.5 I I I 1.6 I I I I I I I I I I I I I$ 132993 I $146.868 1 80.2 - 197.5 1 I S 1493221 S 15&580 1 $2.3-125.1 1 13 169,1361 S179,410 1 $1.2-113 1 1 S 187375 1 S200,197 1 85.6-109.1 1 1 3 207,1501 S 217.000 1 9.4.9-97 1 I S 225100 1$ 261.,803 1 86.1 I I I I I I I 4 I 25.00% I 4 1 11.43% I 4 I 16.00% 1 0 0.00% 1 0 1 0.00% 1 0 1 6.06% I I I 1 I 6.25% 3 I 857%. 3 1 12,88%. 1 1 12.50% 0 1 0.00% 0 I 0.00% I - EMV $275,900 to $300,000 1 EMV $300.001 and Over I I 0 1 I I 1 84.7 I I I 1 I I 1 I 1 I I I I I I . I 1 S 311,6001 S369,0001 84.7 1 I I I I I 1 1 100.00% 1 I 0 I 0.00% ' 1 I I I Rambler 1 74 1 935 1 7,0 1 1 I 1 $158,333 15169.384 I $0.2-125.1 I 12 I 16.22% I 7 1 9.46% SaktEnM 1 3 1 92.1 1 3,9 I I I I 5180,800 1 $195.667 I 87.9.9&5 I 0 I 8.06% 1 0 I 0.00% Salk Level I 0 I 1 1 I I i I i I t i i 111 4 Exa. I 6 1 95,8 I 8.1 I I I 5140.766 1 5146,737 I 35.6-114.4 I 0 I 0.00% I 1 I 16.671/6 1 1/2 Exp. I 2 1 96.5 I 6.0 1 I I I $169,200 1 3175.050 1 90.8-102-3 1 0 I 0,00% 1 0 i 0.00% 13/4 Ex4. I 1 1 83.1 I I I 1 I 5164.500 15198-000 1 $3.1 1 1 1 190.00%.1 0 I 8,60% 2 Story I 2 I 90,0 4-1 I I I 8213,100 S237902 1 26.1-93.9 I 0 1 0.00% I 0 I .8:00% I .I I I ,y}.}.}vn,n••}~tir~:}~iCvR:::: n:,.v}: ;:.;•.^0••:,'.:i yn• Xv:ni..,y..A\::::v.,v.,hxa,..,a... :i •'S~4.'~~~'~~t•v{Y,iA~~'• ~~,+v•',•\ a9y'. 4, ,}.~5. ;}ir y},..~y •'J:•$}'• .:'?:ti. ..~~t}, ••,~,`;•xr.~,{} ;:'•k4y"tiQ Airuart (-.031.. •.a. , .•,r,:•:8.,,,® ::iti>;:iivi'•'.:;iS:•n•.~;a5b:;i.:;:+i.i:\::\:,... \..:.+Y:~Y+. M,ua,:ka„ t;G~.n+;:i\~:: ti;a'xA'u;$::'„Si,r;$C?•3"?t\W.::;A+i~~i••is~ b\\a,•T.`,X~`'0i;`V1}~+ ~•},~`tiR\, Anartmentx (-.04) I 2 I 87.4 I 4.9 1 I I 1 $167.000 $191500 1 83.1-91.6 I 1 1 50.685. I 0 1 0.08% CommereiaYladustrial (_,04) 1 3 I 83.0 1 2:9 I I I I 5137533 15162,165 1 92.7-899 I 2 I 66,67% I 0 I 0.06% Highway/Freeway(-.041 I 6 1 92.1 ! 7.6 I I I $142,100 15154.642 1 83.2-302.3 1 1 1 16.6711. 1 0 I O. Railroad (-.03) I a I I I I I I 1 I I I I Tbru Street (_.Oil 7 I 94.8 ( 5.4 I I 1 I 3157,300 15165,810 1 92.3-102.3 I 1 14.29% 1 0 1 0.00% Park (+.02) ( 5 96.8.1...3,$._&. I ..................1:...5156,060,_ &.$164,358_..$9.3-102.3 0 0.00%.. I. 0 I 0,00% , -.v, ...,v4h•. •v; v. _ ..::.•.v: ..::.ii••:?` 4: [.;.}:;iii +}':~t :a:?J}:};:iL}::+.~:`W v }:,v b:4~:1v v:}a, ••:.v\•\ ;.}v,{: {.}•ry}'r: ABTownbeases(63A S 92.4 1 6.9 400a~ , 1127,380 $136,M) X78.4 :.104.0 RAMURS I 1 78.4 1 I 1 S100,300 1 $127 900 1 78.4 1 1 1 100.00% 1 0 1 0,00% 8"F 3 97.5 1 4.3 i I 1 $143 ,466 1 $147 300 1 91.4 -104.0 1 0 1 0.00% 1 0 1 0.00% 1 ' stt.rr LEvEL I 0 I I I I _ I I I I I , I 1 ME. I 0 I I I I I I I I f I 2 STORY I I 1 I 92.3 1 I 1 I I 1 I I I 1 $106.200 1 $115_,000 J 92.3 0 i 0.00% I 0 I 8.00% I I 1 I I I I Condominiums 1 2 1 92.5 1 8,5 1 .27.841 0 1 3 16,900 I M-800 I 588.500 1 84.6 -100.4 1 1 1 50.00% I 0 1 9.00% . •a xti.:\v:•:'I......... • Y•:•.:.. tii ..h\ ,•••.ay •:.1.,.:•, v•'+:.v:<•:'••',:$;r} '••:vfi` k,.v~:: :\:.vv'}T'••\}., •}l:-•.::v~0}},J?v1 •.~;r•$ tiE-1, O h'\ih•:h\.•?'.v{'wen ~.•}Jcfi}'ia •fA :\r . 'q'}} w:}...v.,-.a•,}<,.}:•}h...::v::v}.ti•}:;;•n•:•:::.,-}:::.: :...•,.'A: q,S}:.:• .a 4r }n'3. r`n~}n;~•\ 4~hx~ Double'x I 0 J I -2838 1 .3523 3 71_4I I i I I I I I 1 1 I I I I ' I 1 1200902008 res ratios 09 mmt.XLS12009 Final Rex I I I ~-I I ( 1 i _ ~ I 1 1 I ~ 1 I 1 1 ■ s to s SALES FRO 00 No an MW CITY OF BROOKLYN CENTER LYSIS 2009 ASSESSMENT 00T TO SEPTEMBER, 2008 2008TOWNHOMB SALE ANAL M pCTOSER, NBHD TOWNNOME COMPLEX Evergreen Estates 100 Rosemary Terrace 105 110 Humboldt SQuare 115 Riverwood 120 Brookwood 125 Northbrook Est. Madsen Floral 130 140 Moorwood 150.152 Hi-Crest Farm Es#ates 160 Earle Brown F Tow 170-172 Earle Brown Farm 180 nhom Creek Villas 190-1 Mallard CreQk 195 Beard Ave Townho RiYerWOod Estates 196 197 France Aye -Brlstol 2nd Addn # of units SALES a 0 10 0 a 0 21 0 32 0 a 01 28 0 36 0 60 1 100 0 20 es 103 2 206 0 4 0 me$ 24 0 0 21 5 Villa 690 198 Tanami Totals SVLE TOWNHpME SALES BY TOWNNOME STYLE' SALES `Rambler 1 J Split Foyer 3 split Entry 0 Split Level 1J2 E xpansion 0 1 Two Story 4 AVG. SALE PRICE No sales No Sales No gales No sales No sales No Sales No Sales No Sales No Sales $115,000 No Sales $143,500 $141,400 No Sales No Sales No Sales No sales- AVG. MKT VALUE 1 $100,300 $143,466 $0 $0 $106,200 AVG. SALE PRICE $127,900 $147,300 $0 $0 $115,000 o:1e0ARD'2°OeVVASA1,eS p9ASMT.xLS1T0whh0n* Soes 20M ' Growth Analysis of Townh ome Neighborhoods ' 2009 Assessment Nbad # Townhome Complex Percent of Growth ' 100 E E vergreen states -20.3% ' 105 Rosemary Terrace -13.5% 110 Humboldt Square -9.0% 115 Riverwood -15.3% 120 Brookwood -14.4% ' 125 Northbrook Estates -15.0% ' 130 Madsen Floral -12.3% 140 Moorwood -12.2% ' 150 -152 Hi-Crest -13.2% 160 Earle Brown Farm Estates -9.2% ' 170-172 Earle Brown Farm Townhomes -17.8% 180 Creek Villas -11.0% 190 -194 Mallard Creek -9.9% 195 Beard Avenue Condo's -9.7% 196 Riverwood Estates -19.1% ' 197 France Ave -12.2% ' 198 Tanami 2nd Addn-Bristol Villaqe -9.0% ' Townhomes in Brooklyn Center saw an average decrease of 11.66% in the 2009 assessment for taxes payable in 2010. Report Name: Sales Ratio Analysis City of Brooklyn Center Assessment Year: 2009 Version: I Sales Ratio Analysis User Name: JBRENNA (3) TOWNHOME SALES STUDY 10/01/07 TO 9/30/08 Printed: 4/15/2009 Page: I Sales Ratio Dev From Std Dev Ratio Sim Sale Dale EM Dist Nbrhd Address Mkt Value Purch Price Ratio Rialt Median hj= F rom Mean Code 28-119-2142-0052 0192 5359 72nd Cir 100,300 127,900 78.4 1 -139 -13.9 -1.57 00 10/16/2007 28-119-2142-0101 0190 7209 Unity Ave N 141,600 154,900 91.4 2 -0.9 -1.0 -0.11 00 07/15/2008 35-119-21-23-0047 0160 6658 Xerxes PI N 106,200 115,000 92.3 3 0.0 0.0 0.00 00 10/04/2007 28-119-21-41-0042 0180 7105 Quail Cir E 146,300 150,000 97.5 4 5.2 5.2 0.58 00 07/14/2008 28-119-2141-0022 0180 7110 Perry PI 139,900 137,000 102.1 5 9.8 9.8 1.09 00 07/24/2008 Arithmetic Average Values: 126,860 136,960 M No no ~ r Report Name: Sales Ratio Analysis Assessment year*. 2009 Version: 1 User Name: JBRENNA (3) Ratio Analysis Statistics A) Number of Sales: B) Range of Sales Ratios: C) Median Ratio: D) Mean Ratio: E) Sales-Weighted Aggregate Ratio: F) Average Deviation From Median: Coefficient of Dispersion: 1l) Coefficient of Variation: 1) index of Regression: J) Standard Deviation: 1{) Sample Sufficiency Gauge: Parcels in Area = 689 Sales Ratio Analysis Selection Criteria r so M M M s r City of Brooklyn Center Sales Ratio Analysis TOWNHOME SALES STUDY 10/01/07 TO 9/30108 5 7$.4 to 102.1 92.4 92.4 92.6 6.0 6.5 (=1 t30 * F/C) 9.6 ( =100 * J/D) 99.7 100 * D/E) 8.9 SQRT (0. * 5 B/A)) 1.54 Assessment _year = 2009 Version = 1 Exempt Type SubRecord Nbr = 1 Sale-Date >=-10/112007- Sale-Date <='9/30/2008' Status '1' partConst_Code Y XC'; XM',' , ) _ 100' and- ) RM RZ,S ,Tp','X',' (Neighborhood Between'() , DB','DJ','11R'; LL-LR','P'; R','RL', Property_Type in ('B', BJ D Sale_Ratio_code in ('00') Trial/ Actual Valivues = Cash Equivalent Sale Price/Cash Eq 0~ Printed: 4/15/2009 Page: 2 rag' solo o f Brooldyn Center so .10 ;s clSales Ratio Analys sod aav,"~ Sales Ratio Analys 9130/0 ud0610612008 ~ TO S 5,~,~y 10I0110 Zepart Non'e' 2009 B~ ~ EOMY190 00 071d$12008 Assessment 'Year" 0 SALE 51W U,,ij cOSD -6.9 0.71 as Version. 1 NNA (3} 1 _b.8 6.8 User Nam MMYJI" 84.6 2 6.8 102,000 98.3 86,300 75,000 73,700 88,500 p0219 50,004 Risk 42keside Ave 0202 4207 Lakeside Ave Q{1221 10-118'21-32-0131 0201 132-0133 10-118-2 ' eValues: Arithmetic Mera$ s 00 Sales Ratio Analysis Report Nam Y ear. • 2009 Assessment Version. I 3B0-j N A (3) User Name: Ratio Analysts statistics A) 14umber of sales. Range of sales Ratios: B) C) Median Ratso' Mean Ratio: Aggregate Ratio: D) gates-Weighted A"FroromMedian: E) F) Average Deviation G) Coeffleient of Dispersion. N) C of variation. oefficient Index f Regression: o 11j Standard Deviation: Gauge K) SamPte 5ufficiencY is in Area = 151 00 00 00 00 00 mm~ 0 City of 13r00ulyn Center Sales Ratio Analysis y 10101107 ~o 4134148 CoNpo SALES ST v 2 84.6 to 98.3 9} 4 914 90.4 6.8 * F(C) 100 10 31D) p6.2 0100*DlE) 9.85 SQRT (0.5 * BtA)) Parse election Criteria Sales Ratio Analysis S Assess Year = 2009 Version 1 Exempt Type r SubRecord?~ I Sate Date>=10(112001' Sale Date '913012008' Status a'1 Code 'Y 0204 ) Part Const_ 0201' and EE, F hborhootlBetween D' D^NR' (Neig Type in CB''B} ; Property Code in COO') Sale Ratio_ Actual Market Valdes - cash Equivalent 'frialiNctual Sale Pricelcash EAuiva len ' - -•1 4/24/2006 COMMERCIAL AND INDUSTRIAL ANALYSIS 2008 VS. 2009 Type of Property 2008 EMV Totals 2009 EMV Totals New Construction % Change Excluding Improv. % Change Including Improv. Auto Rq~tail & Gas Station $10.484,300 $10,396,500 $0 -0.84% -0.$e/9 Auto Dealers $24397,700. $26,016,000 $0 -1.45% 1 4e/p Banks $6,49(1,~jfl0 $6.496,600 0.00°/Q 0.0% Bowling $1,518,000 $1,518,000 $0 0.00% 0.0-/0 Day Qape $1,5991,100 $2355,000 $650.000' 7.23% 48.10%. Fast-Food $6,523,000 $6,808,000 $75,000 3.22% 4.40/9 Funeral Home $865,000 $882,000 $Q 1.97% 2,0% Greenhouse /Farm (Green Acres)_ $1,327,600 $1.414,600 $0 6.55% 6.6-/9 Hotel / Motel $31,220,400 $37,211,000 $5,954,000! 0, J,2% 19.2% Medical Office $12,332,400! $12,419,500 $0 0.71% 07%, Office Large $39.362,000 $39.658,500 I $65,000 0.59% i 0.8-/9 Office Small $15,633,800 $15.633,800! $50,000 -Q,W% 0.0% Qfficq Condominiums $2,447,900 $2,749,000 $0 12.30% 12.3% Restaurant $$,453,000 $8,799,000 $0 4.09% 4.1-/e Retail w/Anchors $¢5.461,000 $65,181,000 $15,Q00 -0.45%I -0,4-/9 Shopping Centers $35,472,800 $35,484,3001 $10,090 Q,00-/0 0.0% Theater $12325,400 $12325,400 $0 0.00% Q,00/. Vacant Land $¢,633,000 $6,593,000 $0 460% -0.6% Veterinary $488,000 $5209000 $0 6.56% 6.6% Commercial Total $285,032,000 $292,461,200 $6,819,000 0.21% 2.6% Industrial North $89,526,800 1 $88,358,800 $0 -1.30-/0 -1.3% Industrial South $46,250,100 $46,064,800 $250,000 -0.94% -0.4% Industrial Total $135,776,900 $134,423,600 $250,000 -1.18% 41.00 0 Total C & I Assessment i $420,808,900 $426,884,800! $7,0699000 -0.24-/0 1 1.4% G:\SPREDSHT\Assessor\2009cia\[2009 Growlh.x1sx]2009 C & I r i son= - r r r r 11(2612008 ■ 2408 - RAT10 STUDY RATIO', SALES PROP ADJ 1.,9PRICE COMMERCIAL-INDUSTRtAt~ woiclK 20~-EWW PT SC UC PER 92.2% 0 40,000 CENTER 20074MP 2007-04V 2008-IMP C 4d 344 100 (22 ) BROOKLYN 20064MP 2006.EMV 0 1709,104 p 1,752,040 Sd.S°!o CE PRICE COMMENTS: 169,000 SALE PRICE DATE 0 1,622,700 AUD#: 979514 399 PtD 040 200808 1,9011>ow 0 136,00(1 C W 1,944, 0 131,000 ENTS: 96.6°!° 02-i18-21-11-0011 CaMM _g95,000 OFFICE . _ _ p 125,000 AUD#: 981241 __v.._......... _W._. 30,000 E BROW DR, 178,000 ` C 350E 575,000 C 6010 EARL 178,404 200808 0 550,444 d COMMENTS' ^72000 1,853,000 1005°/° 27-119-21-33-0494 982293 YN BLVD, OFFICE COND~___ 0 535,404 pUQ#~ BROOKE 625,004 1,861,600 C W 332 7062 _ 200803 d _ 625,400 ° - - - - - 75.3% - 0 1,806,E COMMENTS _ 0 3,930,288 34-119-21-43-4007 BLVD 0 1,961,400 AUQ#968281 412 : 6201 BR{30KI YN 0 0 200112 2,225,404 p 2,862,E 0 2,959,100 C W 2,225, $30,288 IN SPECIALS 2,862,600 AUD#: 973546 COMMENTS: 35-119-21-42,Wl l ON 1 INN 4 1 6415 JA- C1RN, BAYM._. 3 930,288 3,900,004 200805 36-119-21-22-4047 OLDT SHPO CTR 6844IBJMBOLDT AVEN, COUNT`t TOTALS 130 CITY TOTALS SALES: 94.8% 8 MEDIAN: SALES: 95.2°l° 92.2'x• MEDIAN: MEAN: 90,4% 89.01I6 AGGREGATE: MEAN: 12.5 86.2°% ° coo.. AGGREGATE: 9.0 COD: - 2009 I a~` k I 'tear t ~ r r. 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Office Market Dear Clients and Friends: This year we celebrate 100 years of conducting business in the Twin Cities. A century ago, Minneapolis was viewed as the world's leader in grain trading and milling, lumber production, and the manufacturing of farming related products. Interestingly, over this same period we have experienced a number of economic challenges that have created some of our most significant op- portunities for growth. 1 Metro Overview 2 JANUARY 2009 In spite of the many economic challenges, there are a number of positive events that are occurring and creating opportunities. The skill will be in identifying these opportunities and helping our clients capitalize on them before others decide to do the same. In our current economic cycle, capital- izing on these opportunities will require fleetness, diligent underwriting, high levels of capital, and a healthy propensity for risk. Within Minneapolis and Saint Paul, we, expect most opportunities to unfold in high density redevelopment areas. Industrial Market 15 The office and industrial markets experienced negative absorption across almost all submarkets. Retail Market 23 The Southwest office market experienced 520,000 square feet of negative absorption. Industrial vacancy saw a slight uptick, and we expect to see seller financing to play a more significant role in Multifamily Market 33 2009. With continued economic challenges, expect renewals to be at a premium for both landlords and tenants. Look for additional commercial/ industrial development opportunities as residential Investment Market 36 land parcels are returned to their original zoning for business use. Finance Market 39 Hospitality Market 41 Market Sector Maps 43 Definitions 44 Directory 45 For the local retail market, we expect 2009 to continue to show an increase in vacancies. Showing promise are local companies including Buffalo Wild Wings and LeAnn Chin. New retail oppor- tunities will most likely avail themselves in high density areas next to bus and light rail lines with acceptable access to quality housing. We predict that overall market fundamentals will remain strong for multifamily product. Last year 1400 new units were delivered which was up 40% from 2007. Financing is expected to remain a challenge for all. During the next two years, commercial real estate will cycle downward from our current post-peak situation. This will result in lower rents, higher vacancies, higher cap rates, and little new devel- opment in most sectors. Historically, the best investments are made during these business cycle periods. In 2009 we anticipate seeing a stronger buyer position from high net worth individuals, off-shore investors, and private equity groups. We expect the first half of 2009 to continue to pres- ent challenges but remain cautiously optimistic that we could see improvement in the second half of the year. One thing we are certain of is that together we will get through this period of time and the market will be healthier because of it. Our commitment to you is that we will continue to care about your success and remain focused on providing superior service. In turn, we thank you for your trust in us. Sincerely, Je+frey L. LaFavre, CCIM, MCR, SIOR Managing Principal + y 17- PF . 2008 2009 Actual Estimated POPULATION M y SOBS y REAL ESTATE TAXES JI CRIME ,71 HOME \A y CONSTRUCTION HOME PRICES y y TURLEY MARTIN TUCKER Commercial Real Estate Services The Minneapolis-Saint Paul Metropolitan Statistical Area (MSA), often referred to as the Twin Cities, has a population estimated at 3.3 million people. Fast facts about the Twin Cities economy for 2008: Total Employment: 1,784,000 Unemployment Rate: 6.0% (6.5% _National) Job Growth: -0.94% (1.06% National) 19 Fortune 500 Company Headquarters Consumer Price Index: 3.8% (1.1% National) The Twin Cities have often been consid- ered a hot spot for business. In December, MarketWatch named the MSA the number one best metro area for business. This is the second consecutive year that Minneapolis-Saint Paul has topped this two year old list. The keys to the top ranking are the high concentration of Fortune 1000, S&P 500, and Russell 2000 companies who call the Twin Cities home. The only areas that scored against Minneapolis - Saint Paul were the slow population and job growth. Despite this top ranking, the Minneapolis-Saint Paul market has experienced difficult economic times. According to the Federal Reserve Ninth District's Beige Book, here are just a few of the statistics that show how challenging things are: 85% of respondents expect consumer spending to decrease in their communities in 2009 compared with 47 percent in 2008's poll 73% of construction industry respondents expect sales to be down in 2009, and 71% expect to decrease investment Manufacturers expect declining orders, employment, and production in 2009 after a flat 2008 Major layoff announcements, including Ford Motor Co. announcing the temporary layoff of 760 workers at its Saint Paul plant 40% of business outlook poll respondents expect wages to increase 1% or less I The Twin Cities job growth has been challenged since the end of 2,000. In fact, during the past 8 years there have been fewer than 30,000 total , jobs added to the market. Manufacturing has been the hardest hit, losing over 43,000 jobs. The largest gain during that time period has , been in education and health services, adding over 70,000 jobs. One year ago, the metro was dealing with the , collapse of the I-35W Bridge. With the use of federal money and incentives, the new bridge ■ OT &UT (LOS S) BY INDUSTRY 2001 2008 Goods Producing -53.0% Service Providing 82.90/c Nat Res, Mining, Construction -9.6% Manufacturing" '-4340!6~ Trade, Transportatir,r, 1'riliri- Information Financial Activities 9.2% Professional & Business Education & Health Leisure & Hospitality` Other S io Government Total Nonfarm 29.9% Source: Minnesota Department of Employment and Economic Development United HealthGroup 2 Tamer 3 supenvalu 4 BestBn% 5 Travelers Cos 6 3M 7 U.S. Bancorp 8 CHS 9 Northwest Airlines 10 General Mills II Medtronic 12 XCeI Enemy 13 Land O'Lakes 14 Atneriprise Financial IS C.H. Robinson Worldwide 16 Hormel Foods 17 Thrivent Financial for Lutherans 18 Mosaic 19 Ecolab 25 31 62 66 93 100 122 145 213 214 217 260 294 296 341 390 398 422 438 $75;431:00 Minnetonka, MN $63,367.00 Minneapolis, MN $37,406.00 Eden Prairie, MN $35,934.00, Richfield, MN $26,01200 Saint Paul, MN $24,462.00 Saint Paul, MN $20,308.00 Minneapolis, MN $17,216.00 Inver Grove Heights, MN $12,528.00 Eagan, MN $12,442.00 Minneapolis, MN $12,299.00 Minneapolis, MN $10,034.20 Minneapolis, MN $8,924.90 Arden Hills, MN $8,909.00 Minneapolis, MN $7,316.20 Eden Prairie, MN $6,193.00 Austin, MN $6,132.60 Minneapolis, MN $5,773.70 Plymouth, MN $5,469.60 Saint Paul, MN jpnrce: Fmtllnq hl.. = 4% r 2 0 t, m 0 a r w 0 a r 1 . J M S J M S J M'S J M S J M S J M 5.J M S J M S J M S J M S J M S 1998 1999` 2000 2001 2002 2003' 2004 2005` 2006 2007 2008 Source: IMinnesnra Department ni Fi-,0-iment NATIONAL MINNESOTA and Ecr,nonuc Devel~apmnit JANUARY, MAY, SEPTEMBER INCREMENTS leading north out of downtown Minneapolis was completed in just 13 months. The state estimated that the bridge collapse had a daily net economic impact of $113,000. Since the collapse of the bridge, over 4,000 bridges were inspected throughout the state. None of the in- spected bridges had similar gusset plate issues, but three bridges: 1.535 bridge from Duluth to Superior, Hwy 43 Bridge in Winona, and Hwy 61 bridge in Hastings all had repair work completed, as well as the Hwy 23 bridge in Saint Cloud, which was shut down and is in the process of being replaced. Aside from bridge work, the Minnesota Department of Transportation has been busy finishing some long-awaited road improve- ment projects, such as: the new Highway 212 project in Eden Prairie and Chaska, 1-35W/Crosstown Highway reconstruction, I-35E/I-694 "Unweave the Weave" project, Highway 12 interchange in Long Lake and- Orono, Highway 61 bridge deck repairs and bridge painting in Hastings, and Highway 65 interchange at County 14 in Blaine. The housing market continues to suffer in the Twin Cities and prices continue to de- cline. September did mark the first time in over three years that the number of sales in- creased from the prior year. That result may have been a sign of declining average sale prices that are currently down 17% from last year, rather than an indicator that the mar- ket was turning around. As of the November statistics from the Regional Multiple Listing Service there was still a nine month supply of inventory on the market (down from 9.5 a year ago), and an eleven month supply of new construction homes on the market (up from 10.9 a year ago). Nil . r I " IV T A Awl . . rILI Down, But Not Out The Twin Cities Multi-tenant office market is Plaza in Eden Prairie after having the founda- ' comprised of 68,355,948 SF. The office market tion poured and materials delivered to the site had negative absorption in 2008 of 518,280 SF earlier in the year. MARKET INDICATORS 2008 2009 Actual Estimated VACANCY RATE ?V T NET ABSORPTION y CONSTRUCTION y RENTAL RATE JI and vacancy rose from 16.4% to 17.4%. As can be expected in a down market, the ' Beginning in the third quarter of 2008, of- number of large blocks of available space is in- fice using employment (information, financial creasing. A year ago there were 21 options for activities, and professional and business ser- someone looking to purchase or lease 100,000 ' vices) declined for the first tune since 2003. SF of space or more. Today there are 29 options Employment figures tend to be more reaction- available, with more likely to come. ary to the current economic conditions, and the real estate ramifications are not usually recog- One trend that typically appears in a down ' nized until a year later. Based on this informa- market is an increase in educational pursuits. tion, it would appear that the office market will People that are laid off frorn jobs often go to be affected for about a year after the economy college to either learn a new trade or get an ' finally turns around. advanced degree to help them find a new job. As a result there has been an increase in the number of business and private colleges adding ' is or increasing the size of campuses around the { yb metro area to draw in these individuals. Minneapolis CBD ' The Minneapolis Central Business District (CBD) is the largest office submarket at ' 24,422,181 SF. The CBD experienced absorp- tion of 389,660 SF and vacancy dropped from 16.4% to 14.8%. COLLIERS TURLEY INTERNATIONAL MARTIN TUCKER Commercial Real Estate Services Mendota Office Center IV Lessor. Mendota Office Mendota Heights, MN Three &FowLIC Size: 7Z,231 SF Lesser; LS1 Inc; Class B space lead the way with 270,385 SF of absorption. Class A space was closely behind ' with 208,446 SF. Class C space had negative absorption of 89,171 SF. Vacancy in Class A space dropped from 14.4% to 12.8%, Class B fell from 19.7% to 16.7 % and Class C space ' rose from 15.2% to 19.7%. The CBD was one of the few markets to record ' All planned speculative development has positive absorption for the year. Much of this been put on hold indefinitely. This was prob- absorption is attributed to tenants that signed ably most dramatically noticed when Liberty deals to move downtown in 2007 and complet Property Trust halted construction on Liberty ed their moves in 2008. That being said, down- ' v 4 ° •,''1~'3. W i~ ~ rr,~S ` .F ~ .mac ~t ~ y S. town could be challenged with more vacancies in 2009. First, there was a slight increase in sublease space on the market throughout the year. This is expected to increase as more firms downsize or close their doors as a result of the declining economy._There:has already been an uptick in the number of tenant defaults in 2008, with more anticipated in 2009. In 2008, Hines expressed interest in devel- oping the property on Marquette Avenue between 9th and 10th Street where they are in the planning stages of a new office tower. Given the current market conditions, this is likely to be put on hold. Atneriprise is putting 300,000 SF of space in its Ameriprise Service Center building on the market, which was pre- good exposure for the city, but has yet to yield any new businesses relocating to it. Class B space was hit extremely hard by ECMC moving out of 100,000 SF in US Bank Center, the Federal Courts moving out of 100,000 SF at the 180 East 5th Street building, and the Republican National Convention vacating 50,000 SF from 180 East 5th. The vacancy numbers would have been 37.5% except that two vacant buildings, Bremer Bank Building which is slated to become part of the Central Corridor project and Mears Park Centre which is being converted to residential space, thus effectively removing both from the tracked universe. viously recorded as a single tenant building. As one local developer noted about the ware- house district: "2008 revealed resilience and strength in North Loop retail, residential and office interest, despite the sliding economy around us. There is momentum and vitality here, spearheaded by the creative class. We see continued absorption of the existing condo units in 2009, at a pace better than most of the urban core. The increasing need to serve these residents with quality merchants and ser- vices will press more first generation inventory towards adaptive reuse." Saint Paul CBD ' The Saint Paul CBD includes 7,430,329 SF of space. 2008 was not a good year for the downtown market as vacancy climbed from 26.7% to 27.9% and absorption was a negative ' 204,425 SR Vacancy in Class A space dipped below 10%, ' down to 9.3% with absorption of 26,689 SE Class C space also had positive absorption of 9,806 SF, lowering vacancy from 29.2% to ' 28.2%. Class B space was hit the hardest with negative absorption of 240,920 SF, lifting va- cancy from 31.5% to 34.2%. The Capitol city played host to the Republican National Convention in September. The event brought tens of thousands of visitors to Saint ' Paul, and spread to an even wider audience through the significant media coverage. It was There are currently no new developments moving forward in the immediate future in the Saint Paul CBD. Opus had the former jail site under contract to purchase from Ramsey County for redevelopment, but backed away after being unable to secure an anchor tenant for the project. experienced negative absorption of 35,448 SF and vacancy rose from 9.4% to 15.3%. All three property classes showed negative ab- sorption. Class B showed the most significant decline with,19,461, SF, followed by Class C_ with 14,068 SF and Class A with 1,919 SF. Class A vacancy rose from 8.0% to 9.5%, Class B jumped from 12.6% to 18.4%, and Class C quadrupled from 3.0% to 13.2%. There was not a lot of activity in this market for 2008, but one notable deal was Parametric Technology Corporation signing a deal with CSM to build a new 92,300 SF headquarters facility in CSM's Lexington Preserve Business Park in Blaine. Dakota County The Dakota County market includes 3,375,831 SF. Dakota was one of those rare submarkets with positive absorption of 43,691, with va- cancy declining from 20.1% to 18.2%. Anoka County Class B space lead the way with 107,527 SF of absorption, which brought vacancy from The Anoka County market is the smallest of- 23.5% to 21.5%. Class A vacancy dropped fice market with 599,755 SF. The submarket from 16.8% to 13.3% and had positive absorp- p i4 WE T_ 30% 20% 0% 1997 1998-' 1999 2000' 2001 2002 2003 2004 2005 2006 2007 2008 soltme: Colliers Saint Paul CBD West, Southwest ® Minneapolis CBD a i ~ d t 7 tion of 31,286 SF. Class C space had negative absorption of 21,692 SF and vacancy rose from 12.6% to 23.0%. There are some tenants still in the market: Cray Research is in search of 55,000 SF and- Coca-Cola is looking for 15,000 SE The chal- lenge for the market is that there are not many large blocks of existing space. This was the rea- son that Prime Therapeutics expanded in the Southwest market, going to the 8400 Tower. Eagan Corporate Office Property, formerly Buffets Inc, is a 100,000 SF building that is currently being marketed. While the space is not currently vacant, it could have an impact on the market and open a large block of space as Buffets downsizes or moves out. The Delta/Northwest merger, now that it is complete, could have an impact on this submarket as well. The company has not an. nounced its plans, but as job functions are merged, there is potential for more space to come to market. Minneapolis The Minneapolis Non-CBD market is 2,185,497 SF and had positive absorption of 53,751 SE Vacancy in the market was reduced from 12.9% to 10.4%. Class A space showed absorption of 27,410 SF and vacancy fell from 16.6% to 11.8%. Class B space recorded 26,341 SF of absorption and vacancy dipped from 13.59/6 to 11.6%. Class C space remained full and unchanged. Minnesota has long been a leader in medi- cal research and bio sciences. The University of Minnesota is the sixth ranked public re- search university in the nation. In hopes of connecting to this, Wall Companies is looking to develop Minnesota Innovation Center, a research and technology park to be located near the University of Minnesota. The first phase of the development will be 251,000 SF on 11 acres, ultimately with 1.6 million SF on 65 acres. Northeast The Northeast market is 3,141,060 SF. The market had negative absorption of 175,935 and vacancy rose from 18.8% to 24.4%. All classes had negative absorption with Class A at 14,942 SF, Class B at 87,286, and Class C at 73,707. Vacancy rose in Class A from 9.4% to 12.0%, Class B from 12.7% to 20.5%, and Class C from 27.1% to 32.2%. Northwest The Northwest market is 1,478,616 SF and had negative absorption of 42,524 SF. Vacancy in the submarket rose from 31.9% to 34.8%. All classes experienced negative absorption. Class B was the worst with 34,550 SF and va- cancy climbing from 36.5% to 39.5_%. Class A lost 3,580 SF which lifted vacancy to 10.6%, up from 9.2% a year ago. Class C vacancy rose 60, from 39.3% to 46.5% with negative absorption of 4,394 SF. To add to the woes in the Northwest market, ' Carlson Marking Group announced it would be marketing 300,000 SF of space in their.. building in Plymouth. This will add even more vacancy to a hurting submarket ' On the plus side, Great River Energy just com- pleted and moved into their new Minnesota , headquarters building which is one of the first LEED Platinum buildings in the state and one of just a few dozen in the country. The joint North Memorial and Fairview Hospital in Maple Grove is under construction and is expected to open in 2009. The medical ' field is one of the few industries that continues to grow and should help boost the submarket once the hospitalis open._ _ 40 -40 d 1 c o ccA ~4 ro~ ~O b" • : v o0 o a G U q . o , v_,. ff O ` (1.: ;C)..: a ~q c ro o Q 4) . 5 C p~ s' ro 4O C roJ ac C Q . `C . Q Q - m ~ro s Source: Colliers ' - - _ ems." ~ l v5-} E c Q42007 17 13,240,484 378,788 1,901,612 0 1L596 14"4°% ' Class A Q2 2008 17 13,240,484 290,896 1,784,796 116,816 11.3% 135% Q4 2008 17 13,240,484 330,923 1,693,166 91,630 10.3% 12.8% Q4 2007 52 9,207,853 419,629 1,811,982 0 15.1% 19.7% Class B Q2 2008 52 9,207,853 271,698 1,929,547 -117,565 18.0% 21.0% Q4 2008 52 9,207,853 303,985 1,541,597 387,950 13.4% 16.7% Q4 2007 - 15 1,973,844 8,309 299,807 0 14.8% 15.2% Class C-' Q2 2008 15 1,973,844 9,523 383,728 -83,921 19.0% 19.4% Q4 2008 15 1,973,844 5,274 388,978 -5,250 19.4% 19.7°% Q4 2007 84 24,422,181 806,726 4,013,401 0 13.1% 16.4% Subtotals Q2 2008 84 24,422,181 572,117 4,027,246 -13,845 14.1% 16.5% Q4 2008 84 24,422,181 640,182 3,623,741 403,505 12.2% 14.8°% RRI Q4 2007 4 1,652,408 74,468 180,920 0 6.4% 10.9°% Class A Q2 2008 4 1,652,408 77,458 158,355 22,565 4.9% 9.6% Q4 2008 4 1,652,408 88,951 154,231 4,124 4.0% 9.3% Q4 2007 24 4,974,981 7,252 1,566,249 0 31.3°% 31.5°% Class-B QZ2008 24 4,974,981 7,252 1,543,844 22,405 " 30.9°% 31.0% - Q4 2008 24 4,815,277 4,117 1,647,465 -263,325 34.1°% 34.2°% Q4 2007 18 962,644 0 280,888 0 29.2% 29.2°% ' Class C Q2-2008, 18 962,644 7,360 319,281 38,393 32.4°% 312% Q4 2008 18 962,644 14,823 271,082 48,199 26.6°% 28.2°% Q4 2007, 46 7,590,033 81,720 2,028,057 0 25.6°% 26.7°% Subtotals = Q2 2008 46 7,590,033 92,070 2,021,480 6,577 25.4% 26.6% p ry 042008 46, 7,430,329 107,891 2,072,778 211,002 26.4% 27.9°% eky~r'~tl"'4 P 'T . _ - ,i rs._ti',a..• ...v...n. 1, L:: _Y . ^'""a` .~W - r:},^Y f.,. kTs.~ _ _ . Q4 2007 34 _ 7,096,380 188,494 857,316 0 9.4% 12.1°% Class A Q2 2008 34 7,096,380 410,762 1,230,067 -372,751 11.5% 17.3% = Q4 2008 35 7,332,380 446,283 1,403,559 62,508 13.1% 19.1°% Q4 2007 76 6,325,023 153,062 962,515 0 12.8°% 15.2°% ' Class B & C Q2 2008 76 6,325,023 152,358 1,157,950 -195,435 15.9% 18.3% Q4 2008 76 6,325,023 171,137 1,191,208 -33,258 16.1°% 18.8°% Q4 2007 129 14,368,464 345,569 2,044,740 0 11.8°% 14.2°% Subtotals Q2 2008 129 14,368,464 563,335 2,618,420 -573,680 14.3% 18.2% Q4 2008 130 14 604,464 618,030 2,800,996 53,424 14.9°% 19.2% . _'1.. . _ _ S-.. m c£... 3 a~.`'*.f7:.~tu'~.ra., Y. Q4 2007 18 3,861,610 98,175 221,578 0 3.2% 5.7% Class, A Q2 2008 18 3,861,610 117,050 229,508 -7,930 2.9% 5.9% Q4 2008 18 . 3,861,610 69,422 198,677 30,831 3.3°% 5-1°% Q4 2007 58 4,291,292 35,996 469,604 0 10.1% 10.9% ' Class B Q2 2008 60 4,448,774 49,425 581,331 25,760 12.0% 13.1°% Q4 2008 60 4,448,774 59,721 585,318 3,987 11.8°% 13.2°% Q4 20Q7 76 8,152,902 134,171 691,182 0 6.8% 8.5% SUbtdtaiS Q2 2008 78 8,310,384 166,475 810,839 17,830 7.896 9.8% T` . Q4 2008- 78 8,310,384 129,143 783,995 26,844 7.9% 9.4°% ' a ti C $2007 _ 473 68022,828 1,499,723 11,132,000 0 14.2% 16.4% ' T6ta~S_ Q2 2008 475 68 279,652 1,537,770 11,900,717 631,230 15.2% 17.4% j s _z:Q4 2008,'_= 477 68;355,948 - 1,649,656 11,864,063 112,950 14.9% 17.4°% fr 1 ~~~6 ~Y ~ ~ ~-yam P'~,~E.c~ v r Y r my .-_...ua. _ _ _ F 6% 3 0 m 4% 0 or a ` ec 2% 0 a } _ 0% Saint Paul The Saint Paul Non-CBD market has 2,123,401 SF and registered negative absorption of 51,775 ' SF, lifting vacancy from 6.8% to 9.3%. Class A space had absorption of 16,480 SF and lowered vacancy from 10.7% to 7.8%. Class B ' and C space both experience negative absorp- tion of 60,306 SF and 7,949 SF respectively. Vacancy climbed in both classes with B jump- ' ing from 5.8% to 10.0% and Class C spiking from 1.6% to 7.1%. Overall the Saint Paul market can be summed ' up as tight. There is not much availability in the Midway or in the Energy Park areas. As a re- -4% . sult, Wellington is poised to construct a LEED Certified building on University Avenue at ' Highway 280, to be named 2700 The Avenue. Southwest J M S J M S J M S J ,M S. J M S J M S J M S J, M S` J M S J M S J M S 1998 1999 ' 2000 2001 2002 2003 2004 2005" 2006 2007 2008 The Southwest market is the second largest NATIONAL MINNESOTA Source: Minnesota Department of Employment market and accounts for 14,604,464 SF. This and Economic Development submarket was hit the hardest with negative ' JANUARY, MAY, SEPTEMBER INCREMENTS absorption of 520,256 SF and spiking vacancy from 14.2% to 19.2%. ' Class A space was affected most with negative absorption of 310,243 SF and raising vacancy from 12.1% to 19.1%. Class B space didn't fare ' much better with negative absorption of 228,693 SF, lifting vacancy from 15.2% to 18.8%. Class C space did have positive absorption of 18,680 7% to 21 8% lowering vacancy from 23 SF ' . . . , The Southwest was hit hardest by defaults of mortgage companies. GMAC-Rescap put ' 270,000 SF of space on the market early in 2008. Surprisingly, this space was absorbed throughout the year with leases to Prime Therapeutics and Carol. But as the mortgage ' industry continues to suffer, more space has become available at Meridian Crossings. Add to this Best Buy announcing in December that ' they need to "reduce significant expense from its corporate payroll" and offered buyouts to nearly all of its 4,000 employees. Sublease space in the submarket doubled in 2008 with over ' The Manufacturers Building Price/SF: $70.48 600,000 SF of sublease space now on the mar Minneapolis, MN Seller. The ManuFacturers$uilding, LLC ket and will likely significantly increase again Size: 52,000 SF Buyer:'UppalEnterprises -The401 Grote in 2009. ' t 1- L ° L Sv - Yi y .h . ° ' V' A gamyu N~ a dwe ai Given current market conditions, both Southdale Office and France Place were taken -Anoka County A B $10.50 $8.00 $15.00 $11.00 $12.73 $9.77 $3.78 $2.11 $5.83 $5.76 $9.61 $7.87 off the market for investment sales. Sales that come to market in the next year will most likely be from owners that need to sell, rather than Total $5.00 $15.00 $9.62 $2.74 $5.22 $7.96 those who might consider disposition if the ' Dakota County A B - C $12.50 $3.00 $8.50 $17.00 $34.00 $8.50 $14.67 $11.90 $8.50 $3.33 $2.69 $1.71 $6.30 $5.01 $3.92 $9.63 $7.70 $5.63 price is right. . inneapolis CBD. inneapolis Non CBD Total A B C Total A B C Total --A $5.00 $11.00 $8.00 $6.00 $6.00 $13.00 $6.00 $16.00 $6.00 $9.00 $34.00 $30.00 $25.00 $12.00 $30.00 $15.00 $18.00 $16.00 $18.00 $20.00 $12.75 $2.84 $15.06 $4.59 $11"65 $2.33 $9.97 $2.36 $12.90 $3.93 $14.00 $3.22 $1153 $2.62 $16.00 $1.78 $12.56 $2.51 $14.46 $3.45 $5.37 $7.50 $7.11 $6.32 $7.36 $6.59 $6.86 $1.02 $6.05 $7.04 $8.21 $12.09 $9.44 $8.68 $11.2 $9.81 $9.48 $2.80 $8.56 $10.49 ~ h ~ r _ 9 H~ f. R „ 13 7 . 2 a4; Northeast B $8.00 $14.00 $11.30 $2.89 $6.04 $8.93 , Total A $8.00 $20.00 $20.00 $22.00 $12.28 $21.00 $1.09 $2.15 $5.05 $6.04 $6.14 $7.09 Shoreview Medical Center PricelSF. $172.00 Shoreview. MN Seller: Dr: Jay Lou N6khvwest. B C $6.75 $5.00 $14.00 $9.00 $11.63 $7.00 $2.19 $1.39 $6.91 $6.65 $9.10 $8.04 Size: 19,452 SF Buyw.Sn erEnterphses Total $5.00 $22.00 $11.48 $2.13 $6.88 $9.01 Two Marketpointe carne online in the submar- A $9.52 $25.00 $15.69 $4.50 $8.56 $13.06 ket with CB Richard Ellis as the lead tenant. Saint Paul CBD - - B C $5.00 $7.95 $20.00 $1095 $11.34 $9.45 $3.42 $1.45 $6.79 $5.61 $10.21 $7.06 The building currently reflects almost 70% vacancy. Norman Pointe II, the other newly constructed building in the submarket is also Total A $5.00 $13.00 $25.00 $15.00 $12.24 $14.00 $3.63 $4.11 $6.27 $6.87 $9.90 $10.98 70go vacant. Normandale 8200 Tower, which is still under construction, is 50% pre-leased Saint- F'aui. Non: CBCJ.. B C $7.00 $8.50 $11.00 $8.50 $9.40 $8.50 $2.63 $2.80 $5.91 $6.36 $8.54 $9.16 to Benfield Group of London. Washington County Total $7.00 $15.00 $10.56 $3.15 $6.27 $9.42 A $5.00 $20.00 $16.64 $4.60 $7.78 $12.38 The Washington County market is the second SouthvJest B $5.00 $19.00 $12.50 $3.18 $7.50 $10.68 smallest market at 684,430 SF and suffered negative absorption of 19,693 SF and a vacancy C $3.00 $11.00 $8.83 $2.29 $6.58 $8.87 increase from 22.0% to 24.8%. Total A, _ $3.00 $11:00 $20.00 $17. 00 $13.71 $14.43 $3.84 $2.60 $7.57 $6.47 $11.41 $9.07 Class A space had positive absorption of 25,654 Washington County B $8.00 _ $12.00 $11.08 $2.74 $5.76 $8.50 SF, dropping vacancy from 14.4% to 6.7%. Class B vacancy fell from 14.7% to 14.1% with Total A $8.00. $10.50 $17.00 $20.00 $12.80 $16.39 $2.67 $4.33 $537 $7.71 $8.04 $12.04 793 SF of absorption. Class C had negative ab- sorption of 46,140 SF, jumping vacancy from West - B $7.60 $17.00 $12.33 $3.32 $6.85 $10.17 39.3% to 61.7%. Total $7.00 $20.00 $13.39 $3.84 $7.28 $11.12 - Source' Coll i el5 Eden Prairie Office Center Rasmussen College 101 W Main Street 6600 96th Lane Excelsior Crossings Phase 1 12700 Whitewater Drive 6405 France Medical 6363 France Medical 1440 Duckwood Medical Ridgeview South Crosstown Corporate Center Fort Road Medical Building Shoreview Medical Center Fairview Ridges Medical Ridgeview South 10801 Red Circle Drive 5th & Washington 444 Lafayette Road Building 12301 Whitewater Drve 55 West Financial Center 1895 Plaza Drive Main Street Exchange 7201 Washington Avenue S Reliastar Complex (ING HQ) 345 Randolph Avenue Rosedale Tourers Carrousel Plaza Office Park City West Financial Center 6010 Earl Brown Drive 9521 W 78th Street 800 Washington Avenue N Nicollet Avenue S & S 8th Street Renaissance Square Manufacturers Building Offices at Centre Village 9445 E River Road NW 2124 University Avenue W Renaissance Square 815 Cedar Avenue Rand Tower Minnetonka East Business Center 722-724 Central Avenue NE 101 10th Street E 900 N 3rd Street Hopkins, MN Lake Elmo, MN Waconia, MN Brooklyn Park, MN Hopkins, MN Hopkins, MN Minneapolis, MN Minneapolis, MN Saint Paul, MN Burnsville, MN Hopkins, MN Saint Paul, MN Saint Paul, MN Burnsville, MN Burnsville, MN Hopkins, MN Minneapolis, MN Saint Paul, MN Hopkins, MN Minneapolis, MN Saint Paul, MN Waconia, MN Edina, MN Minneapolis, MN Saint Paul, MN Saint Paul, MN Rosemount, MN Hopkins, MN Brooklyn Center, MN Eden Prairie, MN Minneapolis, MN Minneapolis, MN Minneapolis, MN . Minneapolis, MN Minneapolis, MN Minneapolis, MN Saint Paul, MN Minneapolis, MN Minneapolis, MN Minneapolis, MN Hopkins, MN Minneapolis, MN Saint Paul, MN Minneapolis, MN $275 2008 $270 2006 $240 1990 $232 2007 $201 1946 $198 1998 $179 2001 $179 1989 $179 1988 f $179 N/A $174 1999'w z' $173 1981 $172 1983 $165 1987, $163 $142 1977 $141. $141 1916 $i38 X986 $137 1990 $135. 199, 7- $134 1990 $133 lVJA s i - r£ $126 1964 $107 260`7' $102 1970 $95 2006 r $88 1989 $79 1996 N $77 190$ s z' t 4, $72 1898 $72- sx s , $70 1914`; $63 1987" $60 1898 $54 , d9b3 ' s :.,mss:' $52 1929 . $42 1914 ' $41 y 1 rrC~.° $41 1919 Source: t.. t ks", ~t"e~x"'~`r"~.t < .a~,~•a~'a~b~~,7-t w.,. .T There was not much activity in this market in 2008. The biggest question looming is what will happen to the Woodbury Corporate Campus ' (former State Farm site) building. It is currently a 450,000 SF single tenant building that has been on the market for. sale for four years. ' West The West market includes 8,310,384 SF of ' space. Vacancy in the West climbed from 8.5% P P rmandale 8400 Tower t Prime Therapeutics - Midwest Plaza RSM McGladrey atioii Campus, ECMC" irst National Bank Building GE Capital Corporation est Bloomington Office Park MG1 Pharma endota a Office Center IV LSI Inc. N4manPoipte II" . Hartford o MarketPointe CB Richard Ellis AT&T Tower Fallon T&T Tower Clark & Wamberg time Tech Office Tag Creekridge I Advanced Auto Parts fth Street Towers' l URS_ Engineering arquette Plaza Xcel Energy 5 Waterford Park" - Winn-% k 1100 Tower Hamlin University 1600 Tower - Willis of Minnesota oung Quinlan Building l Target Commercial Interiors ormandate 8400 Tower Carol aissance Square DLR Group 1; Waterford Park - Wealth Enhancement Group One MarketPointe United Health - ' nech Center .I 16 ra, Travel-Acquisitions Group rove Health Building MAPS to 9.4%, but there was positive absorption of 44,674 SF. Class A absorption was 22,901 SF and vacan- cy dropped from 5.7% to 5.1%. Class B had 21,773 SF of absorption and vacancy jumped from 10.99/o to 13.2%. The vacancy increase was due to adding 10400 Yellow Circle Drive and Equity Bank Office Center to the >nulti-tenant universe. There are many proposed new development projects in the West market, but like the rest of the metro, these projects have been put on hold until the economic situation turns around. One project currently underway is Duke's The Shops at West End. This is a retail development that will include 30,000 SF of high end bou- tique office space. Syngenta's new headquarters, a 110,000 SF LEED Gold building in the 1st phase of the Crest Ridge Corporate Center in Minnetonka, broke ground in July of this year. Bloomington, MN 150,000 Minneapolis, MN 132,182 Oakdale, MN 107,201 Saint Paul, MN 88,500 Bloomington, MN 75,000 Mendota Heights, MN 72,231 Bloomington, MN` - - - 70,000: Eden Prairie MN 70,000 Mmneapolis MN%. 62 000 Minneapolis, MN 52,000 " Eden Prairie, MN 50,00a- Bloomington, MN 42,305 Minneapolis -M14 40,000 Minneapolis, MN 36,584 Plymouth; MN 33 500 Saint Louis Park, MN 33,000 Saint-Louis Park, MN 30,000' Minneapolis, MN 28,768 Bloomington,-MN 25,000 Minneapolis, MN 25,000 Plymouth, MN 21,293 . Bloomington, MN 21,000 Eden Prairie, MN 20,100 Maple Grove, MN 20,000 Source Colliers % The building should be completed in mid-2009. The second phase is in the planning phase but no timetable on construction has been given. Looking Ahead As the economy continues to suffer, both ten- ants and landlords will be looking for ways to save. One option that will be closely monitored is the cost difference between renewing at the tenant's current location versus the cost to move. Given the tight budgets of all industries, renewals will very likely become the modus ope- randi in 2009. Another trend to watch is the growth of local campuses for private education entities. Capella recently expanding their presence in 225 South Sixth and Cardinal Stritch, Hamline, Minnesota State-Mankato, Rasmussen, et al have recently added more satellite locations throughout the metro. - si q 1 Wings Financial Bloomington, MN 15,487 SF leased to HealthPartners t Q4 2007 13'- 599,755 11,523 56;421 0 " 7.50/( ' Anoka l.OUtTty Q2 2008 13 599,155 11,523 58,155 -1,734 7.8% 9.7% '0426,08'; 13 599,755 15,023 91,869" -33,714 118✓0 15,:3°10 Q4 2007 50 3,276,489 65,461 659,493 0 18.1% 201% Dakota County Q2 2008 53 3,375,831 65,461, 590,796. 68,697 ' 15.5% I7.5% 4 2008 52 3,375,831 101,238 615,802 -25,006 15.2% 18.2% .2 Q4 007 20 2,185,497 37,000 281,156 _ 0 11.2% 12-9W- Mirtnea G11S 1`IoTt CBD Q2 2008 20 2,185,497 37,000 277,396 3,760 11.0% 12.7% Q42008 Z0 2,185,497 0 221,405 49,991 10.4°6 _ 104% Northeast Q42007 " QZ 2008 27 27', 3,141,060 . 3;141,060 10,001 16,528 591,086 709,701. 0 118 615- 18.5% 22.1°% 18.8%." 22:6% Q4 2008 27 3,141,060 16,644 767,021 -57,320 219% 24.4°% Q4 2007 18 - 1,478,616 3;151 471,454 0, . 31.7% 31.9% Northvre St Q2 2008 18 1,478,616 5,311 490,678 -19,224 32.8% 33.2% Q4 2008 _i 18. 1,478,616. 8,'361 513,978 23 300, 34 T: Q4 2007 20" 2,123,401 3,751 144,705 0 6.6% 6.8°%.- - " Saint -Paul Non CQQ Q22008_ ; 2 2123,401 7,300. 154697. 9,992 6.9% < Q4 2008 20 2,123,401 7,300 196,480 41,783 8.9% 9.3 OX `Q4 2007 684,430 6'50 " 150,305 0': 22 1% _ Washington County. Q22008 12 684,430 650 141,309 8,996 20.6% 20.60/c fZ4 2008_' 12 684,430 5,844 169,998 -28,689 24.0°% 24,$°% Source: COMET5 _ T n _ _ Anoka Town Square Professional Building 25,000 Blaine, MN MSP Commercial U%C ' ANK Total 25,000 Dakota Boulder Lakes Business Park 676,000 Eagan, MN Interstate Partners P Blue Gentian Corporate Center 233,000 Eagan, MN McGough Development P - Waters X 205,000 Eagan, MN CSM Corporation P "Cedar Grove-Corporate Center 150,000 Eagan, MN United Properties P Signature Corporate Center 150,000 Mendota Heights, MN United Properties P 1111 Centre Pointe Boulevard 130,000 Mendota Heights, MN JLT Group P Valley Office Park III 120,000 Apple Valley, MN United Properties P Riverwoods Corporate Center' 110,000 Eagan, MN United Properties P Gateway Office Plaza Phase II 100,000 Burnsville, MN Kraus-Anderson P Ri(6 Pointe Office'Cenrer' 65,000 Burnsville, MN Cerron Properties P Waters Ridge Office Park 60,000 Eagan, MN Venstar U/C - Waters ix 47,500 Eagan, MN CSM Corporation P Waters VIII 39,000 Eagan, MN CSM Corporation P EagahPlaceProfessional_Building . 32,800 Eagan, MN MSPCommercial U/C DAK Total 2,118,300 Minneapolis 1016 Marquette Avenue 48,000 Minneapolis, MN Anxon P j'offe<Medi Center " 35,000 Minneapolis, MN Ryan Companies P 8th Street & Marquette Avenue Minneapolis, MN Ryan Companies P t. + 83,000 Northeast Traverse Business Center 495,000 Arden Hills, MN Chesapeake Partners P ' SW of 7th Ave E and Charles Street N 50,000 North Saint Paul, MN JB Realty Co U/C 1E Toca1 . . . . 545,000 Saint Paul a asl aTowet = 700,000, Saint Paul, MN WingField Corporation P. ' 2700 the Avenue 100,000 Saint Paul, MN Wellington Management P .Sfl'_s 800,000 Southwest c BlQOm7rgton Central Station = - 2,000,000 Bloomington, MN McGough Development P Norman Pointe III 8290.T,6,wer ai Normand ale Lake 333,000 Bloomington, MN Duke Realty P _ 274,050 Bloomington, MN United Properties ll/C Minnesota Center Il - 250,000 Bloomington, MN Bloom Companies- :huh Bloomington 5185 P ;detisBliiff Business Park 250,000 Eden Praire, MN United Properties P Three MarketPointe 236,000 Bloomington, MN Ryan Companies P -:'R or- alza 138,154 Eden Prairie, MN Solomon Real Estate Group U/C Liberty Plaza 120,000 Eden Prairie, MN Liberty Property Trust P SW Total-_ 3,601,200 Source: Colhers 1' L - % r 5.t Washington The Oaks Office Center Eagle Point Office Center - IV Woodlake Health Center The Offices at Commerce Hill WASH Total West Offices at West End Excelsior Crossings 801 CarlsonTarkway Xenia Ridge Waterford Ponds Colonnade 2 Former EBCO Site Plymouth Woods Office Center 11 253 Lake Street E Westwood Lake Office Building WST Total Grand Total: 10,881,402 SF 425,000 50,000 36,000 35,000 546,000 1,100,000 691,000 300,000 256,902 250,000 240,000 150,000 114,000 35,000 26,000 3,162,902 Oakdale, MN Welsh Companies Lake Elmo, MN United Properties P Woodbury, MN Kraus-Anderson IJ/C Woodbury, MN Woodbury Developers U/C Saint Louis Park, MN. Hopkins, MN Duke Realty Opus Corporation % P U/C Plymouth, MN' Carlson Real Estate Company Golden Valley, MN Opus Corporation P Plymouth, MN Duke Realty . P, Golden Valley, MN TIAA-CREF P.. Hopkins, MN Opus Corporation P' Plymouth, MN St. Paul Properties P Wayzata, MN - Contirientai' Property Group inc p - . , „ Golden Valley, MN BIGOS U/C Vk , .a Syngenta Seeds Size: 110,000 SF Minnetonka, MN Developer: Opus Corporation ~=emu 2008 2009 Actual Estimated VACANCY RATE JI -4 NET ABSORPTION y -4 CONSTRUCTION y RENTAL RATE A COMERS, TURLEY INTERNATIONAL MARTIN TUCKER Commercial Real Estate Services Bulk Up As Others Decline The Twin Cities multi-tenant industrial market includes 117,000,479 SF of space. The overall market had negative absorption of 127,790 SF which caused vacancy to bump up slightly from 10.2% to 10.4%. Bulk Warehouse was the one bright spot for the product type, recording absorption of 584,888 SF, and lowering vacancy from 16.5% to 14.1%. Office Showroom had negative absorption of 304,603 SF, lifting vacancy from 11.2% to 12.8%. Office Warehouse was hit the hardest with 408,075 SF of negative absorption and vacancy climbing from 8.0% to 8.6%. The troubled economy has been taking its toll on the industrial market. Manufacturing jobs for the nation have been declining since October 2006. In the Minneapolis-Saint Paul market the decline began in October 2005, one full year earlier than the rest of the country. On the bright side of things, Minnesota ex- ports continue to post gains. Through three quarters in 2008, state exports are up 9.5%, and up 8.6% from third quarter 2007. Even better news is that 2007 was a record year for Minnesota exports, which means another re- cord could be set for 2008. There are a significant number of spaces avail- able on the market with tenants willing to downsize if they can find someone to take over their current space. In fact, there is 50% more small-user space on the market than one year ago. Tenants that have to renew have begun to seek shorter term renewals to help tide them over until there is more economic stability. The sale price of industrial land is starting to come down, but owners that have patient money and no debt are still holding out for the higher prices of recent years. There is still a pricing gap between buyers and sellers of in- dustrial buildings, but that gap too is starting to close. One option that is appearing more with the credit markets frozen is seller financ- ing. While there have not been many instances so far, it appears to be a trend to watch for until the credit market thaws. On the development side, there has been very little to report compared to previous years. There will be little to no speculative devel- opment in the near future. Many new devel- opments have been scrapped or put on hold indefinitely. Landlords are looking at the industries their tenants represent and are proactively helping tenants restructure lease terms or extend loans 439 Eva Street Building teller.. Saint Paul PbrtAudiorlty Saint Paul, MN Buyer:First lmk wiWFmkyTrst Size: 165,360 SF they may not be able to get through traditional financing channels. 4ya z 20 0 Dakota County 0 15 The Dakota County market registers a 10 14,524,666 SF of multi-tenant space. The mar- ket experienced negative absorption of 83,715 s SF and vacancy rose from 13.1% to 14.8%. 0 Bulk Warehouse space was hit the hardest with negative absorption of 123,478 SF, lifting va- -5 cancy from 19.3% to 22.8%. Office Showroom had negative absorption of 36,483 SF and va- -10 cancy climbed from 13.3% to 14.4%. Office Warehouse recorded 76,246 SF of absorption, but vacancy still rose from 10.1% to 11.2% Dakota County $8.25 $9.00 Minneapolis-• Non CBD $6.50 $8.50 r i 18% r 16% 14%♦ 13% Iz% 10% 8% QI Q2 Q3 'Q4 Q1 Q2 Q3 Q4 QI 2005 2006 $2.75 $4.50 $8.32 $2.50 $4.50 $7.39 Q2 6 : Q4,- -61 Q2 „Q3 Q 200'7 2008 . Source: Colhers -o $4.02 $0.80 $4.05 $1.02 $0.86 $1.46 $1.66 $2.48' Northwest $8.00 $10.00 $3.75 $5.26 $8.98 $4.44 $1.27 $1.26 $2.53 Scott County-.. $9.00-, $975 $2.95 $4.75 $9.46. $4.21 $1.21 - $1.05: $2.26• Saint Paul/Northeast Southwest'_'. $8.50 $8.25. $9.00 $19.56. . $4.50 $4.25 $4.95 $5.50 $8.97 $8.97 $4.70 $4.32 " $0.49 $1.20 $1.18 $107'' $1.67 $2 Z7. Washington County $9.50 $10.00 $5.00 $5.00 $9.77 $5.00 $1.35 $1.67 $3.02 5 4' pill Dakota County $8.00 $12.00 $3.75 $6.00 $9.24 $4.55 $1.58 $1.79 $3.37 Mirieapohs =Non GBD- $8 00. ; $12 00, $4.00 $5.50 $9.46 $4.63 $1.92 - $144 $3 36. ' Northwest $7.75 $12.50 $3.75 $5.50 $10.04 $4.58 $2.03 $1.80 $3.83 Satt7t Paul/N rtheast - ' $8 00 $12 50 $4.00 $5.50 $9.78 $4.77 -$2.32 -$1.90- $4 22 ' Southwest i $6.00 $14.00 $4.00 $6.00 $9.88 $4.96 $2.25 $2.17 $4.42 , 1 M MM MMOR W y 4 ~ o Dakota County $6.00 $14.00 $3.00 $6.00 $9.17 $4.43 $1.51 $1.70 !3.21 'Minneapolis--Non CBD $6.00. $1050 $3.00 $5-00 $8.51 $4.12 $1.06 $164 $2-?0: Northwest $6.50 $14.00 $3.00 $6.00 $9.62 $4.83 $1.79 $2.92 $4.71 Scott Coiantl . 50 = $_19 75 $4.35 $5.75 - - $10.02 $5.25 $0.82 , $1.11 $1-93 Saint Paul/Northeast 1 $6.00 13.20 $ 2.50 $ $6.00 $8.87 $4.25 $1.34 $2.08 $3.42 Sbiithwest` t. $6 00 . $14,06 $100 $6.00 $9.11 $4.43 $1.66 $2 22 $3 88 ' Washington County $6.75 $13.50 $4.50 $6.00 $10.76 $5.21 $1.42 $1.69 $3.11 Source: Colliers 7777 is Ali" v~~ . with the addition of the new 35/13 Crossings in Burnsville. Minneapolis The Minneapolis industrial market inventory includes 12,881,284 SF and had negative ab- sorption of 32,800 SF. Vacancy in the subtnar- ket fell from 7.9% to 7.4% in 2008. Office Showroom space recorded positive absorption of 6,572 SF. Vacancy in Office Showroom fell from 9.1% to 7.7%. Office Warehouse also had positive absorption of 1,466 SF and vacancy dropped from 5.8% to 4.9% due to the Ragstock Building being re- moved from the multi-tenant universe. Bulk Warehouse recorded negative absorption of 40,838 SF and vacancy rose from 19.6% to 21.8%. Northwest The Northwest market consists of 28,741,133 SF of space. The market experienced negative absorption of 46,513 SF which raised vacancy slightly from 8.8% to 8.9%_ Bulk Warehouse and Office Showroom both had positive absorption of 252,614 SF and 101,378 SF respectively. Vacancy for Bulk Warehouse fell from 13.7% to 9.5% and Office Showroom dipped from 9.1% to 6.9%. Office -rv },t Warehouse however was hit with negative ab vacancy from 505 SF raisin sor tion of 400 , g p , m 0 20 7.0% to 9.2%. o ' ' zoo z Ia 2 Activity in the Northwest has been relatively W z ! mom 230 ti 14 z slow, but there are a handful of high tech coin- panies that have been searching for space in : z I c 3 the market. Q o 220 _ 12 m 7~ _ o Some owners have been creative to get deals Q 21° T 10 o done in this market. Duke recently signed a z . - - W lease for 153,000 SF at their Gateway North zoo s development in Otsego with Ottertail Power, _ _ _ . _ . _ on behalf of BTD Manufacturing and T.O. 190 6 Plastics. In order to make the deal, Duke has 180 . w.... a., lso 4 assumed the financial obligation or a 36,000 SF office warehouse facility leased by T.O. 2000 , 2001 2002 2003 2004 2005 ;,201 2007 2008 ~ Plastics with the remaining lease obligation TWIN CITIES NATIONAL Source: Minnes ota Deparmentof Employment and Economic Development of over nine years. As the year has progressed, rents have begun to flatten out. Concessions and rental rates are just two of the reasons that developers have been backing away from land positions and why the submarket will not see any new spec developments in 2009. Saint Paul-Northeast The Saint Paul-Northeast market is the largest industrial market at 29,427,851 SF. The mar- ket registered negative absorption of 4,523 SF, leaving vacancy at 9.2%. Bulk Warehouse was the lone classification with positive absorption of 287,757 SF, most of which was in the first quarter. Vacancy fell from 12.7% to 8.4%. Office Showroom and Office Warehouse both had negative absorp- tion of 173,616 SF and 118,664 SF, respective- ly. Vacancy in Office Showroom climbed from Clearwater Corporate Center Size: 88,906 SF Seller. CSM Equities Minnetonka, MN Price/l $67.50 Buyer.. KMS Buildil Products tf Q4 2007 107 7,499,294 757,603 9.3% 0 63,191 10.1% Dakota County Q2 2008 110 7,679,774 889,554 10.4% 48,529 93,490 11.6% Q4 2008 110 7,679,774 861,837 10.0% 27,717 90,237. - 11. Q4 2007 108 10,763,636 621,852 5.0% 0 78,907 5.8% Minneapolis Q2 2008 108 10,763,636 584,756 4.6% 97,096 91,877 5'.4% Q4 2008 108 10,554,519 518,291 4.3% -35,630 66,843 4.9% Q4 2007 236 18,256,680 1,287,027 6.2% 0 162',085, 7.0% - Northwest Q2 2008 236 18,256,680 1,660,126 7.7% 373,099 262,384 9.1% Q42008 236 18,256,680 1,687,532 8.1% -_21406 209,177 920)/ Saint Paul/ Q42007 262 19,681,413 1,573,320 7.6% 0 82,880 80% Northeast Q2 2008 262 19;681,413 1,691,079 8.2%'.,: 117 759-: 85,988 $ 6°kg Q4 2008 263 19,681,413 1,691,984 8.3% -905 54,000 8.6% Q4 2007 17 1,315,943 69,567 5.3%_ 0 ' 0- _ S 3%- Scott County Q22008 17 1,315,943 30,887 2.3% 38,680 0 2.396_ Q4 2008 17 1,315,943 33,937, 2.6% 3,050 2% Q4 2007 212 14,894,852 1,437,123 9.5% _0 23,550 9.6% Southwest Q2 2008 211 14,894,852 1,671,433 8.9% -234,310.: : ' . 34.3;465 R - 13 2% , Q4 2008 212 14,894,852 1,399,900 7.6% 271,533 264,044 9.4% Q4 2007 33 2,207,005 217,748 9.2% -Washington County Q22008--- - - 33 2,207,005 323,514 14.0% -105766 151554 147% Q4 2008 33 2,207,005 257,219 11.7% 66,29'5,-_, 0 Source: Colliers 4v i R11111111111 'I N r r 2P- t... era. r Q4 2007 15 3,598,124 695,664 18.2% 0 42,143. 19.3% Dakota County Q2 2008 15 3,598,124 567,816 14.6% 127,848 42,143 15.8% - Q4 2008 15 3,598,124 819,142 18:80/0 '-251,336,'"; 143;143,; 22',:896 Q4 2007 9 1,859,012 364,063 15.8% 0 70,000 1960/6 Minneapolis Q2 2008 9 1,859,012 393,862 17.4% -29,799 70',000 Q4 2008 9 1,859,012 404,901 15.7% -11,039 113,677 21;8%. Q4 2007 40 6,030,628 824,750 0 247.240 13,'7°°? Northwest Q2 2008 40 6,030,628 751,248 11.1% 73,502 82,937 12.5% Q4 2008 .40 6,030,628. 572,136 '-.''-7.7% . 179112 110;631 9, _ Saint Paul/ Q4 2007 23 6,604,711 839,368 112% 0 96,840 12.7% Northeast 022008 23 6,604,711 681720 89% ' 157648 _ 9640 103%f Q4 2008 23 6 604 711 551 611 0 8 4% 4% 130 109 8 Q42007 14 , , 2,183,163. , 546.,190 - . , 8t2~~ 2)ti 211%.;' 0 t,• Stott County Q2 2008 14 2,183,163 439,455, ; 201% 16.2% lob 735 85;225 Q4 2008 14 2,183;163 366,065 X 1530 73890`' 1 }yAA 9 Q4 2007 22 2,981,913 633,766 213% 0 0 213°p Southwest Q22008 22 2,981,913; - 663;196 222% r:=?943n + ;;.~1~ 5•. Q4 2008 22 2,981,913 605,058 203% 58 138 0 20 3% Washington County Q42007 Q2 2008 4 4 505,044 505,044 23,520 23,520 si 47,%_' t br`°'~it 4.7% 0 0 4 79~ Q42008 4 505 044 23 520: ~ 7% 0`CC 4 , , 1 . Source: Colliers.' € W, MA } ~ ~ _ k•~;~~ ,dl ` [ 1 t 'f s 'R NP IP, a ft F ,T 1? A' ~1' R ~ 4. 9.1% to 14.7% and Office Warehouse from user buildings being brought to market from 8.0% to 8.6%. the end of 2007 to 2008. A limited number of users in the subrnarket Even though there are not many developments have lead to the slower activity levels. There moving forward presently, there is still some has been an increase from 75 to 120 in owner- activity. The Saint Paul Port Authority closed Q4 2007 50 3,246,768: 431,409 Dakota County Q22008 50 3,246,768 408,435 Q4 2008'- 50, 3,246,768 467,892 Q4 2007 6 467,753 42,719 Minneapolis- Q2 2008 6 467,753 35,042 Q4 2008 6 467,753 36,147 Q4 2007 64 4,451,825 407,174 Northwest Q2 2008 64 4,453,825 305,250 Q4 2008 64 4,453,825 305,796 Southwest Q4 2007 Q2 2008 101 101 6;986,720 6,986,720 914,033 1,106,579 Q4 2008 101 6,986,720 1,088,616 Q4 2007 4 350,905 0 Washington Q22008 4 350,905 7,605 Q4 2008 4 350,905 27,871 Saint Palle Q42007 45 3,141,727 286,872 Northeast Q2 2008 45: 3,141,727 314,734 Q4 2008 45 3,141,727 460,488 on a parcel of land sold by 3M in September. There is an option for the Port Authority to purchase an additional 10 acres. The Port Authority's plan is to redevelop the site and hopes to lure new companies to the area over the next few years. In turbulent economic times, even deals that are executed can bring problems. For instance, one user recently signed a 50,000 SF lease, only to request to renegotiate the lease a few months later due to the decline in the econo- my. Until the economy turns around, this sort of event may become more commonplace. Scott County The Scott County market is one of the smaller markets at 3,499,106 SF. The market recorded positive absorption of 215,755 SF and lowered vacancy from 17.6% to 11.4%. Bulk Warehouse lead the way with 180,125 SF of absorption, lowering vacancy from 25.0% to 16.8%. Office Warehouse space vacancy dropped from 5.3% to 2.6% with 35,630 SF of absorption. 13.3% 0 0! 133% ; 12.6% 22,974 0 12.b% 13.7% -5Q,457 21,479 14.4°/6 4.4% 0 22,368 9.1% 3.9% 7,677 17,000 75% 4.1% -1,105 17,000 7.7% 8:7% 0 17,660 , 9.1% 6.4% 101,924 18,284 6.9% 4.60N, -546 99,671 6.9% 12.10/- 0 66,126 13.1% 151% -192,546 51,131 15.80/0 15.3°/6 17,963 16,678 15.6% .4.4% 0 15,266 0.0% -4.4% -7,605 22,871 2.2% 5.8% 20,266 7,605 7.9% 8.0% 0 34,718 9.N/o 9.7% ` -27,862 9,930 10.0% 12.0% -145,754 84,000 14.7%6 Source: Colliers t r p4 c 300 York Ave Size: 68,030 SF Seller. Digital Excellence Saint Paul, MN Price/SF: $28.00 Buyer. Viking ALxo r-kSprinkler ai 5301 Edina Industrial Boulevard Minneapolis, MN $117 1965 fmr 84 Lumber Company Lakeville, MN $110 2005 2525 Fernbrook Lane N Eagandaie Crossing Minneapolis, MN Saint Paul, MN $109 $109 1978, - 1998 _ ~ 12150 Nicol let Avenue Burnsville, MN $98 1998' 15290 Carrousel Way Rosemount, MN $96 2006 260149th Avenue Cedar Business Center Minneapolis, MN Minneapolis, MN $93 $88 2006 „ 1982 Eden Woods Business Center Hopkins, MN $88 ,'1985 Olympia Business Center Minneapolis, MN $88' 1983 20802 Kensington Boulevard Lakeville, MN $95 - : ,:1998 y Eagle Creek East Savage, MN $83 , _ 2000 14300 W Burnsville Parkway Burnsville, MN $82 - ZOJ2 Bloomington Corporate Center Minneapolis, MN . $79 „ 1983 Holtkoetter International Inc Saint Paul, M1vT $72 1995 ` Hadley Business Center Saint Paul, MN $70 „ 1998 6477-6525 City West Parkway Hopkins, MN $69 1984 Technology Park V & VI Hopkins, MN $69 1987 Technology Park VII 13931 Sunfish Lake Boulevard NW Hopkins, MN Anoka, MN $69 $67 1995 1280 Energy Park Saint Paul, MN, $65.' 1984, , ..t 3026 111th Avenue NW Minneapolis, MN $64 1980- a.Nvrmatadale Tech Center - Oakdale Interstate Minneapolis, MN Saint Paul, MN $64 $64 198O,µ 1998 Shady Oak IV Hopkins, MN $64 4 rc Advantek Building Hopkins, MN $62 1992, 81 Saint Anthony Parkway 7300 49th Avenue N Minneapolis, MN Minneapolis, MN .$61 - $60 197 " . r 5M . 1997 - 2900 Granada Lane N Saint Paul, MN $58 1994 Colorspan Building- 1st Floor Hopkins, MN $58 1980 Park Industrial Village Best Brands Minneapolis, MN Saint Paul, MN $58 $57 1979''' 1972 84 Lumber Company Hugo, MN $56 200 2 nll 522 19th Street SW Forest Lake, MN $55 1991'.. Kasota Industrial Portfolio Minneapolis, MN $55 r - „ ;19?7 { Aspen Distribution Center Minneapolis, MN $54 1978 11100 Jefferson Highway N Champlin, MN $5Z x 't M 5tt s 7215 Cahill Road Minneapolis, MN $50 1965 ' Northland Drive 2500 Walnut Street Saint Paul, MN Saint Paul, MN $50' $49 1974 r 3 °F ze ,1964 ' 7709 Winpark Drive Minneapolis, MN _ $49 r:g 1001 Labore Industrial Center Saint Paul, MN $48 1997 1240 W 98th Street Minneapolis MN $48 1 X98' S''± ` 350 Northco Drive , Minneapolis, MN $48 , , , , , 1990 5401 Smetana Drive Min t k MN 8 Ff n ne on a, 4 , Southpoint Crossing Business Park Bloomington, MN $48 1978 1507 E Franklin Avenue 9702 Newton Avenue S Minneapolis, MN Minneapolis, MN $44 $42 J946_ a; 44. 1974 ` Signature Aluminum Hamel, MN $40_ 198 ~ 606 Vandalia Street Saint Paul, MN $39 1916 . Burnsville Bluffs I & III Burnsville, MN $38. 6244 Carmen Avenue Saint Paul, MN $37 1988 Carmen Distribution Center Inver Grove Heights, MN $37 98`,1, 900 N 3rd Street Minneapolis, MN $36 1919 Dev Site for Suer Tar et p g World Wide Distribution Center Minneapolis, MN Bloomington, MN $35 $35 „;196$_' a x ;'xl4`;M@ 1965 fmr Excelsior Henderson HQ Belle Plaine, MN $34 2795 Highway 55 Saint Paul, MN $32 1964 1699 9th Street Saint Paul, MN $28 „ ,3S,Rfl N" 41-0,5 900 Apollo Road Saint Paul, MN $28 7.1 1970 - 9231 Penn Avenue Minneapolis, MN ~y" } v , Source: Colliers + 'H~ ~`a 1151111, 1 y `t sx - - W, k~ Wilfred Lane N Walgreens , MA,*t!j Winneka Corporate Center Ruan Ickes Distribution Center Wagner Spray Tech R Building Stein Wickes Distribution Center ILS eat Bloomington Technology Park MGI Pharma tuisiana Distribution Center Innoflex Corporation Weber Distribution Center Profile Powdercoating er Road l idustrial Ceritei Tube Technologies tr kshire Distribution Center Schu Marketing MN Valley Distribution Center Phase 11 Transgroup ergreen Industrial Building 9 Active Sports Inc. mar Building Reflections Printing, Inc. Interstate Distribution Center ABC Supply 1junti _ t'Buildii ABC Supply inneapolis Business Center Pinta Foamtec acv;33uilding, : Shaw Industries roadway Business Center VI Hallmark Building Supplies, Inc. ters;fe.4~!esE Storage Equipment MB. Aurora Industrial Whse Whirlpool-Penske Logistics Park, t! ~'dusE%ial Gzniet Insignia Re. Hope Distribution Center Home Depot ewo,,~•R.,_ ilbutionCente--;.-_-_ Paddock Labs PlymotA Industrial Building C WW Grainger Inc. N 6 :I isjzfl uti ti Center IPliase It, R Logistics international est Bloomington Technology Park Pearson Vue Moud§u 8iisiness Park Ad ' Empirehouse oursiana Distribution Center Kudzu Enterprises tnneapoTs'Business Center G&K Services Golden Hills 11 Textron adzan:54-;=; Commerce Label 140 Taft Street NE Absolute Distribution, Inc. 1400 Broadway Building Community Involvement Programs Two buildings in the market accounted for most of the absorption. The Huntington Building and Minnesota Valley Distribution Center each contributed 73,671 SF and 162,000 SF respectively. I Southwest The Southwest market is comprised at 1 24,863,485 SF and registered negative absorp- tion of 108,652 SF, lifting vacancy up slightly from 12.0% to 12.4%. Rogers, MN Brooklyn Park, MN Brooklyn Center, MN Brooklyn Park, MN Brooklyn Center, MN Bloomington, MN New Hope, MN Rogers, MN Fridley, MN Plymouth, MN Shakopee, MN Shoreview, MN Saint Louis Park, MN Burnsville, MN Savage, MN Minneapolis, MN Eagan, MN Minneapolis, MN Plymouth, MN Roseville, MN Brooklyn Park, MN New Hope, MN New Hope, MN Plymouth, MN Shakopee, MN Bloomington, MN Mounds View, MN New Hope, MN Minneapolis, MN Golden Valley, MN Plymouth, MN Minneapolis, MN Minneapolis, MN 335,674 221,600 116,000 87,362 87,000 75,000 72,731 72,000 64,121 56,388 54,000 53,400 51,648 51,500 51,000 48,208 47,746 46,059 41,848 41,360 40,781 40,600 40,600 35,402 33,734 33,000 32,719 32,417 32,314 25,891 22,036 21,600 20,044 Source: (;aIhers Office Showroom space in the Southwest ac- counts for 38% of the entire metro's inven- tory. In 2008 it was hit the hardest with nega- tive absorption of 174,583 SF which caused vacancy to rise from 13.1% to 15.6%. Bulk Warehouse and Office Warehouse each ac- counted for 28,708 SF and 37,223 SF of ab- sorption. Vacancy in Bulk Warehouse dipped to 20.3%, down from 21.3% a year ago. Office Warehouse vacancy fell slightly from 9.6% to 9.4%. The most distinguished feature of the Southwest is the fact that there is an exorbi- tant amount of space on the market for users requiring less than 20,000 SF. One broker de- scribed the glut of space as "almost needing to beg a tenant to come through their listed space since the options are so many and the seekers are so few." Washington County The Washington County market is the small- est industrial market registering 3,062,954 SF. The market had negative absorption of 67,342 SF and vacancy rose from 7.9% to 10.1%. K 1 R 4 t ~ < ~r k - ~ k ~J i' y Y r „ Office Warehouse recorded negative absorp- tion of 39,471 SF, lifting vacancy from 9.9% Anoka to ' to 11.7%. Office Showroom's absorption was a Lexington Preserve Business Park Phase 3 114,000 Blaine, MN CSM Corporation p negative 27,871 SF with vacancy going to 7.9%. ANK Total 114,000 Bulk Warehouse had no activity and vacancy Dakota remained at 4.7%. BridgePoint Business Center II 127,000 South Saint Interstate Partners P Looking Ahead Paul, MN Gopher Commons 100,000 'Eagan, MN Gopher Resource Looking ahead to 2009, the industrial mar- Lo Nidy Business Park 62,993 Eagan MN Welsh Companies P ket appears to be in for another tough year. South Saint' x Employment woes are expected to continue BridgePoint Business Center I 50,373 Paul, IviN Interstate Partners`, l/C..,,. . " through the year. There will be no new spec Waters VIII Business Center 39,000 Eagan, MN CSM Corporation U/C development, and rent growth will remain flat Pilot Flex Center, II . 33,010 Apple Valley, EF H Realty Advisors P for the year. MN DAK Total 412,376 Northwest Corcoran Business Park 500,000 Corcoran, MN United Properties P - Otsego Business Park 160,000 Otsego, MN. Duke Reairy P Schmidt Lake Business Center 115,000 Plymouth, MN First Industrial P Rogers Corporate Center II- 58,445 Rogers,' MN,' Cobalt Capital : , - , LJfC ; NW Total 833,445 Scott Minnesota Valley Distribution Park V 444,000 Shakopee, MN Opus Corporation P Minnesota Valley Distribution Park IV 230,000 Shakopee, MN Opus Corporation Shenandoah Business Park Phase I 100,000 Shakopee, MN United Properties P Dean Lakes 80,000 Shakopee, MN Ryan Companies,' . P - SCOTT Total 854,000 Southwest 1701 W 94th Street 65,000 Bloomington, Continental U/C MN Developments Crystal Bay Business Center Building IV. 63,336 Long Lake MN Ryan Companies. P Crystal Bay Business Center Building II 40,028 Long Lake, MN Ryan Companies, U/C ` Crystal Bay Business Center Building 111 40,028 Long Lake, MN Ryan Companneg" 11' 4 P Chanhassen West Business Pk Bldg 2550 30,000 Chanhassen, Center P MN Companies 0 West Creek Lane Chaska; MN' Centex P Companies „ . SW Total 238,392 Washington Gateway South 120,000 Newport, MN Opus Corporation P' " Crosaroads 0 x4 3 - Crossroads Commerce Center Bldg 6 65,000 - ~X/oodbuo MN D ei ev oPers - _ . WASH Total 185,000 Grand Total: 2,637,213 SF Source: Co11ie¢s I Louisiana Distribution LessarANiQPioperty - Center New Hope, MN Lessec`ImwflexCorporanon ' Size: 72,731 SF t 2008 2004 Actual Estimated VACANCY RATE 0 T NET ABSORPTION y y CONSTRUCTION ~ /-A RENTAL RATE y y COLLIERS TURLEY INTERNATIONAL MARTIN TUCKER Commercial Real Estate Services MARKET INDICATORS Challenged Retailers Challenge Retail Market It was a rough year for retail as the country of- ficially entered a recession at the end of 2007. Consumer spending declined and many re- tailers closed up shop or filed for bankruptcy protection. Some of those closing stores in the Minneapolis-Saint Paul area include: Office Depot, Wickes Furniture, Bombay Company, Wilsons Leather, CompUSA, Starbucks, Home Depot, Ethan Allen, Sprint, Nextel, KB Toys, Steve & Barry's, Pep Boys, Movie Gallery, Hollywood Video, Lane Bryant, Fashion Bug, Catherine's, and Talbots to name a few. Add to this list some of the restaurants that have closed locations in the past year: Baker's Square, Don Pablo's, Joe's Crab Shack, Joey's Seafood, Steak & Ale, Bennigan's, J.P.'s Bistro, and Rossi's and you have a rather bleak picture for the immediate future. To make matters even less rosy, the international Council of Shopping Centers (lCSC) predicts that there could be twice as many closings in 2009. Many stores were hoping to snake it through the holiday season without having to close up shop. The first quarter in 2009 will be a more accurate indicator of sales volume and new store closings will start to happen following post holiday sales. returned to about $1.65/gallon, but the other economic woes are now weighing on retail. Another area that is hurting the retail industry is the troubled credit and housing markets. Many franchisees would take out a second mortgage against their home to buy a fran- chise, but with the markets being so tight, this is not an option. As a result there are very few new franchises expected in the corning year. Of course it isn't all bad news. McDonald's, Buffalo Wild Wings, and LeAnn Chin have been having good years, as has discount retail- er Wal-Mart. Add to the list Dunkin' Donuts, which is trying to enter the market, and there are some rays of sunshine to be found, even if they are few and far between. There have been many factors affecting retail during the past year. For one, the cost of gaso- line topped $4.00/gallon in June. This was an increase of a dollar from the year before and put a significant strain on the consumer's discretionary income. Gas prices have since The Twin Cities multi-tenant retail universe consists of 67,373,310 SF of space. Vacancy remained steady at 5.8% for the year and the market experienced negative absorption of 131,525 SF. Regional malls registered negative absorp- tion for the year with 81,187 SF. Vacancy for Regional Centers went from 5.8% to 6.2%. Neighborhood Centers had the worst year with vacancy climbing from 6.5% to 7.0% and a negative absorption of 134,200 SF. Community Center vacancy went from 3.5% . - ~ - ~ a`,µ_4 f ~ , I •+i - Athletic Club Seller. Park Midway Bank West Saint Paul, MN Buyer. Capkai Concept Size: 36,817 SF ;,,,,w to 3.0% with positive absorption of 94,488 SF. During the November elections Minnesotans voted in favor of the Clean Water, Wildlife, Cultural Heritage and Natural Areas Amendment which will increase the sales tax in the state by three-eighths of a percent. T1ie increase, which takes place starting July 1, 2009, will give the state a tax rate of 6.875%, the sixth highest state sales tax in the United States. Anoka County The Anoka County market is 8,414,054 SF and had negative absorption for the year, of 35,289 SF, raising vacancy from 4.9% to 5.3%. 1 1 Source: ce ta: Colliers COMMUNITY DOWNTOWN NEIGHBORHOOD ~ REGIONAL CENTERS RETAIL CENTERS CENTERS ,Trader Does Woodbury',Lakea Saint Paul, MN Walgreens Minneapolis, MN CVS Farmington, MN Fashion Avenue Minneapolis, MN LA, Fitness z Minneapolis, MN Village On The Ponds Chanhassen, MN PatkCgmmon Mtnneapolis, MN Goodwill Stillwater, MN 136251 firth"Dale l3oti~evard = Rogers, MN Victor Marketplace Hugo,"MN 4854 Edgewater,Dnvc ; Mourtd, MN Savage Town Square Burnsville, MN 14075:141,51 Highway 13 Savage'MN 2485 Highway 7 Excelsior, MN 2$.00 Cqunty..Road;10.; - Mtr, peapolis, MN Wayzata Bay Shopping Center Wayzata, MN D,ephe~eri!Covrt Way ata,MN Rainbow Foods Saint Paul, MN `,N Star Itirernatio 1 M Bally Total Fitness Minneapolis, MN ,~2039 Robert Street S' - Saitir:Yaul, MN Humboldt Square Shopping Center Minneapolis, MN Andover Cinema Angka; MN- , 401 1st Avenue N Minneapolis, MN 9450 Dunkirk-- Lane North = Ivlaple Grove, MN- fmr Target Store Osseo, MN $00 W3toadivay Avenue Minneapolis, MN 113 27th Avenue NE Minneapolis, MN Northland Mall` Worthington, MN $334 $329 $299 $286 $232 $205 $204 $194 $181 $169 $167: $161 $161 $159 $142 $133.1 $131 $106. $99 '$98 $96 $90 $72 $70 $70 $62 $41 $27 in ww w S rtk r? ttY r,+it tip, c 1r 1 r F t~ a, 1-7 10: 1,10 r J` . 1 1 All property types had negative absorption. Neighborhood Centers had the worst year with negative absorption of 27,777 SF and va- cancy rising from 5.8% to 6.7%. Community Centers had negative absorption of 5,531 SF andvacancy increased slightly from 1.9% to 2.Wo. Regional Centers registered negative absorption of 1,981 SF and vacancy climbed from 6.9% to 7.0%. Two major transportation-related projects are occurring in Anoka County. The first is the Northstar Commuter rail, which will travel through Anoka from Minneapolis to Big Lake. There are many retail opportuni- ties within a two mile radius of the proposed stops. The other is the improvement projects at the Anoka County/Blaine Airport, which the county hopes will improve aviation safety, reduce noise, and spur economic growth in the community. _ The Northtown Mall redevelopment in 2008 added the first new Herberger's Department Store in a decade with 130,000 SF, LA Fitness added a 42,000 SF club, and Applebee's opened a state-of-the-art concept restaurant (one .of only two new stores opened nation- wide). Northtown's outparcel redevelopment plans to add 50,000 SF of new multi-tenant and restaurant space by the end of 2009. Dakota County The Dakota County Market consists of 8,567,847 SF and had negative absorption of 34,940 SF, increasing vacancy from 4.7% to 5.2%. Regional centers were the lone bright spot in the market with positive absorption of 16,157 SF. Vacancy in regional centers dipped down to a miniscule 0.2%, down from 1.0%. Neighborhood and Community Centers both experienced negative absorption of 22,137 SF and 28,960 SF respectively. Community Center vacancy rose from 2.3% to 3.5% and Neighborhood Center vacancies jumps from 8.3% to 8.9%. The Dakota County market can be summed up by saying that retail areas that have been around for a while are doing well, but new pockets trying to establish themselves are find- ing it challenging. Burnsville Center, which boasts over 150 stores, is a bright spot for the retail market south of the metro. Accounting for 12% of the market, it is completely leased up and has added several outparcel buildings in the last year. The new Cinemagic Theatre opened in July and features wings, wraps, and fresh pizza, along with traditional movie fare. There is also a second level bar and lounge area and an IMAX Theater will be added soon. oodbury Village Green Gold's Gym Woodbury, MN, 39,520 e Shoppes of Saint Anthony Meritex Enterprises Minneapolis, MN 12,147 Sycamore Plaza: Gletinco LLC Maple Grove, MN 9,454 kRoad Corporate Center U.S. Compliance Minnetonka, MN 9,450 y Building lat:b ur Mercy Vineyard Church Minneapolis, MN 9,133 niversity IV Empire Education Spring Lake Park, MN 9,089 Evergreen industrial Building 12 Premium Carpet Installations Roseville, MN 9,040 ; Creek Corporate Center Computer Training.com Plymouth, MN 6,430 1[ss tral6& Uniyenity North Memorial Health Care Minneapolis, MR 6,158 ger Outlet Center HUB Distributing North Branch, MN 6,000 Timberland North I Abel Cone . Brooklyn Park, Mh3-: 5,623 imberCrest Development Buffalo Wild Wings Lakeville, MN 5,603 arYtsey Gammons Shopping Center `v'S Bank Naitoiial.Association Ramsey, MN, 3,200 fifth Street Towers Chipotle Restaurants Minneapolis, MN 2,880 Advanced Auto Savage Retail Midwest Cellular Savage, MN 2,800 he Shoppes of Woodbury Village American Burger Restaurant Woodbury, MN 2,622 uadcan Office Building National Engineering Resources Brooklyn Park, MN 2,139 . ingle Creek Center Midwest Cellular Brooklyn Center, MN 2,100 S`diasoxi,tvtarketplace= . " . Fast Subs, d/b/aJ'inimy Jnh_ns Goumet Minneapolis, MN 1971 - - obblestone Lake Midwest Cellular Apple Valley, MN 1,854 S, Bank Skya ay • , Proative.Chiropractic , Sa' Paul, MN " 1,816 hopper of Knollwood Jimmy John's Saint Louis Park, MN 1,800 Rosedale'Square Shopping Center Ziizza- Roseville,, MN 1,680 arlite Shopping Center Midwest Cellular Brooklyn Park, MN 1,447 dat Point Commons- E-Nails Richfield, MN 1,240 nderson Lakes Shopping Center Yoga Prairie Eden Prairie, MN 1,200 8301 Golden Valley Road Lingate Financial Group - Golden Valley, MN 1,157 - S. Bank Center Patricias Altering 6t Tailoring Saint Paul, MN 793 the Shoppes of Woodbury Village Liberty Tax Woodbury, MN 693 Source: C-Aiers ' t~ µ g Anoka County Q4 2006 11 2,770,665 84,839 2,685,826 3.1% 0 Community Centers Q4 2007 11 2,770,665 51,518 2,719,147 1.9% 33,321 - Q4 2008 it 2,770,665 57,049 2,713,616- 2.1% " --5,531" Neighborhood Centers Q4 2006 Q42007 37 37 3,072,629 3,103,041 224,2289 181,438 2,848,340 2,921,603 7.3% 0 5.8% :;"":'"`,`•.r;; - -73.;263' Q4 2008 37 3,103,041 209,215 2,893,826 6.7% -27,777 Q4 2006 3 2,540,348 128,044 2,412,304 5,0% Regional Centers Q4 2007 _ 3 2,540,348 176,546 2,363,802 6.9°% -48,502 Q42008 3 2,540,348 178,527 2,361,821 7.0%:".• %1.981 , Q4 2006 50 8,384,000 437,000 7,947,000 5.2%•. 0 Totals Q42007, 51 8,414,054 409,501 8,004,552. 4.9%. ? 57;552 Q4 2008 51 8,414,054 444,791 7,969,263 5.3% 35,289 Dakota County Q4 20 06 11 2,611,896 45,431 2,566,465 1.7% 0 Community Centers , Q42007 11 2,611,896 61,266. - 2,55,0;630 23%.`." 15#835 IJnl Q4 2008 11 2,611,896 90,226 2,521,670 3.5% 28,960 Q4 2006 64 3,906,951 295,915 3,611,036 7_6% :Neighborhood C 2hZ8rS Q4 2007 64 3,906,951 324,975 3,581,976 8.3% -29,060 Q42008 64 3,906,951 347,112 3,559,839 " 8.9% 22131 Q4 2006 4 2,028,000 34,634 1,993,366 1.7% 0 Regional Centers Q42007 4„' , 2,028,000 . 19,396:, . - . 2,008404 Q4 2008 4 2,028,000 3,239 2,024 761 0.2% 16157 Q42Q06" ; 19 , 8,546,847 -316,000 ` 817©84 ' 44Ro et:r gib, i ~ Totals, Q4 2007 79 8,546,847 405,637 8,141,210 4.7% 29,637 Q4 2008`. 79 8,546',847 440,577 " 8,106,270 5.2°%- ' =34;944 : - Minneapolis - Q4 2006. 2 660,366 . 0 , - 660366 0 0% > .,1t rc.Y•~z, Communlt< Cent erS Q4 2007 2 660,366 0 660,366 0.0% 0- Q4 2008 2 660,3&6 : 2,000: 65$,36fi 0.3°Jo'`";. # x Zpt11 T+ ; {b. Q4 2006 13 1,359,746 185,273 1,174,473 % 0 13.6 CBD Q4 2007. 13 1;359,746 181 426 1,1?$,326 13:3% ! r - 3831 ky; Q4 2008 13 1,359,746 192,046 1,167,700 14.1% 10,626 NelghbOrhood Centers Q4200& Q4 2007 33. ' 33 1966;409 1,966,409 129,591 52,207 1,836818 6690 x~ 1914 202 2.7% 71384 Q4Z008' ' 33 1;96& 409 353, 77 1889 0$.6 ; . , - . , , , , F;, Totals Q4 2006 Q4 200? 48 48 3,987,000 3,986521 314,864 233 621: 3,672,136 3 75Z 894 0 '7.9% 96_yt"1~?~# Q4 2008 48 3,986,521 271,399 3,715,122 6.8% - 37,772 - Northeast Q4 2006 8 2,014,018 113,071 1,900,947 5.1 Community Centers Q4 2007. 8 2',014,018' _ 165;939 . f,`$4$',©29 Q4,2008 8 2,014,018 140,759 1,8?3,259 7.t Q4 2006-,.;r 42 3;858,952 170;381` 2 fi88'51, " "'y Neighborhood Centers Q4 2007 42 2,858,952 172,847 2,686,105 6a Q4 ,206 42 2,858,952 172,636. . 2 686,31& 6 Q4.2006 3 2,500,110 62,805 2,437,305, 2. Regional Centers Q4 200,7 3 , 2,500,110 - 124f077 `2 376 3 . Q4 2008 3 2,500,110 176,589 2,323,521. 7. Q4 2006;; ' 53 1373,080 345;000, 7,027,080 4 Totals, . Q4 2007 53 7,373,080 462,863 6,910,217 6. Q4 2008 , 53 7,373,080 " 489,984; 6 883,096 6 25,180" 52 512 116,863' Source: Colliers `.1. 4 ~5 - i i~, L,.~ ( ~'L• V ~ a "1 R ~ Vk✓ ~ ~ hEtylnr I/, ~ 'i-f+Y~e} h~' f r^'r htT~`~ Northwest Community Centers Neighborhood Centers ' Regio.na{ Centers Totals 1 Scott County Community Centers -;`-'N-`,hbo'rhood- Centers Regional Centers Totals Saint Paul Q4 2006 12 3,459,095 247,516 3,211,579 7.2% 0 Q4 2007 12 3;4597095 96,053 3,363,042 2.8% 151,463 Q4 2008 12 3,459,095 46,322 3,412,773 1.3% 49,731 Q4 2006 51 3,730,061 414,885 3,315,176 11.1% 0 Q4 2007 51 4,280,061 460,012 3,820,049 10.7% 504,873 Q4 2008 51 4,280,061 484,629 3,795,432 11.3% -24,617 Q4 2006 3 2,040,369 226,036 1,814,333 11.1% 0 Q4 2007 3 2,040,369 214,000 1,826,369 10.5% 12,036 Q4 2008 3 2,040,369 331,823 1,708,546 16.3% -117,823 Q4 2006 66 9,230,000 888,000 8,342,000 9.6% 0 Q4 2007 66 9,779,525 770,065 9,009,460 7.9% 667,460 Q4 2008 66 9,779,525 862,774 8,916,751 8.8% -92,709 Q4 2006 4 880,481 3,645 876,836 0.4% 0 Q4 2007 4 880,481 69,431 811,050 7.9% -65,786 Q4 2008 4 880,481 66,271 814,210 7.5% 3,160 Q4 2006.. 8 693,319 80,794 612,525 11.7% 0 Q4 2007 8 693,319 91,067 602,252 13.1% -10,273 Q4 2008 8 693,319 - -103,583 - - 589,136 14.9% •12,516 - Q4 2006 1 515,175 6,268 508,907 1.2°% 0 Q4 2007 1 515,175 12,622 502,553 2.5% -6,354 Q4 2008 1 515,175 2,205 512,970 0.4% 10,417 Q4 2006 13 . 2,088,975 91,000 1,997,975 4.496 . 0 Q4 2007 13 2,088,975 173,120 1,915,855 8.3°% -82,120 Q4 2008 13 2,088,975 172,059 1,916,916 8.2% 1,061 3 756,484 23,364 733,120 3.1% 0 3 756,484 1,176 755,308 0.2% 22,188 3 756,484 3,815 752,669 0.5% -2,639 26 1,517,221 52,838 1,464,383 3.5% 0 26 1,517,221 44,257 1,472,964. 2.9% - 8,581 26 1,517,221 75,369 1,441,852 5.0% -31,112 1 _ 487,196 85,608 401,588 17.6° 0 1 487,196 85,608 401,588 17.60/6 0 1 487,196 26,040 461,155 59,568 30 2,760,901 162,000 2,598,901 5.9°% 0 30 2,760,901 131,041 2,629,860 4.7"% 30,959 30 2,760,901 105,224 2,655,677 3.8% 25,817 Q4 2006 Community Centers Q4 2007 Q42008 Q4 2006 Neighborhood Centers Q42007 Q4 2008 Q4 2006 Regional Centers Q4 2007 Q4 2008 Q4 2006 ' Totals Q4 2007 Q4 2008 Southwest I Community Centers NiSighbcrrhood Centers Q4 2006 7 1,392,880 28,190 1,364,690 2.0°% 0 Q4 2007 8 - 1,742,880 135,276 - 1,607,604 7.8% 242,914 Q4 2008 8 1,742,880 33,119 1,709,761 1.9% 102,157 -Q42006 53 3,731,376 184,257 3,547,119 4.9% 0 Q4 2007 53 3,731,376 191,236 3,540,140 5.1°% -6,979 Q4 2008 53 3,731,376 206,425 3,524,951 5.5°% -15,1.89 Q4 2006 5 6,742,029 593,618 6,148,411 8.8% 0 Q42007 5 6,742,029 357,463 6,384,566 53% 236;155 Q4 2008 5 6,742,029 386,300 6,355,729 5.7°% -28,837 Q4 2006 65 11,866,000 806,065 11,059,935 6.8% 0 Q4 2007 66 12,216,285 683,975 11,532,310 5.6% 472,375 Q4 2008 66 12,216,285 625,844 11,590,441 5.1°% 58,131 SOUYCe: Colliers rv W, r Washington County Community Centers Neighborhood Centers Regional Centers Totals West Community Centers Neighborhood Centers Regional Centers Totals Metropolitan Totals Community Centers CBD Neighborhood Centers Regional Centers Totals Minneapolis Q4 2006 8 1,945,702 70,690 1,875,012 3.6% 11 0 Q4 2007 8 1,945,702 65,452 1,880,250 3.4% 5,238 Q4 2008 8 1,945,702 92,731 1,852,971, , 4.80 , 27;279 Q4 2006 21 1,561,192 174,832 1,386,360 11.2% 0 Q4 2007 21 1,561,192 131,478 _ 1,429 714 8 4% 43-354 Q4 2008 21 1,561,192 97,327 1,463,865 6.2% ' 341151 Q4 2006 2 1,278,715 41,113 1,237,602 0- Q4 2007 2 1,278,715 51,018 1,227,697 4.0% 9,905 Q4 2008 2 1,278,715 61,551 1217,158 10,53,9, Q4 2006 31 4,785,609 286,635 4,498 974 6.0% 0 Q4 2007 31 4,785,609 _ 247,948, 4,537,661 38:687 Q4 2008 31 4,785,609 251,615 4,533,994 5.3% -3,667 Q4 2006 7 1,591,045 8,930 1,582,115 0.6% 0 Q4 2007 7 1,591,045 1,765,. Q42008 7 1,591,045 21,096 1,569,949 13% 19331- Q4 2006 61 4,345,723 .150,981 4,194 742, 3 Q4 2007 61 4,345,723 156,455 4,189,268 3.6% -5,474- Q4 2008 62 4,350,823 171,6B. _ 4,179,200 : 3%. „ F{T,6$ .-r. Q4 2006 2 1,479,945 86,123 1393 822 5.8% 0 Q4 2007 2 1,479,945 94,353 1385,582-- Q4 2008 2 1,479,945 50,000 1,429,945 3.4% 44,363 Q42006 70 7,416,713- - 246,000' 7,110113 ; 3,34 Q4 2007 70 7,416,713 252,583 7,164,130 3.4% b 583 Q4 2008 71 7,421,813 242,119 7179,094 " . 3% 144 ,4 Q4 2006 74 18,432,632 625,676 17,806 956 3 4% 0 ; Q4 2007 74 18,432,632 647,876 17,784 756 3.5% -22,200 Q4 2008 74 18,432,632 553,388. 17,879 244 3;096, 94 4$8 x ; Q4 2006 13 1,359,746 185,273 1,174,473 116% -0 Q4 2007 13 1,359,746 181,420 8" 325 13 3*l~0 117 414 - ; Q4 2008 13 1,359,746 192,046 1167 700 141% M26` Q42006 396 27,383,833 1,878,763, 25505,070 Q4 2007 396 27,964,245 1,805,972 26158 273 6.5% 653 203, Q4 2008 397 27,969,345 1,945,272, '26024,073 ; T O% , - , , n ; : al 1341 d Q4 2006 24 19,611,887 1,264,249 18 925,000 6.4% 0 Q4 2007 24 19,611,887: 1,135',093 i$ 869 4122 s89bt= r ra. 5 F Q4 2008 24 19,611,887 1,216,280 .18,778,269 6.2% 'go 753 " Q4 2006 507 66;438,098 3,953,46i b2 K3743D0 b ~0 x z F "d ` F= y 3 F Q4 2007 507 67,368,510 3,770,361 63,598,149, 5.6% 801,149 Q4 2008 508 67,373,610 3,906,986 63,466,624 Source: Colliers The Minneapolis market consists of 3,986,521 SF, including 1,359,746 SF in the Central Business District (CBD). The Minneapolis market experienced negative absorption of 37,772 SF for the year, lifting vacancies from 5.9% to 6.8%. creating a vacancy in that market of just 0.3%. The CBD had negative absorption of 10,626 SF, causing vacancy to rise from 13.3% to 14.1%. The Neighborhood Centers registered negative absorption of 25,146 SF and vacancies rose to 3.9%, up from 2.7% a year ago. There has been some transition with res- taurants in the CBD. Hell's Kitchen moved The Community Centers in Minneapolis fared to Rossi's old location and tripled their the best with negative absorption of 2,000 SF, size. The Uptown Diner moved into Hell's Kitchen's space. The W Hotel opened in the Foshay Tower and features the relocated Manny's. The Hotel Minneapolis opened with , Restaurant Max. Some other new restaurants include Nick and Eddie Restaurant, Seven, and Barrios. Pacifier and Target Commercial Interiors are just a couple of the new retailers to downtown. The Lyn-Lake area has expanded in the past ' year, driven by the new development of the .i T well. Flame: Cooking with Fire, DSW, and Rocco Altobelli Salon and Day Sva are all new to the expanded exterior area of the center, as ' well as J. Crew and Fossil. Maplewood Mall continues to do well in the market. Northwest The Northwest market consists of 9,779,525 SF and posted negative absorption of 92,709 SF, lowering vacancy from 7.9% to 7.6%. Community Centers lead the way with 49,731 SF of absorption, reducing vacancy from 2.8% to 1.3%. Neighborhood Centers had negative absorption of 24,617 SF which brought vacancy 242-unit Blue apartments. To go with the new up from 10.7 to 11.3%. Regional Centers had apartments, there are two new restaurants, Moto-1 and Tiger Sushi, as well as the Hair District, a salon. Areas like this that focus on high density, are near a bus line, and have a small community built-in are the preferred housing for young, single professionals. Downtown has several entertainment develop- ments and redevelopments underway. The new Twins ballpark, now officially named Target Field, is set to open in 2010. Orchestra Hall is planning an expansion to its current facil- ity, and Hennepin County is exploring the possibility of putting a planetarium atop the Central Library. Add to that two new co>n- tnuter rails corning to downtown from Saint Paul and Big Lake, and you have the poten- tial to bring even more visitors and retailers downtown. an increase in vacancy from 10.5% to 16.3%. The Northwest market continues to be a tight market. Maple Grove is almost completely built out, with very few new options left. Despite that, most new concepts that come to the Twin Cities metro prefer to go to Maple Grove first. $60 Northeast The Northeast market is 7,373,080 SF and re- corded negative absorption of 27,121 SF, lift- ing vacancy slightly from 6.3% to 6.6%. Community Centers led the way with 25,180 SF of absorption, dropping vacancy from 8.2% down to 7.0%. Neighborhood Centers re- mained at 6.0% vacant with 211 SF of absorp- tion. Regional Centers, led by HarMar Mall, ' experienced negative absorption of 52,512 SF, elevating vacancy from 5.0% to 7.1%. ' The redevelopment at Rosedale Shopping Center has helped the mall continue to do ® RATES ® CAM Brookdale Mall continues to be a challenge for the market, as it works on repositioning the site and competing with the successful nearby Arbor Lakes development. Scott County The Scott County market is the smallest mar- ket at 2,088,975 SF. The market recorded posi- tive absorption of 1,061 SF for the year, lower- ing the vacancy rate from 8.3% to 8.2%. Regional Centers were the highlight of the market with absorption of 10,417 SF, reduc- ing vacancy from 2.5% to 0.4%. Community Centers had absorption of 3,160 SF dropping vacancy from 7.9% to 7.5%. Neighborhood Centers experienced negative absorption of 12,516 SF; lifting vacancy to 14.9%, up from 13.1% the prior year. As can be expected of such a small market, Scott County was perhaps the slowest market in 2008 with not much happening through- I InIs 111, 11 y ~~4 3Ft' 'A srrrm® .aa. 'F7 f University IV Lessor: Centro Watt Spring Lake Park MN Lessee: Empire Education Size: 9.089 SF Source: Colliers r Anoka _ IV* out. The submarket, despite the lack of activ- ity, is poised for good things to come in the near future with plenty of developable land and favorable demographics. Glenn Meadows 200,000 Blaine, MN United Properties P Blaine Retail Corridor 177,354 Blaine, MN Ryan Companies U/C SWQof Highwayb5& 117th 5Q000 Blaine, MN Ry.nCompanic+_ 1Jvc- Aenue ANK Total 427,354 Dakota Apple Valley Central Village 450,000 Apple Valley, MN Hartford Group U/C - Argenta Hills 380,000. Inver Grove, Heights; MN McGough Ul0 Farmington City Center 300,000 Farmington, MN Randy Peterson P Stone Bridge Gardens 97,506 'Lakeville, MN Revestor's g - ' P- Cgmp4nies..,. _ .9 Red Pine Crossing (Phase 1) 87,000 Eagan, MN Revestors P . Companies r Diffley_ Marketplace„ . 72,000, - Eagan, MN Reliance U/aC Heritage Commons Shopping Center Phase 3 44,500 Lakeville, MN Aurora Investments P BridgePoint Station Building G 16,200: South Saint Paul MN )BL Companies Crossroads East 3 Acre Pad Sires Lakeville, MN H) Development U/C ^ DAK Total 1447,200 . . Minneapolis EastBank:Mill 18,000 Mmiie'apolis IvtN-, SdiafeYRidiatxTstaz si`F'P, MPLS Total 18,000 Northeast West Village 320,000 Vadnias Heights, MN Manley Properties, P North Branch Market Place 157 000 North Blanch MN Solomon Ra1iy 4"C i , 1 The Village at Vadnais Heights 117,700 Vadnaas Heights, MN Manley Properties P iVE Total: 594 700 Northwest The Grove 550 0,000 Maple Grove MN:' W~M Ryan Comp&tnes? t} Union Crossing 400,000 Monticello, MN Ryan Companies-' U/C . Great Riv er Cei ti ' 200 ObD Ot e o N Terra laez caC , r x , g ,.M ; Saint Michael Towne Centre 125,000 Saint Michael, MN Moen Leuet: Emery Suiaare 46,433 Chatrlplrn MN Chesa£:{r_ r Elk Ridge Center. 24,000 'Elk River, MN _ Hempel P - Btoadwa hlarltet 2~ 000 onticello MN M ,.Y }'h Steq y. t NW Total 1,367,433 Scott Saint Paul The Saint Paul retail market includes 2,760,901 SF of space. Saint Paul recorded positive ab- sorption of 25,817 SF and lowered vacancy from 4.7% to 3.8%. Regional Centers lead the way with 59,568 SF of absorption, plummeting vacancy froth 17.6% down to 5.3%. Community Centers had negative absorption of 2,639 SF causing a slight bump in vacancy to 0.5%. Neighborhood Center vacancy jumped from 2.9% to 5.0% with negative absorption of 31,112 SF. The downtown Saint Paul retail market has of- ten been challenged due to high office vacan- cies and little retail activity. Saint Paul did host the Republican National Convention in 2008 and hoped that it would help spur retailers and other businesses to come to Saint Paul. It did not. Pop!, a new restaurant in downtown, is one of the few that took advantage of this op- portunity and opened. Also new to Saint Paul are the restaurants Bulldog and Salute. In December it was announced that Lund's Grocery had signed a lease to go into the pro- posed Penfield project, located at the corner of 10th and Robert Street, and will include a hotel and luxury condos. The project is ex- pected to open in 2011. With over half the east metro hospitals in Saint Paul, hospitals are a major economic driver for the area. With health related em- ployment up 5% in Minnesota over the past year and 9% the past two, this is encouraging for the city. Southwest The Southwest market is the largest market at 12,216,285 SF and had absorption of 58,131 ' SF. Vacancy in the Southwest fell from 5.6% to 5.1%. Saint Paul 2700 the Avenur 86,000 Saint Paul Frogtown Square 20,000 Saint Paul Randolph Hill 19,9466 Saint Paul' STP Total S th t 125,966 ou wes Mall of America Phase 11 870,000 Bloomington I t l k 175 000 W i n er a en , acon a Crossroads of Chanhassen 55,000 Chanhassen Brickyard Marketplace 26,200, Chaska SW Total 1,126,200 Washington The Gateway 500,000 Stillwater Oakdale Marketplace Phase I 350,000 Oakdale Commerce Hillr 200,000 Woodbury WASH Total 1,050,000 ' West West End 350,000 Boardwalk Centre 50,000 W Total - 400,000 Grand Total: 6,713,853 SF Saint Louis Park, MN Developer: Duke/Jeffrey Anderson Wellington Management Greater Frogtown Community Development Corporation TOLD Development Ghermezian Brothers Plowshares Development Kraus-Anderson Doran Companies Dennis Properties Stonehenge Development JMW Development Duke/Jeffrey Saint Louis Park Anderson Saint Louis Park PBK Investments, inc. Eden Prairie Center and the Galleria in Edina continue to do well in the market, but Southdale Shopping Center continues to struggle with vacancy over 12%. Washington County The Washington County multi-tenant re- tail market contains 4,785,609 SF. In 2008 Washington County had negative absorption of 3,667 SF, with vacancy rising minimally 7 w r m l y~ Y 'Community Centers were responsible for the from 5.2% to 5.3%. z' - 1 positive absorption, contributing 102,157 SF and reducing vacancy from 7.8% down to 1.9%. Both Neighborhood and Regional P Centers had negative absorption of 15,189 SF and 28,837 SF, respectively. P The largest submarket is home to the largest retail center in the metro, the Mall of America. U/C In 2008 the Mall of America added several new stores including: Aerie-American Eagle's dorm wear line P Aerosoles American Girl U/C Best Buy P Burberry P Garage Geox-an Italian-based shoe company Gilly Hicks Sydney-an Abercrombie & Fitch concept P Harley Davidson Janie & Jack, a children's clothing U/C company Just Dogs Gourmet P Lacoste Levi's Lush-a unique skincare line Marc Ecko U/C Martin + Osa-an American Eagle Outfitters concept U/C Nike Pandora Papyrus Pure Beauty Ruehl Spring Source: Colliers True Religion-an L.A. based premium denim cornnanv West End Size: 50,000 SF Neighborhood Centers had 34,151 SF of absorption, lowering vacancy from 8.4% to 6.2%. Regional Centers and Community Centers both had negative absorption of 10,539 SF and 27,279 SF respectively. Vacancy for Regional Centers rose from 4.0% to 4.8% and Community Centers climbed from 3.4% to 4.8%. After being a hot spot for retail the past few years, Washington County, and more particu- larly Woodbury, has begun to cool. Retail re- mains strong in Woodbury, it just doesn't have the residential growth to support additional retail at this point in time. West The West market is 7,421,813 SF and had 14,964 SF of absorption and reducing vacancy from 3.41/o to 3.3%. Regional Centers lead the way for the West with absorption of 44,363 SF and vacancy almost cut in half from 6.4% to 3.4%. Both Community and Neighborhood Centers had negative absorption and increasing vacancies. Community Centers had negative 19,333 SF of absorption and a modest vacancy of 1.3%, while Neighborhood Centers had negative 10,068 SF and a small increase in vacancy from 3.6% to 3.9%. The biggest development news for retail and possibly all of commercial real estate in 2008 is Duke's development of The Shops at West End. Construction of this 350,000 SF multi-phase retail project began in April and is expected to be complete in September 2009. The project is close to 65% leased, with many other deals in the works. In addition, the project will add 30,000 SF of boutique office space. The other two existing Regional Centers in the West continue to do well with Ridgedale signing a letter of intent with Nordstrom's to add a 172,000 SF store by 2011. Knollwood is also doing well, having completely filled their vacancies. Looking Ahead suffer. There will be fewer dining out options by the end of 2009. As the econo,ny enters into uncertain and un- precedented times, the outlook for retail is hazy at best. General Growth, owner of Ridgedale, Eden Prairie Center, and Knollwood Mall lo- cally, and more than 200 malls nationally, is contemplating filing Chapter 11 bankruptcy. If this occurs, it will be one of the largest real estate bankruptcies ever and could have rip- pling effects throughout the metro as well as the country. As retailers scale back and some big box stores close less profitable stores, they will have an ava- lanche affect on the small space users that rely on them for traffic. Owners of the big box space will be challenged to either find a replacement big box tenant or find a way to divide up these buildings to accommodate other users. A local developer's outlook for 2009: "Until there is direction in the credit markets Retailer's capital expenditure committees will remain cau- tious. Then only "A" sites and in fill will be developed in the next 12 to 18 months. With many concepts closing stores Landlords will have to be more aggressive and tenants will be looking to take advantage of more aggressive pricing." As the economy continues to fluctuate, more restaurants will continue to feel the strain. Those with dollar menus will gain, but middle and high end restaurants will be the ones to North Branch Outlet Lessor. North Branch Oudet Partners ! North Branch, MN Lessee HUBDistfibudng' ' Size: 6,0005F R F IM M , : MARKET INDICATORS 1 2008 2009 Actual Estimated SHORT TERM RATES LONG TERM MORTGAGE JI RATES TURLEY . COLLIERS MARTIN INTERNATIONA TUCKER i iiig Commercial Real Estate Services Who has the Money? Last rites were given to the CMBS market in the first half of 2008. Do not expect to see a resur- rection in 2009. What once was providing ap- proximately 25% of commercial real estate debt is at zero. CMBS AAA paper is trading around 13% as of mid-December, and BBB at rates in the mid 30% range. This is happening despite the fact that CMBS delinquencies over 30 days are 0.63% as of 12/15/08, but moving up. Sales of newly issued CMBS bonds totaled $12.2 billion in 2008 compared to $237 billion in 2007, per JPMorgan Chase & Co. Life insurance companies have money. They were active through most of 2008, selectively picking the loans they wanted to make. Without surprise, the best projects, in excellent locations, with strong sponsors and lower loan to values got the money. For 2009, the ratio of maturing loans (in dollar terms) to new money for mortgage loans ranges from 20% to 80%, per life insurance com- pany. Since these borrowers are unlikely to be able to refinance that debt elsewhere or sell the property upon favorable terms, expect some of the life companies to be extending these loans while others will not. The ones that will consider it are for the strong performing projects/borrow- ers upon today's pricing and terms. Why under- write new loans when your in-place performing loans have solid track records is their thinking. On the other end of the spectrum, pay up or else. These lenders want their money back. Bottom line: not much fresh life company money for 2009, so seek it out early in the year. There is an estimated $160 billion in commercial real estate loans maturing in 2009 according to Foresight Analytics. The competition for these limited dol- lars will be keen. Another consideration for life companies is their choice to buy CMBS AAA at 13% (today), or whatever the yields may be throughout 2009, versus originating new loans at 6.5% (today). Life company portfolios are clean, with only 0.06% delinquencies over 60 days, per the Mortgage Bankers Association. Freddie Mac and Fannie Mae continue to pro- vide mortgage capital to the apartment industry. Interest rates for apartments range from 5.8% to 6.5% according to Towle Financial Services. Delinquencies over 60 days for Fannie Mae are at 0.161/o and for Freddie Mac at 0.01%. The commercial banks have money, but are stin- gy when it comes to loaning it out. The money center banks are taking care of their existing clients through loan renewals and new loans. The underwriting is more thorough than it has ever been, both for the project and the guaran- tors. Pricing has increased to Libor + 275 to 300. Prime rate based loans are gone. Debt coverage ratios are up. Regional and community banks also have money. Those not too burdened with problem loans are still in the market. They are cautious as the regulators have been scrutiniz- ing their real estate loan portfolios with a fine- toothed comb. Most banks will lend for five year terms at floating or fixed rates, but not all at fixed rates. Most banks are also putting a floor rate on their floating rate loans. Taxable floating rate bonds are very attractive with the super low floating rates in the market. The challenge is obtaining the letter of credit. Letter of credit fees have also materially in- creased. Best bet: obtain the floating rate bonds and swap into a fixed rate. Mezzanine debt has mostly dried up. Many tnezz lenders are working out of the deals they did in the last five years and are not in the market. Others who have money are not seeing many opportunities they are willing to take on. The rT pricing of tmezz money has climbed back up into horizon, they react instantaneously, bidding loan amount calculated in this approach will the high teens. down bonds. Many economists see the GDP be compared to the lender's maximum loan to contracting through 2nd quarter 2009. value (probably 60-659/6), with the lender using The entire commercial real estate finance mar- the lower of the two. The result will be a much ket has not only re-priced risk, it is also lowering There is a perfect storm that could unleash harsh smaller loan and the borrowers will need to in- risk-through the-Frost conservative underwriting de-leveraging for borrowers with maturities in vest additional equity or sell.. •Borrowersare rec this author has seen in his 29 years in the busi the next few years. Foresight Analytics says ommended to project into the future what loan ness. Permanent mortgage loan spreads over there are $530 billion in loans maturing through amounts they could obtain under various sce- Treasuries have moved from 100 bps to 400+ 2011. Let's say a borrower obtained an 80% narios and take appropriate proactive measures. bps. Some lenders are ignoring the spreads and LTV interest-only loan with an interest rate in By Mark Reding, CRE, SIOR just quoting a rate that works for therm. the 5-6% range, with 1.15x debt coverage. The new underwriting is going to be 1.25x - 1.35x Short rates for 2009 are going to remain low debt coverage, 25 year amortization and an inter- as the Federal Reserve focuses on revitalizing est rate in the 6.5% to 8.0% range. Recourse or the economy. Long rates will also be attractive, partial recourse may also come into play. If the but they may creep up toward the end of the borrower did not have reserves before, he will year. Bond investors keep a keen eye out for now for tenant improvements, commissions, any signs of inflation. If they sense it on the capital improvements, and real estate taxes. The , U 10% Z Q U « . .n„ F w J U w 8% 0- 7% ~O Jf _ . ac 65 a , w 3% J M S ) M S J M S ) M S J M S S J M S J M S, J M';.. S D 2000 2001 2002 2003 2004 _ 3005 2006,`2007 2008 PRIME RATE w-w 10 YEAR TREASURY 90 DAY LIBOR 90 DAY TREASURY Source! Mood-i's Economy.com JANUARY, MAY, SEPTEMBER INCREMENTS ILI ' 2008 2009 Actual Estimated. ' OCCUPANCY \bl \4 ADR Ji REVPAR T 'zj TURLEY MARTIN ' TUCKER Commercial Real Estate Services are located in downtown Minneapolis. The Twin Cities' room supply growth exceeded the national average supply growth of 2.5%. This is according to data provided by Smith Travel Research. Unfortunately, while the area's lodging capac- ity increased, the demand did not. The result of 2008's increase in supply and decrease in demand is an area-wide occupancy of 65.0%. This occu- pancy rate is 3.4 percentage points below 2007 through October. Looking deeper we see that lodging demand through September was virtually equal to 2007, before falling 11.9% in October. Unfortunately, it appears that the yearend occu- pancy decline will be even greater since October's decreased demand is an indication of what the in- dustry will experience in the last quarter of 2008. 160 O O 140 F- 0 120 x w < 100 9 Q 80 2003 200, ® SUPPLY M DEMAND 2005 OCCUPANCY accommodations that will benefit the convention and business communities into the next decade. The suburbs have also experienced new hotel development to support the area's business and leisure activity. The average daily rate (ADR) among area hotels continued to increase at a pace only slightly below that of 2007. The Republican National Convention in Saint Paul resulted in a large increase in rate for the area, rather than a significant increase in occu- pancy. The result was an area-wide ADR increase of an incredible 21.49/o in September. This was followed by a slight ADR decline in October 2008 compared to October 2007, which indicates that the 4th quarter ADR will trend downward, follow- ing the anticipated decline in demand. 70% 68% 66% 64% -62-%- 2007 - 20_08. Source:Smith Travel Research The real measure of productivity, revenue per available room (RevPAR), retrained the same for the first 10 months of 2008 at $67.44. Nationally, RevPAR has increased by about 0.5%. Historically, since- 2004, the area's annual occu- pancy has ranged between 64% and 67%. A room demand increase of 3.1% from the historical level is all that is needed to absorb the new hotel rooms and return the local market to an occupancy rate of 67%. As is true in all commercial real estate sectors today the demand generators that drive the hotel industry are all in a state of change. The stan- dard treasures used to predict hotel performance are directly linked to business travel, consumer confidence as it relates to discretionary tourism expenditures, and airline capacity. While a de- cline in hotel demand is generally one of the first signs-of an approaching business.cycle downturn, increasing hotel demand is one of the early signals of a recovery. We anticipate that the new admin- istration in Washington will, at a minimum, stop the current slide in consumer confidence and be- gin its restoration. As a result we anticipate an improvement in hotel performance towards the latter half of 2009. We also expect 2010 hotel performance to return to near 2008 levels. In the meantime, for 2009 we expect the local hotel h aifM1F ID^1 r~ v;y $120 69% O n $105 y nC $90 65% 5% $75 $60 $45 $30 ■ ADR REVPAR - OCCUPANCY r(JOB Source: Smith Travel Research Country YnnSuites..' Satnt Paui MN $67 8$9 Wingate Inn Saint Paul, MN 83 ` $60,843 $est Western Bandana Square Satnt Paul MN 110 $58,636 , Holiday Inn Saint Paul, MN 156 $51,923 Days Inn Airport Bloomington, MN 207 $5157•` ; Red Roof Inn Burnsville MN 84 $32 440 Sleep Inn Broo(<lyn Park, MN t49 $ Super 8 Swint Paul, MN 100 $28,369 - Days Inn &'Conference'Center ` SauitPaul, MN 117' " $26496 - Baymont Inn Minneapolis, MN 92 $24,185 Source: Real Capital Analytics a e wy y; t _+a-} "'U'f'~Sv r - vte d t r a d + . industry to see occupancy of around 59% and an ' average room rate of $100. As can be expected, hotel investment transaction ' activity has slowed down dramatically as under- writing for acquisitions loans has tightened, requir- ing more equity and cleaner deals. Combined with weakening industry fundamentals, prices have de- , dined and are likely to decline further in 2009. By Ted Leines and Steve Sherf f so to l~ City of Brooklyn Center Apartment Assessment Details APARTMENT ANALYSIS 2009 VS. 2008 2009 Average 2008 Average °Jo Change EMV Per Unit EMV Per Unit Im rov. Average EMV ~ New Construction Excluding p 2009 EMV Totals 2008 EMV Totals ~ $64,155 $90,438 _24.3% $261,381 -'$7,235,000 $74,088 $12,000 4-5 Units $5,489,000 $69,265 $2,519,000 $Oi -6.5% $471,000 - $56,952 $2,355,000 $53,870 6-8 Units - - 5.5% $605,000 . $8,315,000 $ l 0,000 $7,865,000 $54,090 $54,395 1042 Units -0.6% $1,352,250 ~cra~,c 51.300 ~~'t:Ii,IGE Si9,g73 50 i t $51,200 Apt $10,879,000 $51,300 Ap $10,818,000 0 Sr. Apt ~ $-36 Units $66,200 Townhome Unit $66,220 S 46 $67,500 Sr. Unit $45,556 Aptj 0.7% $3,453,667 - S2U~,11011 ~cra4 e w 16:)70 $30,859,000; $42,878 Apt $66,150 Townhome' Apt $31,083,0001 i $63,529 Townhome Apt ~48-75 Units 0.4% $7,059'765 _ $63,064 Sr_ Apt $62,334 St. Apt $119- ,905,200 $64,437 I $120 432,000 $5,000 $56,590 76 + - -1.1% l - $232,000 . , nnn $179,712,200 TIWL~ 3A - TS MMORE 2008 - RATIO STUDY 11/26/2008 100 (22 ) BROOKLYN CENTER WOJCIK PID SALE PRICE DATE CE PRICE 20064MP 2006-EMV 20074MP 2007-EMV 20084MP 2008-EMV PT SC UC PER PROP ADJ. PRICE RATIO 10-118-21-11-0016 1,020,000 200807 1,020,000 0 1,340,000 0 1,333,000 0 1,333,000 A M 24 25,600 994,400 134.1% 5209 XERXES AVE N, APARTMENTS AUD#: 976954 COMMENTS: INCL 0022 10-118-21-12-0056 12,000,000 200802 12,035,500 0 11,261,000 0 1,000,000 25,000 10,380,000 A M 310 310,000 11,725,500 88.5% 3305 53RD AVE N, TWIN LAKE MANOR AUD#: 972669 COMMENTS: INCL 0057 & 35,500 SPECLS CITY TOTALS COUNTY TOTALS SALES: 2 SALES: 30 MEDIAN: 111.3% MEDIAN: 98.0% MEAN: 111.3% MEAN: 97.70/a AGGREGATE: 92.1% AGGREGATE: 89.2% COD: 20.5 COD: 9.1 S w a -aT i 1 2008 2009 Actual Estimated VACANCY RATE y -4 NET ABSORPTION 21 /-A CONSTRUCTION RENTAL RATE 71 -4 i COLLIER TURLEY INTEIVNAlltyl MARTIN TUCKER Commercial Real Estate Services The Minneapolis-Saint Paul multifamily market closed the year with stable market indicators, albeit with some fluctuation on a year over-year basis. Occupancy at 95.9% dipped from 96.4% but for the most part has held steady since December 2005. Rental rate growth at 3.6% marked a steady increase, with key submarkets, particularly in urban infill sites in Minneapolis, experiencing the largest gains. Overall, the Minneapolis market performance to date is far- ing much better than many other major metro areas that have reported a significant slowdown in demand since the latter part of 2007 when the first wave of the ongoing credit crisis hit the capital markets. Much of the Minneapolis-Saint Paul metro area's strong fundamentals and stability is due to a diverse economic base and a lack of new apartment units coming online in 2008. With the current turmoil in the debt markets and construction loans difficult to secure, we pre- dict the fundamentals will remain strong. Despite the market's resiliency to date, legiti- mate concerns have been raised regarding its ability to continue the trend against recent economic uncertainty in regard to job growth, consumer confidence, concern about maturing loans, the government's ability to stabilize capi- tal markets, and the lack of liquidity in debt and equity markets. Some national perspectives include a transition hack to more transparency to establish prop- erty values which have fallen dramatically for other asset classes. Smaller deals, under $50 million, will be easier to finance. There will be fewer deals, and the deals that do happen will include more joint ventures. All deals will be examined with a pessimistic outlook on va- cancy and rental rates. The length of time it takes to rebound from the repercussions from the lack of liquidity in debt and equity markets will be key to continued strong fundamentals in the Minneapolis-Saint Paul multifamily market. Construction Minneapolis-Saint Paul added 1,400 new mul- tifamily units year-to-date 2008, just over the 1,000 units delivered in 2007, but almost 1,000 less than was projected at the beginning the year. The total number of new units is sharply below projected units announced earlier in the year, a trend we anticipate continuing in to 2009. Lack of available financing options and availability of joint venture equity partners has new construction at a virtual standstill with the exception of a handful of well-positioned local developers with the personal financial where- y ar al s, aN ~7 S, Uptown City Apartments Seller: Cornerstone Real Minneapolis. MIN Estate Advisors & Village Size; 163 Units, 4,000 SF Green companies Price- $30,085,000. Buyer. Invesco Real Estate 7 withal to fund projects independently. Those projects moving forward are in well located urban in-fill sites, and in transit oriented ar- eas. Few projects are announced or expected in suburban markets which are underperform- ing compared to urban markets. With continued high construction costs and little rent growth projected, there is still a significant gap to bridge before new mid-rise and high-rise construction projects begin to make economic sense. Rental rates Average rental rates across the metro area increased 3.69/o year-over-year to $922 per month from $890 per month at this time last year. Studio units averaged $628 per month; one bedroom averaged $778 per month; two bedroom averaged $976 per month; three bedroom averaged $1,285; and four bedroom averaged $1,587. Metro wide, high-end residen- tial projects in or near the Minneapolis CBD and the Uptown area continued to post the strongest annualized rental rate gains. Occupancy Multifamily occupancy in the Minneapolis- Saint Paul Metro area dipped to 95.9% in the third quarter compared to 96.4% at this time last year. Attesting to the market's resiliency against a backdrop of dramatic economic up- heaval, occupancy has remained consistently above 95% for the past three years. With the overall U.S. economic slowdown expected to last throughout 2009, as well as the prevailing stringent lending requirements limiting the pool of potential home buyers, multifamily occupancy is expected to continue its strong run over the next 12 to 18 months. Sale Activity Minneapolis-Saint Paul's multifamily invest- ment sales year-to-date recorded 39 prop- erties trading for a total dollar volume of $316,900,000, with an average price of $8,100,000 or $72,400 per unit. With the Uptown take Nlirixieapol'ts,.MN $184,571 2003 FernbrookTownhomes Minneapolis, MN $114,583 1993 Westchester Apartment Minneapolis, MN $108,333 1968 Van Cleve Court Minneapolis, MN $102,941 1962 0iandmarc at Seven'CornerI ` Minneapolis, MN $97;133 2000 - Cosmopolitan oii Mears Park Saint Paul, MN _ $94,118 1911 VJondlynnllillage " - Saint Paul; MN' $93,271 1989 Cosmoplitan Apartment Saint Paul, MN $92,371 1975 Evergreerg.Apattments'-, Isanti; tviN $$6;111 2006 • . , Neill Lake Hopkins, MN $84,524 1978 Intemanonal'Vtllage Mtnrteapohc,MN' $82,240 1967 Preserve Place Hopkins MN $81,000 1987 Cliff Hiil Toanhome : " Butfvsvllle, MN $78;125 1981 Raven Hill Burnsville, MN $75,658 1971 heartland Pointe Becle&,'MN : - `$75;(300' 1995 1810 Bryant Avenue S„ Minneapolis, MN $73,231 1912 Parkwest „ ,Minneapolis; 'MN $73;000 1971 Erie Essex Apartment Minneapolis, MN $72,131 1959 Park Hill Cottage Homesteads of Aspen Spring Park, MN::`: Saint Paul, MN $72;Q00 $66,228 1969 . 1993 Century Commons Saint Pau1;.MN, $65,385 1989 33 6th Avenue N Hopkins MN $64,583 1974 2435 Pillsbury Avenue S vlinneapolis, MN $64,500 _ 1968 - Parkview Apartment Minneapolis, MN $63,208 , 1965 Caravelle'Apa;tment Minneapolis, MN $62;037 ;_1967: Kilkenny Court Forest Lake, MN $61,957- - 1976 80'50 Central Avenue Mnlneapaiis,.MNr, - ' . $61,;848 1972 _ - Pleasant Place Apartments Minneapolis MN $59,167 1967 Canary Ht[4 . SalnfT4ul MN $58,924 1970 Newport Ponds Newport MN $58,302 1971 Coiinnental'_Village: , Maineapolis, MN, $56;9T1 d 1968 Woodmere Saint 'Paul, MN $56,522 1971 Clinton: Place Apartments Minneapolis; MN $52;941 1969, Silver Ridge Saint Paul MN $51,505 1986 Apple Square- Minneapoks; ivlN 1. $46,18f 1967, . s Camelot Minneapolis, MN $45,652 1968 Second Street StatiotiAparttnenr _ 'Hopkins MN 4 Twin Lakes Manor Minneapolis, MN $19,672 1967 Source: Real Capital Analvt ics w t t; ` f x h 41G4Y 7 , i ' continued unraveling of the financial mar- kets reaching into global financial markets, sales activity has slowed since mid-year. While maintaining strength compared to most na- tional markets, cap rates are beginning to creep up. With few sales since the September melt-down, it is difficult to have a broad pic- ture of the implications to our market at this time. We are seeing properties on the market for growing tune periods, assets coining on the market and off and on again as deals fall apart for a variety of related reasons. There is a continued spread in the bid-ask gap. These ' trends contrasted with the still strong institu- tional and private equity investor demand for our market, particularly for well-located urban assets, have made it difficult to accurately pre- diet how much of an increase in cap rates we will experience in this national downturn. Because more equity is required, deal size is dropping. Lenders are considerably more reluctant to finance large (above $50 mil) deals. No new development projects. There is no development financing. So, who will be buying (and selling) in 2009? High net worth individuals, off-shore inves- tors, and private equity groups will scour the marketplace looking for attractively priced real estate. Institutional investors with a long-tern investment horizon will take advantage of op- portunities that are sure to present themselves even if the near-term outlook is uncertain. The market will begin to show signs of sta- bilizing mid to late year 2009, but much of the year will be spent trying to determine the "new" price of real estate. The CMBS market is unlikely to stage any type of come- back, so adequate access to private debt capi- tal will be critical. Successfully refinancing debt that is coining due will be a key ele- ment in any return to a more normal mar- ket. After such an abrupt adjustment it will take time for a new floor to be established; however, 2009 should mark the establish- ment of a new base and a new beginning. By Gina Dingman, CUM and Julie Lux, CCIM Investor Comments Below are some comments from a survey completed the first week of December 2008 of more than 120 companies, consisting of public and private developers and REITs. How has the credit crisis affected the invest- ment sales market? Investors have become far more conservative, particularly over the past 12 weeks. Buyers are highly selective and extremely cautious with any and all assumptions in terms of growth and price. The search for distressed properties has begun - in earnest. Investors are focused on properties with debt coining due and any other opportunistic plays. Investors who are buying in this market are seeking more core assets (less risk) that provide better returns and fewer value-add opportunities. 4. For many, buying debt or providing mezzanine financing is seen as a better alternative to traditional equity investing. Many investors are just sitting on the sidelines, effectively out of the market until the debt markets re-open. Sellers are increasingly resistant to sell at today's prices. NATIONAL 0 125 10% - AVERAGE X MARKET 9% r AVERAGE loo si_, _ 7% 7s 6% Y 02. 03 .04, 05 06 07 08 02 03 04 OS 06. 07 08 Source: Real. Capital Analytics Studio 5,305 183 One Bedroom 48,560 1,758 One + Den 2,178 109 Two Bedroom 49,183 2,259 Two + Den 1,352 76 Three Bedroom 6,260 272 Three + Den 374 16 $650 3.4% 3.9% $796 3.6% 37.6% $1,092, 5.0% 2.3% $1,004 4.6% 48.3% $1,384 5.6% 1.6% $12,989 4.3% 5.8% $1,602 4.3% 03% Source: GV.A Marquette 4~ I j ~c = Y MARKET INDICATORS 2008 2009 Actual Estimated MULTIFAMILY ;n OFFICE -4 , INDUSTRIAL RETAIL COMERS INTF.RNATIONAL MARTIN TUCKER Commercial Real Estate Services Investment sales in 2008 started off at an anx- ious pace as investors were figuring out where the market was going and trying to complete transactions at the same time. As the year pro- gressed, the market's direction became clear and activity diminished accordingly. According to Real Capital Analytics, U.S. investment sales over $5,000,000 during 2008 fell 56% from 2007 to $1,518,600,000. Institutional investors are facing not only the denominator effect, but for the first time in a long while many are facing redemption requests from their clients. In times like these, where there is an absence of transactions, institutions tend to be very cautious. They do not want to make a wrong decision. Capitalization rates initially decreased in the 1st quarter and then increased incon- sistently throughout the year. The changes varied by property type and market. Office, industrial, and retail cap rates are up +/-50 bps in 2008 and apartments are up 25 bps. Cap rates and going-in IRR targets are increas- ing. According to PricewaterhouseCoopers, the going-in IRR spread between institutional and non-institutional grade properties is generally in the range of 200-225 bps across all property types. Today, there exists a bid-ask gap between buyers and sellers, which often is too big to dose and properties are being pulled from the market. The lack of available debt and the deteriorating property fundamentals are the two biggest rea- sons for the upward cap rate movement. This condition is likely to persist throughout 2009. Retail The retail sector is the least favored by inves- tors today. How quickly things change. Real Capital Analytics reports a 67% drop in dollar volume of retail investment sales during the past 12 months. There were 32 sales in the Minneapolis metropolitan area during this pe- riod at an average price per square foot of $126 and average cap rate of 7.4%. Minneapolis own- ership is dominated by private investors. Malls and Power Centers tend to be on the bottom of buyers' shopping lists. If any retail type is on the list, it is well-located grocery anchored centers. Economic conditions are felt first by retailers and followed by their landlords. 2008 will set a record for the number of store closures and lease restructuring requests from national chains to the mom and pop stores. The bid-ask gap is largest in the retail sector. The active investors are underwriting on today's rents and practically ignoring in-place rents, unless it is from a credit- worthy tenant with term left on the lease. Office As the fundamentals of the office markets weak- en, so do expectations about future rents and ul- tirnately prices adjust downward for investors to achieve the same yields. Cap rates are generally up 40.0 basis points from a year ago. According to Real Capital Analytics, the dollar volume of sales in the Twin Cities fell 66% from the end of 2007, while nationally the figure is down 68%. , The average price per square foot in Minneapolis was $115 with an average cap rate of 7.59%, well above the 6.530/6 national average. Notable sales are featured in the office section. The larger sales are noticeably absent. Numerous office buildings (225 South 6th, Dain Rauscher Plaza, City Center, France Place, Edina Office Centre, and Midwest Plaza) were pulled off the market this year as sellers could not achieve their target prices. Nationally, according to Korpacz Investor Real Estate Survey, suburban office cap rates average about 52 bps higher than their CBD counter- parts. Investors think there is an advantage to attracting and retaining tenants, particularly large credit tenants, due to the advantages of mass transit, proximity to housing, and retail amenities in the CBDs. 1 1 1 1 1 Industrial The industrial investment market adjusted to market changes faster than the other property types and is reflected in its sales ac- tivity. While declining on a year-over-year basis, it took less of a drop. Sales volume is down 19% in Minneapolis according to Real Capital Analytics, compared to 46% nation- ally. Reasons for the activity include a rise in cap rates from the low 7's to the low to mid 8's, and REIT sellers who were even willing to carry short term seller financing to get sales closed. The average price per square foot was $69. Private investors made 58% of the acquisi- tions. The bulk of the sales activity occurred in the first half of the year, with owner/user buildings in the highest demand. Net Leased The compression of cap rates for the risk taken is over. A return to the basics is occurring with investors again looking at what snakes a good real estate investment: location, market trends, quality of the improvements, and does the concept/pricing/product of the tenant snake sense for the long term. Cap rates are edging up. There is less new product being developed and hence less on the market. There are also fewer buyers, as a significant part of this mar- ket is driven by the back-end needs of 1031 ex- change buyers, whose front-end property sales have declined. There are companies who are having trouble accessing the debt markets, and are now turning to the sale-leaseback market to raise capital. Hotels The dollar volume of hotel sales nationally dropped to a level last experienced in 2004. In 2007, there were approximately $77 billion I~.r r h - _-.Si, V. Y 1 ~ 1~- rt 5 f k ~f 300 I I% - - /fin 250 \r 200 - - - 1N` I50- 100 -02 03 04- 05.;06:. 07_ A8_ t: l 200'- 150: R ra 100 H. 50 ® NATIONAL AVERAGE ® MARKET AVERAGE of hotels sales in the U.S., according to Real Capital Analytics. For 2008, the volume will be about $11.5 billion. The economic downturn and lack of financing are the two main factors for the increase in sales. For the Twin Cities, the year-end sales volume is $55,200,000 and all are limited service hotels. All of the purchases were made by private investors. Cap rates for these sales averaged in the high 9%s. Cap rates for limited service hotels have risen nationally by 50-75 bps from a year ago according to RCA. See the adjoining table for metro area 2008 ho- tel sales. 2009 Outlook A recent survey conducted by the Colliers Investment Services Group indicates that 22% of investors surveyed foresee being active buy- ers in the first half of the year. Seventy-eight percent said they would not venture back until the second half of 2009. Many want to know where the bottom is before buying. Leveraged buyers are mostly on the sidelines waiting for 06 62, 03 0,4 05 06 07 08? 08 3 Smerce. Real Capital Analytics ,Y the debt markets to reopen. Sellers do not want Real Capital Analytics has identified $106 bil- mentals will further erode property values and , to put properties on the market when there is a lion of distressed and potentially troubled as- the ability of borrowers to re-finance existing shortage of buyers to create a truly competitive sets. $4.5 billion of these have already gone debt. (See the Office and Industrial Sections market. back to the lender, and $21.2 billion are trou- of this 2009 Report for the graphs showing the bled in some manner: foreclosure, bankrupt correlations for the Minneapolis-Saint Paul _ Investors with.capital and access-to debt will be, _borrower, past due-on payments or-loan matu- _ market.) able to make good buys on all property types rity, major tenant bankruptcy, or slow sell out. and situations from opportunistic to value- Retail properties have the most potential for According Brian Beaulieu of the Institute add to core. The long term players are active, trouble ahead. for Trend Research, the housing market will while the distressed asset buyers are doing more start coming back in 2010 and the commer- watching and waiting than buying. They know Distressed opportunities are coming from cial market in 2011. Commercial real estate the number of foreclosed properties will grow every investor type and every size. Look at this year hit the downhill side of the cycle and throughout 2009 and into 2010, and therefore General Growth, who is selling some of their has a long way to go before hitting bottom. are being selective. There are distressed sell- trophy holdings to pay off maturing debts, or According to Mr. Beaulieu, 2010 will be the ers emerging. Their properties may be good Lightstone Group, giving shopping malls back best time to buy. Vacancies will be up, values quality, but the loans on them are coming due to its lenders or the small partnerships that at their worst and interest rates still attrac and there are no refinancing options available. are being foreclosed for a variety of reasons. It tive. Once the recovery starts, the anticipa- Compounding that problem is the fact that seems no one is immune. Even Calpers will tory debt markets will smell inflation ahead many of these properties were bought at the take over a billion dollars of losses on ill-timed and begin raising interest rates. In summary, I height of the market and are not worth what land investments. The FDIC is auctioning off buy low, load up on low interest debt, and ` they were purchased for. (See the Real Estate Finance Section of this 2009 Report for capital the assets they took over from failed banks. let inflation (real estate's friend) do its thing. By Mark Reding, CRE, SIOR market outlook.) Look for the private investors There is a direct correlation between job losses to be the most active buyers in 2009. Despite and vacancy in office and industrial properties. this group's love affair with debt, they still find Nationally, vacancy rates are expected to peak a way to make deals, especially when they are at 8.5%. This is going to lead to more vacancy getting one. and space for sub-lease. These weakened funda- APAR TMENTS All OFFICE 0 HOTEL INDUSTRIAL POSITIVE ABSORPTION RISING RENTS NEW DEVELOPMENT ECONOMY STRONG FLAT TO NEGATIVE ABSORPTION RENTS IN DECLINE OVERBUILDING VACANCIES RISING Recovery Phase NEGATIVE ABSORPTION CONCESSIONS FADING AWAY DROPPING RENTS LOW RENT GROWTH LOW OR NO NEW CONSTRUCTION DEVELOPMENT COMMENCING VACANCIES UP POSITIVE ABSORPTION Source: Colliers Appearances by taxpayers with an appointment William & Kim Kenny 7036 Willow Lane PID # 25-119-21-44-0023 Nedim Frlj 7230 West River Rd PID # 25-119-21-42-0044 Jason Quilling Quilling Properties LLC Willow Lane Apartments 7015 Brooklyn Blvd PID# 27-119-21-33-0010 Eugene & Diane Wright 4416 69th Ave N. PID# 27-119-21-33-0017 Leo Schultz 3318 63rd Ave N. PID # 34-119-21-41-0016 Steve Sines 3600 Woodbine Lane PID # 27-119-21-42-0032 Michael Symons Catherine Symons Wanda Anderson 6407 Orchard Ave N. PID# 33-119-21-41-0037 1 ' William and Kimberly Kennv 17036 Willow Lane An interior review was completed on 4/09/2009 and an appraisal report has been included with the Assessor's recommendation. Mr. Kenny provided'market documentation prior to the Local Board of Review that has been included in your materials. ' 1. A. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. B. Questions addressed to the owner regarding the market value or classification. 2. A. Assessor's statement of value or classification and presentation of factual information regarding the property. B. Questions addressed to the Assessor. ' 3. Action by the Local Board of Appeal and Equalization Local Board of Appeal select one of the following; ' A. Make no change and sustain the 2009 estimated market value or classification. B. Reduce the 2009 estimated market value. ' C. Increase the 2009 estimated market value. If the owner is not satisfied with the outcome of the Local Board of Appeal and ' equalization they may appeal to the County Board of Appeal and Equalization. 1 Nedim Frlii 1 7230 West River Rd. ' An interior review was completed on 4/10/2009 and an appraisal report has been included with the Assessor's recommendation. Mr. Frlj provided an appraisal, sale information, repair expenses and interior photos prior to the Local Board of Review. These documents have been included in your materials. ' 1. A. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. ' B. Questions addressed to the owner regarding the market value or ' classification. 2. A. Assessor's statement of value or classification and presentation of factual information regarding the property. B. Questions addressed to the Assessor. 3. Action by the Local Board of Appeal and Equalization Local Board of Appeal select one of the following: A. Make no change and sustain the 2009 estimated market value or classification. 1 B. Reduce the 2009 estimated market value. C. Increase the 2009 estimated market value. If the owner is not satisfied with the outcome of the Local Board of Appeal and equalization they may appeal to the County Board of Appeal and Equalization. 1 ' Jason Quilling - Quillina Properties LLC 17015 Brooklyn Blvd. ' An interior review was completed on 4/13/2009 and an appraisal report has been included with the Assessor's recommendation. Mr. Quilling provided an income and expense summary along with a current rent roll to the Assessor's office for review. At the time of the interior review, Mr. Quilling was asked to provide detailed income and expense documentation for 2008 and a 2008 rent roil. As of April 15, 2009, the information had not been provided. Due to the confidential nature of the income and expense documentation, it has not been included in the Assessor's report. All ' confidential documentation was considered in the Assessor's recommendation of market value. An appraisal report has been included with the Assessor's ' recommendation. Any information provided by the owner that is considered public has been included. 1. A. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. B. Questions addressed to the owner regarding the market value or ' classification. 2. A. Assessor's statement of value or classification and presentation of factual information regarding the property. I B. Questions addressed to the Assessor. 3. Action by the Local Board of Appeal and Equalization Local Board of Appeal select one of the following: ' A. Make no change and sustain the 2009 estimated market value or classification. B. Reduce the 2009 estimated market value. C. Increase the 2009 estimated market value. ' If the owner is not satisfied with the outcome of the Local Board of Appeal and ' equalization they may appeal to the County Board of Appeal and Equalization. 1 1 1I Mr. Eugene & Diane Wright / 4416 69"' Ave N. Mr. Wright contacted our office by phone on April 6, 2009 regarding his property at 4416 69"fi Ave N. Mr. Wright indicated that he did not receive his 2009 tax statement or valuation notice. The Assessor's office explained to Mr. Wright that we did not have a copy of a Deed or Certificate of Real Estate Value indicating a change of ownership. The current owner of record at both the city and county as of April 6, 2009 is Deutsch Bank National Trust. Mr. Wright purchased the property June 27, 2008. Mr. Wright was told that a document of ownership would be required so the Assessor's office could verify that he was the owner of record. Mr. Wright was given the 2009 estimated market value. Mr. Wright had concerns regarding the value and was told comparable sale information would be mailed to him along with an appeal application. Mr. Wright's appeal application was received on April 09, 2009, but documentation of ownership was not included. Mr. Wright has not provided any market information. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. • Questions addressed to the owner. Assessor's statement of estimated market value or classification and presentation of factual information regarding the property. • Questions addressed to the Assessor. The Local Board of Appeal and Equalization considers the appeal and makes one of the following motions: • Refer the appeal to the Assessor's office for an interior review of the property and Assessor's recommendation at the Local Board reconvene meeting May 5, 2009. • Make no change and sustain the 2009 estimated market value or classification. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. Mr. Leo Schultz 1 3318 63rd Ave N. Mr. Schultz contacted our office in person on April 10, 2009 regarding his property at 3318 63`d Ave N. Mr. Schultz was concerned with the 2009 estimated market value of $150,200. Staff reviewed market sale information with Mr. Schultz but indicated that he would need to complete an appeal application in order for the appeal to stay open for review by the assessor's office. Mr. Schultz did not provide the Assessor's office with any market information or an opinion of value at that time. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. Questions addressed to the owner. Assessor's statement of estimated market value or classification and presentation of factual information regarding the property. Questions addressed to the Assessor. The Local Board of Appeal and Equalization considers the appeal and makes one of the followina motions: • Refer the appeal to the Assessor's office for an interior review of the property and Assessor's recommendation at the Local Board reconvene meeting May 5, 2009. • Make no change and sustain the 2009 estimated market value or classification. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. Mir. Steve Sines / 3600 Woodbine La. ' Mr. Sines contacted our office on April 6, 2009 regarding his property at 3600 Woodbine La. Mr. Sines was concerned with the 2009 estimated market value of ' $171,100. Mr. Sines was mailed market information and an appeal application on A il 6 2009 M Si l il d A pr , . r. nes comp pr eted and returne the appeal application on 10, 2009. Mr. Sines did not provide any market documentation. Due to the receipt of Mr. Sines appeal application on April 10, 2009, staff was unable to complete a formal review of the property prior to the board. ' Owner(s statement of estimated market value or classification and ' presentation of factual information regarding the property. • Questions addressed to the owner. Assessor's statement of estimated market value or classification and ' presentation of factual information regarding the property. • Questions addressed to the Assessor. The Local Board of Appeal and Equalization considers the appal and makes one of the followinq motions: • Refer the appeal to the Assessor's office for an interior review of the property and Assessor's recommendation at the Local Board reconvene meeting May ' 5, 2009. ' • Make no change and sustain the 2009 estimated market value or classification. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. Mr. Michael Symons / 6407 Orchard Ave N. Ms. Catherine Symons ' Wanda Anderson ' Mr. Symons contacted our office on March 24, 2009 regarding his property at 6407 Orchard Ave N. Mr. Symons was concerned with the 2009 valuation of $182,300 on his property. Mr. Symons discussed the appeal process and sale information with an ' appraiser. Mr. Symons indicated that he would contact the Assessor's office should he wish to appeal his valuation. An information packet of market information and the ' appeal procedure was mailed to Mr. Symons on March 24, 2009. Mr. Symons appeal application, letter and expired listing information was received on April 10, 2009. Due to the receipt of Mr. Sines appeal application on April 10, 2009, staff was unable to complete a formal review of the property prior to the board. Mr. Symons information has been included for board review. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. I • Questions addressed to the owner. Assessor's statement of estimated market value or classification and presentation of factual information regarding the property. • Questions addressed to the Assessor. ' The Local Board of Appeal and Equalization considers the appeal and makes one of the following motions: ' • Refer the appeal to the Assessor's office for an interior review of the property ' and Assessor's recommendation at the Local Board reconvene meeting May 5, 2009. ' • Make no change and sustain the 2009 estimated market value or classification. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. AD,pearances by taxpayers without an appointment The following format is recommended for each walk-in appeal. Please state owner(s) name and address. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. • Questions addressed to the owner. Assessor's statement of estimated market value or classification and presentation of factual information regarding the property. • Questions addressed to the Assessor. The Local Board of Appeal and Equalization considers the appeal and makes one of the following motions: • Refer the appeal to the Assessor's office for an interior review of the property and Assessor's recommendation at a Local Board reconvene meeting on May 5, 2009. • Make no change and sustain the 2009 estimated market value or classification. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization.. City of Brooklyn Center Local Board of Appeal and Equalization 2009 Assessment April 20, 2009 Walk-In Appeals Registration: 2. - Lo ute, O Ue~~ s 4h f1 jc 4. L_ 5. 6. 7. 8. 9. 10. 11. 12. 13. CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2009 Assessment Walk-In APPLICATION FOR APPEAL Local Board of Appeal and Equalization April 20, 2009, 7:00 P.M. Name(s)Wvo 4~ 1--~ tj S b N --is Daytime Contact Number C Q Property Address Property Identification Number) 2009 Estimated Market Va Wh t is the reason for your 2009 assess t appeal When did you pur' se your home? Date of Purchase 2k_F-r7 Purchase PrAb Z~ Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. Have you had a recent appraisal for refinancing, purchor a market analysis by a real estate agent completed within the last year? Yes -o If s o, what was the determination of value? What 's.the 2009 estimated market value that you are requesting? Please provide any documentation supporting your claim of overvaluation or an erroneous classification. In order to appeal your valuation an appointment to view the property will be required. Property V 1 0 1 1 B-21-13-0063 Single PID House# - . j Address: 13715 1 Parcel Search ~l Parcel Administration Parcel Information Assessor Comments Parcel Divisioning Temporary PID Updat, Proiect Update Assessor Inquiry Taxpayer Inquiry B EJ Values Administration Values Information( Hennepin County Tier Homestead Update Last Apprail Y L '>;I LMV Update ® Tax Capacities Update . I=1 Ej Sales Administration ' Sales Information # Sales Ratios Comparables Informati;,.,: MinMax Codes Price/T ime Adiustmen N Weight Parameters Comparables Batch U U ~a Property Characteristics Land Inspections Residential Commercial ! IndL"* Multi-Family Field Card Print (±1] CAMA i--i.el Special Assessments 1 Search Masker Information a~Idtt~~zh:xsr~'ea~y'4e~e.~`~!..a±s~ ~t p= Street Name Unit 4 Photo(s) on file i 1 Sketch(es) on file 1 f1thAef Assessor Comments on file Z Clear 3 Print 4 View Photos Special Assessment Commends on file Assessor Inquiry Report Property ID House# 110-118-21.13-00631 Address: 13715 1 Street Name 150th Ave N 1 Current Owner Record(s) Today's date: 04(2Of2009 Release: 1.05.02G Logged on user: KCASTO fAssessina - Karen Casto (PD` Parcel Status: ACTIVE Unit Zip Code (+4) 155430 Frontage: Left Side: Rear Side: Right Side; Eff. Width: Eff. Depth: Property Area: Acreage: 175 10, 10 10 10 1200 117265 10.34 Zoning: 112 Prim./Sec. CD: Exempt CD: School Dist; 10281 Watershed: 114 Year Built: 10 Value Information by Year Year j Ver # Subs Land Value Bldg Value } Mach Value ( Tot Mkt ; Tax Cap. Hmstd Midyr ( Re1Hm. i P/T i %Own. 1 P/C a f 1 1 75,000 700,000 0 775,0001 15,500 N N N 1 O N - 2008 41 1 75,000 700,000 0 775,000 15,500 N N N I O N 2007 1 1 51,500 625,000 0 676,500 13,530 1-4 N 1 0 11) 2006 1 1 46,900 613,4001 0 660,3001 13,206 N N N 1 O N Lot: 1000 Block: 1005 Addition: 18rodklyn Manor Village of Brooklyn Center, Hennepin County, Minnesota Addn 189275 LOT 5AND THAT PART OF LOT 6 LYING ELY OFA LINE RUNNING FROM A PT IN THE N LINE THEREOF DIS 4 96/100 FT W FROM NE COR THEREOF TO A PT IN THE S LINE DIS 11 40/100 FT W FROM SE COR CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2009 Assessment Walk-In APPLICATION FOR APPEAL Local Board of Appeal and Equalization 1 April 0, 2009, 7:00 P.M. Name(s), 1 ~ 1~~/ 1~9 Daytime Contact Number: -`-t~= r Property Address ,19 Property Identification Number U-S © b Le I 2009 Estimated Market Value P "C O What is the reason for your 2009 ass ssment appeal? When did you purch a your home? Date of Purchase Purchase Price 'QCV, ID Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost ; 1 ~ V- VA r l l iqc~ 1 Have you had a recent appraisal for refinancing, purcha o a market analysis by a real estate agent completed within the last year? Yes or o If so, what was the determination of value? What is the 2009 estimated market value that you are requesting? 4 C-) C),- o-V M Please provide any documentation supporting your claim of overvaluation or an erroneous classification. In order to appeal your valuation an appointment to view the property will be required. Property ID House# Street Name ! snit 1 1 Photo(s) on file 1 Sketch(es) on file 18-21-13-0064 Address: 3721 6!~ t, _ ~i,t Special Assessment Comments on file Single PID 1 Parcel Search 2 Clear 3 Print 4 View Photos CI Parcel Administration a Parcel Information Assessor Inquiry Assessor Comments Assessor Inquiry Report Parcel Divisionitig _ _..._a Temporary PID Updat Property ID House# Street Name Project Update Assessor Inquiry ? 110-110-21-13-0064 }Address; 13721 150th Ave N Taxpayer Inquiry tio l i i t Ad " a V 1 Current Owner Record(s) ues m n s ra n L; a Values Information Last Name ? Fist Name: I MII Owner I Taxpayer I Resident Hennepin County Tray! Monte Y Y N Homestead Update Last Appraised Yea L LMV Update ® Tax Capacities Updat, Frontage: Left Side: Rear Side: Right Side: Eff. Width it7j Sales Administration 175 0 0 0 10 Saes Information +~t Sales Ratios Zoning: 112 Co[rparabfes Informati Prim./Sec. CD: Exempt CD" School Dist 0287 Minmax_Codes Price/Time Adjustmen' Value Information by Year Weight Parameters Year Ver I # Subs I Land Value Bldg Value Mach Value Tot Mkt i Comparables Batch U - ! ; 1 _ _ 1 j 75,000 355,000 0 430,000 S . Property Characteristics Land 2008 1 1 75,000 355,000 0 430,000 ' Inspections 2007 1 1 51,500 225,000 0 276,500 Residential '44, 2006 1 1 46,900 i 222,800 01 269,700 Today's date: W20f2009 Release: 1.05.02G Logged on user: KCASTO fAssessina - Karen Casto f PD'_- Parcel Status: ACTIVE Unit Zip Code (+4) 155430 1 Eff. Depth: Property Area: Acreage: 11200 112771 0.29 Watershed: 114 Year Built: 10 Tax Cap I Hmstd Midyr 1 Rell-Im. P/T %Own. j P/C 7,850 N N N I O N 7850 N N N i 0`N 4,780 N N N 1 O N 4,644 N N N ' 1 O N Corr rcial / Industrie Lot: 1006 Block: J005 Addition: lBrooklyn Manor Village of Brooklyn Center, Hennepin County, Minnesota Addn 189275 Multi-Family " Feld Card Print _ THAT PART OF LOT 6 LYING WLY OFA LINE RUNNING FROM A PT IN THE N LINE THEREOF DIS 4 96/100 FT W FROM NE COR THEREOF TO A a LAMA PT IN THE S LINE DIS 11 40/100 FT W FROM SE COR s-a J Special Assessments Search P-I aster Information ■ ~nrnrnPntc _ _ CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2009 Assessment Walk-In APPLICATION FOR APPEAL Local Board of Appeal and Equalization April 20, 2009, 7:00 P.M. Name(s) Q_ Lk 2n -7`0 ~I e~SO Daytime Contact Number: / 6 3 ( b 7X Property Address b 1 3 I~ ~e -)enf A/tf , ~ ~ k1 M A) Property Identification Number 3 '3-11 1-Y3-0016 2009 Estimated Market Value a S, OCR What is the reason for your 2009 assessment appeal? YO me 4f gi3c49 it' PM [CAQ <P C, TCr ) 17, 400 When did you purchase your home? 4~ ODD Date of Purchase#.Yj C Purchase Price Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. N ON F Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? Yes or No If so, what was the determination of value? ~ 119,000 What is the 2009 estimated market value that you are requesting? I I 9/ 000 Please provide any documentation supporting your claim of overvaluation or an erroneous classification. In order to appeal your valuation an appointment to view the property will be required. Property ID House# Street Name Unit I 1 Photo(s) on file 1 Sketch(es) on fie p~! 33-119-21-43-0016 Address: 16131 " i Single PH) 1 Parcel Search 2 Clear 1 3 Print 4 View Photos Parcel Administration Parcel Information Assessor Comments Parcel Divi: nng Temporary PID Update Project Update Assessor Inquiry t$a Taxpayer Inquiry ;;j Values Administration_ - CJ Sakes Administration 4. 113 Property Characteristics ( CAMA i Cj Special Assessmeds + Reports and Inquiries + IJ Database Utilities Today's date: 4/20x2009 Release: 1.05.020 Logged on user: JBRENNA fAssessina - Jill Errenna fPDSJP Parcel Status: ACTIVE Taxpayer Inquiry Report Property ID House# Street Name # f Unit Z Code (+4) 33 119 21 43 0016 !Address: 6131 Regenkfve N': 55429 ;1 Current Owner Record(s) r Last Name First Name MI Owner Taxpayer Aesid_ erA Lauren Y Y Y Frontage: Left Side: Rear Side: RkjM Side: Elf. Width; - Eff. Depth: Property Area: Acreage: 198 0 10, 10, 181 1132 110477 10.00 Zoning: R1 Prim./Sec. CD: Exempt CD: School Dist: 10279 Watershed: `113 Year Built: 11958 I Value Information by Year I Year Ver j #Subs i ► 1 1 Land Value 58,900 Bldg Value; Mach Value Tot Mkt 134,500 0 193,400E Tax Cap. Hmstd; Midyr RefHm.1 PIT !*/.Own. P/C 1,934 Y Y N R 100 N 2008 1 i 1 61,700 135,400 0 197,1001 1,968 Y N N R 100, N 20,071:1 1 57 800 _ 167,300 0 225100 2,244 Y . N N R 100 ' N t 2006 1 1 56,300 < 166,000 0 222,300 . 2,216 Y N IN R _ . 100 N Lot: 1010 Block: 1001 Addition: lBergstrom's Lynside Manor 2nd Addition Addn 189246 CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2009 Assessment Walk-In APPLICATION FOR APPEAL Local Board of Appeal and Equalization April 20, 2009, 7:00 P.M. Name(s) Daytime Contact Number: ~r"Z- .~/2 - 7 y 2 Property Address Property Identification Number zl_4~100.rl 2009 Estimated Market Value /7! _rZ20 What is the reason for your 2/00`9 assessment appeal? When did you purchase your home? Date of Purchase I- o Y Purchase Price Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. r- Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? Yes or QSR:~) If so, what was the determination of value? What is the 2009 estimated market value that you are requesting? O-D. cso Please provide any documentation supporting your claim of overvaluation or an erroneous classification. In order to appeal your valuation an appointment to view the property will be required. Property Its House# Street Name Unit I 1 Photo(s) on file Today's date: 4QU2009 1 Sketch(es) on fHe Release: 1.05.02G 34 119 21 42 000$ Address: 6300 1 urn„ N Assessor Comments on file Logged on user: JBRENNA fAssessina - Jill Brenna fPDSIP Single PID 1 Parcel Search 2 Clear 3 Print 4 View Photos Parcel Status: ACTIVE Parcel Administration Tax a er ~ Parcel Information p y Assessor Comments - Taxpayer Inquiry Report Parcel Divisioning Temporary PID Update Property 11) House# 'Street Name Unit Zip Code (+4J Protect Update t Assessor Inquiry 34-119-21 42-0008 Address: 16300 France Ave N a 55429 Iz!j> Taxpayer Inquiry + y~ .Values.Administration-...~...~.. 1 Current Owner Record(s) = `j Sales Administration Last Name ~FustName I MI Owner), f Taxpayer ' Resident Saks Information / Y Y 1N Sales Ratios ' Comparables Information \.Mir,0Iax_Cod6s Price/T rre Adjustments Weight Parameters Frontage: Left Side: Rear Side: R6kSiile: ; Eff. Width: Eff. Depth: Property Area: Acreage: Comparables Batch Upda ~0 0 067 124 9525 0.00 (J Property Characteristics Zoning: R1 ® + CAMA r S i Prim./Sec. CD: F Exempt CD: I Schoo[Dist: 10279 Watershed: 14 Year Buik: 11956 + pec al Assessments ? Reports and Inquiries Value Information by Year System Reports Property System Reports - Assessn Year Ver #Subs Land Value ? BldgValue MachValue Tot Mkt TaxCap. Hmstd; MkJyr ReIHm. PIT %Own. P/C ~t Local Reports 1 1 110 58,900 112,600 0 171,500 1,715 N N N R l O IN Ad-Hoc Query 2008 1 1 61,700 115,900 0 177,6001 1,776 N N N R O' N LOGIS Map 2007 1 1 57,800 146,600 0 204,400 2,044 N N N R - O N • Public Property Summary I! 2006 ' 1 1 56,300 -147,600 0 203,900. 2,039 N :N N R 0,N T Non-Public Property Sumr Lot: F09- Block: 1002 Addition: Fair Meadows Addn 189370 iLJ Database Utilities 4/20/09 To: Board of Appeal of Brooklyn Center Jason Elliott has the right to represent 9816 Palm St LLC for property located at 6300 France Ave N, Brooklyn Center in regards to the appeal of the assessed value of the property. Wade Klick RFJ~ Results 2605 Campus Drive • Plymouth, MN 55441 • Office: 763-591-6000 • www.minnesotahomes.com nr" vi f6fY►T The Real Estate Leaders Consideration of written appeals The following format is recommended for each written appeal. Please state owner(s) name and address. Review Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. Assessor's statement of value or classification and presentation of factual information regarding the property. • Questions addressed to the Assessor The Local Board of Appeal and Equalization considers the appeal and makes one of the following motions: • Refer the appeal to the Assessor's office for an interior review of the property and the Assessor's recommendation at the Local Board reconvene meeting on May 5, 2009. • Make no change and sustain the 2009 estimated market value or classification. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. ' Taxpavers with written appeals My Bui Le ' 6100 Brooklyn Blvd. / adjacent parking lot. PID #'s 34-119-21-43-0047 and 03-118-21-12-0090 Som LLC ' 5810 Xerxes Ave N. PID # 02-118-21-23-0022 G d Ci C A ar en ty ourt partments 340765 th Ave N. - Primary Address PID # 34-119-21-42-0018 # 34-119-21-42-0019 ' # 34-119-21-42-0020 # 34-119-21-42-0021 ' # 34-119-21-42-0024 # 34-119-21-42-0025 ' # 34-119-21-42-0026 ' My Bui Le - Que Viet Restaurant 16100 Brooklvn Blvd. ' Mr. Richard Saliterman has submitted an appeal application on behalf of the owner, My Bui Le, regarding the 2009 valuation of the Que Viet Restaurant. The restaurant ' includes two parcels, with a total 2009 estimated market value of $425,000. A summary of the individual property records has been included in the Assessor's ' report. In addition a listing of 2009 restaurant values in Brooklyn Center was included. ' A review of the property and market comparable properties has not been completed ' by the Assessor. As My Bui Le is unable to attend this meeting, the Assessor is recommending additional contact with the owner and attorney to review the property and market information they may have to support the appeal of the 2009 valuation. A ' recommendation by the Assessor would be presented at the May 5, 2009 reconvene meeting. The following format is recommended: ' Please state owner(s) name and address. Review Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. Assessor's statement of value or classification and presentation of factual information regarding the property. ' • Questions addressed to the Assessor ' The Local Board of Appeal and Equalization considers the appeal and makes one of the followina motions: ' . Refer the appeal to the Assessor's office for an interior review of the property and the Assessor's recommendation at the Local Board reconvene meeting on May 5, 2009. ' Make no change and sustain the 2009 estimated market value or classification. ' If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal ' to the County Board of Appeal and Equalization. Som. LLC / 5810 Xerxes Ave N. An interior review was completed on 4/03/2009 and an appraisal report from the Assessor has been included. Due to the confidential nature of net rentable area and income that was provided by the owner, the information was reviewed by the Assessor but not included in the report. Mr. Sarin provided an appeal application and a letter summarizing his concerns regarding the valuation. Mr. Sarin's information is included for your review. The following format is recommended: Please state owner(s) name and address. Review Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. Assessor's statement of value or classification and presentation of factual information regarding the property. • Questions addressed to the Assessor Action by the Local Board of Appeal and Equalization Local Board of Appeal may select one of the following: A. Make no change and sustain the 2009 estimated market value or classification. B. Reduce the 2009 estimated market value. C. Increase the 2009 estimated market value. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. 1 1 1 1 1 1 1 Garden Citv Court Apartments 13407-3417 65th Avenue N. Mr. Shatzer has submitted an appeal application and written letter on behalf of the owner regarding the 2009 valuation of the Garden City Court apartment complex. The total 2009 estimated market value of the seven parcels is $3,697,000. The property valuation is complex, as each parcel contains two sub-records to support a split classification of apartment and low income apartment valuation. A summary of the total property valuation by parcel has been included in the Assessor's report. In addition a listing of 2009 apartment values of complexes similar in size to the subject property was included. Due to the receipt of the appeal application, letter and actual income and expense documentation on April 13, 2009, a review of the property has not been completed by the Assessor. The Assessor is recommending contacting the owner to complete a physical inspection of the property and time to review the documentation provided to support the appeal of the 2009 valuation. A recommendation by the Assessor would be presented at the May 5, 2009 reconvene meeting. The following format is recommended: Please state owner(s) name and address. Review Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. Assessor's statement of value or classification and presentation of factual information regarding the property. • Questions addressed to the Assessor The Local Board of Appeal and Equalization considers the appeal and makes one of the followina motions: • Refer the appeal to the Assessor's office for an interior review of the property and the Assessor's recommendation at the Local Board reconvene meeting on May 5, 2009. • Make no change and sustain the 2009 estimated market value or classification. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2009 Assessment APPLICATION FOR APPEAL March 19, 2009 through April 10, 2009 You must return this aDolication by Aoril 10. 2009 to be placed on the Agenda for the Local Board of Appeal and Equalization April 20, 2009, 7:00 P.M. Name(s) IaJ~,l KA u Daytime Contact Number. -7 - S-6 0 - crV3 y Property Address LV.-I . Property Identification Number a 5 ( 9 -Z ( --114-1- 00a-2> Assessor's 2009 Estimated Market Value 3 R I Q 2009 What is the reason you are appealing your 2009 assessment? t~ RAC, C.-:j k ;nomV(fie. c 5 ~'1nQw5 a- \/,Al Qf- d d~ Std OC-0 ~ ~.!"~.~rZ1~rQ. +M Ca-v(~ 2.'~ 1/Ck,~ vP iS •~c~ ~ ~n When did you purchase your home? Date of Purchase -7- 110101% Purchase Price 10 ~ Did you purchase your property from a bank, as a foreclosure or short sale? _Up Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. c jtiyjovy%1 %n Ay-an rn H So L-,o Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? Ye or No If so, what was the determination of value? a1 SQntaV What do you think the market value of your property should be?4 L Do0 Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an anoointment to view the proaerty will be required. your ome Comparative Market Analysis Prepared Exclusively For Bill and Kimberly Kenny 7035 Willow Lane N Brooklyn Center, MN 55430 Presented by Jon and Mary Beth Perkins ins Team 763-591-6066 Results 763-694-1024 (fax) npus Drive 877-493-2322 (toll free) R; 155441 www.SuburbanHomes.com Results y Ownetl ara Uverated ch_ldt i■■~ "A M',-' MONO Serving the Twin Cities with EnthusiasHO! - he Perkins Team wants to ensure that everything throughout your eal Estate transaction goes smoothly. To make this possible, we zve developed team systems and processes that track everything ,at has to be done to sell your home. We make certain that the ,iportant items are not overlooked and that all parties know what going on, and that everything is getting done on schedule. 'Cis is one of the many reasons the Perkins Team has been one of e leading Realtor Teams in the Twin Cities area, ranking in the 'op 10 Agent Teams in Minnesota for RE/MAX since joining the 'E/MAX Network; and listed as a Super Real Estate Agent by the finneapolis/St. Paul Magazine. 4W Resu tts C, r Ch^~ Inaepene Uy Owned aria OWatod AdMft► Pri"I cam Serving the Twin cities with EnthusiasmP Determined Determination is the underlying reason the Perkins Team is where they are today. They have always worked hard to achieve what was important. The Perkins Team consistently assists over 100 families per year with their Real Estate needs. Communication Aside from their vast business knowledge, experience, and skills, the Perkins Team understands people. They listen and then react. They don't assume what people want, they find out what they need through constant communication. Positive Results The Perkins Team prides themselves on their ability to get the job done smoothly and efficiently. They are extremely dedicated to their clients and make a point to go the extra mile. They offer professionalism that provides the best service available in the industry while utilizing cutting edge techniques to sell homes and assure your transaction runs smoothly. Their unique Marketing Plan is one that works, and one that has resulted in hundreds of successful sales and purchases. Success The Perkins Team takes pride in their real estate achievements and are ranked among the Top 10 RE✓MAX Agent Teams in Minnesota. They bring a sense of fun to everything they do and take the same positive approach to their careers. Indeed, it's been the key to their success as one of the nation's top real estate teams, The Perkins Team measures their success one way - by your satisfaction!! i ~ Ghil(i) dre~µ RAG' K Results ` Each Office u,depsnaenny owned and operated Serving the Twin Cities with Enthusiasm!! loom More Buyer Calls More AdvertisinMore Potential'Buyers More Ad Calls More Realtor Participation re Opportunities to Sell Your Home!! PERK XOM "Results t13121 ndy Owned and Operated r-A F ■r/M?M 1Tl Lll V 1...~~!►.7 vv/ i~~ A,.7 More Sign Falls M Postcard mailings Custom Brochures 9653 TRILLIUM CT N, CHAMPLIN W.LITT.YNT NY N.NO..YIIO.aYII .•i~~.ri w-- •rwr.r 5519,900 Y.Y. Y~Y. rrnro.+r Yr r r r qsr a..yr r Yr O~.I.rrIY) W rfYYrr.w YM.r.nr Y.. ti.n W r1Y. lif Y Y- rR Y.rW -Il. Yw `I. 23n `q,w-.w.YY W..1Y-.r~►.r }rcd YY~M ~+n lu Y r.IY.a ~Y vrYrYYGa. i.Or}IY t. A M Mr qn- Lr w. ~ . 1 t wi.. d: nw.r. rir•r... r a o.w ar. ~w~i CraiQsList.com 24 Hr Recorded Info B-* Phone or Fa\jj 1-800-358-1853 code 4011 24-Hour Marketing Hotline signs with designated code AdEft P S;f .com om V Results Each office Independen y Owrod and operated Serving the Twin Cities with Enthusiasm!! JON AND MARY BETH PERKINS 743.493.2322 rnw~nasnTUSra vu,wr~woa' . riot MinnesotaHomes. com and at what Price? Many factors affect both the amount of time it will take your property to sell and the price Lot you will receive for it. Some of these we can Y V&I ! control, others we cannot. 111i1filNlll~~~~~ ■ If there are a large number of comparable properties for sale, there ,,is more competition for buyers. In a supply and demand market like / real estate, a large inventory of similar properties makes our job more challenging. The location is another key factor in the sale of your property. The economy will also affect the sale of your property, particularly through interest rates and consumer confidence. The Listing price is the single most important factor in the sale of your property and to price it competitively from the start. The better the condition of your property, the higher price it should bring, and the faster it should sell. ■ By exposing your property to the broadest possible audience through a coordinated marketing plan, you'll have a better chance of attracting a qualified buyer. Your flexibility in negotiating the terms of your agreement (points, closing date, appliances, etc.) can also enhance your ability to sell your property. AVOW PrE - _ R~li'V RC Result chiwa V-0 I Ead, one independently owned and Operated M. Serving the Twin Cities with Enthusiasm!! to 100+ dices for 2o5 Twin Cides Community 4% Wch loot from the Minneapolis; Area Association of REALTORSe MINNEAPOLIS AREA Association you by the unt" data-sharing traditions of the REAI.TOR® cornnwr* es REALTORS" 3rooklyn Center February Year to Date Hennepin County, MN 2008 2009 Change 2008 2009 Change stings 95 79 -16.8% 181 177 -2.2% Sales 12 25 + 1 % 19 60 +215.8% Sales Price $119,000 $76,200 - 36.0% $125,000 '$84,900 -32.1% f Sales Price 1 $120,178 $88,590 z6.3% $125,312 $92,016 -26.6% of Original List Price Received at Sale- 86.5% 91.2% 88.3% 86.8% -1.7% P Days on Market Until Sale- 154 159 +3.5% 149 178 +19.7% :smly Detached Inventory 300 263 -12.3% use-Condo Inventory 55 52 -5.5% - - - s not account for list prices frorn any prevrom Rating contracts "City market We figures a i based on Cumulative Days on Market, wt4ch does account for previous kiting contracts y-Host Recent Month Activity-Yaar to Date 79 82008 181 177 ■ 2008 aaaaaa ■ 2009 ■ 2049 t New Listings Median Sales Price $119,000 =')MQ Average Days on Market Until Sale 154 159 ■ 2008 009 . 25 12 t - Closed Sales $125,000 178 New Listings 80 19 Closed Sales Percent of Original List Price Received 91.2% S& S% ■ 2008 88.3% 0 2009 ~ February Inventory of Homes for Sale 380 ■ 2008 263 ■ 2009 86.8% Year to Date 5s 52 February Year to Date Single-Family Detached Townhouse-Condo Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look extreme dire to the small sample size involved. For broader historical market information, please feel free to contact us. C 2008 Minneapolis Area Association of REALTORS@ based upon data reported to the Regional Multiple Listing Service, Inc. February Year to Date January Average Days on Market Until Sale e 100+ Irs for soy Twin Cities Communities ppn#WMinneapofhArea AssociatIMof REALTORS6 MINNEAPOLIS AREA Association unique data-sharing traditions of the REALTOR6 community er REALTORS* rookfyn Center January En tire Year Hennepin County, MN 2008 2009 Change 2007 2008 Change 86 98 +14.0% 963 1,108 +15.1% sg 7 34 +385.7% { 256 368 + 43 6 It" Price $134,114 $96,007 -28.4% $173,641 $118,067 - 32.0% as Price $134,000 $90,000 -32.8% $174,000 $115,000 33.9% original List Price Received at Sale* 91.5% 84.3% -7.9% 94.0% 88.2% - 6. o rys on Market Until Salmi 141 191 +35.9% 142 165 +16.3% Illy Detached Inventory 292 286 -2.1% - - t-Condo inventory 55 52 -5.5% - - - t aeowrrit for list prices from any provbus listing cw*acts "City market time figures are based on Cumulative Days on Market, which doea acwunt for previous f sting contracts -Most Recent Month Activity-Entire Year x2008 1,108 ■ 2007 98 .a ■ 2009 963 ■ 2008 New Listings Percent of Original List Price Received 91.5% 94.0% J January Inventory of Homes for Sale 292 2118 ■ 2008 82009 368 i5B Closed Sales Entire Year 55 52 ff January Entire Year Single-Farnity Detached Townhouse-Condo Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look extreme due to the small sample size involved. For broader historical market information, please feel free to contact us. 2008 Minneapolis Area Association of REALT©RSCw based upon data reported to the Regions) Multiple Listing Service, Inc. he 100. Updates for too Twin Cities Communities aearch toot from the Minneapolis Area Association of PEALTot2S® to you by the unique data-sharing traditions of the REALTOR® community 6 r'■MOMPNN" 2008 Hennepin County, MN 2007 2008 Change 2006 2007 Change tings 74 86 +16.2% 949 959 + 1.1% Clpaed Saes i 13 6 -53.8% 433 227 - ° tprage Sales Price I $174,465 $129,800 -25.6% $191,687 $174,379 - 9.0°k pwcent of Original List Price Received at Sale- 92.9% 90.1% -3.0% 97.4% 94.1% jwsge Days on Market Until Sale- 60 92 +53.3% NA 144 NA Ilngle-Family Detached Inventory 182 256 +40.7% - - - townhouse-Condo Inventory 31 47 +51.6% - - - 'Does not account for list prices from any previous Ming contracts "City market forte figures were first availeWa at August 2006, accounts for previous bating contracts i Brooklyn Center January Entire Year ity--Most Recent Month O New Listings 86 74 El Closed Sales 13 2007 Average Sales Price $174,465 $129,800 ~C 2007 2008 January $191,887 $174,379 2006 2007 Entire Year Activity--Entire Liast Year G New Listings 949 15 Closed Sales 959 433 I-q-, W~_ 2006 MINNEAPOLIS AREA Association of REALTORS' 227 2007 Percent of Original List Price Received 92.9% 90.1% 74 2007 2008 January Average Days on Market Until Sale 92 60 W..-_ M__ 2007 2008 January Inventory of Homes for Sale 144 256 132007 132008 182 0 2007 Entire Year Single-Family Detached 97A% 94.1% 2006 2007 Entire Year 47 31 Townhouse-Condo Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes took extreme due to the small sample size involved. For broader historical market information, please feel free to contact us. C 2007 Minneapolis Area Association of REALTORS@ based upon data reported to the Regional Multiple Listing Service, Inc COMPARABLES SHOULD BE (if possible) WITHIN ONE MILE OF SUBJECT PROPERTY CLOSED WITHIN THE LAST 6 MONTHS WITHIN 100 SQUARE FEET IN FOUNDATION SIZE WITHIN 10-15 YEARS IN ACE tu, WITHIN $10.00 PER SQUARE FOOT (SALES PRICE DIVIDED BY MAIN FLOOR SQUARE FOOTAGE) PERK . WM• Results Child a Each Once InUe,..,,.,...ry owrma and Operated Serving the Twin Cities with Enthusiasm!! Customer Full Report, Single Family Residential, MLS#: 3644345 gyVillow Lane, Brooklyn Center, MN 55430-1341 a. * MapPo nr Status: Pending ~oo a, P k s ' List Price: $95,000 ~ Z 73,a H 7029 Willow Lai 0A 5 000 S Evergreen 2.2 F id , Original List Price: $9 M r ay Park Map Page: 78 Map Coord: C4 Directions: Just off 252, between 694 & i ern rwe r 73rd Ave N ~ ~J • R ti ~L►BBwzwtCp e20071YMlO.W/erTek Ws,YO. TAX INFORMATION Area: 363 - Brooklyn Center Year Built: 1964 Property ID: 2511921440016 ' (SF) Split Entry (Bi-Level) k Bedrooms: 3 Tax Year: 2006 Status: Previously Owned Total Baths: 2 Tax Amt: $2,667 6tion Size: 1,344 Garage: 2 Assess Bal: $0 f"g Ground Finished SgFt: 1,344 Acres: 0.27 Tax Wassess: $0 N Ground Finished SgFt: 628 Lot Size: 79x139 Assess Pend: Unknown Finished SgFt: 1,972 Fire Homestead: No jarket Date: 0 9 aed Close Date: 20!09 Closed: oral Property Information Description: Lot 9, Blk 3, North River States ty. Hennepin of District: 11 - Anoka-Hennepin, 763-506-1000 Common Wall: No Bscription: Tree Coverage - Medium Frontage: Paved Streets D: Residential-Single Accessibility: None Remarks: BE 1st NOT SORRYIII Very nice split level - great location. Home nestled between the Mississippi River & Hwy 252 w/ very little traffic. Well kept, 2 wood burning fireplaces. lure Information Level Dimen Other Rooms Level Dimen Heat: Forced Air Rm Upper 21x15 Deck Fuel: Natural Gas Rm Upper 12x11 Air Cnd: Central Rm Lower 24x18 Water: City Water -Connected n Upper 12x11 Sewer. City Sewer - Connected )m 1 Upper 12x12 Garage Stalls: 2 )m 2 Upper 12x11 Garage Stall )m 3 Upper 12x11 Bathrooms: Total: 2 Full: 2 Other Parking: )m 4 3/4: 0 1/2: 0 1/41: 0 Pool: Description: Main Floor Full Bath g Room Desc: Eat In Kitchen, Separate/Formal Dining Room fy Room Char: laces: 1 Fireplace Characteristics: Living Room ands: Dishwasher, Exhaust Fan/Hood, Range ment: Full ior. Brick/Stone, Wood unities-Unit: Deck Information Deemed Reliaoie But Not Guaranteed. 2009 Regional MLS of Minn., inc. All Rights Reserved. Page 17 of 22 03 0 F MILS # Address Munidpality 1 (a 3260714 7029 Willow Lane Brooklyn Center Status 8/31/2006 9:18 PM INCOM 5i ACT 2 { - 10 3260714 7029 Willow Lane Brooklyn Center ListPrice 8/31/2006 9:18 PM 269000.00 Single Famii 3 ( MI 3260714 7029 Willow Lane Brooklyn Center ListPrice 11/27/2006 3:28 PM 269000.00 259000.00 Single Famil 4 r 10 326071A 7029 Willow Lane Brooklyn Center Status 1/1/2007 12:00 AM ACT EXP Single Famil 5 - 10 333583:. 7029 Willow Lane Brooklyn Center Status 3/1/2007 10:34 AM INCOM ACT Single Famil 6 ( tM 3335832 7029 Willow Lane Brooklyn Center ListPrice 3/1/2007 10:34 AM 259000.00 Single Famil 7 r - 3335832 7029 Willow Lane Brooklyn Center ListPrice 4/26/2007 12:11 PM 259000.00 249000.00 Single Famii 8 ( ~ 3335,932 7029 Willow Lane Brooklyn Center ListPrice 5/1/2007 2:29 PM 249000.00 244000.40 Single Famil 9 ( - { 3335832 7029 Willow Lane Brooklyn Center Status 6/5/2007 12:00 AM ACT EXP Single Famil 10 ( 364434,5 7029 Willow Lane Brooklyn Center Status 2/5/2009 9:16 PM INCOM ACT Single Famii 11 F 3644345 7029 Willow Lane Brooklyn Center ListPrice 2/5/2009 9:16 PM 95000.00 Single Famil 12 F JA 3644345 7029 Willow Lane Brooklyn Center Status 3/10/2009 5:52 PM ACT PEND Single Famil Customer Full Report, Single Family Residential, MLS#: 3627048 Lane N, Brooklyn Park, MN 55444 L364 - Brooklyn Park (SF) One Story Previously Owned ~ size: 1,120 round Finished SgFt: 1,120 Fund Finished SgFt: 1,020 Ished SgFt: 2,140 t Date: 0311112009 Close Date: 4/30109 "d Ave " MapPoinr Status: Pending List Price: $201,900 River Pork Gist Ave " H7948 MississipK Original List Price: $244,900 Brodciyn Park Fridfay Map Page: 78 Map Coord: C2 79th Ave " i Directions: N on 252 from 694 to a a Brookdale Dr - East to Mississippi Ln - North to home ~?008 M.NM hq 02m wrap, yi1/eride was, k- Year Built: 1958 Bedrooms: 4 Total Baths: 2 Garage: Acres: 1.40 Lot Size: 100x 0X575 Fire TAX INFORMATION Property ID: 2411921410019 Tax Year: 2008 Tax Amt: $4,955 Assess Bal: $0 Tax w/assess: $4,955 Assess Pend: Homestead: No jI Property Information iescription: Lot 006 Block 000 SUNKIST ACRES THAT PART OF LOT 6 LYING E OF THE W 270 FT THEREOF EXCEPT S' Hennepin District: 11 - Anoka-Hennepin, 763-506-1000 at/Dev/Sub: Sunkist Acres Common Wall: No option: City Bus (w/in 6 blks), Tree Coverage - Medium Frontage: City Residential-Single Accessibility: one aterfront: River Front Lake Nam ississippi Riv r Remarks: Bank owned home. Spacious walkout rambler on hug 1.4 acres a ississippi River! 4 SR on main level, 2 baths, 2-car garage plus workshop. Deck, place, 3- season porch. See su pplements. r ucture Information V_ &RID Level Dimen Other Rooms Level Dimon Heat: Baseboard, Hot Water LMM Rm Den Lower 14x11 Fuel Natural Gas dining Rm Lower 12x12 Three Season Porch Lower 19x10 Air Cnd: Window i amily Rm Lower 26x12 Foyer Main 9x17 Water: City Water - Connected ,kitchen Lower 12x12 Deck Main 13x15 Sewer: City Sewer - Connected Bedroom 1 Main 1414 Garage Stalls: 2 Bedroom 2 Main 12x11 Garage Stall Bedroom 3 Main 12x11 Bathrooms: Total: 2 Full: 1 Other Parking: Bedroom 4 Main 11X11 3/4:1 1/2: 0 1 /4: 0 Pool: None Bath Description: 3/4 Basement, Main Floor Full Bath Dining Room Desc: Informal Dining Room, Kitchen/Dining Room Family Room Char: Fireplaces: 1 Fireplace Characteristics: Family Room, Wood Burning Appliances: Cooktop, Dryer, Exhaust Fan/Hood, Wall Oven, Washer Basement: Daylight/Lookout Windows, Finished (Livable), Full, Walkout lniormation Deemed Reliable But Not Guaranteed. © 2009 Regionai MLS of Minn., inc. Ail Rights Reserved. Page 13 of 22 aae N groowlvn Park, t4" 55444 tlississi 3527448 umber. 14 of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 r MLS * r 111 2034453 r JS 20344,U F- 10 20344-3 r 10 2U3079 r A 213-3079 2247272 f 1i112Z47272 2247272 3627048 F ( 3627048 (r 03627048 F WN 3627048 bA 3627048 to 3627046 r a 3627048 Address 7948 Mississippi Lane 7948 Mississippi Lane 7948 Mississippi Lane 7948 Mississippi Lane 7948 Mississippi Lane 7948 Mississippi Lane 7948 Mississippi Lane 7948 Mississippi Lane 7948 Mississippi Lane N 7948 Mississippi Lane N 7948 Mississippi Lane N 7948 Mississippi Lane N 7948 Mississippi Lane N 7948 Mississippi Lane N 7948 Mississippi Lane N Municipality Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Field Status ListPrice Status Status Status Status Status Status Status ListPrice ListPrice ListPrice ListPrice ListPrice Status Date Stamp Old Value 5/7/2002 12:05 PM incom 6/24/2002 3:00 PM 399900' 9/24/2002 12:05 AM act 4/12/2003 12:07 PM incom 5/29/2003 1:02 PM act 3/22/2004 2:31 PM incom 5/6/2004 41 AM 0 act :08 PM 7/27/20 pend 12/11/2008 10:57 AM INCOM 12/11/2008 10:57 AM 1/5/2009 9:36 AM 244900.0 1/23/2009 11:24 AM 232900.0 2/13/2009 11:00 AM 223900.0 3/10/2009 2:12 PM 209900.0 3/19/2009 8:59 AM ACT New Value Property T) act Single Farnil ! 375000 ) Single Famii Single Famii act Single Famii cancl Single Famii act Single Famil Pend Single Farnil closd Single Famii ACT Single Famil 244900.00 Single Famil 0 232900.00 Single Famil 0 223900.00 Single Farnil 0 209900.00 Single Famii 0 201900.00 Single Famil PEND Single Famii t 14th Avenue N, Brooklyn Park, MN 55444 Its 73rd ,we N Woodlim Ln N Br C 02W$ MMMM C.9 Customer Full Report, Single Family Residential, MLS#: 3521713 Map nY Status: Sold List Price: $259,777 Sold Price: $255,000 312 74th Avent Original List Price: $289,777 Frey Map Page: 78 Map Coord: C3 Directions: Highway #252 to 73rd 5 z Avenue, East to West River Road, North to 74th and West to home. 3 it 2oor nwap,.e~pkle ~hs.i... Area: 364 - Brooklyn Park. Year Built: 1992 (SF) Four or More Level Split Bedrooms: 5 t Status: Previously Owned Total Baths: 3 dation Size: 1,605 Garage: 3 e Ground Finished SgFt: 1,605 Acres: 0.31 K Ground Finished SgFt: 1,500 Lot Size: 104 X 130 Finished SgFt: 3,105 Fire larket Date: 10/20/2008 cted Close Date: 1/29/09 Closed: 1117/08 oral Property Information Description: CORINNE 2ND ADDN Lot 004 Block 001 ty: Hennepin of District: 11 - Anoka-Hennepin, 763-506-1000 TAX INFORMATION Property ID: 2511921130090 Tax Year: 2008 Tax Amt: $3,836 Assess Bal: $0 Tax w/assess: $3,885 Assess Pend: Unknown Homestead: Yes Common Wall: No mcription: Tree Coverage - Light Frontage: City 3: Residential-Single Accessibility: None Remarks: Extremely spacious 4 level split in nice quiet setting, very large 23x11 kitchen, gas fireplace located in family room, large deck, balcony off master bedroom. :ture Information Level otmen utner KOOms Level utmen Heat: Forced Air Rm Main 15x13 Fifth (5th) Bedroom Lower 20x14 Fuel: Natural Gas Rm Main 11x10 Foyer Main 13x12 Air Cnd: Central Rm Lower 24x14 Utility Room Lower 16x19 Water: City Water - Connected n Main 23x11 Sewer: City Sewer - Connected )m 1 Upper 14x11 Garage Stalls: 3 )m 2 Upper 12x11 Garage Stall )m 3 Upper 11x11 Bathrooms: Total: 3 Full: 2 Other Parking: >m 4 Lower 10x 10 3/4: 0 1 /2: 1 1/4: 0 Pool: Description: Full Master, Main Floor Full Bath, Upper Level Bath g Room Desc: ly Room Char: Lower Level laces: 1 Fireplace Characteristics: Family Room ances: Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer ment: Daylight/Lookout Windows, Drain Tiled, Finished (Livable), Full, Walkout ior. MetaWinyl ing: None Age Over 8 Years, Asphalt Shingles, Pitched ormation Deemed Reliable But Not Guaranteed. Q 2009 Regional MLS of Minn., Inc. All Rights Reserved. Page 1 of 22 MLS # Address Municipality - FWld 1 r 111 2034453 7948 Mississippi Lane Brooklyn Park Status 2 (i 2034453 7948 Mississippi Lane Brooklyn Park ListPrice 3 r 20344U 7948 Mississippi Lane Brooklyn Park Status 4 IN 2'133079 7948 Mississippi Lane Brooklyn Park Status 5 2133079 7948 Mississippi Lane Brooklyn Park Status 6 2247272 7948 Mississippi Lane Brooklyn Park Status 7 . 2247272 7948 Mississippi Lane Brooklyn Park Status 8 WN 2247Z72 7948 Mississippi Lane Brooklyn Park Status ' 9 JA 3627048 7948 Mississippi Lane N Brooklyn Park Status 10 a 3627048 7948 Mississippi Lane N Brooklyn Park ListPrice 11 (r W1 362704$ 7948 Mississippi Lane N Brooklyn Park ListPrice 12 IN 3627048 7948 Mississippi Lane N Brooklyn Park ListPrice 13 3627048 7948 Mississippi Lane N Brooklyn Park ListPrice 14 F 3627048 7948 Mississippi Lane N Brooklyn Park ListPrice 15 r 362704$ 7948 Mississippi Lane- N' Brooklyn Park Status Date Stamp Old Value New Value ProperW'ry 5/7/2002 12:05 PM incom % act Single Famii 6/24/2002 3:00 PM 399900 375000 Single Famil 9/24/2002 12:05 AM act ti Single Famii 4/12/2003 12:07 PM incom, act Single Famii 5/29/2003 1:02 PM act cand Single Famii 3/22/2004 2:31 PM incom act Single Famil 5/6/20041 AM act pend Single Famil 7/27/200L 08 PM pend closd Single Famii 12/11/2008 10:57 AM INCOM ACT Single Famii 12/11/2008 10:57 AM 244900.00 Single Tamil 1/5/2009 9:36 AM 244900.00 232900.00 Single Famil 1/23/2009 11:24 AM 232900.00 223900.00 Single Famii 2/13/2009 11:00 AM 223900.00 209900.00 Single Famii 3/10/2009 2:12 PM 209900.00 201900.00 Single Famil 3/19/2009 8:59 AM ACT PEND Single Famii ~~s Customer Full Report, Single Family Residential, MLS#: 3521713 I Avenue N, Brooklyn Park, MN 55444 r 73rd Ave N woodbine Ln VP N or c mm" M"54A C" Status: Sold Map poinr err Pr List Price: $259,777 Sold Price: $255,000 d 3 i2 74th Avent + Original List Price: $289,777 Fri' Map Page: 78 Map Coord: C3 Directions: Highway #252 to 73rd Avenue, East to West River Road, d North to 74th and West to home. ILA ~ orwnv,w~..we u:w. TAX INFORMATION Area: 364 - Brooklyn Park Year Built: 1992 Property ID: 2511921130090 (SF) Four or More Level Split Bedrooms: 5 Tax Year: 2008 t Status: Previously Owned Total Baths: 3 Tax Amt: $3,836 dation Size: 1,605 Garage: 3 Assess Bal: $0 e Ground Finished SgFt: 1,605 Acres: 0.31 Tax w/assess: $3,885 N Ground FinishedSgFt: 1,500 Lot Size: 104 X 130 Assess Pend: Unknown Finished SgFt: 3,105 Fire Homestead: Yes arket Date: 1012012008 cted Close Date: 1/29/09 Closed: 11 /7108 oral Property Information Description: CORINNE 2ND ADDN Lot 004 Block 001 ty: Hennepin of District: 11 - Anoka-Hennepin, 763-506-1000 Common Wall: No ascription: Tree Coverage - Light Frontage: City g: Residential-Single Accessibility: None Remarks: Extremely spacious 4 level split in nice quiet setting, very large 23x11 kitchen, gas fireplace located in family room, large deck, balcony off master bedroom. cture Information Level Dimen Other Rooms Level Dimen Heat: Forced Air Rm Main 15x13 Fifth (5th) Bedroom Lower 20x14 Fuel`. Natural Gas Rm Main 11x10 Foyer Main 13x12 Air Cnd: Central Rm Lower 24x14 Utility Room Lower 16x19 Water: City Water -Connected n Main 23x11 Sewer: City Sewer - Connected om 1 Upper 14x11 Garage Stalls: 3 om 2 Upper 12x11 Garage Stall om'3 Upper 11x11 Bathrooms: Total: 3 Full: 2 Other Parking: om 4 Lower 1Ox10 3/4: 0 1/2:1 1/4: 0 Pool" Description: Full Master, Main Floor Full Bath, Upper Level Bath g Room Desc: y Room Char: Lower Level laces: 1 Fireplace Characteristics: Family Room ances: Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer ment: Daylight/Lookout Windows, Drain Tiled, Finished (Livable), Full, Walkout ior: Metal/Vinyl ng: None Age Over 8 Years, Asphalt Shingles, Pitched ormation Deemed Reliable But Not Guaranteed. Q 2009 Regional MLS of Minn., Inc. All Rights Reserved. Page 1 of 22 312 74th Avenue N, Brooklyn Park, MN 55444 MIS Number: 3521713 OOOV I I w~ a2of5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 I- Mss # F- JA 1529830 F W1 1529830 F- IN 1539617 F 1539617 F 1562205 F A 1562205 iii~l 1562205 F J& 306058 F 1N 3D16058 (r 30.6058 3016058 3521713 1 3521713 r u 352173 r 152V-13 r- 35-ZI713 35X713 f- 35217-U F 035217-13 f- a .3521-713 F (0 35217U r- 10 352.3 Address 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N 312 74th Avenue N Municipality Field Date Stamp Old Value New Value Property"T( Brooklyn Park Status 9/13/2000 12:00 AM incom ACT Single Famii Brooklyn Park Status 10/26/2000 12:00 AM ACT CANCL Single Farnil Brooklyn Park Status 10/26/2000 12:00 AM incom ACT Single Famil Brooklyn Park Status 11/27/2000 12:00 AM ACT EXP Single Famii Brooklyn Park Status 3/2/2001 12:00 AM incom ACT Single Farnil Brooklyn Park Status 3/11/2001 12:00 AM ACT PEND Single Famii Brooklyn Park Status 4/13/2001 12:00 AM PEND CLOSD Single Farnil Brooklyn Park Status 4/8/2005 6:43 PM INCOM ACT Single Famii Brooklyn Park ListPrice 4/8/2005 6:43 PM 309900.00 Single Famil Brooklyn Park Status 5/11/2005 9:45 AM ACT PEND Single Famil Brooklyn Park Status 6/3/2005 10:28 AM PEND CLOSD Single Famil Brooklyn Park Status 4/3/2008 2:16 PM INCOM ACT Single Famil Brooklyn Park ListPrice 4/3/2008 2:16 PM 289777.00 Single Famii Brooklyn Park ListPrice 4/21/2008 2:17 PM 289777.00 284777.00 Single Farnil Brooklyn Park ListPrice 5/12/2008 9:42 AM 284777.00 277777.00 Single Famil Brooklyn Park ListPrice 5/27/2008 2:14 PM 277777.00 274777.00 Single Farnil Brooklyn Park ListPrice 6/23/2008 10:15 AM 274777.00 269777.00 Single Famil Brooklyn Park ListPrice 7/15/2008 10:13 AM 269777.00 259777.00 Single Farnil Brooklyn Park Status 8/19/2008 8:49 AM ACT TNAFS Single Famii Brooklyn Park Status 10/20/2008 10:58 AM TNAFS ACT Single Farnil Brooklyn Park Status 10/20/2008 11:01 AM ACT PEND Single Famii Brooklyn Park Status 1/19/2009 2:41 PM PEND CLOSD Single Famil Customer Full Report, Single Family Residential, MLS#: 3606220 River Road, Brooklyn Park, MN 55444 92rW Aw n Mappofnt' a coon t+ido Frifty Ave n 983'8.W River Rc Pn, Hroaktyn ♦252 Park 4 so Ave N 4, e~,.«untc.R esooz w~o.a./..rxe w~..,. Area: 364 - Brooklyn Park (SF) Two Stories I Status: Previously Owned jation Size: 890 Ground Finished SgFt: 1,486 v Ground Finished SgFt: 286 Finished SgFt: 1,772 larket Date: 1112612008 cted Close Date: 11125108 Closed: 11125108 Status: Sold List Price: $358,000 Sold Price: $315,000 Original List Price: $358,000 Map Page: 78 Map Coord: C2 Directions: FROM 694 GO NORTH ON 252 TO 85TH AVE, EAST TO W RVR RD, NORTH TO HOME Year Built: 1938 Bedrooms: 3 Total Baths: 2 Garage: 1 Acres: 1.32 Lot Size: W 125X533X84X555 Fire Iral Property Information Description: Lot 011 Block 000 AUDITOR'S SUBD. NO. 289 V: Hennepin I District: 11 - Anoka-Hennepin, 763-506-1000 TAX INFORMATION Property ID: 131l921320008 Tax Year: 2008 Tax Amt: $4,565 Assess Bal: $0 Tax w/assess: $5,198 Assess Pend: Unknown Homestead: Yes Common Wall: No Description: Irregular Lot, Tree Coverage - Heavy d Frontage: City, Paved Streets .ng: Residential-Single Accessibility: None ke/Waterfront: River Front, River View Lake Name: Mississippi River Mic Remarks: RIVER SHORELINE. PRIVATE 1.32 ACRE WOODED SETTING W/84 FT OF FRONTAGE ON THE WATER. 2 STY, 38R, 28A, FAMILY RM. 2 FPLCS, OAK FLRS, POTENTIAL 2ND FLR DECK. 3 SEASON PORCH. LIVE ON WATER S IN THE WOODS BUT BE ONLY 10 MINUTES FROM DNTN. QUALITY CONSTRUCTION. !Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 22X13 Three Season Porch Main 13X12 Fuel: Natural Gas Dining Rm Main 12X12 Air Cnd: Central Family Rm Lower 22X13 Water: City Water - Connected Kitchen Main 13X11 Sewer: City Sewer - Connected Bedroom 1 Upper 15X11 Garage Stalls: 1 Bedroom 2 Upper 13X11 Garage Stall Bedroom 3 Upper 11X9 Bathrooms: Total: 2 Full: 1 Other Parking: 3 Bedroom 4 3/4: 0 1 /2: 1 1 /4: 0 Pool` Bath Description: Main Floor 1/2 Bath, Upper Level Bath Dining Room Desc: Breakfast Area, Eat In Kitchen, Separate/Formal Dining Room Family Room Char: Lower Level Fireplaces: 2 Fireplace Characteristics: Amusement Room, Living Room, Wood Burning Appliances: Dryer, Exhaust Fan/Hood, Range, Refrigerator, Washer, Water Softener - Owned Basement: Finished (Livable), Full Information Deemed Rehabte But Not Guaranteed. 0 2009 Regional MLS of Minn., Inc. All Rights Reserved. Page 9 of 22 BraoktY, park Mi'~ 554 693S W 'i er v toad ML`' Sing 3580.00 Single Famll 44 PM PEND 1013/2008 5 - Single Fam+l CLOSO jj5tprlce 2008 8:32 M4 ACT rwss Park 11(261 48 A~ pBeJU "Ad 8838 W River Road Brooklyn status 1112812008 8: Brooklyn Park status 1 ~4~~ Q 8838 W River Road Park z. 2 r 8838 W River Road Brooklyn r River Road 3 8838 W 4 9 Customer Full Report, Single Family Residential, MLS#: 3616674 Willow Lane N, Brooklyn Park, MN 55444 a a Map Status: Pending i I List Price: $334,000 _ O . W Park 74th Ave N H 7926, VWIIIowzLat Original List Price: $389,000 $ FridMey Map Page: 78 Map Coord: C3 Directions: 694 to Hwy 252 North to s East on 73rd Ave North to North on er V. Willow Lane North to Home. i • sr _ 0200E mwpIsar C" 020071 11VO, aNj* R"OU•aa. TAX INFORMATION S Area: 364 - Brooklyn Park Year Built: 1988 Property ID: 2511921140054 e: (SF) More Than Two Stories Bedrooms: 3 Tax Year: 2008 st Status: Previously Owned. Total Baths: 3 Tax Amt: $6,208 ndation Size: 1,911 Garage: 3 Assess Bal: $0 ve Ground Finished SgFt: 1,928 Acres: 0.39 Tax w/assess: $6,208 w Ground Finished SgFt: Lot Size: 87 x0205 Assess Pend: ptaI Finished SgFt: ( 3,695 Fire Homestead: Yes Market Date: 0312312009 jected Close Date: 514109 to Closed: eneral Property Information egal Description: Lot 002 Block 003 ENGELS ADDN nty: Hennepin School District: 11 - Anoka-Hennepin, 763-506-1000 Complex/Dev/Sub: Engels Addition Common Wall: No Restrictions/Covts: Lot Description: City Bus (w/in 6 Wks), Tree Coverage - Medium Road Frontage: City Zoning: Residential-Single Accessibility: None Lake/Waterfront: River Front Lake Name: Mississipp i River Public Remarks: Beautiful river view with direct access in this upper bracket home. Over 3,500 sq ft with new carpet, roof and updated mechanicals. Possible mother-in-taw apt/duplex on lower level. Come for a visit! Structure Information Room Level Dimon Other Rooms Level Dimon Heat: Forced Air Living Rm Main 25x14 Foyer Main 10x08 Fuel: Natural Gas Dining Rm Main 15x10 Patio Lower 18x14 Air Cnd: Central Family Rm Lower 25x14 Second Kitchen Lower 13x10 Water: City Water - Connected, City We Kitchen Main 15x12 Deck Main 14x10 Sewer. City Sewer - Connected, City Se Bedroom 1 Main 20x14 Laundry Main 10x07 Garage Stalls: 3 z Bedroom 2 Main 16x10 Garage Stall - Bedroom 3 Lower 18x11 Bathrooms: Total: 3 Full: 3 Other Parking: Bedroom 4, 3/4: 0 1/2:0 1/4:0 Pool: None Bath Description: Basement, Full Basement, Full Master, Main Floor Full Bath, Private Master, Whirlpool Dining Room Desc: Breakfast Area, Eat In Kitchen, Kitchen/Dining Room, Living/Dining Room Family Room Char: 2 StorylHighNaulted Ceilings, Great Room, Lower Level Fireplaces: 2 Fireplace Characteristics: Family Room, Gas Burning, Living Room, Wood Burning Appliances: Dishwasher, Disposal, Dryer, Exhaust Fan/Hood, Microwave, Range, Refrigerator, Washer, Water Softener - Owned Basement: Finished (Livable), Sump Pump, Walkout Information Deemed Reliable But Not Guaranteed. Chi 2009 Regional MLS of Minn., Inc. All Rights Reserved. Page 11 of 22 7326 Willow Lane N, Brooklyn Park, MN 55444 MtS Number: 3616674 7 I F MLS * Address 1 F inj _3-372207 7326 Willow Lane 2 03372207 7326 Willow Lane 3 { 3372207 7326 Willow Lane 4 33 M. 7326 Willow Lane 5 103616674 7326 Willow Lane N 6 (M 03616674 7326 Willow Lane N 7 0-3616674 7326 Willow Lane N 8 F A 361-6674 7326 Willow Lane N Municipality Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Field Status ListPrice ListPrice Status Status ListPrice ListPrice Status Date Stamp old Value New Vaiuw `prep' 5/4/2007 10:40 AM INCOM ACT Single Famil 5/4/2007 10:40 AM 439900.00 Single Famil 8/27/2007 10:30 AM 439900.00 419000.00 Single Famil 11/5/2007 12:15 AM ACT EXP Single Famii 11/4/2008 12:01 PM INCOM ACT Single Famil 11/4/2008 12:01 PM 389000.00 Single Famii 2/26/2009 9:45 AM 389000.00 334000.00 Single Famil 3/23/2009 10:38 AM ACT PEN'D Single Famil Customer Full Report, Single Family Residential, MLS#: 3596710 Willow Lane N, Brooklyn Center, MN 55430 6V Mr, Bra~: ft; ffL P" L ~ .1L 'T 6, +t+° n? 6424 Willow Lai x _ oCflp r;~. FridW 62 62nd Ave N ` ftma maw.R Cog Op~7 NNRQ. ~N/KHk ~s,Me. Area: 363 - Brooklyn Center (SF) One Story t Status: Previously Owned dation Size: 1,090 ® Ground Finished SgFt: 1,090 N Ground Finished SGFt: 592 Finished SgFt: 1,682 Year Built: 1952 Bedrooms: 2 Total Baths: 2 Garage: 2 Acres: 1.05 Lot Size: irregular Fire TAX INFORMATION Property ID: 3611921410002 Tax Year: 2008 Tax Amt: $4,401 Assess Bal: $0 Tax w/assess: $4,401 Assess Pend: Homestead: Yes iral Property Information Description: Lot 003 Block 000 UNPLATTED 36119 21 COM AT A PT IN N LINE OF GOVT LOT 3 DIS 542 5/10 FT E FROM V: Hennepin I District: 286 - Brooklyn Center, 763-561-2120 Common Wall: No scription: City Bus (w/in 6 blks), Tree Coverage - Medium Frontage: City, No Outlet/Dead End I: Residential-Single Accessibility: None Vaterfront: River Front, River View Lake Name: Remarks: Spectacular 1+ acre lot on Mississippi River. Feat incl; brand new roof, hdwd firs, frplc, walk out LL to priv park like bkyrd. 2nd kit in basement. Updated mechanicals, well cared for hm, needs some updating. Conv. loc min to downtown, shopping, trails! ture Information Level Dimen Other Rooms Level Dimon Heat: Forced Air Rm Main 25x15 Patio 20x14 Fuel: Natural Gas Rm Den 7x6 Air Cnd: Central Rm Lower 24x13 Water: City Water - Connected 1 Main 14x12 Sewer: City Sewer - Connected rn 1 Main 13x13 Garage Stalls: 2 Im 2 Main 12x10 Garage Stall Im 3 Bathrooms: Total: 2 Full: 1 Other Parking: 2 Irn 4 3/4:1 1 /2: 0 1/4: 0 Pool.. 'ascription: 3/4 Basement, Main Floor Full Bath Room Desc: Eat In Kitchen Room Char: Lower Level oes: 1 Fireplace Characteristics: Living Room, Wood Burning toes: Dishwasher, Dryer, Exhaust Fan/Hood, Microwave, Range, Washer Finished (Livable), Walkout Brick/Stone, Wood None Age 8 Years or Less, Asphalt Shingles -Unit: Hardwood Floors, Kitchen Window, Multiple Phone Lines, Patio, Skylight, Tiled Floors Char: Attached Garage, Driveway - Asphalt, Garage Door Opener Status: Active List Price: $239,900 Original List Price: $249,900 Map Page: 78 Map Coord: C4 Directions: Hwy 252 north to Willow Lane - east to Willow Lane and south to home Deemed Reliable But Not Guaranteed. O 2009 Regional MLS of Minn . Inc. All Rights Reserved Page 5 of 22 96 6424 Willow Lane N , Brooklyn Center, MN 55430 MLS Number: 3596710 >Y 5 of 2bed, 2 bath walkout rambler on the river. Home has updated mechanicals and a 2nd kitchen in basement. Beautiful hardwood floors and wood burning fireplace. of natural light Nice and open kitchen, just needs some updating Walk out the basement to this 1+acre park like back y great for entertaining and relaxing. r MLS * Address Municipality Field Date Stamp Old Value New Value Property TS 1 (T 359-71.0 6424 Willow Lane N Brooklyn Center Status 9/11/2008 9:39 AM INCOM ACT Single Famil 2 r ( 35967tQ 6424 Willow Lane N Brooklyn Center ListPrice 9/11/2008 9:39 AM 249900.00 Single Famil 3 r 3596710 6424 Willow Lane N Brooklyn Center ListPrice 1/28/2009 9:31 AM 249900.00 239900.00 Single Famil F ~~5'""4dd 4 ; ~ Y ~ ~ :q ~ Customer Full Report, Single Family Residential, MLS#: 3603402 MIN 55430 MLS Area: 363 - Brooklyn Center style: (SF) One Story st Status: Previously Owned oundation Size: ve Ground Finished SgFt: elow Ground Finished SgFt: Total Finished SgFt: 1,118 Year Built: 1965 Bedrooms: 3 Total Baths: 2 Garage: 2 Acres: 0.36 Lot Size: IRREGULAR Fire lral Property Information Description: Lot 004 Block 004 NORTH RIVER ESTATES Y: Hennepin A District: 11 - Anoka-Hennepin, 763-506-1000 lex/Dev/Sub: Riverwood Description: Irregular Lot, Tree Coverage - Medium d Frontage: City ing: Residential-Single Accessibility: None e/Waterfront: River Front Lake Name: Mississippi River TAX INFORMATION Property ID: 2511921410029 Tax Year: 2008 Tax Amt: $4,318 Assess Bal: $731 Tax w/assess: $5,049 Assess Pend: Homestead: Yes Common Wall: No 'Public Remarks: This 3 bedroom, 1+ bathroom, one-owner home with spectacular Mississippi River views is Y nestled in the high demand Riverwood neighborhood. There are approximately 80 ft. of riverfront on this large (80'x127'x621x80'x89'x145') lot. _ Structure Information ;Room Level Dimen Living Rm Main 17 x 13 Dining Rm Main 12 x 12 Family Rm Other Rooms Level Dimen Kitchen Main 11 x 9 Bedroom 1 Main 12 x 11 Bedroom 2 Main 11 x 11 t Bedroom 3 B Lower 13X9 Bathrooms: Total: 2 Full: 1 edroom 4 3/4: 0 1/2: 0 1/4:1 ' Bath Description: Dining Room Desc: w Family Room Char: Fireplaces: 1 Appliances: Basement: f Exterior: Fencing: Roof: Amenities-Unit: Parking Char: Main Floor Full Bath, Rough In Separate/Formal Dining Room Fireplace Characteristics: Living Room, Wood Burning Dishwasher, Dryer, Range, Refrigerator, Washer Full Fiber Board None Age 8 Years or Less Deck, Kitchen Window, Natural Woodwork Attached Garage 74th roue h Mabir~C Bri~ Park 72nd Mn h 7106 Willow Lai isi' Frk1W cBrq cr r s a 6#h Ave N' A MisAiseippi 02OW NowsM"OM? NhWQ. aM/xnle WaS.IMK. Status: Active List Price: $250,000 Original List Price: $299,900 Map Page: 78 Map Coord: C3 Directions: Hwy 252 N to 73rd Avenue North, Right (East) to Willow Lane N., Right (South) to 7106. Heat: Forced Air Fuel: Natural Gas Air Cnd: Central Water: City Water - Connected Sewer: City Sewer - Connected Garage Stalls: 2 Garage Stall Other Parking: Pool: Information Deemed Reliable But Not Guaranteed. 0 2009 Regional MLS of Minn., Inc. All Rights Reserved. Page 7 of 22 ne,N , Brooklyn Center, MN 55430 -7106 Willow La MLS Number: 3603402 I L~ ~ MLS # Address Municipality Field Date Stamp Old Value New Value Property T} 1 3603402 7106 Willow Lane N Brooklyn Center Status 9/26/2008 6:18 PM INCOM ACT Single Famil 2 3603402 7106 Willow Lane N. Brooklyn Center ListPrice 9/26/2008 6:18 PM 299900.00 Single Famll 3 F ( 3-603.402 7106 Willow Lane N Brooklyn Center ListPrice 10/15/2008 11:36 AM 299900.00 250000.00 Single Famil e f t Customer Full Report, Single Family Residential, MLS#: 3669348 5 75th Avenue N, Brooklyn Park, MN 55444 MapF nt' ' 315 75th Avem $ m 252 74th Y* N a ° a 73rd Avery 3: z Brookyn4enler 4reoos n~uwsa aq w~p. ~aprre~ wss.M.. Area: 364 - Brooklyn Park (SF) Three Level Split t Status: Previously Owned dation Size: 1,424 e Ground Finished SgFt: 1,424 v Ground Finished SgFt: 776 Finished SgFt: 2,200 Year Built: 1998 Status: Active List Price: $274,900 Original List Price: $274,900 Map Page: 78 Map Coord: c3 Directions: 252 N East on Brookdale, South On Riverdale, west on 75th to home Bedrooms: 3 Total Baths: 3 Garage: 3 Acres: 0.41 Lot Size: 70X114X100X158X99 Fire TAX INFORMATION Property ID: 2511921120090 Tax Year: 2008 Tax Amt: $3,726 Assess Bal: $0 Tax w/assess: $3,726 Assess Pend: Homestead: Yes General Property Information gal Description: Lot 005 Block 001 MCCLUSKEYS RIVER ESTATES County: Hennepin chool District: 11 - Anoka-Hennepin, 763-506-1000 Corrtplex/Dev/Sub: Mccluskeys River Estates Common Wall: No Res trictions/Covts: lot Description: Tree Coverage - Heavy Road Frontage: City Zoning: Residential-Single Accessibility: None Public Remarks: PRISTINE HOME LOCATED ON PRIVATE CUL-DE-SAC ONE BLOCK FROM THE RIVERIHOME SITS ON A LARGE PRIVATE LOT W/MATURE TREES AND PLENTY OF PRIVACYIFEATURES IN LCUDE,TILE FLOORS,VAULTED CEILINGS,CUSTOM CABINETS AND BUILT INS WITH A F/P.HURRY,HOME WILL NOT LAST LONG Structure Information Roam Level Dimen Other Rooms Level Dimen Heat: Forced Air laving Rm Main 14x14 Foyer Main 15x7 Fuel: Natural Gas Dining Rm Deck Main 30x14 Air Cnd: Central Family Rm Lower 27x13 Water: City Water - Connected Kitchen Main 22x16 Sewer. City Sewer - Connected Bedroom 1 Upper 15x14 Garage Stalls: 3 Bedroom 2 Upper 14x12 Garage Stall Bedroom 3 Lower 11x10 Bathrooms: Total: 3 Full: 2 Other Parking: Bedroom 4 3/4:1 1 /2: 0 1 /4: 0 Pool: Bath Description: Private Master Dining Room Desc: Eat In Kitchen, Informal Dining Room Family Room Char: Lower Level Fireplaces: 1 Fireplace Characteristics: Family Room Appliances: Cooktop, Dishwasher, Disposal, Dryer, Exhaust Fan/Hood, Microwave, Refrigerator, Trash Compactor, Wall Oven, Washer, Water Softener - Owned Basement: Crawl Space, Daylight/Lookout Windows, Drain Tiled, Finished (Livable), Sump Pump Exterior: Brick/Stone, Metal/Vinyl Fencing: Wood Roof: Asphalt Shingles, Pitched Information Deemed Reliable But Not Guaranteed. C4. 2009 Regional MLS of Minn., Inc. All Rights Reserved. Page 21 of 22 71 325 75th Avenue N , Brooklyn Park, MN 55444 MLS Number: 3669348 1 2 3 4 5 6 7 8 9 10 11 12 r r r r r r r r r r r wwrTVIOZ94 01 2046294 02046234 ja 3528394 02 3528394 03528394 03647848 CO 35418-46 JA 3647848 W1 3647848 W1 3X69348 103669348 - 3T5"7R"h Avenue N 315 75th Avenue N 315 75th Avenue N 315 75th Avenue N 315 75th Avenue N 315 75th Avenue N 315 75th Avenue N 315 75th Avenue N 315 75th Avenue N 315 75th Avenue N 315 75th Avenue N 315 75th Avenue N ~ a .-t Date Stamp Old Value New Value Property T) Brooklyn Park Status 6/14/2002 9:31 AM incom act Single Famil Brooklyn Park Status .6/20/2002 12:37 PM act pend Single Famil Brooklyn Park Status 8/15/2002 8:13 PM pend ciosd Single Famil Brooklyn Park Status 4/16/2008 5:25 PM INCOM ACT Single Famii Brooklyn Park ListPrice 4/16/2008 5:25 PM 349900.00 Single Famii Brooklyn Park Status 9/10/2008 2:45 PM ACT CANCL Single Famil Brooklyn Park Status 2/16/2009 10:18 AM INCOM ACT Single Famil Brooklyn Park ListPrice 2/16/2009 10:18 AM 299900.00 Single Famil Brooklyn Park ListPrice 3/2012009 12:05 PM 299900.00 289900.00 Single Famil Brooklyn Park Status 4/8/2009 3:07 PM ACT CANCL Single Famii Brooklyn Park Status 4/8/2009 3:47 PM INCOM ACT Single Famil Brooklyn Park ListPrice 4/8/2009 3:47 PM 274900.00 Single Famii Customer Full Report, Single Family Residential, MLS#: 3656548 32 Sunkist Boulevard N, Brooklyn Park, MN 55444 8% Awe N B "d Ave N 'A Peanut Pkwy 82nd Ave N map0oinr ,v"srs'k°w' Frkfty 8132 ' Sunkist BT Pak z Oro~ Park z 5 `ti79M Ave N = 02009•011.wsM Cog 07006 M ORO. Md/erTee Yu,Me. Area: 364 - Brooklyn Park (SF) One Story .t Status: Previously Owned dation Size: e Ground Finished SgFt: N Ground Finished SgFt: Finished SgFt: Status: Active List Price: $284,900 Original List Price: $284,900 Map Page: 78 Map Coord: C2 Directions: N on 252 from 694 to Brookdale Dr. E, Right to Mississippi Lane, North to Sunkist Blvd Year Built: 1966 Bedrooms: 4 Total Baths: 3 1,440 Garage: 2 1,332 Acres: 0.39 691 Lot Size: El07X156X115X147 2,023 Fire lral Property Information Description: Lot 006 Block 001 KILLARNEY PARK 2ND ADDN Y: Hennepin I District: 11 - Anoka-Hennepin, 763-506-1000 TAX INFORMATION Property ID: 2411921140020 Tax Year: 2009 Tax Amt: $2,700 Assess Bai: $36 Tax w/assess: $2,735 Assess Pend: Yes Homestead: Yes Common Wall: No Description: Tree Coverage - Medium id Frontage: City, Paved Streets ling: Residential-Single Accessibility: None e/Waterfront: River Front, River View Lake Name: Mississippi River 41e Remarks: Enjoy River & Park access without the taxes. Tennis, baseball, basketball & boat launch through your backyard. LL guest rm w/ 3/4 BA. Updated BA w/heated floors & oversized tub. Updated kit. Oversized lot w/shed & gardens, 2 Fps & and plenty of sun, WOW! ucture Information M Level Dimen Other Rooms Level Dimen Heat: Forced Air rig Rm Lower 25x15 Foyer Main 8x4 Fuel: Natural Gas ing Rm Main 11x10 Media Room Main 9x3 Air Cnd: Central My Rm Main 1905 Water: City Water - In Street, Well hen Main 16x11 Sewer. City Sewer - Connected !room 1 Main 13x11 Garage Stalls: 2 !room 2 Main 11x11 Garage Stall lroom 3 Main 1300 Bathrooms: Total: 3 Full: 1 Other Parking: 2 !room 4 Lower 1302 3/4:1 1/2:1 1/4: 0 Pool: None Description: 3/4 Basement, Main Floor 1/2 Bath, Main Floor Full Bath g Room Desc: Breakfast Area, Eat In Kitchen, Separate/Formal Dining Room ly Room Char: 2 or More, Main Level laces: 2 Fireplace Characteristics: Family Room, Living Room, Wood Burning ances: Dishwasher, Disposal, Exhaust Fan/Hood, Microwave, Range, Refrigerator, Water Softener - Owned ment: Egress Windows, Finished (Livable), Full, Walkout ior: BricWStone, Wood Ing: Partial, Privacy Age Over 8 Years, Asphalt Shingles, Pitched Deemed Reliable But Not Guaranteed. Q 2009 Regional MLS of Minn., Inc. All Rights Reserved. Page 19 of 22 of 22 8132 Sunkist Boulevard N, Brooklyn Park, MN 55444 MLS Number: 3656548 South faceing private deck overlooking the huge yard leads to the park and Mississippi River access. Plenty c room to romp... 1 -6; Utility shed, fire pit, gently sloped yard with perenials beautiful garden are just some of the features of this c back yard. Private location in BP, concrete driveway, new soffits in 09, owner will paint home and decks asap. Enjoy the Mississippi River and Park without the high tax's. Walk-out lower level to back yard, tennis courts, basketball, ball fields, picnic areas, the mighty Mississippi and wide open spaces, 8132 Sunkist Boulevard N, Brooklyn Park, MN 55444 MLS Number: 3656548 iUnder cupboard lighting, upgraded appliances and plenty of counter space for entertaining. On the right side of this picture is the updated built in refridgerator with plenty of cupboard storage space. 7 I'M Lower level grouted tile, built-in buffet and wood burni corner fireplace. The lower level also features a 13' x ] guest room, updated 3(4 bath, private entrance, launc room and a huge unfinished area for an additional offi< r 1 r 2 r 3 r 4 r 5 r 6 r 7 r 8 r 9 r 10 r 11 r 12 r 13 r MILS # 0217944-7 2179447 2179447 102179447 J& 2179447 91 ,179447 0217%447 JA 2179447 J& 2_.179447 Z179447 2179447 03656548 W 3656548 Address 8132 Sunkist Boulevard 8132 Sunkist Boulevard 8132 Sunkist Boulevard 8132 Sunkist Boulevard 8132 Sunkist Boulevard 8132 Sunkist Boulevard 8132 Sunkist Boulevard 8132 Sunkist Boulevard 8132 Sunkist Boulevard 8132 Sunkist Boulevard 8132 Sunkist Boulevard 8132 Sunkist Boulevard N 8132 Sunkist Boulevard N Municipality Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Field Status UstPrice ListPrice UstPrice UstPrice ListPrice ListPrice Status Status Status Status Status ListPrice Date Stamp Old Value 8/12/2003 6:34 PM incom 8/26/2003 10:20 AM 279900 9/3/2003 3:17 PM 272000 9/15/2003 10:13 AM 267500 9/23/2003 7:36 PM 262500 10/7/2003 2:13 PM 259900 12/2/2003 2:31 PM 254900' 12/26/2003 12:05 AM act 1/16/2004 2:06 PM exp 1/16/2004 2:06 PM act 2/27/2004 3:24 PM pend 3/10/2009 10:20 AM INCOM 3/10/2009 10:20 AM New Value Property Tj act Single Famil 272000 Single Famil 267500 Single Famil 262500 Single Famii 259900 Single Famil 254900 Single Famil 250000 Single Famil exp Single Famii act Single Famil pend Single Famii closd Single Famil ACT Single Famii 284900.00 Single Famii Customer Full Report, Single Family Residential, MLS#: 3636543 . W River Road, Brooklyn Park, MN 55430 Area: 364 - Brooklyn Park (SF) Two Stories t Status: Previously Owned dation Size: 1,530 e Ground Finished SgFt: 2,430 v Ground Finished SgFt: 1,016 Finished SgFt: 3,446 MapPa 92rd Aue N~ coon PAPIlft 8848 w River Rc . Frkley k 89th Aut N Brooklyn Park 8&h Ave N zsr 86th Ave h 4, ~;tW66ko,itNCwry®d007 Niv1E0. ai/OITNt WS,is. Year Built: 1963 Bedrooms: 6 Total Baths: 2 Garage: 2 Acres: 0.75 Lot Siz G 09x60x513 Fire iral Property Information Description: Lot 08 Block 000 Auditors Subd No 289 y: Hennepin it District: 11 - Anoka-Hennepin, 763-506-1000 lex/Dev/Sub: Auditors Subd No289 Status: Active List Price: $350,000 Original List Price: $388,000 Map Page: 78 Map Coord: C2 Directions: 252 to 85th Ave (E) to West River Road (N) to Home TAX INFORMATION Property ID: 1311921230016 Tax Year: 2008 Tax Amt: $4,915 Assess Bal: $633 Tax w/assess: $5,548 Assess Pend: Unknown Homestead: No Common Wall: No t Description: Irregular Lot, Tree Coverage - Medium oad Frontage: City Zoning: Residential-Single Accessibility: None ke/Waterfront: River Front Lake Name: Mississippi River ,Public Remarks: WOW! 17 rooms w/UP NORTH FEEL within the city! Serene setting on wooded Mississippi River lot. Picturesque setting. Landscaped frontage w/steps to water. Wildlife abound! Many amenities. New hdwd f1rs,W & D,fumace,dishwasher,H20 softener + more Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 26x16 Deck Main 2416 Fuel: Natural Gas Dining Rm Main 12x9 Deck Upper 27x08 Air Cnd: Central Family Rm Fifth (5th) Bedroom Upper 16x12 Water: City Water -Connected Kitchen Main 16x13 Sixth (6th) Bedroom Upper 16x10 Sewer: City Sewer - Connected Bedroom 1 Main 13x12 Library Lower 13x09 Garage Stalls: 2 Bedroom 2 Main 12x12 Recreation Room Lower 23x21 Garage Stall Bedroom 3 Main 12x12 : Bathrooms: Total: 2 Full: 2 Other Parking: - Bedroom 4 Upper 15x12 3/4: 0 Pool: None 1/2:0 1/4: 0 - Bath Description: Main Floor Full Bath, Upper Level Bath, Whirlpool . Dining Room Desc: Eat In Kitchen, Separate/Formal Dining Room Family Room Char: Lower Level Fireplaces: 0 Fireplace Characteristics: Appliances: Dishwasher, Disposal, Dryer, Electronic Air Filter, Exhaust Fan/Hood, Microwave, Range, Refrigerator, Washer, Water Softener - Owned Basement: Full Exterior: Other Fencing: None Roof: Asphalt Shingles Amenities-Unit: Balcony, Deck, Hardwood Floors, Tiled Floors, Washer/Dryer Hookup Information Deemed Rel iable But Not Guaranteed. G 2009 Regional MLS of Minn., Inc. All Rights Reserved. Page 15 of 22 22 8848 W River Road, Brooklyn Park, MN 55430 MLS Number: 3636543 " T- - - -WS # Address Municipality Field 1 F 3636543 8848 W River Road Brooklyn Park Status 2 r 3636-543 8848 W River Road Brooklyn Park ListPrice 3 F 3636543 8848 W River Road Brooklyn Park ListPrice Date Stamp 1/15/2009 12:31 PM 1/15/2009 12:31 PM 2/18/2009 5:45 PM Old Value New Value Property Tj INCOM ACT Single Famil 388000.00 Single Famil 388000.00 350000.00 Single Famil 4/9/2009 7832 Mississippi Lane N, Brooklyn Park, MN 55444 MLS Area: 364 - Brooklyn Park Style: (SF) One 1/2 Stories Const Status: Previously Owned Foundation Size: 1,516 Above Ground Finished SgFt: 1,996 Below Ground Finished SgFt: 510 Total Finished SgFt: 2,506 Customer Full Report, Single Family Residential, MLS#: 3596206 NOW Mapnt' Pork A8IIt Ave N 7832 Mississipl Brookhm Park Fridley Mtestssippi ~ 1 rsz 76th Ave N e2ona rrws.ecp ®ioo7 w~iO.aAi/erttle Yu,Lft. Year Built: 1992 Status: Active List Price: $529,900 Original List Price: $549,900 Map Page: 78 Map Coord: c3 Directions: 252 to Brookdale Dr East to Missippi Ln North to home Bedrooms: 4 Total Baths: 3 Garage: 3 Acres: 1.02 Lot Size: W100X410X100X400 Fire TAX INFORMATION Property ID: 2411921440004 Tax Year: 2008 Tax Amt: $6,231 Assess Bal: $0 Tax w/assess: $6,231 Assess Pend: Homestead: Yes General Property Information Legal Description: Lot 004 Block 000 UNPLATTED 24119 21 THAT PART OF S 99 66/100 FT OF N 402 28/100 FT OF GOVT LOT County: Hennepin School District: 11 - Anoka-Hennepin, 763-5064000 Complex/Dev/Sub: Common Wall: No Restrictions/Covts: Lot Description: City Bus (w/in 6 blks), Tree Coverage - Heavy Road Frontage: City Zoning: Residential-Single Accessibility: None Lake/Waterfront: River Front Lake Name: Missippi River Public Remarks: Spectacular private setting on Mississippi River! Stunning custom 4 Sr 3 Ba w/main fi Indry + office. Vaulted great rm w/ fplc. Huge kit wNabulous dining space. Prvt mstr w/deck 3 season por. W/O faro rm, paver patio, circle Dr. Must reel Close to city! Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Family Room Lower 17x15 Fuel: Natural Gas Dining Rm Main 15x13 Screened Porch Main 12x10 Air Cnd: Central Family Rm Main 21x19 Water: City Water - Connected Kitchen Main 18x13 Sewer. City Sewer - Connected Bedroom 1 Upper 19x15 Garage Stalls: 3 Bedroom 2 Main 14x11 Garage Stall Bedroom 3 Main 12x11 Bathrooms: Total: 3 Full: 1 Other Parking: Bedroom 4 Lower 13x12 314: 2 1/2: 0 1/4: 0 Pool: None Bath Description: 3/4 Basement, 314 Master, Main Floor Full Bath Dining Room Desc: Breakfast Area, Kitchen/Dining Room Family Room Char: Lower Level, Main Level Fireplaces: 1 Fireplace Characteristics: Family Room, Gas Burning Appliances: Central Vacuum, Cooktop, Dishwasher, Disposal, Dryer, Exhaust Fan/Hood, Freezer, Microwave, Range, Refrigerator, Washer, Water Softener - Owned Basement: Finished (Livable), Full, Walkout Exterior: Stucco Fencing: None Roof: Age 8 Years or Less, Asphalt Shingles Information Deemed Reliable But Not Guaranteed. tPj 2009 Regional MLS of Minn., Inc, All Rights Reserved. Page 3 of 22 K` Absolutely gorgeous one of a kind 4BR-313A home with circle Rear view of this fabulolus custom home. drive nestled on a spectacular Mississippi River lot. 7832 Mississippi Lane N, Brooklyn Park, MN 55444 MLS Number: 3596206 View of gorgeous dining space. Fabulous open floorplan is spacious yet very welcoming. You will love the open staircase, generous kitchen and built-out eating area with spectacular use of windows overlooking the very private back yard and river. Jc to a 14 7832 Mississippi Lane IN, Brooklyn Park, MN 55444 MIS Number: 3546206 Enjuy relaxing on the fabulous private paver patio Witt of the river. You really must see in person. A closeup view of the gorgeous river setting. r MLS * Address 1 F WN 3596206 7832 Mississippi Lane N 2 r jA 3596206 7832 Mississippi Lane N 3 3596206 7832 Mississippi Lane N 4 3596206 7832 Mississippi Lane N 5 r W -35206 7832 Mississippi Lane N Municipality Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Brooklyn Park Field Date Stamp Old Value New Value Property Tj Status 9/10/2008 10:42 AM INCOM ACT Single Famil ListPrice 9/10/2008 10:42 AM 549900.00 Single Famil Status 9/23/2008 1:34 PM ACT TNAFS Single Famil Status 10/24/2008 1:48 PM TNAFS ACT Single Famii ListPrice 3/2/2009 10:31 AM 549900.00 529900.00 Single Famil Bob Strande BELL MORTGAGE Office: 952.277.3000 Fax: 952.591.0489 Pager: 612.640.8075 bob@bobstrandell.com www.bobstrandell.com Kirk Hoover & Terry Kinney HOME MORTGAGE CONSULTANTS Office: 877.703.8323 Fax: 763.417.2058 terrv@homemortaaaeconsultant.com kirk@homemortaaaeconsultant.com www.homemortaaaeconsultant.com Rai' W Resu tts the Each Office Independently Owned and Operated ~ Serving Twin Cities with Ettlhexsuumi r Review Of 7036 Willow La PID#25 119 21 44 0023 For William Kenny 2009 Board of Appeal and Equalization e «w r 7!_ Y il i 1R 841 + City of Brooklyn Center A Millennium Community TO: 2009 Brooklyn Center Local Board of Appeal and Equalization RE: William Kenny 7036 Willow La Brooklyn Center, MN 55430 Mr. Kenny contacted the Assessor's office April 8th, 2009. Mr. Kenny was concerned about the percentage change in his value when compared to a neighboring property. An appraiser from the Assessor's office explained the overall decrease in the 2009 assessment, and attempted to clarify how varying styles of property will have significantly different fluctuations in value from year to year. Mr. Kenny was informed he could appeal his 2009 estimate of market value, or his 2009 classification, but could not appeal a percent change from year to year, or the difference between the 2009 estimate of value on his home and the 2009 estimate of value on another property. An appeal packet was hand delivered to Mr. Kenny during his review on April 9`h 2009. Mr. Kenny returned his completed application in person the afternoon of April I Oth, 2009. Mr. Kenny also submitted a market analysis of his property. An appraiser from the Assessor's office reviewed Mr. Kenny's property on April 9th, 2009. No changes were made to the property characteristics. Mr. Kenny was mailed a letter from the Assessor's office stating that the 2009 estimated market value would be sustained at $319,800. The enclosed grid compares Mr. Kenny's home to 5 waterfront sales. The City of Brooklyn Center did not have any sales of Mississippi River properties that occurred within the state study period. Two Brooklyn Center Middle Twin Lake sales have been included to illustrate the Brooklyn Center waterfront market. We have included Mississippi river sales from both Brooklyn Park and Fridley, both above and below the dam to represent the riverfront market. In reviewing sales of comparable properties, Mr. Kenny's 2009 estimated market value of $319,800 falls within the indicated range of adjusted sales. The enclosed grid indicates a value range for the subject property of $308,800 to $451,100. It is staff's recommendation to sustain the 2009 estimated market value of $319,800 for taxes payable in 2010. Respectfully, v7t '--6 Nancy YJcik, SAMA City Assessor 6301 Shingle Creek Parkway Recreation and Community Center Phone & TDD Number Brooklyn Center, MN 55430-2199 (763) 569-3400 City Hall & TDD Number (763) 569-3300 FAX (763) 569-3434 FAX (763) 569-3494 www.cityo1brook1pzcenter.org SUBJECT PROPERTY 7036 Willow La William Kenny PID# 25-119-21-44-0023 Land Characteristics Land Area 23,791 sq. ft. River Frontage 30.25 ft. Irregularly Shaped 2009 Land Value $157,500 2009 Building Value 162.300 TOTAL 2009 EMV $319,800 Building Characteristics Style: Rambler 1,616 sq. ft. Main Level Room Count: 5 / 3 /1 Spa & 1 Full Bath Below Grade Room Count: 2 / 1 / 1 % Bath Garage: 2 Car Attached & 2 Car Detached Fireplace: 2 Porches/Decks/Misc.: Glazed Porch/ Deck Central Air Conditioning: CAC Hennepin County Property Map Print Page 1 of 1 Hennepin County Property Map - Tax Year: 2009 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only. Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its derivatives. 20 (25) ' as`} 414~ 7112 4 (1) t > 7125 . F acazs ti 113 7124 Mfr , 7118, 7109, Y5 7110 (2'11 7118 A 7105 . . X221 tt w a, (28). IN' Ar `.e W 7112- 7041 7100 (14) r~ r 7106 sue. (22). n a e . (23).. " 7081 moo^ ~a io& 17 W26 . 703 =S04 Wt&r- 5-J- rrD5 < AUD SUBD No 309 7029 r . i r w`eFR{:: PART Of LOT 10 t 7082 7008 7023,a ~T w~. 6937 4, 1$4°74 + 7 3 Jf 22f. ` f. Z;.. Selected Parcel Data Date Printed: 4/15/2009 10:23:16 AM Parcel ID: 25-119-21-44-0023 Current Parcel Date: 4/3/2009 Owner Name: W R KENNY & K A KENNY Parcel Address: 7036 WILLOW LA N, BROOKLYN CENTER, MN 55430 Property Type: RESIDENTIAL LAK Sale Price: $109,000.00 Homestead: HOMESTEAD Sale Date: 12/1997 Area (sgft): 24560 Sale Code: Area (acres): 0.56 A-T-B: ABSTRACT Market Total: $360,400.00 Tax Total: $5,709.40 http://gis.co.hennepin.mn.us/HCPropertyMap/Locator.aspx?PID=2511921440023 4/15/2009 M'_ pp LU U3 N co `Z O t/j N I c n O z rs v o I I 0 yr o OC C �o a(o o CD c:- a o a CD CD 0 C I o a o 0 0 0 o a o a o o= ao y r co' u� m o ti m e= Ln m o E" to E E y vi a v of m w o in o m" G o iL S cn r- W i M v m r~ u2 v cn 2 a� 0 0 Co CD i CD g Q qy S11 -Q a a O O a a s O O O O w M st f CQ lii 07 cr Pi r d M U- w ni ui v of N oo u; r� w O a CC co CO co 00 CO r o m CC f I °U FU r N N� r Z M dC 2 0 C=- CD o o:000�ao u o o =o o o.ao w a N f� LC7 O O a i O O N N CO LC? 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LL �.M N C 3 p ''c v� E atj ri M �d�vKto o� iR p mom W y w m� EEu� 0 5 d m y ak A O LL Qp m �0 2 O N LL- N W W .o `i cn m N� t W M v v M b �o ig Q 1 cx i gn LL Z C N LL Q LU tn w N CL W 0 c E N a Qg3 0 m CO m W 6-0 C O H. 7 g i z c o_ o x Z m r- O m Lc i w LL x 'O C Q q g V W W K ,n m 'emwp p V m m N K p OD ®a 3 W J N o O) W y b a LL ru W Y f y e a a m .ea� r'mW �+Et�cm w K yy Qp a E N e4i yes o` 0 m e N m L m Z`S{ o. x '0 5 ui L5f U, m s 3_ O_ L LL .O c) z m u c L of Syg g V t�7 LL y LL a W a tl q Of M Y �yy r J w K z O O a h Y j a ,Q 1- e g u y t xo#mo gig "�oz c r 2 At rgx Oak 445 cow 93KI Am put" Nl- r.. t f ftd r etw Aft Ng 7 tlRrre N 1 i a� 33 AM 1 COMPARABLE SALES MAP COMPARABLE #1 7580 Alden Way, Fridley COMPARABLE #2 6470 Riverview Ter, Fridley COMPARABLE #3 4825 Twin Fake Ave, Brooklyn Center COMPARABLE #4 4725 Twin Lake Ave, Brooklyn Center COMPARABLE #5 10824 Mississippi Dr, Brooklyn Park COMPARABLE SALES PHOTOS Comparable 1 7580 Alden Way NE Fridley PID# 10 30 24 12 0019 t o Land Characteristics Land Area: appx 18,295 sq. ft. Frontage: 75 feet Sold: July, 2008 Sale Price: $325,000 Building Characteristics Style: 2 Story Above Grade Room Count 2,099 SF. 8 3 /1 Full,1 3 /a, 1 '/2 Bath Below Grade Room Count: Partial Bsmt Only No Finish No Bath Garage: 2 Car Attached Fireplace: 1 Porches /Decks /Misc.: Deck Page 1 of 1 Tb Tyr f /LS {r ♦7 f /ffpgg� jJ�(�]�S. f a..,,,� r M i- p i3► Ito If 7580 Alden Way NE Fridley http:// maps2. platresearch .coin/REIV /Image.aspx ?src =FORM 4/10/2009 COMPARABLE SALES PHOTOS Comparable 2 6470 Riverview Terrace Fridley PID# 15 30 24 42 0008 Land Characteristics Land Area: 21,344 sq. ft. Frontage: 100 feet Sold: August, 2008 Sale Price: $320,000 Building Characteristics Style: 2 Story Above Grade Room Count 1,800 SF. 7 1 1 Full 1 Bath Below Grade Room Count: 1 1 '/2 Bath Garage: 2 Car Detached Fireplace: 1 Porches /Decks /Mist.: Deck Page 1 of 1 r Y'�M1�Y�; W #r ��i.w f a tPt 4 ti i; '1() 'his, dIC ILA do I V t lw 6470 Riverview Ter NE Fridley http: I/ maps2. platresearch .coiii/REIV /Image.aspx ?src =FORM 4110/2009 COMPARABLE SALES PHOTOS Comparable 3 4825 Twin Lake Ave Brooklyn Center PID# 10 118 2132 0050 r, ✓i /iii Land Characteristics Land Area: 4,032 sq. ft. Frontage: 28 feet Sold: October, 2007 Sale Price: $220,000 Building Characteristics Style: Rambler Main Level Room Count 576 SF. 3 1 1 Full Bath Below Grade Room Count: 2 1 Bath Garage: 2 Car Detached Fireplace: 0 Porches /Decks /Misc.: Porch Deck I 1 Hennepin County Property Map Print Page 1 of 1 Hennepin County Property Map Tax Year: 2009 j The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed t ii land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only.; Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its derivatives. a y 7, F 9 tt: S IA II t Sce 31 S 4825 u 5 I 4523 Oil 'j w 3— I k Z-VU 1 22 7 421 .I l I Selected Parcel Data Date Printed: 4/15/2009 11:05:39 AM Parcel ID: 10- 118 -21 -32 -0050 Current Parcel Date: 4/3/2009 Owner Name: R L CHRYSLER S P REINKE i Parcel Address: 4825 TWIN LAKE AVE N, BROOKLYN CENTER, MN 55429 �I Property Type: RESIDENTIAL LAK Sale Price: $220,000.00 Homestead: NON HOMESTEAD Sale Date: 10/2007 Area (sqft): 4481 Sale Code: WARRANTY DEED Area (acres): 0.10 A -T -B: ABSTRACT Market Total: $222,900.00 Tax Total: $3,373.02 http: /gis.co. hennepin. mn. us/ HCPropertyMap/Locator.aspx ?PID= 1011821320050 4/15/2009 COMPARABLE SALES PHOTOS Comparable 4 4725 Twin Lake Ave Brooklyn Center PID# 10 118 21 32 0041 a, Land Characteristics Land Area: 7,168 sq. ft. Frontage: 56 feet Sold: October, 2007 Sale Price: $368,000 Building Characteristics Style: Rambler Main Level Room Count 1,440 SF. 6 311 Full Bath Below Grade Room Count: 3 1 Bath Garage: 1 Car Tuckunder Fireplace: 0 Porches /Decks /Misc.: Deck Walkout Hennepin County Property Map Print Page 1 of 1 Hennepin County Property Map -Tax Year: 2009 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed j land surveyor.. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only.i i Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its derivatives. 3 .ai 4747 0, z 4734 r N z C4 g W y 4741 H I y br 1 3 4729 E I V Y s 14 4 7� 18± 25 116.43 s ANNIE 7,30 V to 4 708 as �N K�" w i r 4220 u Selected Parcel Data Date Printed 4/15/2009 11:06:36 AM Parcel ID: 10- 118 -21 -32 -0041 Current Parcel Date: 4/3/2009 Owner Name: JAMES RICHARDS Parcel Address: 4725 TWIN LAKE AVE N BROOKLYN CENTER, MN 55429 Property Type: RESIDENTIAL LAK Sale Price: $368,000.00 Homestead: HOMESTEAD Sale Date: 10/2007 Area (sgft): 7336 Sale Code: WARRANTY DEED Area (acres): 0.17 E A -T -B: ABSTRACT sE Market Total: $311,600.00 i? Tax Total: $4,919.00 http: /gis.co. hennepin. mn. us/ HCPropertyMap/Locator.aspx ?PID= 1011821320041 4/15/2009 COMPARABLE SALES PHOTOS Comparable 5 10824 Mississippi Dr Brooklyn Park PID# 03 119 21 21 0009 r i S a m e 2' Land Characteristics Land Area: 21,880 sq. ft. Frontage: appx 50 Sold: May, 2008 Sale Price: $650,000 Building Characteristics Style: Rambler Main Level Room Count 1,967 SF. 5 1 1 Spa 1 '/z Bath Below Grade Room Count: 4 1 Full Bath Garage: 3 Car Attached Fireplace: 1 Porches /Decks /Misc.: Porch Deck 4 Hennepin County Property Map Print Page 1 of 1 Hennepin County Property Map Tax Year: 2009 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only.; °I ;i i Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its derivatives.I I 10906 a, 10908 f 0904 1 1 W V; p> 10824 W 'r N (9) (9) MiC} aB 1 1 '1 t� L ski s 10825 rt r F 1 10818 10824 f y iR v_ r 0 10819 M I r3 Y I 10881 s� 10818 Or 'U Selected Parcel Data Date Printed: 4/15/2009 11:01:32 AM Parcel ID: 03-119-21-21-0009 Current Parcel Date: 4/3/2009 Owner Name: GERALD M COTTEN JR Parcel Address: 10824 MISSISSIPPI DR N BROOKLYN PARK, MN 55443 Property Type: RESIDENTIAL LAK Sale Price: $650,000.00 Homestead: HOMESTEAD Sale Date: 05/2008 Area (sgft): 21880 Sale Code: WARRANTY DEED Area (acres): 0.50 A -T -B: TORRENS Market Total: $485,100.00 Tax Total: $6,429.10 http: /gis.co. hennepin. mn. us/ HCPropertyMap/Locator.aspx ?PID= 0311921210009 4/15/2009 CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2009 Assessment APPLICATION FOR APPEAL March 19, 2009 through April 10, 2009 You must return this application by April 10, 2009 to be placed on the Agenda for the Local Board of Appeal and Equalization April 20, 2009, 7:00 P.M. Names) Alt ol y %rl FR L Daytime Contact Number: 6 7 10 Property Address 2 So yt/i I R Ve Property identification Number Assessor's 2009 Estimated Market Value What is the reason you are appealing your 2009 assessment? SeI OC. 5e J r S 5t121 'fn R,' J' r 'frV0:j?f" 7- I' ..5/11/ C L i� i c°_ ?4• -S cL ►c. c, rr 6 L& 1' CO iy�,'Y4 �fi0 %P SP Ems} c�.''D d ✓�-t Ar X" AC2 When did you purchase your home? Date of Purchase 01 •—Il©® Purchase Price r 7 15 Did you purchase your property from a bank, as a foreclosure or short sale Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. 5; 2ye Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? es or No If so, what was the determination of value? j�1'� d What do you think the market value of your property should be? 17 d Yo1 Me'o AD a co® Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required printdetails jsp Page 1 of 1 Parcel Data for Taxes Payable 2009 Property ID: 25- 119 -21 -42 -0044 Address: 7230 WEST RIVER RD Municipality: BROOKLYN CENTER School Dist: 011 Construction year: 1971 Watershed: 0 Approx. Parcel Size: W101X150X94X150 Sewer Dist: Owner Name: NEDIN FRU ADISA FRU Taxpayer Name NEDIN FRU ADISA FRU Address: 1477 105TH AVE NW COON RAPIDS MN 55433 Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estate Value and are not warranted to represent arms- length transactions. Sale Date: June, 2006 Sale Price: $393.700 Transaction Type: Warranty Deed Tax Parcel Description Addition Name: SWANSON ADDN Lot: 003 Block: 001 Metes Bounds: Abstract or Torrens: ABSTRACT Value and Tax Summary for Taxes Payable 2009 Values Established by Assessor as of 3anuary 2, 2008 Estimated Market Value: $357,000 Limited Market Value: $357,000 Taxable Market Value: $357,000 Total Improvement Amount: Total Net Tax: $6,053.07 Total Special Assessments: $1,844.97 Solid Waste Fee: $39.12 Total Tax: $7,937.16 Property Information Detail for Taxes Payable 2009 Values Established by Assessor as of January 2, 2008 Values: Land Market $125,000 Building Market $232,000 Machinery Market Total Market: $357,000 Land Limited $125,000 Building Limited $232,000 Total Limited: $357,000 Qualifying Improvements Classifications: Property Type APARTMENT Homestead Status NON- HOMESTEAD Relative Homestead Agricultural Exempt Status http: /wwvul6.co.hennepin.mn.us /pins printdetails .jsp ?pid 2511921420044 4/10/2009 printdetails.jsp Page 1 of 1 v Parcel Data for Taxes Payable 2009 Property ID: 10- 118-21- 32-0061 Address: 4806 TWIN LAKE AVE N Municipality: BROOKLYN CENTER School Dist: 281 Construction year: 1960 Watershed: 8 Approx. Parcel Size: 84.43 X 133.33 Sewer Dist: Owner Name: CEL MONTON LLC Taxpayer Name CEL MONTON LLC Address: 1845 STINSON PKWY *102 MINNEAPOLIS MN 55418 Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estate Value and are not warranted to represent arms- length transactions. Sale Date: June, 2008 Sale Price: $175,000 Transaction Type: Tax Parcel Description Addition Name: LAKEBREEZE ADDN Lot: Block: 006 Metes Bounds: THAT PART OF LOT 10 AND OF N 28 14/100 FT OF LOT 11 LYING W OF E 85 FT THEREOF Abstract or Torrens: ABSTRACT Value and Tax Summary for Taxes Payable 2009 Values Established by Assessor as of January 2, 2008 Estimated Market Value: $353,000 Limited Market Value: $353,000 Taxable Market Value: $353,000 Total Improvement Amount: Total Net Tax: $6,426.63 Total Special Assessments: $224.25 Solid Waste Fee: $38.68 Total Tax: $6,689.56 Property Information Detail for Taxes Payable 2009 Values Established by Assessor as of January 2, 2008 Values: Land Market $125,000 Building Market $228,000 Machinery Market Total Market: $353,000 Land Limited $125,000 Building Limited $228,000 Total Limited: $353,000 Qualifying Improvements Classifications: Property Type APARTMENT Homestead Status NON- HOMESTEAD Relative Homestead Agricultural Exempt Status http://wwwl6.co.hennepin.mn.us/pins/printdetailsjsp?pid=101 1821320061 4/10/2009 printdetails.jsp Page l of 1 Parcel Data for Taxes Payable 2009 Property ID: 01- 118 -21 -31 -0061 Address: 5500 BRYANT AVE N Municipality: BROOKLYN Cft1iTlR School Dist: 286 Construction year: 1961 Watershed: 0 Approx. Parcel Size: 149 X 98 Sewer Dist Owner Name: BRAD NOTENBERG Taxpayer Name BRAD NOTENBERG Address: 3050 MAPLE LEAF COURT LITTLE CANADA MN 55109 Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estate Value and are not warranted to represent arms- length transactions. Sale Date: July, 2008 Sale Price: $216,000 Transaction Type: Tax Parcel Description Addition Name: GARCELONS ADDN TO MPLS Lot: 046 Block: Metes Bounds: THAT PART OF THE S 1/2 OF LOT 46 LYING W OF THE E 200 FT THEREOF EX ST Abstract or Torrens: ABSTRACT Value and Tax Summary for Taxes Payable 2009 Values Established by Assessor as of 3anuary 2, 2008 Estimated Market Value: $455,000 Limited Market Value: $455,000 Taxable Market Value: $455,000 Total Improvement Amount: Total Net Tax: $8,515.00 Total Special Assessments: Solid Waste Fee: $49.86 Total Tax: $8,564.86 Property Information Detail for Taxes Payable 2009 Values Established by Assessor as of January 2, 2008 Values: Land Market $125,000 Building Market $330,000 Machinery Market Total Market: $455,000 Land Limited $125,000 Building Limited $330,000 Total Limited: $455,000 Qualifying Improvements Classifications: Property Type APARTMENT Homestead Status NON- HOMESTEAD Relative Homestead Agricultural Exempt Status http: /wwwl 6.co.hennepin.mn.us/ pins /printdetails.jsp ?pid =0111821310061 4/10/2009 printdetails.jsp Page I of 1 Parcel Data for Taxes Payable 2009 Property ID: 29- 119 -21 -33 -0015 Address: 7616 69TH AVE N Municipality: BROOKLYN PARK School Dist: 279 Construction year: 1%5 Watershed: 8 Approx. Parcel Size: 101.6 X 139.4 Sewer Dist: Owner Name: CHAU THI PHAM Taxpayer Name CHAU THI PHAM Address: 655 100TH CT N E BLAINE MN 55434 Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estate Value and are not warranted to represent arms- length transactions. Sale Date: March, 2008 Sale Price: $235,000 Transaction Type: Tax Parcel Description Addition Name: CAST -MOHR ADDN Lot. 006 Block: 001 Metes Bounds: Abstract or Torrens: ABSTRACT Value and Tax Summary for Taxes Payable 2009 Values Established by Assessor as of January 2, 2008 Estimated Market Valuer $340,000 Limited Market Value: $340,000 Taxable Market Value $340,000 Total Improvement Amount: Total Net Tax: $5,428.92 Total Special Assessments: Solid Waste Fee: $37.26 Total Tax: $5,466.18 Property Information Detail for Taxes Payable 2009 Values Established by Assessor as of January 2, 2008 Values: Land Market $90,000 Building Market $250,000 Machinery Market Total Market: $340,000 Land Limited $90,000 Building Limited $250,000 Total Limited: $340,000 Qualifying Improvements Classifications Property Type APARTMENT Homestead Status NON- HOMESTEAD Relative Homestead Agricultural Exempt Status http: /wwwl6.co.hennepin.mn.us /pins /printdetails jsp ?pid= 2911921330015 4/10/2009 printdetails jsp Page 1 of 1 Parcel Data for Taxes Payable 2009 Property ID: 26-119- 21-44 -0068 Address: 1510 69TH AVE N Municipality: BROOKLYN CENTER School Dist: 011 Construction year: 1979 Watershed: 0 Approx. Parcel Size: 90 X 170 Sewer Dist: Owner Name: TROY K PULLIS Taxpayer Name TROY K PULUS Address: 2974 OAKLAND LA MOUND MN 55364 Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estate Value and are not warranted to represent arms- length transactions. Sale Date: May, 2008 Sale Price: $228,500 Transaction Type: Tax Parcel Description Addition Name: HORBAL ADDN Lot: 001 Block: 001 Metes Bounds: Abstract or Torrens: TORRENS Value and Tax Summary for Taxes Payable 2009 Values Established by Assessor as of January 2, 2008 Estimated Market Value: $348,000 Limited Market Value: $348,000 Taxable Market Value: $348,000 Total Improvement Amount: Total Net Tax: $5,899.90 Total Special Assessments: Solid Waste Fee: $38.14 Total Tax: $5,938.04 Property Information Detail for Taxes Payable 2009 Values Established by Assessor as of January 2, 2008 Values: Land Market $125,000 Building Market $223,000 Machinery Market Total Market: $348,000 Land Limited $125,000 Building Limited $223,000 Total Limited: $348,000 Qualifying. Improvements Classifications: Property Type APARTMENT Homestead Status NON- HOMESTEAD Relative Homestead Agricultural Exempt Status http /wwwl6.co.hennepin.mn.us/pins /printdetails jsp ?pid 2611921440068 4/10/2009 Page 1 of 4 NEDIM From: "NEDIM" <frlj@comcast.net> To: nwojcik @ci.brooklyn- center.mn.us> Cc: "NEDIM" <frtj @comcast.net> Sent: Tuesday, April 14, 200910:04 AM Attach: DSCO1823 (Medium).JPG; DSCO1825 (Medium).JPG; DSCO1826 (Medium).JPG Subject: 7230 west river rd. photo and repair exp. Prior that I moove tenants in this building l did replace folowing: 1 apartment carpeting $1278,68 1 refrigirator $398.73 1 dishwashwr $296.43 1 Stowe $374.50 smoke gasket on all apartment entry door $275.00 screen door $476.30 3 screen winovs $685.98 6 outlets $23:50 paint all 4 apartments $1375.00 paint hall and laundry/storage 340.00 plumbing repair (radiator /heating frozen pipe) $375.00 laundry floring $245.65 lighting hall $165J8 suwer main line unkalging $1376.00 gutter on the back of the building $978.00 general cleaning (1 person) $375.00 main waive (water shut off) $126.36 carbon detectors in all 4 apt. $231.62 1 kitchen flor $326.56 2 door jams $86.00 remooving all 4 garbage disposal $26.00 repairing all fuacets $76.00 silicon for tubs all 4 $40.00 repair garage comer $67.42 total for repair for 7230 w. river rd. $10019.50 with this email I'm including the atachment of brocken heating pips. A N Property LLC, Nedim Prlj 8401 Center Dr. NE Spring Lake Park, MN 55432 612- 483 -6289 4/14/2009 s I r N,r a r� �I Ylr vy +,vv,f �t i �to tl4 R i rya. ;r I c I s y M i i v II III MEN= it it h V u i'P�i �t y i i t Ilul I z a z c a� a F.. pro SAO I I� II� �r a a \J y I 1411 r ,a t �l�l r q- i RY i I, 1 1 r,1 M t Vllq Lil 7'y a�9 e' 6'0 i 3 Iii' 1� i i lil i Il i''' v M iiIIV y l Ok i Review Of Four Unit Apartment Building Nedim Frlj 7230 West River Rd. P I D #25- 119- 21-42 -0044 For 2009 Board of Appeal and Equalization y f e S I II Y 14 iutrze eaw`" e m 1 n a r g 's m? i T Z b s City of Brooklyn Center A Millennium Community TO: 2009 Brooklyn Center Local Board of Appeal and Equalization RE: Nedim FrIj 7230 West River Rd. Brooklyn Center, MN 55430 Mr. Frlj contacted our office in person April 3, 2009 regarding his property at 7230 West River Rd. Mr. Frlj indicated that he had purchased the property from a bank for $172,300 and that the 2009 estimated market value of $255,000 was too high. He felt that the condition of the property was poor when he purchased it, and repairs were required. An appointment was set up to review the property with the City Assessor on April 10, 2009. Mr. Frlj indicated that there had been frozen pipes to allow some water into a lower unit, and some of the hot water piping had burst. Mr. Frlj was able to repair all the items. An itemized list of the repair costs and photographs have been included with Mr. Frlj's report. Mr. Frlj stated that in order to rent all four units he had to discount the rent significantly from what the current market is. Mr. Frlj's apartment is 100% occupied. Mr. Frlj has a four unit apartment building with a 4 stall detached garage. The exterior of the apartment is cedar siding, and shows deferred maintenance. The siding has holes, cracks and warping that require repairs. A gutter was added to the property over the winter to reduce the ice build up on the rear entrance steps. The apartment building includes 1 -one bedroom unit and 3- two bedroom units. All units appear to be in fair condition. The boiler and pipes have been repaired and all heating units are currently functioning. There was no evidence of structural or water damage to the units. All units included a stove, refrigerator, dishwasher and AC units. The common laundry includes one each, coin operated washer and dryer. The detached garage holds four cars, but has two double doors for access. Currently Mr. Frlj is using one double area for maintenance equipment. The garage roof is very poor and requires shingle replacement immediately. The subject parking area would be considered minimal for the unit mix of apartments. Mr. Frlj is sharing guest parking with the adjacent apartment. An economic income approach was calculated using market rent information with an indicated estimated market value of $257,000. An income approach was calculated using the actual income data provided by Mr. Frlj. Due to the confidential nature of this information it has not been included in this report. The indicated income approach to value using actual income and expenses was $210,000. There were no open market transactions for four unit apartment buildings in Hennepin County for the sales ratio study period. I have enclosed copies of two four -plex bank sales in Brooklyn Center and one four -plex short sale located in New Hope for additional market information. All sales included do not include a garage. These sales range from $212,000 to $247,200 for non -open market sales 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 www.cityofbrooklyncenter.org i Mr. Frij has provided documentation regarding his expenses to repair the apartment complex to allow him to rent all units. His total expenditures thus far were $10,019. The property review indicated that there would be additional costs required for repairs to the siding and garage shingle replacement. The 2009 average assessed value of a four -plex apartment in Brooklyn Center is $255,000, in average condition. It is reasonable to assume that Mr. Frlj will have an estimated $20,000 in repairs to become a property in average condition. Due to the lack of open market sales and the age of the building, the income approach was given the most weight in the reconciliation. It is my recommendation to reduce the 2009 estimated market value from $255,000 to $210,000 for taxes payable in 2010. Respectfully, Nancy Wojcik, SAMA City Assessor p cz A 0. w l z zz L i t z z CAI o d, z z z H zzz L z z H O 00 M 00 00 "o V x M�t�1 L~i N H r Q00C) X000 O O O w z Z c a =000 v�3 16. 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M O V] O D U a Z UaY o o o'� gwww ��N off. z a r f x m -w W a 0. ¢2¢ti F s V s a c a a 7 O O O C Q «S O .In-i kn M CD Q W 7 N 4, O U n cz O W y c bil is ci 3 C] 3 ce ro It U c ��•a Ea°' a s cn cz oo�?b did >d Vaa cndd ca c� s aa .a y a o n v ai c7 a o y N_ N¢ aUwa�'¢wNwaccGwwwaQaaO.aOc>~a Uc7av�3 x y L i 1 a J N N c E T cu W T w zQ v a y a a v v ID Y7 M M c 8 o o o N c3 a h L C, Y i M Y N O 3 Nl�O V7 O —O y s S a d I�d L v m s od L i� CD II Sx at Gr �.Ty L li I i fil C L ad >aa „r s� x 5 E£ s, Fp x D r l l z 3 F x y M t Y 1 Hennepin County Property Map Print Page 1 of 1 i Hennepin County Property Map Tax Year: 2009 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only. Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this Information or its derivatives.7 t I 1 i E I P if t (S 1 9 l r 3 Q 724 7231 f i 3 1`33 F 1 fl 149.81 4 f E t f 1 3 7225 f E f 7230 j 1 f ,c M °C.. J. E �T 3 R, 7 t i 72 18 133 1 4 1) E f I t E 150 7215 7206 Selected Parcel Data Date Printed: 4/16/2009 9:50:06 AM Parcel ID: 25- 119 -21 -42 -0044 Current Parcel Date: 4/3/2009 Owner Name: NEDIN FRU ADISA FRU Parcel Address: 7230 WEST RIVER RD, BROOKLYN CENTER, MN 55430 Propert ;i Type: APARTMENT Sale Price: $393,700.00 Homestead: NON HOMESTEAD Sale Date: 06/2006 j Area (sgft): 14606 Sale Code: WARRANTY DEED Area (acres): 0.34 f, A -T -B: ABSTRACT Market Total: $357,000.00 Tax Total: $7,937.16 s i http: /gis.eo. hennepin. mn. us/ HCPropertyMap/Locator.aspx ?PID= 2511921420044 4/16/2009 r NU TAB REVENUE Audit")- use e t n,q Ce rtificate, Value; s1r Nil) a"'oet acLt a er rum gate W ro f s p un -nosed �t er'itsitais Ca�ueaty u2£ a e d or 9s pies of m i aeszriptIon Financial arrangements Was rsiei ro -j r sa F Gt, rcha._. once ie cs iitard €rr�Pra cam; �p`r e_I� 5 1) r yes i r d ,'Uff m {saes faiPffiftment) v i at dight, grid enter ff C in Bbik 5 Ewa Uiie b°vk. at fc,rrn itretaid _._..y..: ._._..w..�.. w nrenaid ,r,tore t tail aF, v a We nenmri s p per ..w_ 6, Type of acquisition 'Ches'X e(l that atio emhar� Bt;ye, csitt;r€esed pert €ed inter only pmjx ?am reca' 4 g;,t 'r €srrw” r Buyer and seffe ere reiariveS Mr reiaied bwsirlossez crarluavt paid Grt I, res"At? p ;per r afig; t k 3 e,_ ^s t td un i T ype of property transferred -creek csi jj; 3t apply; t s, an c ew eE, ft "g sait'r mr, A ,:,£ar Planned use of property ii ec k one a d tieE:Sir, #a fasrtiip m, r3cu car Number rat rep;,., �_..__..wiorta�ta ed P�C3�, €s, x Re ident ei; duisiex tripiW� partrr,�nt ,resideitia; �t ear moue Units), Number of u� Catch Schedule PE20A), C abin or recce tionat ,nrrnGCa€asat r a c ri rt.ai -ir ustrt l. Type of si d f5=6ft -!kh€du PEWA1. Other. Describe, (81tach Schedule PE° az_ Wil,i this tn'apdrty be the duyer's -vn nrlctpat residence? ce? yes Method of financing {ctir€r idte racily �r s€✓iier- firtarxeu, including corltracls4or and assumed mortgages A ,,.r-e=u ntract c„ 'o: r -sty lavcvcf -riet 5„ Monthly pa miant intarvtt one Number of Daut of ant ium e ac s ter to errcrxml: a Purchase tpr €ncipat >r tenet) now rn effect peyme 3ta, s'um 1Eaa4a) pimnents _W.. m Sig here. d& 3a c ul't er of fa hat the miorr`rarF or, this for"71 is true, CE3rrect rd C- ol" to ;lie es" 0 my kriowie'dga a j n let ssr€ettire pay P 9 3 E` C ounties: Complete this section �m r,t� w f Y J i E Art slur €ausraa r�z€rnazrrs P�sra. iT Mm...._ r EXi IBIT "A Legal D escription Fiis No 9-01 034 Lot 3, Block 1, Swanson Addition Hennepin County, Minnesota; ota; together with an easement for common driveway purposes over a strip of fand. 24 feet wide the center line of which is described d as follows: Commencing at the Northwest co rner of Lot 3, Swanson Addition; thence Easterly along the North line of said lot distance of 122 feet; now commencing at ,a point I 10 feet Easterly from the Northwesterly corner of Lot 3 as measured along the North line of said Lot 3, thence Northerly a distance ce o 174.15 feet along a lure parallel to the Easterly litre of said addition; thence Northwesterly too point ';on the North lure of Lot 2 of sold addition, which point is 47 feet Westerly from the Northwest t to the Easterly line of said addition to point on the North lure of said addition. 2009. ECONOMIC INCOME. APPROACH ANALYSIS APARTMENTS 4 -PLEX APARTMENT YEAR OF CONSTRUCTION: 1971 7230 West River Rd PID: 25 -119 21.42 -0044 UNITS MI)(: 0 STUDIOS $0 $0 1 1 BEDROOMS $650 $650 3 2 BEDROOMS $775 $2,325 0 3 BEDROOMS $975 $0 4 GARAGES $50 $200 ECONOMIC ACTUAL MONTHLY ADJ. RENT $3,175 TOTAL ANNUAL ADJ. RENT $38,100 Confidential Incom Data TOTAL NUMBER OF UNITS 4 GROSS BUILDING AREA 4,016 CAPITALIZATION PROCESS ECONOMIC ACTUAL POTENTIAL GROSS RENT (PGI) $38,100 LESS: VACANCY COLLECTION LOSS Rio OF PGI 3.0% ($1,143) Confidential Income Data OTHER MISC INCOME 1.0% $381 EFFECTIVE GROSS INCOME $37,338 LESS: ANNUAL EXPENSES Of PGI 38% ($14,478) Confidential Income Data LESS: RESERVES FOR REPLACEMENT 0% ($0) TOTAL ALLOWANCE 38% Af�.NUAL: ET INCOME. $2.2 RETURN ON OF PERSONAL PROPERTY $480 $1,000 /UNIT 12% (Refrig, Stove, Dishwasher, AC) NET INCOME TO REAL PROPERTY $?3 CAPITALIZATION OVERALL RATE 7.00% EFFECTIVE TAX RATE 1.71% TOTAL CAP RATE 8.7% 8.7% CAPITALIZED VALUE OF PROPERTY $257,000 CAPITALIZED VALUE PER UNIT $64,250 LV per Unit BV per 2009 Land $100,000 $25,000 2009 Bldg $157 ,000 $39.09 CORRELATED 2009 VALUE BY ECONOMIC INCOME APPROACH 2009 per CO $63 89 2009 er unit $G425tf. PROPERTY USE: APT Low Rise MUNICIPALITY: BROOKLYN CENTER COMPLEX NAME: COUNTY: HENNEPIN ADDRESS: 5500 Bryant Avenue North PIN 01- 118 -21 -31 -0061 Seq 4 AUDITOR ID: 979505 MULTI PID: N COMMUNITY: NBRHOOD: 1014 10 nEJEJEJEJEW3EW PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1961 1970 Buyer: Nolenberg, Brad Seller: BC50 Trust 1 onst Quality/ Condition: AVERAGE AVERAGE Sale Data: Date of Sale: 7/10/08 onst Class/ Bsmt Use: WD or Steel Stud Frm Total Purchase Price: $216,000 Roof Type/ Exterior Type: Gable Brick Down Payment Amount: $5,000. Other Terms: Roof Cvr/ 2nd Exterior Type: Shingles /Composition TERMS No. of Stories/ Bldg Height: 2.0 9 Ft No Data Available No. of Bldgs/ Units Each: 1 4 Cash Equivalent Price: 6.26% $216,000 Cash Equivalent Adj: LESS: Personal Property: $4,000 Bsmt Area/ Finished: Sq Ft Sq Ft PLUS: Special Assessments: $0 1st Fl Area/ GBA: 2,408 Sq Ft 4,816 Sq Ft Spl Assessment Verified Ind: Y Perimeter: 200 Ft Cash Equivalent of Real Estate: $212,000 Tot Units/ Avg Sz: 4 Units Sq Ft le Analysis: Sale Price Per Unit: $53,000 Tot Rooms/ Avg Sz: Rooms Sq Ft Sale Price Per Room: Sale Price Per Sq. Ft. GBA: $44.02 3BR 1.00 BA/Size: 4 Y Y Y N i Sq Ft Gross Rent Multiplier: Garage Stalls: Income Data: PRIVATE DATA Primary Heating/ Pct Hot Water 100% Apt Rents: Secondary Heating/ Pct PRIVATE DATA Sprinklers/ Elevators: ncludes: Water Trash Parking Surface/ Area: Asphalt 7 Control Entry/ Laundry: Y No Patio or Decks: Lake or View: otal Land Area/ Excess Land: 15,000 Sq Ft N F Useable Land Area: 15,000 Sq Ft oning: R4 Utilities: All Units P Acre/ Topography: 11.62 level Environmental Concern Ind: N Location Rating Factor: Other Amentities: points The Y/N next to the unit desc indicate: (Stove Refrigerator)- (Dishwasher) (Garbage Disposal)- (Washer Dryer) -(No. of Air Conditioners Per Unit) -(No. of Fireplaces). Summary Comments: Property was listed in MLS,purchased from bank. Property had been vacant w /squatters. Personal property was not broken out as owner felt some appliances will be replaced. All 3 bdrm units. Units have individual furnaces and water heaters. Estimate personal property at $4,000. Property requires all new flooring in all units. Overall condition considered Fair /Average. Buyer replaced some windows, and reconfigured kitchen walls. Buyer relisted property for sale in August for $389,900. f I Pin #:0111821310061 Seq #:4 �y Y p PROPERTY USE: APT Low Rise MUNICIPALITY: BROOKLYN CENTER COMPLEX NAME: 4 Plex COUNTY: HENNEPIN ADDRESS: 1510 69th Avenue North PIN 26- 119 -21 -44 -0068 Seq 3 AUDITOR ID: 984889 MULTI PID: N COMMUNITY: NBRHOOD: 1:111:110 (&E&3EZ3E3EZ3EM!!E3E3E3ESE3E3E3E3 PROPERTY DESCRIPTION MARKET DATA Year Built /Effective Year Built: 1979 1979 Buyer: Pullis, Troy K. Seller: Deer Meadow Holdings, LLC Const Quality/ Condition: AVERAGE GOOD (Sale Data: Date of Sale: 5/9/08 onst Class/ Bsmt Use: WD or Steel Stud Frm Total Purchase Price: $228,500 Roof Type/ Exterior Type: Gable wood Down Payment Amount: $1,000 Roof Cvr/ 2nd Exterior Type: Shingles /Composition Other Terms: RMS No. of Stories/ Bldg Height: 2.0 10 Ft No. of Bldgs/ Units Each: 1 Set 1 Assume Ind: 3 $227,500 PMT- 0 INT- 6.00% PMTS -360 Bsmt Area/ Finished: Sq Ft Sq Ft BALLOON DATE- 1st Fl Area/ GBA: 1,850 Sq Ft 3,700 Sq Ft Cash Equivalent Price: 5.98% $228,500 Perimeter: 190 Ft Cash Equivalent Adj: Tot Units/ Avg Sz: 4 Units 850 Sq Ft LESS: Personal Property: $0 Tot Rooms/ Avg Sz: 19 Rooms 179 Sq Ft PLUS: Special Assessments: $0 Spi Assessment Verified Ind: Y IBR 1.00 BA /Size: i Y N N N 1 700 Sq Ft Cash Equivalent of Real Estate: $228,500 2BR 1.00 BA /Size: 3 Y N N N 1 900 Sq Ft ale Analysis: Sale Price Per Unit: $57,125 Garage Stalls: Sale Price Per Room: $12,026 Sale Price Per Sq. Ft. GBA: $61.76 Primary Heating/ Pct Forced Air 100% Gross Rent Multiplier: Secondary Heating/ Pct Income Data: Sprinklers/ Elevators: PRIVATE DATA Parking Surface/ Area: Asphalt 12 Apt Rents: Control Entry/ Laundry: y es PRIVATE DATA ndudes: Water Trash Patio or Decks: Lake or View: Total Land Area/ Excess Land: 15,300 Sq Ft N F Useable Land Area: 15,300 Sq Ft oning: R4 Utilities: all Units P Acre/ Topography: 11.39 Level Environmental Concern Ind: N Location Rating Factor: Other Amentities: points The Y/N next to the unit desc indicate: (Stove Refrigerator (Dishwasher) (Garbage Disposal)- (Washer Dryer) -(No, of Air Conditioners Per Unit)-(No. of Fireplaces). Summary Comments: 4 Plex apartment w /no garages. Short sale prior to foreclosure, subject to bank approval. Buyer stated 50% occupied at time of purchase. Original list price $570,000 and reduced to final listing price of $250,000. MLS stated seller contributions of $9,300. Buyer estimates personal property at $800 per unit. CRV incorrectly completed PP as sale price. Pin #:2611921440068 Seq #:3 PROPERTY USE: APT Low Rise MUNICIPALITY: NEW HOPE COMPLEX NAME: 4 -plex COUNTY: HENNEPIN ADDRESS: 2757 Virginia Avenue North PIN 19- 118 -21-44 -0070 Seq 2 AUDITOR ID: 983481 MULTI PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Built /Effective Year Built: 1965 1965 Buyer: Lin, Wei Yi Seller: Miller, Matthew 1. Tiffany L. Const Quality/ Condition: AVERAGE AVERAGE Sale Data: Date of Sale: 8/14/08 onst Class/ Bsmt Use: WD or Steel Stud Frm Total Purchase Price: $250,000 Roof Type/ Exterior Type: Gable Brick Down Payment Amount: $62,500 Roof Cvr/ 2nd Exterior Type: Shingles /Composition Composition her Terms: ERMS No. of Stories/ Bldg Height: 1.9 9 Ft No Data Available No. of Bldgs/ Units Each: 1 4 Cash Equivalent Price: 6.28% $250,000 Cash Equivalent Adj: LESS: Personal Property: $2,800 Bsmt Area/ Finished: 0 Sq Ft Sq Ft PLUS: Special Assessments: $0 1st Fl Area/ GBA: 1,600 Sq Ft 3,200 Sq Ft Spl Assessment Verified Ind: Y Perimeter: 164 Ft Cash Equivalent of Real Estate: $247,200 Tot Units/ Avg Sz: 4 Units 675 Sq Ft le Analysis: Sale Price Per Unit: $61,800 Tot Rooms/ Avg Sz: Rooms Sq Ft Sale Price Per Room: Sale Price Per Sq. Ft. GBA: $77.25 1BR 1.00 BA /Size: 1 Y N N N 1 0 600 Sq Ft Gross Rent Multiplier: 2BR 1.00 BA /Size: 3 Y N N N 1 0 700 Sq Ft Income Data: Garage stalls: 0 PRIVATE DATA Primary Heating/ Pct Hot water 100% pt Rents: PRIVATE DATA Secondary Heating/ Pct Includes: Heat Water Trash Sprinklers/ Elevators: 0 0 Parking Surface/ Area: Asphalt 8 Control Entry/ Laundry: N 1 Patio or Decks: 0 Lake or View: Total Land Area/ Excess Land: 16,104 Sq Ft N F Useable Land Area: 16,104 Sq Ft Zoning: R -3 Utilities: All public Units P Acre/ Topography: 10.82 level Environmental Concern Ind: Location Rating Factor: Other Amentities: points The Y/N next to the unit desc indicate: (Stove Refrigerator (Dishwasher) (Garbage Disposal)-(Washer Dryer) -(No. of Air Conditioners Per Unit) -(No. of Fireplaces). Summary Comments: Buyer bought subject to bank approval at listed price.Seller had purchased for $387,000 in August 2004. Seller had two other 4- plexes listed on the same street for the same price. Those are apparently still for sale. Buyer said personal property was included. he said it was worth less than $1,000 per unit. Use the default $700 per unit. I Pin #:1911821440070 Seq #:2 2009 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 4 and 5 unit Buildings Apartment Complexes 2009 Asmt 2008 Asmt PROPERTY AREAS 2009 EMV )7 Unit Values 2008 EMV Jnit Values 1 Brad Nolenberg Land 15,000 Land $100,000 $25,000 Unit Land $125,000 $31,250 5500 Bryant Avenue North GBA 4,816 Building $242,000 $50.25 [1 Building $330,000 $69 PID:01- 118 -21- 31.0061 Units 4 Total $342,000 $71.01 Total $455,000 $94 �s,? 8s4M kw<a 338 azarri 0 t'satages: Age 1961 Change -24.8% $85,500 Unit Change 7.9% $113,750 lrnprz3vernez3t 12 2 ROBSON APARTMENTS Land 13,736 Land $100,000 $25,000 Unit Land $125,000 $31,250 1107 57th Ave. North GBA 3,416 Building $166,000 $48.59 Building $241,000 $71 PID:01 118 21.32 0018 Units 4 Total $266,000 $77.87 Total $366.000 $107 Age 1963 Change -27.3% $66,500 Unit Change -3.4% $91.500 3 DOLL APARTMENTS Land 12,800 Land $100,000 $25,000 Unit Land $125,000 $31.250 1201 57th Avenue North GBA 3,416 Building $152 $44.50 Building $228,000 $67 PID:01- 118 2132 -0105 Units 4 Total $252,000 $73.77 Total $353,000 $103 r y�rscc�0*14, OGarages; Age 1960 Change 28.6% $63,000 Unit Change 5.9 °6 $88,250 4 Duong Apartments Land 10,710 Land $100,000 $25,000 unit Land $125,000 $31,250 1425 55th Avenue North GBA 3,416 Building $152,000 $44.50 Building $228,000 $67 PID: 01 -118-21-33-0072 Units 4 Total $252,000 $73.77 [J] Total $353,000 $103 0 Garages Age 1960 Change -28.6% $63,000 Unit Change -5.9% $88,250 5 HILDRETH APARTMENTS B Land 15,240 Land $100,000 $25,000 Unit Land $125,000 $31,250 5547 Lyndale Avenue North GBA 3,472 Building $152,000 $43.78 Building $228,000 $66 PID:01- 118 -21.42 -0019 Units 4 Total $252,000 $72.58 [/J Total $353,000 $102 0 Garages Age 1960 Change -28.6% $63,000 Unit Change -5.9% $88,250 6 HILDRETH APARTMENTS A Land 14,798 Land $100,000 $25,000 Unit Land $125,000 $31,250 5601 Lyndale Avenue North GBA 3,528 Building $166,000 $47.05 [1 Building $241,000 $68 PID: 01 -118-21-42-0021 Units 4 Total $266,000 $75.40 Total $366,000 $104 4Qa:agzs Age 1962 Change 27.3% $66,500 Unit Change -3.4% $91,500 7 DABROWSKI APARTMENTS Land 20,250 Land $100,000 $25,000 Unit Land $125,000 $31,250 5001 Ewing Avenue North GBA 3,616 Building $161,000 $44.52 Building $241,000 $67 PID:10- 118 -21 -13 -0042 Units 4 Total $261,000 $72.18 Total $366,000 $101 Homestead 4Gas;3ps Age 1973 Change 28.7% $65,250 Unit Change -3.4% $91,500 Exsr€.oxt #aid: 10st7 s37 t�0 Land Bldg Total R15 ;:::4t)3jttt 1353ti 8 William 8 Linda Bjerke Land 20,250 Land $100,000 $25,000 Unit Land $68,700 $31,250 3616 50th Ave N. GBA 2,984 Building $143,000 $47.92 Building $187,400 $67 PID 10- 118 -21 -13 -0051 Units 4 Total $243,000 $81.43 Total $256,100 $101 2 Gwia gees Age 1954 Change -5.1% $60,750 Unit Change -12.7% $91,500 9 Lattery Apartments Land 12,208 Land $100,000 $25,000 Unit Land $125,000 $31,250 4200 Lakebreeze Avenue GBA 3,712 Building $159,000 $42.83 [/J Building $231,000 $62 PID:10- 118 -21 -32 -0052 Units 4 Total $259,000 $69.77 Total $356,000 $96 2 Garages Age 1961 Change 27.2% $64,750 Unit Change -6.1% $89,000 2009 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 4 and 5 unit Buildings PROPERTY AREAS 2009 EMV )7 Unit Values 2008 EMV lnit Values 10 Nieken Apartments Land 10,416 Land $100,000 $25,000 Unit Land $125,000 $31,250 4204 Lakebreeze Avenue GBA 3,622 Building $152,000 $41.97 Building $228,000 $63 PID:10- 118 -21 -32 -0053 Units 4 Total $252,000 $69.57 Total $353,000 $97 I" €tedas�_!l1}�,s25G QGarages Age 1961 Change 28.6% $63,000 Unit Change -5.9% $88,250 11 Diane Krenz Apartments Land 11,312 Land $100,000 $25,000 Unit Land $125,000 $31,250 4811 Lakeview Avenue North GBA 3,472 Building $166,000 $47.81 Building $241,000 $69 PID:10- 118 -21-32 -0054 Units 4 Total $266,000 $76.61 Total $366,000 $105 4 Gwags Age 1964 Change 27.3% $66,500 Unit Change -3.4% $91,500 12 HSBC Bank /Foreclosure Land 12,420 Land $100,000 $25,000 Unit Land $125,000 $31,250 4806 Twin Lake-Avenue GBA 3,654 Building $152,000 $41.60 Building $228,000 $62 PID:10- 118 2132 -0061 Units 4 Total $252,000 $68.97 Total $353,000 $97 z 33 Gwages Age 1960 Change 28.6% $63,000 Unit Change -5.9% $88,250 i i: Fi:F 13 SIMONS APARTMENTS Land 14,280 Land $100,000 $25,000 Unit Land $125,000 $31,250 4210 Lakebreeze Avenue GBA 3,712 Building $188,000 $50.65 Building $241,000 $65 PID:10- 118- 2132 -0062 Units 4 Total $288,000 $77.59 Total $366,000 $99 4 G tat �s Age 1960 Change 21.3% $72,000 Unit Change -3.4% $91,500 14 Ita Ekah Apartments Land 11,592 Land $100,000 $25,000 Unit Land $125,000 $31.250 4216 Lakebreeze Avenue GBA 3,660 Building $152,000 $41.53 Building $228,000 $62 PID:10- 118.21 -32 -0063 Units 4 Total $252,000 $68.85 Total $353,000 $96 0 Garages Age 1960 Change -28.6% $63,000 Unit Change -5.9% $88,250 15 WAAGE FOURPLEX Land 12,208 Land $100,000 $25,000 Unit Land $125,000 $31,250 4100 Lakebreeze Avenue GBA 3,548 Building $166,000 $46.79 Building $241,000 $68 PID:10- 118 -2132 -0064 Units 4 Total $266,000 $74.97 Total $366,000 $103 4 G c,z {s a Age 1964 Change 27.3% $66,500 Unit Change -3.4% $91,500 16 Lee Thao Pashoua Her Apartments Land 11,760 Land $100,000 $25,000 Unit Land $125,000 $31,250 4110 Lakebreeze Avenue GBA 3,476 Building $166,000 $47.76 Building $233,000 $67 PID:10- 118 2132 -0071 Units 4 Total $266,000 $76.52 Total $358,000 $103 4 Gtlr�.ge Age 1964 Change 25.7% $66,600 Unit Change -5.5% $89,500 Sear' G. ±'u+0 *t'a fA9 r�I�t�fxee4 s: x 17 US Bank Land 15,000 Land $100,000 $25,000 Unit Land $125,000 $31,250 7250 West River Road GBA 4,026 Building $155,000 $38.50 [1] Building $232,000 $58 PID:25 119 0042 Units 4 Total $255,000 $63.34 Total $357,000 $89 "old t;sf t X92 �3ti >.ft3.; 00 4 Gw�, cgf5 Age 1972 Change -28.6% $63,750 Unit Change -5.8 °U $89,250 E.aiv 3F"ti 1: Eli:: 18 MERS,Inc. Land 15,150 Land $100,000 $25,000 Unit Land $125,000 $31,250 7230 West River Road GBA 4,016 Building $155,000 $38.60 Building $232,000 $58' PID: 25 -119 -21-42 -0044 Units 4 Total $255,000 $63.50 Total $357,000 $89 Listsd 12108 5199.940 4 rsarsc,es Age 1971 Change 28.6% $63,750 Unit Change -5.8% $89.250 Sold..1.121l09 $1:72,330 NM "F 2009 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 4 and 5 unit Buildings PROPERTY AREAS 2009 EMV )7 Unit Values 2008 EMV )nit Values 19 Deer Meadow Holdings Land 15,300 Land $100,000 $25,000 Unit Land $125,000 $31,250 1510 69th Avenue North GBA 3,700 Building $149,000 $40.27 Building $223,000 $60 PID:26- 119 -21.44 -0068 Units 4 Total $249,000 $67.30 [/j Total $348,000 $94 0 Garages Age 1979 Change -28.4% $62,250 Unit Change -7.2 °k $87,000 S43id $_23 r� #t+E�� 2e3 ��FS °X S�is 20 Northwest Residence Inc. Land 10,000 Land $100,000 $33,333 Unit Land $125,000 $41,667 4408 69th Avenue North GBA 3,600 Building $141,000 $39.17 Building $209,000 $58 PID:27- 119 2133 -0016 Units 3 Total $241,000 $66.94 Total $334,000 $93 i35fc, p Hr o an 0 Garages Age 1963 Change 27.8% $80,333 Unit Change 1.8% $111,333 21 SCHWARTZ APARTMENTS Land 11,430 Land $100,000 $25,000 Unit Land $125,000 $31,250 5401 63rd Avenue North GBA 3,360 Building $154,000 $45.83 Building $231,000 $69 PID:33 119 21 43 0081 Units 4 Total $254,000 $75.60 Total $356,000 $106 0 Garages Age 1961 Change -28.7% $63,500 Unit Change -5.1% $89,000 TOTALS Land 285,860 Land $2,140,000 $25,301 Unit land $2,568,700 $31,646 and GBA 76,222. Building $3,1 89,000: $44 4 Building. $4,922,400 $65; AVERAGES::: 5 OOiI S 72 F Total $Z 835000 $99S A Units Fatal .S 489, I Ghaflge 24.1° $66,133 unit Change $91,582 G: \SPREDSHTVissessor\2009cialAPT 4- 5.xlsx]2009 Totals $256,619 AVG. AEMV $361 ✓G. AEMV 64 155 Avg. Unit $90,438 Avg. Unit 9 g CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2009 Assessment APPLICATION FOR APPEAL March 19, 2009 through April 10, 2009 You must return this application by April 10 2009 to be placed on the Agenda for the Local Board of Appeal and Equalization pp u q al zation April 20, 2009, 7:00 P.M. Names) ON v`L.L.\ NCs Daytime Contact Number Property Address Property Identification Numbe Q Assessor's 2009 Estimated Market Value J.C) CK) What is the reason you are appealing your 2009 assessment? When did you purchase your home? Date of Purchase V tm Purchase Price 4 Did you purchase your property from a bank, as a foreclosure or short sale? Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. i Have you had a recent appraisal for refinancing, purchase or a market analysis by a real 3 estate agent completed within the last year? Yes or No If so, what was the determination of value? f What do you think the market value of your property should be? Sa Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to @Mtgl your valuation an a oln ent to view the p=gdy l l be maqw. Review Of Willow Lane Apartments Quilling Properties LLC 7015 Brooklyn Blvd. PI D# 27- 119 -21 -33 -0010 For 2009 Board of Appeal and Equalization el s Y li City of Brooklyn Center A Millennium Community TO: 2009 Brooklyn Center Local Board of Appeal and Equalization RE: Jason Quilling Quilling Properties LLC Willow Lane Apartments 7015 Brooklyn Blvd. Brooklyn Center, MN 55429 Ms. Tami Cassidy of Quilling Properties contacted our office by phone on April 9, 2009 regarding the 2009 estimated market value of Willow Lane Apartments. Ms. Cassidy indicated that the value was too high at $3,047,000, or $52,500 per unit, and requested an appeal application. The application packet was emailed to Ms. Cassidy on April 9, 2009. The Assessor's office requested the 2008 income and expense documentation along with a 2008 rent roll. An appointment was set for April 13, 2009 to review the property. The appeal application and a 2009 rent roll were received by the Assessor's office April 9, 2009. Due to the confidentiality of the income documents, they were not included with the appeal application. No additional market information was provided by Quilling Properties. The interior review was completed with Jason Quilling on April 13, 2009. The Willow Lane Apartment building has a total gross building area of 56, 331 sq. ft. It is an irregular shaped building that includes 58 units and a rental office. The apartment unit mix includes 36 one bedroom and 22 two bedroom units. The apartment building includes a detached garage building with 20 stalls. The asphalt parking lot includes 121 stalls. The property includes a common laundry area with 10 washers and 4 dryers. The interior hallway finish includes sprayed ceilings and carpeted stairs and hallways. The apartment units have pergo flooring in the hallways and kitchens, and carpet in remaining living area. The bath surround and bathroom floors are ceramic. Some units have been renovated with pergo flooring, updated cabinets, kitchen counters and kitchen backsplash. The apartment building is in average to good condition. All decks were replaced in 2007 and 2008. The characteristics were corrected to reflect the removal of a 3 bedroom apartment unit in the complex, replaced with a rental office and 2 bedroom apartment. During the review of the property on April 13, 2009 Mr. Quilling was informed that a 2009 rent roll was provided with only a summary of income and expense totals. A request for the 2008 information was made to Mr. Quilling at that time. The 2008 itemized information was never received by the Assessor's office. An income approach was completed on the property by using market rent, occupancy and expenses provided by local apartment surveys and comparable apartment sale information. The market income approach indicated an estimated market value of $3,039,000, or $52,400 per unit. The actual income approach was calculated using the 2009 rent roll, but an assumed 3% vacancy was used as the itemization of income and expenses was not provided. The 2009 rent roll did not indicate any vacant units. The actual 2009 rent roll indicated a value by income approach 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 www. cityolbrookUncenter.org of $3,006,000, or $51,800 per unit, but verification of vacancy and expenses would be needed to support that value. There were three open market sales of apartment buildings with 50 to 60 units in Hennepin County. The public sales information for each sale is included in this report. The complexes are all very close in size -and age to the subject property. The sale price range of value for this size complex is from $50,923 to $71,000 per unit. The two sales located in Minneapolis are most comparable to the Brooklyn Center market, and have a range of $50,923 to $58,167 per unit. The 2009 estimated market value of $3,047,000 or $52,500 per unit falls within this range. Quilling Properties purchased this property November 15, 2006 for $2,930,400 or $50,500 per unit. The 2009 average assessed value per unit of an apartment complex in Brooklyn Center with 48 to 75 units is $51,800 per unit. Due to the lack of actual 2008 income and expense information, and the availability of three comparable apartment sales, I am relying on a reconciliation of the market sales and economic income approach. It is my recommendation to sustain the 2009 estimated market value of $3,047,000, $52,500 per unit for taxes payable in 2010. Respectfully, 1 Nancy Wojcik, SAMA City Assessor O1 0 ��ti# +�uP!'��� °'PI' o ui o cz a aIzzz N Vl w X zzz 00 t— kn i kr) 0 00 to O M M M y d a�000 �000 kn V O V A o R .ri =0 o Qn 000 L: O �I W) W Vs fYa Luca �t M N M W I N N N C Qa Q� z O O O a 7 0 0 0 O Qn 00 r- C a o AN a a �"I 4 O O COD Oa N O N a O yy U U ei ti .c ro ltl y o c O Q C? 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The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only. j Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its derivatives. AN 3 i '/y 6 1401 2 ,i> ti i �/J T o r j£( 3 i w O1 ©O PLR C(7 N D(J fltl l N 0 2407 a: rd a 3 �i �4 3 F -i d ff 3� i 70TH AVE N a y t Y L ITT 69 6945 4 I 693 9 MR, 6945 c. (37) C') 0211 Selected Parcel Data Date Printed: 4/16/2009 9:49:26 AM Parcel ID: 27- 119 -21 -33 -0010 Current Parcel Date: 4/3/2009 Owner Name: WILLOW LANE ESTATES LLC Parcel Address: 7015 BROOKLYN BLVD, BROOKLYN CENTER, MN 55429 Property Type: APARTMENT Sale Price: $3,000,000.00 Homestead: NON HOMESTEAD Sale Date: 11/2006 I ?i Area (sgft): 149077 Sale Code: WARRANTY DEED Area (acres): 3.42 A -T -B: TORRENS Market Total: $2,950,000.00 Tax Total: $50,799.34 http: /gis.co. hennepin. mn. us /HCPropertyMap/Locator.aspx ?PID= 2711921330010 4/16/2009 a. c o 0 v M a Q Q a a cq r4 V� G A iO.r G o 0 V Q 3 O �a M L O O O O C/1 Q 69 6R N M o 00 cq Z o 0 N f� N o C n 0 0 0 0 0 0 0 0 O o n o O o 11 O, 0 0 0 0 0 0 0 0 ertl r O O Gq� r 64 1` O of O O O O s Qq s M S Cq v a� a o 0 0 0 0 0 00 S a ON rn rn 0 A o 0 0 0 0 0 0 0 0, CN ON N N N N N N N N N a0 O O 01 C N N O O C A N Z M M cf d' N 1` .1' vn V', W) A O O O O O O O O O p O� p� 00 00 00 ON O O� ON ON 01 O\ ON O O O O O O O O O O O� ON Q, (71 O� 01 N N N N N N N N N N y O 00 v) r— 00 O 00 00 N N D 0 D N p M N O N O M z N N N N M C1 M O M 00 "!t M 00 W) kn O 0 0 0 0 e A V N G O U 0 M O i.1 W N Q Qw q H w C to V .i ooQ���w�oQW� �,a A x�m�c�caxx���zN`�wa3�3�5ww3 i� 4, a O L C C far 0. C 0r a 0r v a a a a a a w w v a� ou en a E w f E E E E E E w w w 0 oa O G C Q G C C OD O o a is �I w G N N 7 O It O 01 �O 00 N O rP C y1 N vl l- 'O 7 'D N 00 M 00 l" l� 00 I F 2: I� l� N N f— \p �D l� r- d' Os �p 00 00 00 r- v', 7 O 1 0 N d' d' O ON O� 00 p E 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o CU Q, A, f 0. C 0. C U W a 2( 09 :LCC)BtOMIC: INCOME ApPROACH:ANALYSIS. APAFtTMEBITS WILLOW LANE YEAR OF CONSTRUCTION: 1969 7015 BROOKLYN BLVD PID: 27- 119 -21-33 -0010 IINCf: EC NpMIC: i4GfUAI: ::::::T l�il UNITS: MtX: RENT: 12ENT :::ECO:P}:FtENT 0 STUDIOS $0 $0 36 1 BEDROOMS $650 $23,400 22 2 BEDROOMS $775 $17,050 0 3 BEDROOMS $975 $0 20 GARAGES $40 $800 ECONOMIC MONTHLY ADJ. RENT $41,250 TOTAL ANNUAL ADJ. RENT $495,000 TOTAL NUMBER OF UNITS 58 GROSS BUILDING AREA 56,331 CAPITALIZATION PROCESS ECONOMIC ACTUAL POTENTIAL GROSS RENT (PGI) $495,000 LESS: VACANCY COLLECTION LOSS Rio OF PGI 3.0% ($14,850) Confidential Income Data OTHER MISC INCOME 2.0% $9,900 EFFECTIVE GROSS INCOME $490,050 LESS: ANNUAL EXPENSES Of PGI 43% ($212 ,850) Confidential Income Data LESS: RESERVES FOR REPLACEMENT 0% ($0) TOTAL ALLOWANCE 43% $212,850 ANNUAL:NET INCOME $277 X00 RETURN ON OF PERSONAL PROPERTY $12,528 $1,800 /UNIT 12% (Refrig, Stove, Dishwasher, AC) NET INCOME TO REAL PROPERTY $2641.67 CAPITALIZATION OVERALL RATE 7.00% EFFECTIVE TAX RATE 1.71% TOTAL CAP RATE 8.7% 8.7% CAPITALIZED VALUE OF PROPERTY $3,039,000 CAPITALIZED VALUE PER UNIT $52,397 LV per Unit BV per 2009 Land $700,000 $12,069 2009 Bldg $2,339,000 $41.52 CORRELATED 2009 VALUE BY ECONOMIC INCOME APPROACH $1,039,000' 20p9 per [a $53.95 2009 p $52,397 I Summary of the Apartment Sales Found Search for: Summary of Records Found: Property Use: Apartment Number of Sales Found 3 County /Music.: HENNEPIN- COUNTY Avg. GBA 49,798 Sale Date: from 10/01/2007 to 09/30/2008 Avg. SP Unit $60,030 Effective Age: Avg. SP GBA $69.91 GBA: Standard Deviation SP GBA $11,02 Apt. Units: from 50 to 60 Avg. GRM 7.19 Show: Valid Sales, Comparable Sales Avg. CAP 7.03 Sort By: County, Munic, PID Records 1 3 of 3 f Page 1 of 1 HENNEPIN MINNEAPOLIS, PID: 34- 029 -24 -14 -0043 Multiple PID: N, Sale #1 Address: 2535 Clinton Avenue South Top Sale Date 03/07/2008 Land Area 37,572 GBA 38,640 Apt. Units 52 CE Sale Price $2,700,000 Property Use Z352 APT Low Rise SP GBA $68.53 GRM 6.56 Rejection Code Effective Age 1,969 CAP 7.5 SP Unit $50,923 Project Name Towle Sector Minneapolis NonCBD PGI $411,600 Buyer 2535 Clinton Avenue LLC Comparable Y Neighborhood 51 Seller Meyer Meyer Investments Ratio Study Y Environment Concern Sale Price $2,700,000 Community HENNEPIN MINNEAPOLIS, PID: 34- 029 -24 -22 -0130 Multiple PID: N, Sale #1 Address: 2300 Pleasant Avenue Top Sale Date 04 /09/2008 Land Area 35,588 GBA 58,520 Apt. Units 60 CE Sale Price $3,550,000 Property Use Z352 APT Low Rise SP GBA $59.64 GRM 6.87 Rejection Code Effective Age 1,968 CAP 7.38 SP Unit $58,167 Project Name Towle Sector Minneapolis NonCBD PGI $516,600 Buyer Uptown Plaza Apartments LLC Comparable Y Neighborhood 51 Seller Anthony Inc Ratio Study Y Environment Concern Sale Price $3,550,000 Community HENNEPIN ST. LOUIS PARK, PID: 04- 117 -21 -32 -0065 Multiple PID: N, Sale #2, Address: 1425 -1427 Colorado Avenue Top Sale Date 04/25/2008 Land Area 99,940 GBA 52,235 Apt. Units 60 CE Sale Price $4,380,000 Property Use Z352 APT Low Rise SP GBA $81.55 GRM 8.13 Rejection Code Effective Age 1,971 CAP 6.2 SP Unit $71,000 Project Name Park West Apartments Towle Sector West Sector PGI $538,680 Buyer Anthony, Inc Comparable Y Neighborhood Seller Park West Apartments SLP, LLC Ratio Study Y Environment Concern Sale Price $4,380,000 Community Records 1 3 of 3 Page 1 of 1 f PROPERTY USE: APT Low Rise MUNICIPALITY: MINNEAPOLIS COMPLEX NAME: COUNTY: HENNEPIN ADDRESS: 2535 Clinton Avenue South PIN 34 -029- 24-14 -0043 Seq 1 AUDITOR ID: 971208 MULTI PID: N COMMUNITY: NBRHOOD: 51 ROPERTY DESCRIPTION MARKET DATA yer: 2535 Clinton Avenue LLC Year Built/Effective Year Built 1969 1 9 per: Meyer Meyer Investments nst Quality/ Condition: AVERAGE AVERAGE le Data: Date of Sale: 3/7/08 oust Class/ Bsmt Use: WD or Steel Stud Frm Total Purchase Price: $2,700,000 koof Type/ Exterior Type: Flat Brick Down Payment Amount: $300,000 Roof Cvr/ 2nd Exterior Type: Tar and Gravel wood ther Terms: 0 RMS o. of Stories/ Bldg Height: 2.0 Ft No Data Available o. of Bidgs/ Units Each: 1 Cash Equivalent Price: 6.03% $2,700,000 Cash Equivalent Adj: LESS: Personal Property: $52,000 �Bsmt Area/ Finished: 12,880 Sq Ft Sq Ft PLUS: Special Assessments: $0 1st A Area/ GBA: 12,880 Sq Ft 38,640 Sq Ft Spl Assessment Verified Ind: N P erimeter: Ft Cash Equivalent of Real Estate: $2,648,000 T ot Units) Avg Sr. 52 Units Sq Ft le Analysis: Sale Price Per Unit: $50,923 Tot Rooms/ Avg Sz: Rooms Sq Ft Sale Price Per Room: Sale Price Per Sq. Ft. GBA: $68.53 1BR 1.00 BA/Size: 12 Y Sq Ft Gross Rent Multiplier: 28R 1.00 BA/Size: 20 Y Sq Ft Income Data: EFF 1.00 BA/Size: 20 Y Sq R PRIVATE DATA G arage Stalls: Apt Rents: P rimary Heating/ Pct Hot water 100% PRIVATE DATA dudes: Heat Water Trash S econdary Heating/ Pct prinkiers/ Elevators: P arking Surface/ Area: Asphalt 53 Con trol Entry/ Laundry: P atio or Decks: La ke or Yew: T otal Land Area/ Excess Land: 37,572 Sq Ft N F U seable Land Area: Sq Ft Zoning: R5 ilities: nits P Acre/ Topography: 60.29 nvironmental Concern Ind: ocation Rating Factor: Other Amentities: points The Y/N next to the unit desc indicate: (Stove Refrigerator (Garbage Disposal) Dryer) (No. of Air Conditioners Per Unit) of Fireplaces). Summary Comments: Had been listed for approximately 6 months. no vacancies at time of sale. the subject is in overall avg minus condition, with some deferred maintenance and repairs needed. I PUBLIC *ACE *PUBLIC iA 'r �4` PROPERTY USE: APT Low Rise MUNICIPALITY: MINNEAPOLIS W COMPLEX NAME: COUNTY: HENNEPIN ADDRESS: 2300 Pleasant Avenue PIN 34- 029 -24 -22 -0130 Seq 1 AUDITOR ID: 972046 MULTI PID: N COMMUNITY: NBRHOOD: 51 PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1968 1968 Buyer: Uptown Plaza Apartments LLC Seller: Anthony Inc onst Quality/ Condition: AVERAGE AVERAGE Sale Data: Date of Sale: 4/9/08 Pnst Class/ Bsmt Use: WD or Steel Stud Frm Total Purchase Price: $3,550,000 !Roof Type/ Exterior Type: Flat Stucco Down Payment Amount: $0 Other Terms: 0 !Roof Cvr/ 2nd Exterior Type: Tar and Gravel Brick TERMS No. of Stories/ Bldg Height: 3.0 Ft No Data Available No. of Bldgs/ Units Each: 1 Cash Equivalent Price: 6.46% $3,550,000 Cash Equivalent Adj: smt Area/ Finished: 28,728 Sq Ft Sq Ft LESS: Personal Property: $60,000 PLUS: Special Assessments: $0 1st 1 Area/ GBA: 14,896 Sq Ft 58,520 Sq Ft Sp) Assessment Verified Ind: N enmeter: Ft Cash Equivalent of Real Estate: $3,490,000 Tot Units/ Avg Sz: 60 Units Sq Ft le Analysis: Sale Price Per Unit: $58,167 T ot Rooms/ Avg Sz: Rooms Sq Ft Sale Price Per Room: Sale Price Per Sq. Ft. GBA: $59.64 18R 1.00 BA/Size: 42 Y Sq Ft Gross Rent Multiplier: 2BR 1.00 BA/Size: 12 Y Sq ft Income Data: EFF 1.00 BA/Size: 6 Y Sq Ft PRIVATE DATA Garage Stalls: Apt Rents: rimary Heating/ Pct Steam 100% PRIVATE DATA dudes: Heat Water Trash 3econclary Heating/ Pct prinklers/ Elevators: arking Surface/ Area: Asphalt 29 Control Entry/ Laundry: Patio or Decks: Lake or View; Total Land Area/ Excess Land:35,588 Sq Ft N F seable Land Area: Sq Ft oning: RS tilities: nits P Acre/ Topography: 73.44 nvironmental Concern Ind: ocation Rating Factor: Other Amentities: points The Y/N next to the unit desc indicate: (Stove Refrigerator )-(Dishwasher)-(Garbage Disposal)-(Washer lk Dryer) -(No, of Air Conditioners Per Unit) -(No. of Fireplaces). Summary Comments: Valid sale, advertised for $3,650,000. prior to sale, the subject was in average menus condition with noticeable deferred maintenace, and substantial reapairs and upgrading needed. new owner started extensive exterior and interior rehabbing work almost immediately following the sale. PUBLIC *ACE *PUBLIC r E r,+xmx.';:,, PROPERTY USE: APT Low Rise MUNICIPALITY: Sr. LOUIS PARK COMPLEX NAME: Paark West Apartments COUNTY: HENNEPIN ADDRESS: 1425 -1427 Colorado Avenue PIN 04117 -21- 32-"5 Seq 2 AUDITOR ID: 974314 MULTI PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Anthony, Zt Built/Effective Year Built: 1971 1971 Buyer: Y Inc Se ller: Park West Apartments SLP, LLC Quality/ Condition: AVERAGE AVERAGE Sale Data: Date of Sale: 4/25/08 �onst Class/ Bsmt Use: WD or Steel Stud Frm Total Purchase Price: $4,380,000 ''hoof Type/ Exterior Type: Flat Brick Down Payment Amount: $0 btoof Cvr/ 2nd Exterior Type: Tar and Gravel Wood O ther Terms: RMS j o. of Stories/ Bldg Height: 3.0 9 Ft No Data Available �No. of Bidgs/ Units Each: 2 Cash Equivalent Price: 6.46% $4,380,000 Cash Equivalent Adj: Bsmt Area/ Finished: Sq Ft Sq Ft LESS: Personal Property: $120,000 PLUS: Special Assessments: $0 1st A Area/ GBA: 17,604 Sq Ft 52,235 Sq Ft Spl Assessment Verified Ind: Y P erimeter: Ft Cash Equivalent of Real Estate: $4,260,000 of Units/ Avg Sz: 60 Units 721 Sq Ft le Analysis: Sale Price Per Unit: $71,000 It Rooms/ Avg Sz: Rooms Sq Ft Sale Price Per Room: Sale Price Per Sq. R. GBA: $81.55 IBR 1.00 BA/Size: 36 Y Y Y N 624 Sq Ft Gross Rent Multiplier. 2BR 1.00 BA/Size: 24 Y Y Y N 866 Sq Ft Income Data: D etached Garage stalls: 22 PRIVATE DATA P rimary Heating/ Pct Hot Water 10096 A Rents: PRIVATE DATA Seco ndary Heating/ Pct dudes: Heat Water Trash Sp rinklers/ Elevators: arking Surface Area: Asphalt 84 C ontrol Entry Laundry: Y Yes P atio or Decks: Decks La ke or View: T otal Land Area/ Excess Land: 99,940 Sq Ft N F seable Land Area: 99,940 Sq Ft oning: R4 Muki Fami{y tiiities: Pubk available nits P Acre/ Topography: 26.15 Generally level nvironmental Concern Ind: ovation Rating Factor: Other Amentities: 1 pants The Y/N next to the unit desc indicate: (Stove Refrigerator )•(Dishwasher) Disposal Dryer) (No. of Air Conditioners Per Unit) of Fireplaces). Summary Comments: Property was not openly marketed to the public. Buyer was running out of time to use 1031 exchange funds and was looking at another apartment building in Brooklyn Park. The agent informed him that he knew of a building in SLP that may be available to purchase. An appraisal was done for financing which supported the purchase price. The personal property listed above includes $60K which the buyer got back from the seller after dosing for repairs needed on the building. He has already put 12K into a new water softener system and will need to replace a boiler which is estmated to cost $10K. law Pin #:0411721320065 Seq #:2 r V ti C s t S i I 7� ay tr 2009 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 48 -75 UNITS 48 TO 75 UNIT COMPLEXES Apartments 2009 Unit 2008 Unit PROPERTY AREAS 2009 EMV Values 2008 EMV Values (/J Garden City Court HL Land 191,225 Land $879,200 $12,211 Unit $879,200 $12,211 Unit 3407.17 65th Ave N. GBA 66,960 Building $2,817,800 $42.08 [Q $2,761,800 $41.25 [1] PID: 34-119-2142-0018,19,20,21,24,25,26 Units 72 Total $3,697,000 $55.21 $3,641,000 $54.38 11 Age 1963 Change 1.54% $51,347 Unit 0.0% $50,569 Unit r ta.... R l r e Eard............. 14 ;1682::.::::::::La�tt#;;:::.;;. Q ::'::z<:: ::s:: n>i:::•::.:. 82 E11 >::::3 g2::: >;::€?n►f: 6:61;? ss�� �a, t......>... .......14 e #981�............Ch 2 ........ta�t1.............1 13 f ...........La f......... .0....::::::::::::::::::: :::L1tti1::.. ::::::$8 8 .s:::::::::: ?:;::::.t 37�A lrt25'.ULAGaiRllr E N T{{:;:<=: c:< s::>::>::» z:3 12t =33 iI55.::::s i3titts::: 1:: E1fY::: 5>:::: 6 �tb-::::::::-::::.: e.. ..........%k304............G... "o...........5>34r7............ Mini..................°.... .......1.;:.;:.;:.;;:.;:.;111:: WILLOW LANE Land 131,615 Land $700,000 $12,069 Unit $700,000 $12,069 Unit 7015 BROOKLYN BLVD GBA 56,331 Building $2,347,000 $41.66 $2,250,000 $39.94 1/ PID: 27. 119 -21 -33 -0010 Units 58 Total $3,047,000 $54.09 [I] $2,950,000 $52.37 M Age 1969 Change 3.29% $52,534 Unit 0.0% $50,862 Unit Sold 1212006 $3,000,000 (CE 50.725 ea) j jp�/ ttj; 25 STERLING SQUARE Land 149,118 Land $675,000 $12,500 Unit $675,000 $12,500 Unit 6640 6700 HUMBOLDT GBA 48,504 Building $2,360,000 $48.45 [Q $2,350,000 $48.45 1400 1401 67TH AVE N Units 54 Total $3,025,000 $62.37 [Q $3,025,000 $62.37 [JJ PID: 36- 119 -21 -22 -0038, 0039 ,0043, 0044 Age 1968 Change 0.00% $56,019 Unit 0.0% $56,019 Unit Sold 11, $3,240 (CE 3,185 BROOKHAVEN Land 115,160 Land $680,000 $12,593 Unit $680,000 $12,593 Unit 3907 65TH AVE N GBA 57,024 Building $2,351,000 $41.23 $2,327,000 $40.81 [/j PID: 34-119-21-31-0081 Units 54 Total $3,031,000 $53.15 $3,007,000 $52.73 [/E Sold $2,93:x,000 July, 200: (CE $2,87:x,000) Age 1968 Change 0.80% $56,130 Unit 0.0% $55,685 Unit sire Repai; Gar Sia:: t MAR1/iFl:QA{2tYENS Land 202, s Land....;:'?� $12 81n11 i5t300 6710OKi>rH.... NE N GBA 53 11 Bu;iding U .2 00 567 [/j 772fl00 $296T PT 33. 49;'1 11. 0a Llnl s $2 fFs l $3,447,11Qt1 90 [�I: �3 447 0Q0 $36 9Q [�1 nwn?x�6: Sly(. <fxched A9.::...:.. 1# Change O:Gt#" $S6 g8#..:::. Uni?i'. 0 4s $66 28'. Unit: Iemaps! Pao1;20a8 BROOKDALE TOWERS Land 133,341 Land $625,000 $12,500 Unit $625,000 $12,500 Unit 6915 HUMBOLDT AVE N GBA 69,810 Building $2,227,000 $31.90 In $2,219,000 $31.79 11 PID: 26-119-21-44-0070 Units 50 Total $2,852,000 $40.85 [Q $2,844,000 $40.74 V] Fire 13-/06 14 unify unliveable 12128:03 Age 1969 Change 0.28% $57,040 Unit 0.0% $56,880 Unit dire Repair Cornlaieter prior .n 08 aszx s €2631 rov 84: 000 Complete Window replacement Unit Unit Victoria Fovrnlrones Lana 291 dt0 and $624013 $13 1124 Um# 625 Q00 $1342:1 Unit H7406A1h4ESPLA QB A 5T 562 $4498 �..$2 55ti3t100 $44.3B [tj PkD 39 119 P1- 21�Q026 11hds 4$.: Total $3, 14 ,130Q $$6 8d Ill: $3 17 000 $55, �phnire 1� Age 137 Change 1 23° X66 9511 k#n�{ 0 0% $66 74 tlnit< $36 rc ie 1Pt E;? TOTALS Land 1729.;9?t7 Land #01V70!: Unif. $65,09,M0::$ 1Frv66 Chit and GBA 754,1:85 Building $24,6738Q0 82.58 [J $24,349800. 32,29 AVERAGES Units 5 f8 Totak $31,083,Ot10 41 <2t EB $30,858 1300 40 Change :0106% #DIVl11! :All Uirits: $50573 Aft Units TotalslheudeReg &Townhame St y les In ifo 2El5O i $184,Pi6Y ¢65;00 $162;569 Avg Complex Value $3,453,b67 51300 f;eg Ur►1t $3?k28,778 ..1_ti(3f3 peg FnFt> $65,200 [H Unit $er3,290 6 ;n it> �asPREDSHPAssess6r�,2WI )6iilART:48a6.xisx asmc $67,500 S 4/16/2009 CITY OF BROOKLYN CENTER RECEIVED APR 08.M LOCAL BOARD OF APPEAL AND EQUALIZATION 2009 Assessment APPLICATION FOR APPEAL March 19, 2009 through April 14, 2009 You must return this application by April 10, 2049 to be placed on the Agenda for the Local Board of Appeal and Equalization April 20, 2009, 7:00 P.M. Name(s) c-- r, Daytime Contact Number: 9 S Z.— Property Address '-,t 1(r, (v `1 Property Identification Number Z�7_'—/ 7 �—ZL 3 3 D 0 1 '7 Assessor's 2009 Estimated Market Value lzg 2 0 What is the reason you are appealing your 2009 assessmen 1?.$ a4 or Zgd When did you purchase ru h me? Date of Purchase 4 6 Pu rchase Pric Did ou p rchas our roperty frT a bank, as a foreclosure or short sale? Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. t Have ou had a recent appraisal for refinanciri purchase r a market analysis b a real Y PP g, p se o Y Y estate agent completed within the last year? Yes or If so, what was the determination of value? o u, V�h at do you think the market value of your property should be? 0 d Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be raeguired ,0015/2009 01:42 9525458891 ACCOUNTING OFFICES PAGE 01/05 69 -.3 33 7 t' y y V 04/15/2009 01 :42 9525458891 ACCOUNTING OFFICES PAGE 02/05 2S-M LIMITED WARRANTY OECD Atlnmw4tCwtvvep ngFmw- 025-m l- YaHePCServf w099) Corporation, Partnership or Limited Liability Company to Joint Tenants STATE DEED TAX DUE iIEREON: _;PL5 Date: FOR VALUABLE CONSIDERATION, Deutsche Bank National Trim Company, as Trustee of Argent Mortgage Securities, Inc., Asset- Backed Pass-Through Certificates, Series 2006 -W5 under the Pooling and Servicing Agreetnent, dated as of May I, 2006, a National Banking Association, under the laws of The United States Grantor(s), hereby crnrvey(a) and warrants) to Diane Wright and Eugene Wright,- Grantee(s), as Joint Tenants, real property in Hennepin County, Minnesota, described as follows: Sec Attached Exhibit "A" together with all hcreditsments and appurtenances. This Deed conveys aftar..acquircd title. Grantor wmmt3 that Grantor has not done or suffered anything to encumber the property, EXCEPT: Subject to rastricdons, reservations, covenants and easements of record, if any. Check Sns if Applicable: The Setter certifics that the seller does not know of any wells on the described real property. A well disclosure certificate accompanies this document. I am familiar with the property described in this instrument and t certify that the status and number of walls on the described real property have not changed since the last previously filed well disclosure certificate. 04"/15!2009 01:42 9525458891 ACCOUNTING OFFICES PAGE 03/05 DEUTSCRR BANK NATIONAL TRUST COMPANY, AS TRUSTEE BY CITT RUIDENTIAL LENDING, INC., ITS ATTORNEY -CV -FACT r BY Sveustt Kettis Its: Vice Pmsident STATE OF CaMrola )4w• COUNTY OF San Bemadino The foregoing matraincnt was oxccatod and a cknowiedgcd be&re me on this 201h day of June, 2008 by Everett Kellis the Vice President of Citi Reaidaxttiat Lending Inc.. Ithwel law rA=KMJL ofAr_goet Mort= S"tkL Inc Ash a adad pass�i'h ��¢h t or 6 :rq ,nd the poolin¢ and aervicing_ag =Qt dated asp t 2006 a NA910cal &mmMo n under the laws of Uh>tea,� m of Ame an behalf of the Nutro;W- ei.a�on. MMMUA JTAw0RsM(0LvMMr Zcmk1A" See Attached NotaryAdmawledgment nrw Ch-kh—IfP-GrO 9COKW4 1ARWMWCT&rm0 0 T" MOMeft r-tbe rag p,cpenp dnmibnd On Ws Nvolmm &mM bn red b OwWdn nne,a and eddma ofams"4- "M OOC+1M1Nr WAS OMaw FY (MM AMDAWM" wart Title, u c Dime Wright 11m WayZas tic jw'wd ak" �1 Mineeteto MN sm FRe 6386 39 04/15/2009 01:42 9525458891 ACCOUNTING OFFICES PAGE 04/05 ACKNOWLEDGMENT State of Cal ftrnla County of SAN 13ERMARDO On f a '�o cS, before me, Lill Huynh Not atY Public (insert name and title of the ofter) personally appeared Everett Kellis who proved to me on the basis of sadefaclwy evidence to be the perso*) whose name(s) Wgim subscrlbed to the within instrument and acknowledged to me that helm executed the same in his/l authorized capacity(4es). and that by WhepAheW- signature(e) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 1 certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my and and official seal. LILY HUYW �s s Comrntaa�an 16z6Z95 nrot�y Pubac eautarn�a Los Angeles County MY Cofim. Expire�a Dec 30, 200 Sig re (Sea Lily H .r 04/15/2009 01:42 9525458891 ACCOUNTING OFFICES PAGE 05/05 13xhIM "A" Lot 9, Block 1, Si find Manor. City of Brooklyn Center A Millennium Community TO: 2009 Brooklyn Center local Board of Appeal and Equalization RE: Eugene Diane Wright 4416 69 Ave N. Brooklyn Center, MN 55429 Mr. Wright contacted our office by phone on April 6, 2009 regarding his property at 4416 69 Ave N. Mr. Wright indicated that he had not received his 2009 tax statement or valuation notice. Assessing staff explained to Mr. Wright that the Assessor's office had not received a copy of a Deed or Certificate of Real Estate Value indicating a change of ownership. The current owner of record at the city and Hennepin County as of April 6, 2009 was Deutsch Bank National Trust. Mr. Wright stated that he had purchased the property June 27, 2008. Mr. Wright was told that a document of ownership would be required so the Assessor's office could verify that he was the owner of record. Mr. Wright was given the 2009 estimated market value of $128,900 for his property at 4416 69 Ave N. He stated that he had concerns with the value and was mailed sale information and an appeal application. Mr. Wrights appeal application was received on April 9, 2009, but documentation of his ownership was not provided. Due to the receipt of this application on April 9, 2009, and no documentation of ownership, we were unable to complete a formal review of the property prior to the board. Mr. Schultz did provide us with his opinion of market value at $88,100, but did not provide any market documentation. The property is an 832 sq, ft. rambler home, with a single attached garage. Mr. Wright purchased the property June 27, 2008 for $68,250 at an auction. The property was taken by Sheriffs sale in February, 2008. Permit records indicate one permit for siding, doors and trim in October, 2008. A listing of rambler open market sales of homes similar in size and location has been included as reference material. Mr. Wright's property was assumed in the last quintile review. The last interior inspection of the property by the Assessor's office was June 27, 2002. A current review of the exterior and interior characteristics of the home will be necessary for the Assessor's office to make a recommendation. Respectfully, [''t./ Nancy Yjcilk, SAM City Assessor 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 wwtu. cityo fbrooklyneenter.org 0 Q. Azzz e o00 0 z z z z zz z 0 M Nv�t^ ind 0 0 0 �.y p 0 0 0 N,M C M+�4 cp Wl 000 rr *vA O R 1.0 GO ^p d L 0 O O O O O O O\NM Ta O p O Q t va n E-� o Z 6 M y Q1 00 P" C4 N Q 00 I c� CL C) W Lf3 F+- fx• •t3.? 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W N N t N fa m N f0 N A m Z d L E -Z a a z a v o G aai `v W ui sn x a a m CL p O m r r r .r p N 4 m V. 0 0l o a s<, v -�s a� c R A a w w R o A 'O N d N m ti d a+ R A 6� U C R U a 0 w d ro a c C 8 L V O 0 H V L a a 8 w v on a N o v� cG L O w C oo c ool U L RECEI\fED APR 2' M Eugene R. Wright 15100 Stone Road Wayzata, MN 55391 April 17, 2009 City of Brooklyn Center Local Board of Appeal and Equalization 6301 Shingle Creek Parkway Brooklyn Center, MN 55430 Re: 4416 69' Ave. N> Dear Members of the Board: I am hereby protesting the most recent value of the above referenced property as I am unable to appear in person as I will be out of town. The property was recently (settlement date of June 27, 2008) purchased for a substantially lower amount and limited improvements were made prior to January 2, 2009. Many other improvements were required and some have yet to be completed. The house was vacant since purchase and could not be lived in on January 2, 2009. It appears the city did not know of the sale or transfer of ownership. See legal documents attached and settlement statement showing purchase price of $68,250.00. Prior. to January 2, the following costs were incurred: a new furnace and air conditioner, cost of $6,748; electric and plumbing repair, $818; painting, about $2,500, partially completed windows, doors, and siding, about $9,750. Therefore the auction price plus improvements puts the property value at about $88,100. Much more work remained to complete the house for occupancy, including finishing the siding and windows, replacing the garage door spring and opener, sanding the floors, replacing the kitchen counter top to replace the World War II version in the house when it was purchased, replacing and repairing rotted wood and tile in the kitchen behind the kitchen counter top, replace the bathroom stool and components and replacing plumbing from the bathroom going down into the basement, replacing and repairing the deck on the back of the house, replacing appliances, replacing kitchen fan and components, clean and seal tile and grout in bathroom and kitchen, caulk bathroom sink, unclog kitchen sink, inspect dishwasher, install light fixtures, install blinds and lights in kitchen, bedroom and closets, trim and sand base boards, patch window sills, sand, clean, tape, stain base boards and door frames, remove and replace shower door frame and replace tile, clean and replace bathroom light, install green board for bathroom, repair around bathroom sink, replace basement lighting. Yours truly, r Euge Wright Encl. 25-M LIMITED WARRANTY DEED Mtaaesota Cmweyaacfag Forms•025 -mvl •Yaltey PC Services (9199) Corporation, Partnership or Limited Liability Company to Joint Tenants STATE DEED TAX DUE HEREON: Date: o ..OR FOR VALUABLE CONSIDERATION, Deutsche Bank National Trust Company, as Trustee of Argent Mortgage Securities, Inc., Asset- Backed Pass Through Certificates, Series 2006 -W5 under the Pooling and Servicing Agreement, dated as of May 1, 2006, a National Banking Association, under the laws of The United States Grantor(s), hereby convey(s) and warrant(s) to Diane Wright and Eugene Wright, Grantee(s), as Joint Tenants, real property in Hennepin County, Minnesota, described as follows: See Attached Exhibit "A" together with all hereditaments and appurtenances. This Deed conveys after acquired title. Grantor warrants that Grantor has not done or suffered anything to encumber the property, EXCEPT: Subject to restrictions, reservations, covenants and easements of record, if any. Check Box If Applicable: The Seller certifies that the seller does not know of any wells on the described real property. Q A well disclosure certificate accompanies this document. Q I am familiar with the property described in this instrument and I certify that the status and number of wells on the described real property have not changed since the last previously filed well disclosure certificate. DEUTSCHE BANK NATIONAL TRUST COMPANY, AS TRUSTEE BY CM RESIDENTL41 LENDING, INC., ITS ATTORNEY -IN -FACT r By. verett Kellis y Its: Vice President STATE OF California COUNTY OF San Bernadiso The foregoing instrument was executed and acknowledged before me on this 2DIh day of June, 2008 by Everett Kellis the Vice President of Citi Residential Lendintz Inc as Attomcwin -Fact for Dart�he Bank National Trust QM M, as Triiu of Argent Mortgag_e,Securities Inc Asset Bsdrod Pugh Certificates 2006 -W5 under the pooling and servicing a rreement dated as of May 1. 2006, a Natio )..Association under the laws of United States of America. on behalf of the National Association. rwrAtw STAW Olt VA (OR On= "nZO cwat) See Attached Notary Ackno SIGNATURE OF PERSON TAKING ACKNOWLEDGMENT Cbedt keg if pat or sa of the kmd is Registered (Tmms)13 Tm Stxemmts for tko ml property dnmW in dds ®ttmmmt sbmid be sort to (ieolude tome and addnm of Cwmdm): TW DOLlAA°W WAS W Ar MD aY(NAW AND Au)erss) West Title, LLC Diane Wright 11660 Wayzata Boulevardt Minnetonka, MN 55305 (952)252 -25M File 1/0805365 3-"1 55 39 1 ACKNOWLEDGMENT State of California County of SAN BE IMA$1, O 1 On before me, Lily Huynh Notary Public (insert name and title of the officer) personally appeared Everett Kellis who proved to me on the basis of satisfactory evidence to be the person(&) whose name(&) WaPe subscribed to the within instrument and acknowledged to me that he/sheAbey executed the same in hisAwwAheir authorized capacity(ies), and that by his/beit&&- signature(s) on the instrument the person(&}, or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct LILY HUYNH WITNESS my and and official seal. Commission 1626295 Notary Public California Los Angeles County mycame. ExP m Dec 30. Sign re (Sea Lily H 4 �f!( tjq Y%Ae t"V%UYrn 64-W 4C.r rXA; S7YY2-' Exlnbit "A" Lot 9, Block 1, Sunset Manor. OMB NO. 2502-0265 A. S. TYPE OF LOAN: L.S. DEPARTMENT OF HOUSING 3 URBAN DEVELOPMENT 1. 2_QFmHA 3. ®CONV. UNINS. 4.QVA 5.QCONV. INS. S. 2;� BER 7. LOAN NUMBER: SETTLEMENT STATEMENT 8. GE INS CASE NUMBER L. ,.OTE: Th/s loam is fumisfred to g" yew a staftment oracdaf aettfwnww rwaB. Amow* pod to ww by fie aetUxnerd agars are dxnm. /Isms mwW 7POCr wwe paid otrtoda Vw dw trrg: flay are dh here fbr Ndbmu orW puapoaea and as not ate /n dte folels. IA 5a8 (0105]85 M NAME AND ADDRESS OF BUYER I- MAKE AND ADDRESS OF SELLER F. NAME AND ADDRESS OF LENDER: Diane Wright and Deueldte Bards National Trust i Eugene Wright Company, as Trustee 15100 Stone Rd 10801 E. 61t St, Sure 130 Wayzata, MN 55391 Randw CurcwnwVa, CA 91730 G. PROPERTY LOCATION: H. SETTLEMENT AGENT: 41- 1929678 L SETTLEMENT DATE: 4416 69tlt Avenue Noflh West Title, LLC erookini Cerro►, MN ,Aire 27, 2008 Hennepin minty. Minnesota PLACE OF SETTLEMENT Lot 9. Blook 1 11680 Wayram Boulevard konka, MN 55305 J. SUMMARY OF BUYER'S TRANSACTION K SUMMARY OF SELLER'S TRANSACTION 100. GROSS AMOUNT DUE FROM BUYER: 400. GROSS AMOUNT DUE TO SELLER 101. Contract Sets Price 68,250.00 401. Co Sales Pdoe 68,250.00 102. Personal 402 Personal 103. Settlement Chuges to Lure 1400 126.00 403. 104. 1st Morkiaw Payoff 404. 105. A*aftw Forltems Pod By Sederbr advance Forderrts P Seger advance 106. Association Dues to 406. Assoc" K Dubs to 107. county Taxes 0627/08 to 07/01108 23.61 407. Cot Taxes 06127M b 07101A08 23.61 108. Assess Cett to Tax to 408. Asps Cart b Tax b 109. 409. 110. 410. 111. 411. 112. 412. 120. GROSS AMOUNT DUE FROM BUYER 68,399.61 420. GROSS AMOUNT DUE TO SELLER 68,273.61 200. AMOUNTS PAID BY OR IN BEHALF OF BUYER: 500. REDUCTIONS IN AMOUNT DUE TO SELLER: or earnest money 5.000.00 501. Exaeac Deposit JS&e Instructions indpal Arrtoumt of New Loafs) 502 Settlement b Seller (Line 1400 11,033.61 zxisft a taken subject b 503 s taken subject to 204 504. t 1 Brat 205. 206. 505. 2D I. 507. d1ab. as 208. 508. 209. Sella Paid Closby Costa 509. Seller Paid Closft Coats 6Au stmaNv For Items Urpald By Seder For Items Unpaid By Seder 210. Associaton Dues to 510. Assodadw Dues to 211. CounlyTaxes to 511 Taxes b 212. Assess Cent to Tax 07/01/08 to 01101/09 143.22 512 Assim Cart to Tax 07/01A8 to 01/01/09 143.22 213. 513. 214. 514. 215. 51 216. 516. 217. 517. Escrow for Pro-Sub b West Title Z500.00 218. 518. Curative Fee to Ficlelity National Default Systems 219. 519. 220. TOTAL PAID BY/FOR BUYER 5.14322 520. TOTAL REDUCTION AMOUNT DUE SELLER 13,676.83 300. CASH AT SETTLEJWNT FRQWO BUYER: 600. CASH AT SETTLEMENT TOIFROM SELLER: 301. Gross Amount Due From Line 120 88 399.61 601. Gross Amount Due To Sella Line 420 88 273.61 302 Less Amount Paid or line 220 5,143.22 602. Lean RedutlDue ors D Seller Line 520 13.676. 303. CASH X FROM) TO) BUYER 63,258.39 803. CASH X TO) FROM) SELLER 54,596.78 ey3kjnkVpW2ctls copy d pw 1 arms vmpmw sownwL RECEIVED APR 1 2009 CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2009 Assessment APPLICATION FOR APPEAL March 19, 2009 through April 10, 2009 You must return this application by April 10, 2009 to be placed on the Agenda for the Local Board of Appeal and Equalization April 20, 2009, 7:00 P.M. N am e(s) v (Z Daytime Contact Number. 7 56 Property Address 3 bard. AVE. !V Property Identification Number 3q -11 7,1 C>5 1 L Assessor's 2009 Estimated Market Value 5 4 0 71/5Q What is the reason you are appealing your 2009 asse ssment? 4elw Bus 1-1 DN (�'r� QU6 bL 5' rtv r i b�m 1bll �Uat y'rAl�'ivaV, hi'7'�� Rcc�"t'r,'aNz� L�V v co mm P tie�f �z►� MtdAjs Mora. L• T boItc, L .�P yfr� ,04) erc When did you purchase your home? Date of Purchase =6 q 8? Purchase Price Did you purchase your property from a bank, as a foreclosure or short sale? No Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. )Vb Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? Yes or No If so, what was the determination of value? What do you think the market value of your property should be? Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal vour valuation an appointment to view the property will be r+�g►uired rn 0 City of Brooklyn Center A Millennium Community TO: 2009 Brooklyn Center Local Board of Appeal and Equalization RE: Mr. Leo Schultz 3318 63` Ave N. Brooklyn Center, MN 55430 Mr. Schultz walked into our office regarding his 2009 valuation notice on April 10, 2009. His concern was the 2009 estimated market value of $150,200 on his home located at 3318 63 Ave N., Brooklyn Center. Mr. Schultz was directed to complete an appeal application, if he intended to appeal his property valuation. Mr. Schultz indicated on his application that a new bus line on 63rd Avenue that includes a bus stop in front of his house, contributes to additional noise, vibration, litter and pedestrians. In. addition, there has been an increase in the use of a commercial property next door to his property that has also caused additional litter, noise and deliveries. Mr. Schultz was informed at the time that his property was receiving a negative influence for the busy road. Due to the receipt of this application on April 10, 2009, we were unable to complete a formal review of the property prior to the board. Mr. Schultz did not provide us with his opinion of market value, and did not provide any market documentation. Mr. Shultz's property is a 1,056 sq, ft. split level home, with a single tuck -under garage. Mr. Schultz purchased the property in June, 1987 for $74,900. Permit records indicate one permit for a re -roof in 1994. There were no open market sales of split level homes for the 2009 assessment. A listing of all residential open market sales of homes similar in size and located within the same neighborhood has been included as reference material. Mr. Schultz's property was last reviewed by the Assessor's office August 22, 2005. A current review of the exterior and interior characteristics of the home will be necessary for the Assessor's office to make a recommendation. Respectfully, Nancy Woj lk, SAMA City Assessor 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD.Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 wwiv. city tzcenter.org O alzzz L O O O O t� 0 0 1 4 ELI 0 N W% x CAI alzzz U H w zzz cc 0 00 w a 3 a U lr o Q� a�000 V 0000 kn 00 4-4 6> Z z a�00o d w 0 0 0 0 ^C M O 00 ca g 3 U a V a O N C7 b W pa o •c �o d o QO z a 00 W') W) M rr R O O x U O a z N I N 0 O 00 000 Qn ONNON a m U g CD to 5 u o r N Cj g a 0,6 a 5 o A r a 3 3 m.,, m C4 L c CD "I L i 0� #r4 u L. sr ci V7 U) {3 CpD d 3 O x C w a [70 N a 1 d c_ C9 va O O Q d 4^ Gh 0 m 'c iv E 0 0} +S1 LL �1' c 0 I LL h h iD tYt g C`7 ?s r LO cn Vk.. co I E4 liw 9 0 CO m p co lo AD dC' mm t .asW T Li CL o a� o ap t +o' x 'o C.a Cam" a\ "d <r as d aD' C CL aC rt+ �a tu s y Qy CL i I— CL Z S J rrr i v� or ME cc y C) 0 (D 0 a i/. 0 Z 00 co (D M (V C) O CD O O O O O O O Z 00 l27 Q cc Q ai 0) QmQm id o w rn Q -,c; m mC7 d m a Q a m v C9aC9 QQQQ Ir j6 C O O >>1 Q f6 O E N M H 0 0 p O o m U v o v c i7" c c c LL �LL i6 v �s:°. c vi c a� c c cc w (D cc Jm w w LL W JV D D Z) Z) C4 Cl) mmU- -j 0 F 0 LL v� W Co fll, 't 0 I d ro m Eo�on RGI' "-0 Cc LL CU =HLL QkLL k% fnOLL M �mmOH 4 Z J Qj f- N cc C y N C w LT e O N t y? 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O E N Ln M M N Ln Ln V Ln w L0 w Ln LD O U H m m C) r- oo r 00 0o co 00 N Oq c6 0 0 0 0 0 0 0 C3 N N N N N N N A O �D 00 O 'C7 V� �D O� 0 0 0 0 N LI a O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 mil VVV M In M 01 O� 0 0 L w N I I C L w �r It In ID r- 1-0 cq �j L 00 ON 01 T O, O O M �noovivio;o;�o O o 0 0 0 o 0 0 p O r.+ C� Z Q d o Q c Q c 0 d n si E L N O O N ch 0 �n te) ,a d v t� v �n v kn V7 C> 0 h C) 0 0 0 0 0 0 0 0 Cl 0 0 0 0 0 cc NN I�OMkf) y 0 0 0 0 0 0 0 L ui Z NN4c Z NNNNNNN++ t-' v O Z 01 01 07 01 01 00 00 m vi A t �i Q> M N O M MOO Q RECEIVED APR 10 NW CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2009 Assessment APPLICATION FOR APPEAL March 19, 2009 through April 10, 2009 You must return this application by April 10, 2009 to be placed on the Agenda for the Local Board of Appeal and Equalization April 20, 2009, 7:00 P.M. Name(s) J Daytime Contact Number: Property Address /L'l Property Identification Number f Assessor's 2009 Estimated Market Value What is the reason you are appealing your 2009 assessment? 0y When did you purchase your h e? Date of Purchas Purchase Price Did you purchase your property from a bank, as a foreclosure or short sale? Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? Yes or �9 LA If so, what was the determination of value? 4 ISO o� �S 4 C n What do you think the market value of your property should be? Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required City of Brooklyn Center A Millennium Community TO: 2009 Brooklyn Center Local Board of Appeal and Equalization RE: Mr. Steve Sines 3600 Woodbine La. N. Brooklyn Center, MN 55429 Mr. Sines contacted our office on April 6, 2009 regarding his 2009 valuation notice. His concern was the 2009 estimated market value of $171,100 on his home located at 3600 Woodbine La N., Brooklyn Center. Mr. Sines was mailed market information and an appeal application packet on April 6, 2009. Mr. Sines completed and returned the appeal application on April 10, 2009. Mr. Sines indicated on his application that the valuation of his property is too high compared to sales of homes on the market. Mr. Sines indicated that the determination of value should be between 150,000 and $153,000. Mr. Sines did not provide us with any market documentation. Due to the receipt of this application on April 10, 2009, we were unable to complete a formal review of the property prior to the board. Mr. Sines property is a 1,140 sq, ft. rambler home, with a single attached garage. Mr. Sines acquired the property in 2001 through probate. Building and Housing Services records indicate a permit for a family /room porch addition was pulled in 2002. A copy of the permit report has been enclosed. A listing of all residential open market sales of homes similar in size and located within the same neighborhood has been included as reference material. Mr. Sines did not respond to a tag left at his property on August 29, 2006 for an interior review, so his property was assumed for the 2007 assessment. The last interior review by the Assessor's office was July 1, 2002. A current review of the exterior and interior characteristics of the home will be necessary for the Assessor's office to make a recommendation. Respectfully, Nancy Wojcik, SAM City Assessor 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 PAX (763) 569 -3434 FAX (763) 569 -3494 w ww.cityofbrookly center.org o O s e i tT O� ZZ2 w 2Zz CT M Q� N ol H 0 0 N o N °o 3 c 0 �e ^o Q 0 o c CT N M 00 00 O v', O o a v 0 A m Z o 0 cc r- p o O O NZ 4? M, O co t1J3 Hi #Y k M'' 'O LD Lo Ln CO o �4. H "07 c o to m O 47 a 0 4�1, a _3 F— fC J v a '1� 0.. IL LL G J m D r E C3 m ��9 O O O t*a Q Q [i tL� as at a m a L an c i 0 n Ca m m c InL Au 4! (n O i Lt a 4 0 (j- LICE co 4 U O 1 6 .T m C 64 EH #r CA or Y 0 m O Z4 m s a Z a: 3 z; E dv C j Ck CD LO M. 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N N N N_ A N L 0 C C m t m L .G t r L L to r o a cl' s Q chi o$ a c� cm co fo L O p N N N N N m m G et Q p pQ q h I` t71 f4 y m y m CA n h ao I cn ti m ON cn m a !T±j W m wl m m m m m m e at a a a z a a a d To H ry L Q z z Z z m z z Ln 41 Ln a t z m v v Q a x Y a O c A v a H a w cJ C7 s ni a a�� 4 0 0 r4 rn .4 M ti V1 M CO U v a� a ci W) o r- 00 C> C A O N a a w N n S o o a N N M a w ZZ x ul V F.+ eL o a T 4 a w z m 0 u G w a 2 a 7d N b U p 00 O O O CSG GL C� C1 07 CITY OF BROOKLYN CENTER RECEIVE APR 10 1M LOCAL BOARD OF APPEAL AND EQUALIZATION 2009 Assessment APPLICATION FOR APPEAL March 19, 2009 through April 10, 2009 You must return this application by April 10, 2009 to be placed on the Agenda for the Local Board of Appeal and Equalization April 20, 2009, 7:00 P.M. Name I C,�G 1. s l S e'sen C s Daytime Contact Number. 61 Property Address ar� Property Identification Number 13 1 7 I II 1 00 3Z Assessor's 2009 Estimated Market Value �Z r What is the reason you are appealing your 2009 assessment? V 1 n (AV M U C 7 9+ it r- 47 ho u 5 1 rid E A 0 When did you purchase your home? Date of Purchase 46 -L--� qg� Purchase Price Did you purchase your property from a bank, as a foreclosure or short sale? Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? e or No If so, what was the determination of value? a ae t P D0L What do you think the market value of your property should be? d on Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required 4/5/2009 City of Brooklyn Center ATT: PROPERTY TAX APPEAL 6301 Shingle Creek Parkway Brooklyn Center, MN. 55430 Subject: 6407 Orchard Ave. N Brooklyn Center, MN. Dear Sir or Madam, I respectfully disagree with your real estate comps due to the sales being too old. As we all know the national and local housing market has and still is depreciating at a rate never seen before. The comps enclosed to your office were submitted to and accepted as evidence by a Federal Bankruptcy Court Chapter 7 Proceedings 3/9/2009. Noting the comps I provided show several homes not sold and taken off the market due to no response by buyers, these examples were way under the market value your offices derived for my home. When I spoke to your tax contact person requesting help she told me that local tax base do not include homes foreclosed and or short sales. Many of those foreclosed homes in my neighborhood are being offered as low as $60,000. If foreclosed short. sale homes would be included we would have a tax base of about $100,000 on most homes in my area of Brooklyn Center. My son lives in Brooklyn Park they devalued his taxes over $50,000 this year. I sincerely hope we can come to an amicable agreement in this matter. I look forward to our meeting April 20, 2009. Sincere Michael mops www.showcosemn.com &click thedocuments link on the main menu, print bankpa.PDF for all does needed tosubmit an fir* F L4 V 7324 Newton Avenue N Brooklyn Park, MN 55444 -2446 Image 1 of 10 Siideshow •Open All List 3461556 Status: Expired Map Page /Coord:78 /63 List Price: $149,900 List Date: 11/01/2007 Off Mkt Date: 10/27/2008 Date Closed: County: Hennepin Style: (SF) Split Entry (BI-Level) Area: 363 -Brooklyn Center Bedrooms: 4 Total Baths: 2 Garage: 2 Total Fin SgFt: 1,740 Listing Agent: Genevieve L. Blomgren 612- 770 -7277 Listing Office: Keller Williams Classic 763- 463 -7500 Appt Phone: 763 463 -7600 Acres: 0.31 Yr Bit: 1976 Directions: Brookdale Drive To Newton Ave South To Home. Agent Remarks: Nice property in quiet neighborhood. 4 bdrm V OW split 2 up 2 down. Patio opens to deck w/ fenced rear yd, fin x lower level w/ familyroom, dbl att garage w/ access to home. *Property subject to bank approval.* FIF 6237 June Avenue N, Brooklyn Center, MN 55429 -2467 Image 1 of 6 Siideshow Open All List 3443044 Status: Expired Map Page /Coord :78/A4 List Price: $159,000 List Date: 09/20/2007 Off Mkt Date:07 /31/2008 Date Closed: County: Hennepin Style: (SF) Four or More Level Split A ffil Area: 363 Brooklyn Center Bedrooms: 3 Total Baths: 2 Garage: 1 Total Fin SgFt: 1,602 Listing Agent: Gregory Kuntz 651 450 -2163 Listing Office: RE /MAX Realty 100 651 -455 -1256 Appt Phone: 651 -450 -2165 Acres: 0 Yr Bit: 1956 Directions: 694 To Brooklyn Blvd, South To 63rd, West To 3une Ave Agent Remarks: Well maintained and up to date. 4 level with 3BR on 1 level, 2 fireplaces, newer furnace water heater, newer roof. Fenced backyard. All in a great convenient -!N location. 6% Ud 00 6325 Brooklyn Drive, Brooklyn Center, MN 55430 Image 1 of 6 Siideshow Open All List 3587832 Status: Expired Map Page /Coord :92/61 List Price: $169,900 List Date: 08/20/2008 Off Mkt Date:11/30/2008 Date Closed: County: Hennepin Style: (SF) Four or More Level Split Area: 363 Brooklyn Center Bedrooms: 4 Total Baths: 3 Garage: 2 Total Fin SgFt: 1,776 Listing Agent: Thomas L Herzog, CRS 952- 844 -1514 Listing Office: The Realty House 952- 831 -3201 Appt Phone: 952 -844 -1510 Acres: 0.22 Yr Sit: 1958 Directions: Brooklyn Boulevard To 63rd East To Brooklyn Drive, North To Home Agent Remarks: Property is clean and nice, Call it a "Grand Parents" Home.Home is being sold "as -is Please check with listing agent on attorney requirements. Good home with lots of space, big garage, low maintenance exterior. http: /matrix.northstarmis.com/ Matrix /HTMLReport.aspx ?c= AAEAAAD AQAAAA.... 12/1/2008 F *L4 6231 Lee Avenue N, Brooklyn Center, MN 55429 -2477 Image 1 of 4 Slide show Open All List 3553799 Status: Expired Map Page /Coord:92 /Ai List Price: $124,900 List Date: 06/05/2008 7M; Off Mkt Date:06 /15/2008 Date Closed: County: Hennepin Style: (SF) Three Level Split Area: 363 Brooklyn Center Bedrooms: 3 Total Baths: 2 Garage: 1 Total Fin SgFt: 1,795 Listing Agent: The Angela Larson Team 651- 203 -1788 Listing Office: Keller Williams Integrity RE 651 -203 -1700 Appt Phone: 952- 473 -1380 Acres: 0.22 Yr Bit: 1956 Directions: Brooklyn Blvd. To 63rd Ave No West To Lee To Hom Agent Remarks: BANK OWNED PROPERTY, SOLD AS IS. OFFERSOANGELALARSON.COM. FAX OFFERS TO 651 -203 1830 OR EMAIL. INCLUDE ADDENDUM THAT EM SHALL BE DEPOSITED WITHIN 15 BUS DAYS OF FINAL ACCEPTANCE. Seller does not allow Inspection contingencies. LA B►' 3118 64th Avenue N Brooklyn Center, MN 55429 Image 1 of S Slideshow Open All List 3588786 Status: Expired Map Page /Coord:78 /64 List Price: $125,900 List Date: 08/22/2008 Off Mkt Date:11 /20/2008 Date Closed: County: Hennepin Style: (SF) Four or More Level Split Area: 363 Brooklyn Center Bedrooms: 4 Total Baths: 2 Garage: 1 Total Fin SgFt: 2,215 Listing Agent: Devon Walton 763 -416 -1173 Listing Office: Prudential Metrowide Realty 763 -416 -1166 Appt Phone: 763- 416 -1180 Acres: 0.22 Yr Bit: 1959 Directions: 694 West, Exit On Brooklyn Blvd, South To 63rd, East To Beard, North To 64th, Right Turn To Home Agent Remarks: Buyer to be preapproved by Countrywide but does not have to use Countrywide for financing. Contact listing agent for more details. (v La 2600 64th Avenue N, Brooklyn Center, MN 55430 Image 1 of 10 Slideshow Open All List 3540522 Status: Expired Map Page /Coord:78 /84 List Price: $129,000 List Date: 05/09/2008 Off Mkt Date: 10/30/2008 Date Closed: County: Hennepin Style: (SF) Three Level Split Area: 363 -Brooklyn Center f Bedrooms: 3 Total Baths: 2 Garage: 2 Total Fin SgFt: 1,775 e Listing Agent: Ann M. B ors h 651-451-2850 850 t w Listing Office: Weichert, Realtors- Northstar A 651- 451 -2850 Appt Phone: 952 473 -1380 Acres: 0.26 Yr Bit: 1958 Directions: 694/94 To Brooklyn Blvd., South To 63rd Avenue, East To Brooklyn Dr., N To 64th, W On 64th To Home Agent Remarks: Buyer agent to verify measurements. May be subject to 3rd party approval -Gail before submitting offer. As -Is Addendum required. 313R, 2BA, 3 level split in a great location. Close to freeways, bus line, shopping and parks. 7119 Dallas Road, Brooklyn Center, MN 55430 Image 1 of 5 llideshmv Open All List 3553773 Status: Expired Map Page /Coord:l /A1 List Price: $135,284 List Date: 06/04/2008 Off Mkt Date:10 /04/2008 Date Closed: County: Hennepin Style: (SF) Three Level Split Area: 363 -Brooklyn Center e: 2 Total Fin SgFt: 3,120 Garage: Bedrooms: 4 Total Baths; 3 9 Listing Agent: Lori Reinert 320 -333 -4466 Listing Office: Showcase Properties 612 424 -6001 Appt Phone: 612 -424 -6001 Acres: 0.22 Yr Bit: 1972 Directions: 252 To 73rd East To Dallas South To Home On Right. Agent Remarks: *For the bank owned pa &,addendums go to http: /matrix.northstarmis.com/ Matrix /HTMLReport.aspx ?c= AAEAAAD* *AQA.AA.A... 12/1/2008 City of Brooklyn Center A Millennium Community TO: 2009 Brooklyn Center Local Board of Appeal and Equalization RE: Michael Symons Catherine Symons Wanda-Anderson 6407 Orchard Ave N. Brooklyn Center, MN 55429 Mr. Symons contacted our office on March 24, 2009 regarding his 2009 valuation notice. His concern was the 2009 estimated market value of $182,300 on his home located at 6407 Orchard Ave N., Brooklyn Center. Mr. Symons was told of the sales ratio study period and the criteria we are required to follow. He was mailed market information along with an appeal application packet on March 24, 2009. Mr. Symons completed and returned the appeal application on April 10, 2009. Mr. Symons indicated on his application that the valuation of his property is too high due to a market shift in housing. Since 2007, he felt his home has depreciated 30% plus. Mr. Symons feels that bank and foreclosed sales should be used when determining market value. Mr. Symons included listings of homes in Brooklyn Center and Brooklyn Park for sale that were taken off the market as they were unable to sell. This documentation has been included as a report from Mr. Symons. Due to the receipt of this application on April 10, 2009, we were unable to complete a formal review of the property prior to the board. Mr. Symons property is a 1,200 sq, ft. split level home, with a single tuck under and detached double garage. Mr. Symons acquired the property in October, 1998 for $114,000. Building and Housing Services records indicate a permit for a deck in 1999. There were no open market split level home sales between 10/01/2007 and 09/30/2008. A listing of all split entry sales during the ratio study has been included as comparables. In addition, a listing of all rambler open market sales of homes similar in size and located within the same neighborhood has been included as reference material. Mr. Symons property was assumed during the last quintile review in September of 2005. A tag was left and the owner notified the city that they were unable to take time off work. The property was assumed as the last interior inspection of the property was in 2001. A current review of the exterior and interior characteristics of the home will be necessary for the Assessor's office to make a recommendation. Respectfully, Nancy Wojk,SAMA City Assessor 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 tvzvw.cityo fbrooklyncenter.org o o 00 U�ZZZ a al -v 0 O zZ2 w ZZZ N r 1 .r.w O pp O C 't N kn FBI O 0 0 0 A cm U z m a y 4 c .0 C VOO N V1 M N N V h N b r off' O tw FA o,t�oo 00 r c a n c c N W cn m c Z Cn °o o o r ooc �'I CO CD v o C 0 .6 a' F0 d J L`L ICY a- LL- v� ro 3 3 CL 7 U3 CC ip Ct Q Cy O O G7 C3 O G1 G Era Fn LO i u- w .0 (n "O t+ 0 V .E 0 4 C 4 en o 0 s Q u v 0 0 cry d (L w w 0 m t J 11 IF t c Cr m I sa I uo o ca V) �s %y y 3 (D CY In 4_ x v +`0 m ry v w 13 a- p[i, LL CL �r a C) C as m in a o m CD CD LO C:) o c°'a a Y rn C3 44 o a, Cry r c�j 3k ;M CC .cry cri M v m LY aY E ai (u +o Q is o (D o o Y= m m V °y v v 1 w U v a w ca o w o' ay C v a v i7C Ca��� v e r- dy v dy rn m vy -Y7 E.. ri, N oa =2 1 dy 9y 67 _0 fs o ro.: m v T3 83 a' ro Ta .'a .'o Q m ro ai o s o cs' v a Q o m Y. tL ro m o£ v Q" ;z �r q u�- u 0' 0' 0 4,) a o y m a (u 0 u U v z v, a+ L 4 a m z v E c v cu E a E a" a a R CL o; f£ CL�� 3 X000 'O Z W LO O O '.MN V --NCO O 0) (M O LO 00 O O 000 co N ate' C O O r LL O� LL U) Z LL o ui rn Q o m�co0 mW w N a v, 0) Q m o O a O QQQQ E iii W� c o co o Q Q a) c L1f m c� o Z 5 E Z f- LLJ U p EO NMI- p O 00 O ui .T 61 a) Y 6f C O O N J c m c C p v- w w. ti- LL LL LL O L C L a) as O Q iaa>m�o a> a> v cccc yc�0 a p UHF w;� Q W LY LL W DDDD NM1- r.CDmwL D0YOH W Z Z LU 00 Z W N m U oQ� w a a��i o E o E w y o o >oo Q x �vi�i a�as. o O -r- (D HLLQ kLL :'l7•`. 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CO m a CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2009 Assessment APPLICATION FOR APPEAL March 19, 2009 through April 10, 2009 You must return this application by April 10, 2009 to be placed on the Agenda for the Local Board of Appeal and Equalization April 20, 2009, 7:00 P.M. Name(s) My Bui Le Daytime Contact Number: (763) 560 -0215 Property AddreSs 6100 Brooklyn Boulevard, Brooklyn Center, MN 55429 Property Identification Number 34- 119 -21 -43 -0047 AND 03- 118 -21 -12 -0090 Assessor's 2009 Estimated Market Value $252,300 AND $173,700 respeetivelky What is the reason you are appealing your 2009 assessment? Proposed values are out of line wif sirhi.lar properties and comparably located When did you purchase your home? Date of Purchase May 1987 Purchase Price $205,000.00 Did you purchase your property from a bank, as a foreclosure or short sale? No Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? Yes or No If so, what was the determination of value? What do you think the market value of your property should be? Total of $362,000 Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required SALITERMAN 8 S IEFFERMAN, P.C. ATTORNEYS AT LAW US BANK PLAYA, MU 2000 220 SOUTH SDLTH STREET M[NNFAPOILS0AnQ ESOTA 554M RICHARD A. SAUTFRMAN TELEPHONE (W� 3394400 FLOYD E. SIEFFEIiMAN, JR FAX (92) 3492M NICHOLAS M. WENNER VW.S&Un3 MAN -L VM0DM BORIS PARKER MARK R. h MIER MICHAEL E. MARKS MARGAM E. NOUBMW April 10, 2009 DANIEL. P. H. REEF JAMESV.HARMON,arcwwurjawLwv Personal and Confidential KARL D. BRE TBARTK a mAwwerm= Ms. Nancy Wojcik, SAMA City Assessor City of Brooklyn Center 6301 Shingle Creek Parkway Brooklyn Center, Minnesota 55430 Re: City of Brooklyn Center Board of Appeals and Equalization State of Minnesota by My Bui Le; Assessments for Year 2009; Property ID Number: .34- 119- 21 -43- 0047 and 03- 118- 21• -12- 0090; Our Office File No.: 100409 Again, I am deeply appreciative of being able to speak with you yesterday and today and the very valuable time you took to review the real property premises on. behalf of our client My Bui Le. The enclosed Application for Appeal is being sent to you by facsimile and U.S. Mail. I �f I Took forward to being in touch with you in the very near future. Again, thank you very much for your careful and expeditious attention to this matter Very sincerely ur Richard A. Saliterman Attorney at Law RAS j db Enclosures as listed City of Brooklyn Center A Millennium Community TO: 2009 Brooklyn Center Local Board of Appeal and Equalization RE: My Bui Le C/O Richard Saliterman 6100 Brooklyn Blvd, and an adjacent parking lot. Brooklyn Center, MN 55429 Mr. Richard Saliterman Attorney, representing My Bui Le contacted the Assessor's office on April 9 regarding the 2009 combined value of $425,000 on the Que Viet restaurant. The property structure and parking lot are located on two separate parcels due to the map section and school district boundary line. Due to this fact, the parcels cannot be combined. The owner is concerned that the property value is out of line with similar properties. A review by the Assessor's office was set up for the same afternoon. At 4:00 p.m. on April 9, 2009,1 arrived at the property and found the entrance doors of the restaurant were locked. Restaurant staff did not allow me access to review the interior of the property. I contacted Mr. Saliterman and informed him that a review of the property would be necessary along with an application of appeal. Mr. Saliterman returned an appeal application and letter that has been submitted as a written appeal. There was no additional market documentation included to propose a change in the market value. A current review of the physical characteristics will be necessary for the Assessor's office to make a recommendation to the board. As this property is unique, with the separation of building and parking lot, I would prefer to contact the owner to request any documentation they have to support their recommendation of value. Respectfully, Nancy W �cik, SAMA City Assessor 6341 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3444 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 www.cit),olbrooki),ncenter.org .7-� Z. z it �1 fi III I I il' L A et y 000 a+ 3 yp a lzzz L G :°I z z z Fy al W 'a al zzz in in O �o�oo r l N 0 0 0 V L O A M M O N N O v� L �4 a� o o 4..i o00 V1 L Q.i CQ 'd a wl 2 O z �z a�000 �F v-� �vo0 �F,� o �000 b Q oo0 z O o o x M M O 00 C c7 L o a o a rQ O O z a, 8 d o w O Z L rn oo t� C) o o ox I fy AO W a(~ �g 0 .0 o Q W 3 O U O U ti C N N N z Q lu oac7 w U 0 ca a� cc o� a a v d a a u.'C7 >wOZuQ')ce Ind. Ua] ddc6 W d d a! cG .a >C� a 0 CQ y N N .X c h O U p •C C 'p yF W c x y v 4.j c oo •o F W is N a G tea° cs N ej y�U U 5a o d C v v .�'i ieS G y N M 0 ,C O N 'i-i U M y a a c c �o E 8�p O o .1 cg .1 v E v a v v av V V U o o r o �C o o a�� �w Way xxx aaa w� z� awa0�z y a 34. C7 c (14 (71 to d o c "Q ti N V M Q N O \p O O O 7 CY v v, id CIO v 7 L a� a,o b o a a c c 'p o .L, Qd� x o o G1 k c Y j O U e Q W' c a> o o V V y ea u O ..0 :V CO w w w 0 C 'rn .G i m awa�'0z3 00 0 Z a0 u W av���� wwa dZdw SH N N •p Z D\ m O U w C O O C d V U o W O' 'g di t E c R o o ta g a n.aUwad W Nw.acGa4wW Wadaa 0 0 .a UC7C7.ra. nU) OLd' >CO M -o E a E o U U U v a V C V V O O C O 3 L O L a N O a 117 II i N i c N o L 10 CA i O 7 h V w, L O V 'O O L C O i o�� y L u U CA U .p N T x W V N .r 075 L m V 0 e u y V V 7 0. a H iiii!iiiil!iiiiii m �'a °c o'oo Now 0 0 ojo o o o o I _Ua 3# rte: o 0 oro 000 0 0 CD CD 0 0 r°sty, l o o CS 2 s ow, o u? €ui 1 N M co r•+ r- o N �t f M 00 Lr �v11, N N r CL.. C r rr -o m m o o 0 0 CD CD 0 0 0= 0 o rn oC o C C3 CD 0 Co 0 0,0€ 0 0 0 o co main( Lr Lt» d7 m O N �Y t't N r- i O i {r7 M M M N! N E u tot y r4 0 0 0 x 0 00 0 0 oEo. o I o a o 0 0 0 0 0 0 CD Co u +v rL c+; o o m r ca co co to co M r� r` m 0: 0 0 0 0 0 v N r r- rlr o�mm m m m':mt 0 u Q LO Q? Vi U Q Cli 0� w o o z o O o! C CD 0 0 C D n v, ai u a� C4. =ifl 0 tc n O N N C"J Co C OL r •1 i§ 1 1 O Z 3 (U Ll j V7 8 4Y man r (D M zi a MEL LA ,I LLL_: 7 z M max.... a 6 u V i- a Li sa, o Q m ar ry z r i crr U 4 dl, v r ar r` r a C? E; x CD X LU L L Yj a� m r E- �r a� a� a L) d° r� cs o m v rni E a m AD a cx:..io a CC c a m a m CL 3 "Y+ U (D (D Sal L1 ,.Q. d y �l T� Q 3. to Q x m a� a z� cj ca• r� +G (n tv CJ rp ap ro o fn il3 G r +4 CL Oi i 2009 RESTAURANT VALUATION Brooklyn Center, Minnesota 1 Oue Viet LAND 28,696 12.76 Land $275,000 $9.58 6100 Brooklyn Boulevard GBA 2,249 Building $150,000 $66.70 34 -43 -47 and 03 -12 -00 AGE 1972 Total $425,000 $188.97 Change 0.00% $14.81 EMV I Land 2 50's Grill LAND 48,476 973 Land $500,000 $10.31 5524 Brooklyn Boulevard GBA 4,980 Building $250,000 $50.20 03-11841-41-0015 AGE 1968 Total $750,000 $150.60 Change 0.00% $15.47 EMV /Land 3 Boulevard Bar Grill LAND 46,390 7.99 Land $475,000 $10.24 2545 County Road 10 GBA 5,808 Building $250,000 $43.04 02- 118 21-31-0049 AGE 1977 Total $725,000 $124.83 For Sale 1212008 Change 0.00% $15.63 EMV Land Vacant 4 IHOP LAND 43,200 10.39 Land $440,000 $10.19 5601 Xerxes Avenue North GBA 4,157 Building $350,000 $8420 03- 118 21-41-0002 AGE 2002 Total $790,000 $190.04 Change -3.07% $18.29 EMV /Land 5 Perkins LAND 51,417 9.52 Land $425,000 $8.27 5915 John Martin Drive GBA 5,400 Building $180,000 $33.33 02- 118 2142-0011 AGE 1972 Total $605,000 $112.04 Listed For Sale $750,000 Change 0.00% $11.77 EMV /land 6 Davanni's LAND 38,576 10.33 Land $325,000 $8.42 5937 Summit Dr. GBA 3,734 Building $265.000 $70.97 02 -118 21-12 -0009 AGE 1981 Total $590,000 $158.01 Change 0.00% $15.29 EMV /land 7 Coyote Guide LAND 92,550 12.82 Land $795,000 $8.59 2101 Freeway Blvd. GBA 7,222 .Building $175,000 $2423 35- 119 -21 -13 -0006 AGE 1981 Total $970,000 $134.31 Vacant Change 0.00% $10.48 EMV /Land 8 Denny's LAND 44,431 8.32 Land $365,000 $8.21 8405 James Cir N GBA 5,338 Building $515,000 $96.48 35419-2142 -0012 AGE 1996 Total $880,000 $164.86 Change 0.00% $1981 EMV /land I 9 Oak City LAND 172,497 25.07 Land $660,000 $3.83 $5.34 2590 Finaweay Blvd GBA 6,880 Building $315,000 $45.78 useable 35419 -21-24 -0007 AGE 1996 Total $975,000 $141.72 land useable land 123,706 Change 000% 30bd,, New Tenant 12107 Not Open useable land 10 Bridgeman's LAND 49,232 1110 Land $392,000 $7.96 6201 Brooklyn Blvd. GBA 4,173 Building $210,000 $50.32 34 -119- 2143 -0007 AGE 1964 Total $602,000 $144.26 Said $625,000 314/2008 Change 410% $12.23 Restaurant 1 Office 14 American Legion LAND 31,500 1045 Land $252,000 $8.00 $14.92 6110 Brooklyn Blvd GBA 3,013 Building $220,000 $73.02 34. 119 2143 -0042 AGE 1965 Total $472,000 $156.65 Liquor& Food EFF 2001 Change 043% $14.98 15 Applebee's LAND 5878 1.00 Land $60,000 $10.21 $161.28 1400 Brookdale Center GBA 5878 Building $955,000 $162.47 03 -118 2141 -0024 AGE 1997 Total $1,015,000 $172.68 EFF 1997 Change 7.07% $172.68 TOTALS LAND 652,843 Land $4,964,000 $7.60 GBA 58,832 Building $3,835,000 $65.19 Total $8,799,000 $149.56 Note: Additional Misc.Restaurents within shopping centers 4.09% Change LeAnn Chin's Cub Shops Center House of Hui's Q Humboldt Square Scoreboard Pizza Humboldt Square Panera Breatl @Shingle Creek Center Vitaros Opening in 2002 Shingle Creak Center G: ISPREDSHT$AssessoA2009a aVRestaumntx /sx)2009 Restaurant RECEIVED APR 10 2119 CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2009 Assessment APPLICATION FOR APPEAL March 19, 2009 through April 10, 2009 You must return this application by April 10, 2009 to be placed on the Agenda for the Local Board of Appeal and Equalization April 20, 2009, 7 :00 P.M. Name(s) 5a AA C. L Daytime Contact Number: �0 p. Property Address 5 Flo X�x �S E /J Property Identification Number LD I t f 2- 1 Assessor's 2009 Estimated Market Value I f g{l b a What is the reason you are appealing your 2009 assessment? a sir Ao t Lam- �pV oZ00 l'1G u►o�t.� �r� 6.t�S�MOSS �4�Ja. n.2 c Ae s. o- G.e ase 4s mss,- ye,..-. Wh en did you purcha a your home? Date of Purchase .J- Zooff. Purchase Pri 3 4-0- v o Did you purchase your property from a bank, as a foreclosure or short sale? ,A/e Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. vim► it Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? Yes or If so, what was the determination of value? What do you think the market value of your property should be? D M a 4.1 Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required Leang Sarin 1199 Summer Street Roseville, MN 55113 Phone: (612) 817 -6774 Email: Ihsarin @gmail.com Apri114, 2008 Board of Review City of Brooklyn`Center 6301 Shingle Creek Pkwy Brooklyn Center, MN 55430 Re: Formal Letter of Appeal Dear Board of Review: This is my formal Letter of Appeal to the property listed below: Taxpayer: Som, LLC PID 02- 118 -21 -23 -0022 Property Location: 5810 Xerxes Ave. N, Brooklyn Center MN 55430 Below are legitimate reasons why the assessed value should be 'significantly lower than it is: 1. Lower Income: Two of my tenants' lease have expired and renegotiated at a much lower lease rate. The result of the lower lease rates has declined my gross income by 7% from the previous year. Another tenant has not paid his dues in 6 months. The eviction process has started. With this tenant going out of business, i will lose 13% from Last years' income. This is a total decline of approximately 20 2. Capital Improvgments: Many improvements are needed in order to get to the assessed value. The parking lot needs re- pavement: The building needs a new roof and some re- bricking work on the east end. The total amount of work would cost approximately in the range of $150,000 $200,000. Reduce this amount from the assessed value of $1,410,000 which would make the appropriate value be in the range of $1,210,000- $1,260,000. 3. Investment Market: The state of the economy has changed drastically. A few years ago, investors were buying investment properties at capitalization rates ranging from 6.5 -8.5 By doing so, properties were selling at real high values. In current market conditions, investors are moving properties at cap rates of at least 9 preferably rates higher. With a higher rate, the value of the property would decline. This decline could range from $250,000 $500,000. Leang Sarin 1199 Summer Street Roseville, MN 55113 Phone: (612) 817 -6774 Email: lhsarin @gmaii.com April 14, 2008 It is of these reasons, I feel like my property has been assessed at too high of a value. In my opinion, this property at its highest value could not be more than $1,300,000. With the decline in income, needed improvements and the economy in a down market, this building should be assessed at a value appropriately ranging between $1,000,000 $1,200,000 million. I am asking the Board of Review to reduce the value to $1,100,000. Much regards, Leang Sarin Member /Management I A Review Of 5810 Xerxes Ave N. PID# 02- 118 -21 -23 -0022 For Som, LLC 2009 Board of Appeal and Equalization nM r 3 City of Brooklyn Center A Millennium Community T©: 2009 Brooklyn Center Local Board of Appeal and Equalization RE: Mr. Leang Sarin Som, LLC 5810 Xerxes Avenue N. Brooklyn Center, MN 55429 Mr. Sarin contacted the Assessor's office by phone on March 31, 2009 regarding the $1,410,000 estimated market value of his property located at 5810 Xerxes Avenue N., Brooklyn Center. Mr. Sarin was requested to provide the actual 2008 income and expense information and set up an appointment for the Assessor to review the property valuation. Mr. Sarin responded to this request by setting up a property review on April 3, 2009 and providing his actual income and expense documentation along with a written appeal on April 10, 2009. Due to the confidential nature of the income and expense documents that Mr. Sarin provided, they have not been included in Mr. Sarin's or the Assessor's report, but were reviewed by the Assessor's office. Som, LLC. is the owner of a 15,042 sq. ft retail building located at 5810 Xerxes Ave N. The structure is a brick one level retail building partitioned into five leasable tenant areas. Four of the tenant finishes accommodate retail and the fifth area was recently converted from retail /storage to automobile service garage with a small office and bathroom. The 2009 estimated market value includes an improvement amount of $15,000 for this converted space. This area is a privately run service repair area and not affiliated with the adjacent tenant. The overall property is in average condition and was constructed in 1970 with an effective age of 1980. The parking lot is asphalt but in need of significant repair. There are 78 total parking stalls. The majority of the parking stalls are located to the east side of the building. The current parking layout is inconvenient for customers of the tenant space directly facing Xerxes Ave. an the day of inspection, one tenant space entrance was locked by chain and padlock restricting access to the area. Mr. Sarin indicated that the tenant had locked the doors to their own retail space. This tenant is currently delinquent six months in rent. We also discovered graffiti to the north side of the building that had occurred overnight. The income approach reflects the market's expectations of typical rent and expenses to arrive at a net operating income. A market derived income approach to the property has been included that indicates a market derived value of $1,410,000. This market approach was using market retail rents for tenant spaces of similar size. An actual income approach was calculated by the Assessor's office using the income and expense data provided. This actual income review indicated a valuation of $1,300,000. 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 PAX (763) 569 -3434' PAX (763) 569 -3494 www.cityofbrooklyyzceizter.org Within Hennepin County, there were only two retail open market sales available similar in size to the subject property. These sales have been included for your review. The sale located in Rogers is a building of similar size, but,was constructed in 2002. While there are no income guarantees with the sale, the property is occupied by market popular tenants in a new growing community area, which typically indicates a higher rent expectation. The second sale is located in St. Louis Parr, on Excelsior Blvd. While the property is similar in age, it is a two story retail building with basement. The two retail sales indicate a price per square foot range of $120 to $179 per sq. Som, LLC originally purchased the subject property on July 30, 2007 for $1,350,000, or $90 per sq. ft. Due to the minimal number of comparable sales and their location, the income approach was used to calculate the 2009 estimated market value. After full review of the property characteristics, condition and income /expense data it is my recommendation to reduce the 2009 estimated market value of $1,410,000, with a $15,000 improvement amount to $1,300,000, with an improvement of $15,000, for the taxes payable in 2010. Respectfully, Nancy Wo ik, SAMA City Assessor 40 o C) zzz s i e 3 z a�uuu N 00 d' N Nn d ylzzz zzz �I F c p �c W 'a al x �zzz C cJ U 0�0 W) N v �OOO a• l U 0 0 0 00 4•+ �000 1, z w� N C* zQ y z oo o x°0 oj a X00 00 W o ^a c Q0oo �o a >o0N o� x� C rig O ,cc °o o L V Q C w M y� ct3 per„ N U y ✓i z 00 a O U 00 0 s� Z o cD o o 5 Z CD °0° '�0 °''2 o vz a O b9 O z a V bA W 4y V N 8' ti as 3 ti bA o x p a' Q Gj E V W ai c `d T Q Q o o a. c o y y y o a o c o, i o a s y a C. 0 �a�c c' 45 �ou aa�� f Q7 >w0Zu0C4V) Caa.0 a d< d d x c4 a >Ca cq 0 bp 0 O O 7 O V N O E O O 00 O r N O "a .�-i ar d d U r,, U W 00 N .T, PUO. 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N O a` CL' 00 1 Q Qi m Z 0 N z oQ O O C4 p p y L 'D u a 0 a d's r^o y u y L O h ca t V I a r L CT R p O 4••: VIi L V �a L R U U c c c ri ry Ifll dl 1 I saw Kw- y 9 i¢I j, V g ip ylir I 41F w I d 9 di �Mr���li III 18 V II h, y #S IF� r �r MR UM z p` Off Y j s- I oaf '^R•,m. .flit Y(F�7 f c X k i u� e aw I, 0i Man Mill S AW M INT G f v riY� �•a �`-z N s.. �R3 `4.° g w 1 ;,ins .y a Irf iw WI rF F i, u x u 3 c Hennepin County Property Map Print Page 1 of 1 Hennepin County Property Map Tax Year: 2009 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed i} land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only. i Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its derivatives. a t 582 3 •33 8 SO zZ L 9 110 580 1 y i y3 3 IN 'sv r l x, 5810 PC �""AN M ETR 07m, 7"")ILFT tEE( 'a3 if A/ ii s �9 r` /,L NO 3 0 0. `A G� s+ TRA Is I T I, Selected Parcel Data Date Printed 4/16/2009 9:50:56 AM Parcel ID: 02- 118 -21 -23 -0022 Current Parcel Date: 4/3/2009 Owner Name: SOM LLC Parcel Address: 5810 XERXES AVE N, BROOKLYN CENTER, MN 55430 Property Type: COMMERCIAL -PREF Sale Price: $1,350,000.00 ii Homestead: NON HOMESTEAD Sale Date: 07/2007 Area (sgft): 58325 Sale Code: WARRANTY DEED Area (acres): 1.34 A -T -B: TORRENS Market Total: $1,380,000.00 Tax Total: $51,793.14 http: /gis.co.henne P in.nm.us/HCPro p rtY p .as e Ma /Locator x ?PID= 0211821230022 4/16/2009 P O 7I M 6A �D O O 69 69 64 O DD O C 0 O O 69 l- rO O O O 0 O v M O Fi3 O CJ 6A 69 O 't O n It 69 6A O 69 69 n l� s N C �c l` N 69 6R 69 69 6R M 69 6R d' 'G y 00 00 00 00 r` r- t` kn a O O O O O O O O O O O O O O O O O O O O A O O O O O O O O O O O O O O O O O O O O N N N N N N N N N N N N N N N N N N N N 6 01 v� O M C` r M kn O 00 O M N N N 7 O O N O O O O O �r O O O O O O O 'O O O O O O 0 0 0 0 O w 00 00 00 00 00 00 00 t` t` t` r- IC �o �c vn kn vn In et M M O O Rt O O O. 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ZONIJ C2 QEf` Som L..L- PROPERTY TYPE C: Mixed Retail /Auto Repair NET LEASES YEAR BUILT 1970 ECONOMIC INCOME ANALYSIS GROSS BUILDING AREA 15,042 NET RENTABLE AREA TOTAL RETAIL INCOME $232,328 PGI $232,328 RETAIL STORE SF AUTO REPAIR SF LESS: VACANCY $37,172 NRA EGI (before concessions) $195,156 MARKET RETAIL RATE $16.00 MARKET AUTO /SERV RATE $14.00 LESS: RENT CONCESSIONS $0 VACANCY ALLOWANCE 16.00% FREE RENT $0 SQUARE FEET VACANT SQUARE FEET OCC. EGI $195,156 OF EGI RENT CONCESSIONS 0.00% LESS: EXPENSES $9,540 4.89% FREE RENT 0.00% LEASING $6,092 3.12% TURNOVER RATE 30.00% TENANT IMPROVEMENTS $14,564 7.46% TENANTS REMAINING 70.00% RESERVES $0 0.00% AV. LEASING PERIOD 5 MANAGEMENT $9,758 5.00% TOTAL EXPENSES $39,954 20.47% EXPENSES /SQ.FT. $3.50 Nth[ $15,202 MANAGEMENT 5.00% TENANT IMP. COST -NEW $15.00AP) VALUE:;:::::::: €1i1QDfQ: 93.74 SF GBA RENEWAL $10.00 EXPENDABLE VAL. OF TI 60.00% PER SQ.FT. GBA $93.74 PER SQ.FT. NRA $95.27 RES. FOR REPLACEMENT $0.00 SQ. FT EXPENSE RATIO 20.47% LEASE COMMISSIONS -NEW $3.50 SQ. FT LAND AREA 56,646 RENEWAL $2.00 SQ.FT EFFECTIVE TAX RATE 2.5000 CARRATE;;;;;;;;;;;;;;;;;;;;;;; 8> >3° Ti XR TE i;;;;;;;;; 2$.0 land value 500,000 8.83 /SF OVERALL;CAP RATE'; i 8 5i7 buildin value 910,000 61.49 SF GBA 9 G: \BOARD \2009 \LBOR REPORT\[NapaProforma.xlsx]Napa 4/17/2009 NapaProforma.xlsxNapa Summary of the Commercial Sales Found Search for: Summary of Records Found: Property Use: Commercial Number of Sales Found 2 R353 Retail Store Avg. GBA 14,083 8412 Shop Center Nborhood Avg. CE Sale Price $2,105,000 County Munic.: HENNEPIN COUNTY Avg. SP GBA $149.83 Sale Date: from 10/01/2007 to 09/30/2008 Standard Deviation SP GBA $42.18 Effective Age: Avg. CAP 8.6 GBA: from 12000 to 15000 Show: Valid Sales, Comparable Sales Sort By: County, Music, PID Records 1 2 of 2 Page 1 of 1 _;P—'' HENNEPIN ST. LOUIS PARK, PID: 21- 117 -21 -24 -0019 Multiple PID: Y, Sale *2, Address: 5600 Excelsior Boulevard Top Sale Date 01/07/2008 Land Area 20,778 GBA 14,250 CE Sale Price $1,710,000 Property Use R353 Retail Store SP GBA $120 Rejection Code Effective Age 1,976 CAP Project Name Trestman Music Towle Sector West Sector Buyer Pay Day America Inc. Comparable Y Neighborhood Seller Trestman, Sharon Ratio Study Y Environment Goner Sale Price $1,710,000 Community HENNEPIN ROGERS PID: 14- 120 -23 -31 -0019 Multiple PID: N, Sale #1 Address: 13625 Northdale Boulevard Top Sale Date 08101/2008 Land Area 72,504 GBA 13,916 CE Sale Price $2,500,000 Property Use R412 Shop Center Nborhood SP GBA $179.65 Rejection Code Effective Age 2,002 CAP 8.6 Project Name Towle Sector NW Sector Buyer New Millennium Real Estate Partners, ETA Comparable Y Neighborhood Seller Development 101, LLP Ratio Study Y Environment Concern Sale Price $2,500,000 Community Records 1 2 of 2 Page 1 of 1 PROPERTY USE: Shop Center Nborhood MUNICIPALITY: ROGERS Code: 412 RC: 00 COMPLEX NAME: COUNTY: HENNEPIN GBA 13916 WD ADDRESS: 13625 Northdale Boulevard PIN 14 -120 -23 -31 -0019 Seq 1 Ratio Y Comp: Y AUDITOR ID: 979796 MULTI PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA i Year Built/Effective Year Built: 2002 2002 Buyer: New Millennium Real Estate Partners, ETA Const Quality/ Condition: nvEw.oe AVERAGE Seller: Development 101, LlP Const Class/ No. of Bldgs: Masonry aearmg wax 2 Sale Data: Date of Sale: 8/l/08 Exterior Type/ Roof Type: Concrete Block Flat J Total Purchase Price: $2,500,000 2n Ext Type/ Roof C vr. Tar and Gravel Down Payment Amount: $0 SIZE USES First Floor Area/ GBA: 13,916 SF 13,916 SF Other Terms: Total Floor Area/ NRA: 13,916 SF TERMS Bldg Perim./ Shape/ Units: FT No Data Available Mezzanine Area/ Use: SF Cash Equivalent Price: 6.79% $2,500,000 Bsmt Area/ %Fin/ W 0 SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use: LESS: Personal Property: $0 Bsmt Fin/ SF 0% GBA PLUS: Special Assessments: Ind:N $0 First Floor Use: Cash Equivalent of Real Estate: $2,500,000 First Floor SF/ W 13,916 SF 100% GBA 2nd+ Floor Use: Sale Analysis: Sale Price Per Sq. Ft. TFA: $179.65 2nd+ Floor SF/ SF 0% GBA Sale Price Per Sq. R. GBA: $179.65 Tot Off Area: SF 0 GBA Sale Price Per Sq. Ft. NRA: Primary Heating/ Pct: Package Unit 100% Sale Price Per Sq. Ft. Land Area: $34.48 Secondary Heating/ Pct: Sale Price Per Room: Air Conditioning Pct: 100% Income Data: Sprinklers/ Elevators: 0 0 Garage/ Ramp Spaces: PRIVATE DATA Surface Parking Space: 68 Parking Surface Type: Asphalt Rent Schedule: Multiple Tenancy: Y PRIVATE DATA Bldg Ht/ Avg Gear Ht: 16.0 FT 10.0 FT Stories: 1.0 Avg. Finished Ceiling Ht: FT Total Land Area/ Topography: 72,504 SF Useable Land Area: 72,504 SF Zoning/ Land Def Cd: C F Trackage/ Utilities: N Land Big Ratio Excess Land: 5.21 to One N Environmental Concern Ind: Other Amenities: Summary Comments: Property was marketed with Marcus and Millichap for $2,725,000. Buyers negotiated based upon the cap rate. Buyer was a 1031 buyer. Financing Appraisal was done by Diversified RE at $2,590,000. Seiler leases 1 space for his Dominos franchise. Lease was at market rate and did not affect the purchase price per buyer. No income guarantees. Tenants include Subway, Dominos, Caribou Coffee, Snap Fitness, Cowlicks to Curls, Pack N Print, Apex Chiropractic and 1 vacancy. See addn comments Pin #:1412023310019 Seq #:1 Em PROPERTY USE: Retail Store MUNICIPALITY: ST. LOUIS PARK Code: 353 RC: 00 COMPLEX NAME: Trestman Music COUNTY: HENNEPIN GBA 14250 WD ADDRESS: 5600 Excelsior Boulevard PIN 21- 117 -21 -24 -0019 Seq 2 Ratio Y Comp: Y AUDITOR ID: 968362 MULTI PID: Y COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1958 1976 Buyer: Pay Day America Inc. Const Quality/ Condition: AVERAGE AVERAGE Ij Seiler: Trestman, Sharon Const Class/ No. of Bidgs: Masonry Beanng wag 1 Sale Data: Date of Sale: 1/7/08 Exterior Type/ Roof Type: Brick Flat Total Purchase Price: $1,710,000 2nd E xt e rior Type/ Roof C vr: Built-Up Membrane Down Payment Amount: $0 SIZE USES First Floor Area/ GBA: 5,490 SF 14,250 SF Other Terms: Total Floor Area/ NRA: SF TERMS Bldg Perim./ Shape Units: FT No Data Available Mezzanine Area/ Use: SF Cash Equivalent Price: 6.00% $1,710,000 Bsmt Area/ %Fin/ W 4,380 SF 0% 31% GBA Cash Equivalent Adj: j Bsmt Use: Retail /Storage LESS: Personal Property: $0 Bsmt Fin/ SF 0% GBA PLUS: Special Assessments: Ind:Y $0 First Floor Use: Cash Equivalent of Real Estate: $1,710,000 First Floor SF/ 5,490 SF 39% GBA 2nd+ Floor Use: Sale Analysis: Sale Price Per Sq. Ft. TFA: 2nd+ Floor SF/ SF 0% GBA Sale Price Per Sq. Ft. GBA: $120.00 Tot Off Area: SF 0% GB A Sale Price Per Sq. Ft. NRA: Primary Heating/ Pct: Forced Air 100% Sale Price Per Sq. Ft. Land Area: $82.30 Secondary Heating Pct: Sale Price Per Room: Air Conditioning Pct: 100% Income Data: Sprinklers/ Elevators: 1 Garage/ Ramp Spaces: PRIVATE DATA Surface Parking Space: 32 Parking Surface Type: Asphalt Rent Schedule: Multiple Tenancy: N PRIVATE DATA Bldg Ht/ Avg pear Ht: 14.0 FT 12.0 FT Stories: 2.0 Avg. Finished Ceiling Ht: FT Total Land Area/ Topography: 20,778 SF Slightly Sloping Useable Land Area: 20,778 SF Zoning/ Land Def Cd: C2- Commercial F Trackage/ Utilities: N Pubic Available Land Big Ratio/ Excess Land: 1.46 to one N Environmental Concern Ind: Other Amenities: Summary Comments: This property was openly marketed and a copy of the appraisal is on file. The appraised value carne in at $1,720,000 which appears to be above market. The intent of the buyer is to use this property for retail purposes. Includes PID 21- 117- 21 -24- 0020. Pin x:2111721240019 Sect #:2 F l o w -a 0. I p. t r CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2009 Assessment APPLICATION FOR APPEAL March 19, 2009 through April 10, 2009 You must return this application by April 10 2009 to be placed on the Agenda for the Local Board of Appeal and Equalization April 20, 2009, 7:00 P.M. Names) 6( tr ,n J�- r� y�.�, Daytime Contact Number: Property Address _L 3 7 3 V A)- Property Identification Number 3 Assessor's 2009 Estimated Market Value -1 3,4 9 7, oco eo nb .'1 td What is the reason you are appealing your 2009 assessment? 1j oil, r er 1� sT+ 7Y'i' trig 7 t s 1�`s s f v,pitY; i' ft PCy ja.,r tre t� Kess, h t is 6 M When did you purchase your home? Date of Purchase Purchase Price Did you purchase your property from a bank, as a foreclosure or short sale? IU Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. r�fl Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? a or No If so, what was the determination of value? s oh tea,,, -I Ipnee -'4y'7 -O What do you think the market value of your property should be? Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required EqT Max L LLC Nancy, 4/15/09 Thank you for taking time to review the property tax situation at Garden City Court Apartments. I strongly believe that the fair market value for that project is $2,520,000, over $1,000,000 less than the estimated assessment. 1 have provided four years of financials, a strong rental comparison, and current listing information of the subject that I feel supports my value estimate. Market: In 2007, Garden City Court was listed for sale by Colliers Real Estate for $3,250,000. They did receive a purchase agreement but the sale fell through due to the constraints of the low income tax credits and the lack of salability of those tax credits. The Colliers listing expired in Dec. 2008. Minnesota Brokerage Group, arguably the top apartment sales group in the Twin Cities, took over the listing January 2009, again for $3,250,000. To date there has been no activity on the project. Because the tax restrictions hamper marketability and when factoring in past operating numbers, the true marketable price.—the price I think it would self at is $2,750,000 Comparison: In a recent Sun newspaper article, the City publicly drew comparisons of Garden City to two other low income properties in town, Centerpoint and Unity Place (see attached). The tax value for Centerpoint is $34,182 per unit and it consists mostly of 2 bedroom units with comparable rents to Garden City. Minnesota Brokerage Group also has the sale listing for Centerpoint and from my understanding it is set to close for less than $30,000 /unit. The tax assessed value for Garden City at $34,182 /unit is $2,461,101. Financials: I have provided'four years of financials for Garden City Court Apartments. The property is older, has endured over 15 years of excessive wear and.tear that comes with low income restrictions, and requires a higher operating expense ratio in order to stay afloat. I feel that four years is a long enough time to show a consistent pattern of expenses (rather than one time capital imrovements) that is higher than most apartment projects. According to the financials, at a 7 cap rate the most Garden City Court could be worth is $2,000,000. Please le me know if there is more information we can provide. I look forward to hearing from e Uhatze you r property inspectio Thank Wade Prope 952 -2 EqutMax Reai Estato LLC 1161 Wayzata Bled. #312 Wayzata. MN 55391 PH: 952-926-1541 PROPERTY MANAGEMENT ACQUISITIONS BROKERAGE CONSULTING FAX: 952.5446892 wade@eUuimaxca.com Property Information Search by Property ID Result page Page 1 of 1 Hennepin County,, MN www. .us i Prope Inform ation Search Result The Hennepin County Property Tax web database Is updated daily (Monday Friday) at approximately 9:15 p.m. (CST) Search 9y 2009 Assessment (For Taxes Payable 2010) Property ID: 02- 118 -21 -23 -0015 Address: 2802 NORTHWAY DR Unit No.: [a WA441TA4MANATME Municipality: BROOKLYN CENTER Owner: BRKLYN CTR LEASED HSG ASSOC Property ID: Taxpayer Name Address: BRKLYN CTR LEASED HSG ASSOC 0211821230015 5402 PARKDALE DR STE #200 ST LOUIS PARK MN 55416 Search Clear Subrecord No. 1 Improvement Amount: Property Type: LOW INCOME RENTAL Homestead Status: NON HOMESTEAD Exempt or Deferred: Values Estimated Limited Land: 2,520,000 2,520,000 Building: 6,094,000 6,094,000 Machinery: 0 0 Totals: 8,614,000 8,614,000 Less Qualified Improvement: 0 Leas Veterans Exclusion: Total Taxable Market Value: 8,614,000 Hennepin County Is providing this Information as a public service. Tax related questions: taxinfoOeo.hennepin.mn.us Need help locating a property on our site? Check out our Search Tips Home j Your County Government I Licenses, Certificates, Registration Employment Volunteering I Health, Housing, Social Services I Law, Public Safety, Courts I Environment, Property, Transportation Copyright 2006 Hennepin County, Minnesota I www.Hennepin.us Accessibility Policy J Contact Hennepin County Security/ Privacy Statement http //www l 6. co. hennepin.mn.us/ pins /pidresult. j sp ?pid= 021182123 0015 &assmt= l 4/15/2009 a u o u U p v q o ev W p w F, o U 0 is e W� w w a s o N a rn a n c aoAU Q 4 L'_'eus. .t4� a�'o�J• q W a 4) t 04 a u u o �s O U ca E a;>~rl rnu O �m a� u u o sa ca a u p d N o O a v m m 2 m .off a o 'U y M fn U. E 3 d 'a d h a u a g c .E 1 C/ L p a Q o O y� ,j+QG •'gds U O :3 at 2 es •m q a 'a°�p w y "7 u g 'A O e� 69 �n of P+ 1-1 of w« v p w 0 �d u o ao E oroa °�£oa�� ac •o' ra oZi a coq �d �u U a• u oo E o -dam o �.o to w 0 o o a� �i 27 a 0 O v .O O b ^CJ O u l E �2 u O p 1 1 O N .p p a q a i p U p O b O O� H v V-1 O O F+ p p U v 0 O v U to o Ouu Q Q Ew 0�. m Fa A in 9 E2 cz a, to c .a x 3 .9 Oq U sa c Z N i�S v 1 W y 11 V O awl Q W N 0 d i3, N rA .0 u >1 o M r, w Z .a 'o -0- o g 0. o o 0 0.0 co may b ro A u 3>,u 0 VI d .N "d .i3 10 4i G .0 .it'd u -0 ro OO 1 0 w c, t u 0 2 0 S4 'U a O a d rn 0 b u E O H O 0. o m m ti .a 3�y s 3 0 ,41 co 0 U t° az o.o Uv ry1 Garden City Page 1 of 2 e s BACK TO LISTINGS PAGE POI 01! Lam" CITY Brooklyn Center, MN UNITS 72 SALES PRICE $3,250,000 DOWN PAYMENT $850,000 TERMS VIEW MORE PHOTOS Cash or Submff DESCRIPTION 7 ni Garden City Court, situated on a 3.85 -e re park -like campus, consists M six, brick stucco Thies roots buildings with 72 mostty two bedroom epartments. The complex is completely self- contained In a residential cul- de-sac with each 3 -story building separated by landscaped lawn, mature Two water heaters toss, and Irgs slaved parking mss. The asset also Includes a lance" outdoor pool flanked by a small maintenance buNng. to Landscaping Frond door entries are spacious and walk open staircases, wrought iron rallings, and Outdoor pool upgrades (525,000) large two-May windows off second floor landings. Each building is also equipped with >rf Carpeting (many units) seared entries, separate laundry to Ulas and individual tenant storage lockers. Apwtmmis are well designed and include some nice appokftenis. Livkrg and dining rooms feature neutrsi-wW finishes and plush carpeting. There is also plenty of closet space with VIEW FULL REPORT» walk -In closets In the bedrooms, and tuff -wag metal bMfoids M the living rooms. Kitchen$ are upgraded with Euro-style cabinets, white appliances and double stainless a" sinks. Baths offer vanities with lighted micron and ceramic floors and surrounds with decorefin We This POF is password inserts. protected. For the monthly access code, please contact Maddy Buffer at 952.485.3572. Garden Cant resides in a prime Brooklyn Canter location a*ce t to Garden City Elementary and Garden City Park. The park Is a full recreation center with a shelter building, playgrounds, basketball hoops and a softbag field. The convenient location off Brooklyn Boulevard gWw to property easy access to public transportation and to local shops and restaurants. SUMMARY http:/ /nmbrokerage.com/GardenCity.htm 4/15/2009 Garden City Page 2 of 2 PROPERTY TYPE 3 -story br/ck d stucco bu&rtgs YEAR SUILT 1963 UNITS RENTS 7-i DR 65 -28R FCAING A AIR CONDITtONWG Gas ftd /rot water LAltNBlC 6 NvaMes a 6 dVyara (leaaad) ASSESSED MARKET VALUE $3,625, RMAL ESTATE TAXES 2008 -$44,349 PARCELSD3 3.668cm PARKldg Off stnwt gsslynad unit a v(altor) P Flat, mbbarmembane 0200 MNM)TA BRDKERAM MOW 4T26 EXCEMOR BLVD, SWTE SO t 6UttREAPOM, M@ W416 http:/ /mnbrokerage.com/GardenCity.htm 4/15/2009 City of Brooklyn Center A Millennium Communit TO: 2009 Brooklyn Center Local Board of Appeal and Equalization RE: Mr. Wade Shatzer Property Manager Garden City Court Apartments 3407— 3417 65 Avenue N. Brooklyn Center, MN 55429 Mr. Shatzer contacted the Assessor's office by phone on March 27, 2009 regarding the $3,697,000 estimated market value of the Garden City Court Apartments. Mr. Shatzer was told to provide 2008 income and expense information for a review of the income approach on the property. Mr. Shatzer responded to this request by email on April 13, 2009. Due to the timing of the receipt of income documentation a request for an appeal application was sent. Mr. Schatzer provided an appeal application with a written letter of appeal to be read at the Local Board of Appeal and Equalization. Due to the confidential nature of the income documents they were not included with Mr. Shatzer's report, but will be reviewed by the Assessor's office. Garden City Court Apartment complex includes six, twelve unit buildings, for a total of 72 apartments. Garden City Court Apartments involves the valuation of seven separate parcels and two classifications per parcel. Garden City Apartments currently receives the low income housing -HL and apartment classification on each parcel. Due to the complexity of multiple field cards and sub records a summary of the estimated market value per parcel is attached. A current review of the physical characteristics of the complex, and income documentation will be necessary for the Assessor's office to make a recommendation to the board. Respectfully, 1- 7XI G f V Nancy Wo lk, SAMA City Assessor 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX 763 569 -3494 www.cityolbrooklyncetiter.org Garden City Court Apartments 2009 Estimated Market Value PID Land Value Bldg Value EMV 34- 119 -21 -42 -0018 Sub 1 HL 81% 116,600 380,500 497,100 Sub 2 A 19% 27,400 89,200 116,600 Total 100% 144,000 469,700 613,700 34- 119 -21-42 -0019 Sub 1 HL 81% 116,600 380,500 497,100 Sub 2 -A 19% 27,400 89,200 116,600 Total 100% 144,000 469,700 613,700 34- 119 -21 -42 -0020 Sub 1 HL 81% 116,600 380,400 497,000 Sub 2 -A 19% 27,400 89,200 116,600 Total 144,000 469,600 613,600 34- 119 -21 -42 -0021 Sub 1 HL 81% 116,600 380,400 497,000 Sub 2 A 19% 27,400 89,200 116,600 Total 144,000 469,600 613,600 34- 119 -21 -42 -0024 Sub 1 HL 81% 116,600 380,400 497,000 Sub 2 A 19% 27,400 89,200 116,600 Total 144,000 469,600 613,600 34- 119 -21-42 -0025 Sub 1 HL 81% 116,600 380,400 497,000 Sub 2 A 19% 27,400 89,200 116,600 Total 100% 144,000 469,600 613,600 34- 119 -21 -42 -0026 Sub 1 HL 81% 12,300 12,300 Sub 2 A 19% 2,900 2,900 Total 100% 15,200 15,200 GRAND TOTAL 879,200 2,817,800 3,697,000 2009 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 48 -75 UNITS 48 TO 75 UNIT COMPLEXES Apartments 2009 Unit 2008 Unit PROPERTY AREAS 2009 EMV Values 2008 EMV Values (/j Garden City Court HL Land 191,225 Land $879,200 $12,211 Unit $879,200 $12,211 Unit 3407 -17 65th Ave N. GBA 66,960 Building $2,817,800 $42.08 [Q $2,761,800 $41.25 H PID: 34 Units 72 Total $3,697,000 $55.21 [Q $3,641,000 $54.38 11 Age 1963 Change 1.54% $51,347 Unit 0.0% $50,569 Unft ratla#talesistene `5E3t< €z 2 Lags# ..............ik 88 �QQ::::: 1> 2:: >:::<:`::l#rii a Can 2>.................................. t30£f::: E:J B1F ..............f0 FE3T:: 31' :t 4 0: 3FE: i:::i::t: 7.....,................ :.:1341.. 8.:..::..:::: P3 36.1 t ...1 1..... 9....::::::::::::: tFk ........bs'. ::::::::::::.T tf:::::'�# +1kk6it.::..::....:... >.5'• s ..0 ..............9.......:..:.:::. t8::::::::::::i t........ ::::::::::::::,Q t1t1WA A.ORt}55-= >s-::::::< .:.;.;i,.' J. i# Eared.............. 34, tfk.......... .Cartel....... tfi: iFit..............>...................... :::::::::::::.::::::::::P:::::: r.::::::::::::::::::.:::>..:::::::::::::.:.:.::.:........... E125:.L11AC:.it321it:N i H::::>::::::>::::: i E3�i<:: 35 911::: :.......9.....z :1 t) ..::::::9....:28�.... ....3>.. c.: I: 8......................................................................:::..:::............................ #:f1. >s> LIt1ff:: :::T 4# tlFli:.;::.;:.;:.;:.;:.;:. 4594 >:<::iz: f................................................................................................... R -tis t k::::::»:: 0 >:13 >:$z $6�€ 7 ,+.............1�tt s:.:::F? 4............Ctt P<..ii%........... x6 78 nl X. WILLOW LANE Land 131,615 Land $700,000 $12,069 Unit $700,000 $12,069 Unit 7015 BROOKLYN BLVD GBA 56,331 Building $2,347,000 $41.66 [I] $2,250,000 $39.94 M PID: 27-119-21-33-0010 Units 58 Total $3,047,000 $54.09 3.29% $52,534 Unit 0.0% $50,862 Unit [Q $2,950,000 $52.37 [/1 Age 1969 Change Sold 1212006 $3,000,000 (CE 50,725 ea} fl#¢sf STERLING SQUARE Land 149,118 Land $675,000 $12,500 Unit $675,000 $12,500 Unit 6640 6700 HUMBOLDT GBA 48,504 Building $2,350,000 $48.45 [a $2,350,000 $48.45 In 1400 8 1401 67TH AVE N Units 54 Total $3,025,000 $62.37 [a $3,025,000 $62.37 [/j PID: 36- 119 -21- 22.0038, 0039 ,0043, 0044 Age 1968 Change 0.00% $56,019 Unit 0.0% $56,019 Unit Sold ?112002 $3 (CE 3 BROOKHAVEN Land 115,160 Land $680,000 $12,593 Unit $680,000 $12,593 Unit 3907 65TH AVE N GBA 57,024 Building $2,351,000 $41.23 [Q $2,327,000 $40.81 [4 PID: 34 -119 -21-31 -0081 Units 54 Total $3,031,000 $53.15 [/J. $3,007,000 $52.73 [Q Sold $2,932,0-001 July, 2.002 (CE $$2,878,000) Age 1968 Change 0.80% $56,130 Unit 0.0% $55,685 Unit f'1?e iqe?isl? 0'21' 511 ?:::i3)2})E1.J?il'.Si:::' >:��b.::,�N,.,�iff MAi ftGARDENS Land 262836 Land 18675000 $6 5,000 $12,9£35 Unit 6710 O tGHARD LANE N GBA 93,412 Building $2,772,OQ0 $29.67 [!j $2,f72,000 $29.67 [Jj PfD: 3$,1:19 21 11 *..x104 Unit& 5 Total 3,447,1100 $36.90 [(j: $3.447,000 $36.90 [IJ 1. 17vsrstl4K ne Safe %Srt sties C�ardges Age 5973 Et angs 0.0:MIgi $68,288 IJni1 {t;4 °�G. $55,288 L}nit Remays] Pddi 2Q0$ BROOKDALE TOWERS Land 133,341 Land $625,000 $12,500 Unit $625,000 $12,500 Unit 6915 HUMBOLDT AVE N GBA 69,810 Building $2,227,000 $31.90 [/l $2,219,000 $31.79 1Q PID: 26-119-21-44-0070 Units 50 Total $2,852,000 $40.85 (8 $2,844,000 $40.74 14 Fi:a 1F'CB -4 unk. un lveat:la 12e'28106 Age 1969 Change 0.28 %n $57,040 Unit 0.0% $56,880 Unit Pl ?a Repair Completed pr ar to 03 aslnt Eri F3? 330 Irnpios 840,000 Complete Winslow replacement Unit Unit 1.U: €iaiYC ii�iii? iii'` iiii? i7i'` ii` i' i?'!` iiiiiii '`:Y::''ii3ii'!£s�!'.; :i��i i�i'j "'ii 13 fl2T?t lriit i:;::;;:::;::;:: i::;:: is::; 5:::;::;<:<:::::: i;;;:;: s::; ;i i:: i:: i:: i::::::: :::'::::;:::::i::::::::>:::::>: _:::i::i::i::;::: lana .............29:7413t1: Iiid:a: f51b0 14121:'.: 2:: >:UniE'.:'. libel 4V i o; .....A s:::.:.::.:.:.:...... 6740 caiM�s Pf ;aE C96A 57,562 ::$iihdfng?;as;{lQa:. $41.1:98:; [+I 3Z35i1;ODQ':. $?I43Q' PID 34:•1 8.21 21.11026 lJntts 8 TQtt41 $3;2 4;EiO4.. .M0. k ......[�I 3,175;0 $55 is ;I 1;�wt1ll� Me t;le Age 1979 !t 1 33% $95 868 Unit 446 Lln1t' Bid €in .....€rt :iuix:::::: X54 tl1�E TOTALS Land 1 72%.917 Land "A09,2.OD #DfV10l..;' Uniti $6,509.,2DD 12,566 Unit' a»d GBA 754 '185 Building $24,573 906 32 M [(J $24 348,80D 32.29 [!J AVEt2 i ES Units 515 Total $31,085,00. (f 41 $30859,000 40.92 t1 tfasfge 11.08 °k #DfV10t ;All U »Its:: 1.t°G $59,578 Alt Units Totats lndude Reg Townt ome Styr s €ttiEars� e 2 a,00Q i3M,883 3 55 ,vOD $162 506 Aug Complex Value ;3,453,66.7 51,300 Reg Unit $3,428,778 51,3LK �?eg Unit $66,200 TR Unit $66,200 H Ur ti\ SekEl3SHrwssessorCZnoadaWapl "�4 &75.>Asx]26o9 ASmt $67,$DO SRApt> $67 SZ'A>:,1: 4/16/2009