HomeMy WebLinkAbout2005 05-16 CCP Board of Appeal & Equalization Reconvene �.j
HC586 (2/02)
CERTIFICATION OF POSTING OF ASSESSMENT NOTICE
State of Minnesota
COUNTY OF HENNEPIN ss.
City OF Brooklyn Cent r
I, A aro n K n u+,sbYl Clerk
of the C-1 of N ri K l xi n l _en County for the year 2046; do hereby certify that
on the day of '1 20 oS in conformity with requirements
of law, I posted notices in each of three of the most public places in said C l 4 ten days before
v
the time of meeting therein named, and also caused such notice to be published in a legal newspaper, of which the
following is a true copy, to -wit:
ASSESSMENT NOTICE
NOTICE IS HEREBY GIVEN, That the Local Board of Appeal and Equalization of the C l t v of
Brooklyn Cent Henna�ni n County, Minnesota, will meet at the
office ofthe Brooklyn Center Clerk in said city at PVen o'clock,_ M.,
on Monde v the S econd day of Iry 20 05 for the
purpose of reviewing and correcting the assessment of said Brooklyn Cente for the year 2005
All persons considering themselves aggrieved by said assessment, or who wish to complain that the property of an-
other is assessed too low, are hereby notified to appear at said meeting and show cause for having such assessment
corrected.
No complaint that another person is assessed too low will be acted upon until the person so assessed, or his agent,
shall have been notified of such complaint.
Dated the day of N 4U 200
I %W mn 9n Lc4S6n
Clerk of the City of _Brooklyn Cent
Given under my hand this day of 'n 4 0 Clerk.
State of Minnesota,
COUNTY OF HENNEPIN ss,
City o fBrooklyn Cente
We, the undersigned, Local Board of Appeal and Equalization, of the City of Brooklyn center
in said County, do hereby certify that we, and each of us, attended at the office of the Brooklyn CenterC of
said C i±,y on the day set forth in the notice given by the Clerk of said R rn n k 1 v n Cente
and that we then and there remained in session the whole of said day as a Local Board of Appeal and Equalization.
Witness our hands this riot^ day of 'Ma 20
i
Chairman
Cr
I
J A
v
NOTICE TO ASSESSOR
Assessor must make the necessary footings at bottom of each page and carry them forward to the "Tabular Statement"
form, and in so doing use all possible care.
Minnesota Statutes, Section 274.04. The assessor shall foot each column in his assessment book, and make in each
book, under proper headings, a tabular statement showing the footings of the several columns upon each page. He shall
also foot the total amounts of the several columns under the respective headings. Such return shall be verified by
his affidavit substantially in the following form:
ASSESSOR'S. RETURN OATH
To Be Signed By County Assessor
I, Patrick O'Conno
Auditor of the County of Hennepin, Minnesota.
State of Minnesota
County of Hennepin SS
I, Thomas May County Assessor
of the County of Hennepin do solemnly swear that the book to which this is
attached contains a correct and full list of all Real and Personal Property subject to assessment and taxation in the
City o prooklyn CtYor the year 20 05 so far as I have been able to ascertain the same, and that the
market value, except as limited by statute, and the assessed value, except as limited by statute, set down in the property
column, opposite the several kinds and descriptions of property, is in each case the market value, except as limited
by statute, and assessed value, except as limited by statute, of such property, to the best of my knowledge and belief,
including all changes made by the B ro n k 1 yn Center Local Board of Appeal and Equalization, and that the
footings of the several columns in said book and the tabular statements returned herewith are correct, as I verily believe.
County Assessor
Subscribed and sworn to before me this day of 20
Auditor of Hennepin County
CERTIFICATION OF NOTICE ON INCREASED VALUATIONS
State of Minnesota
County of Hennepin
ss.
Citv of Brooklyn Cent r
I, Thomas Mav County Assessor of Hennepin'
County, Minnesota, do solemnly swear that the owner or occupant of each description of real property which was
subjected to an increase in market value over the preceding year's assessment was given official notice of the amount
of such increases. I further certify that all such notices were sent through the course of ordinary mail not less than ten
days prior to May 2, 2005 on which the City
Brook
-month Da Year
Cent of Y Local Board of Appeal and Equalization duly convened or on
ten days prior to the official ae(journment thereof.
Month Day Year
Date Signature:
newspapers
AFFIDAVIT OF PUBLICATION
STATE OF MINNESOTA)
ss.
COUNTY OF HENNEPIN)
Richard Hendrickson, being duty sworn on an oath states or affirms, that he is the Chief Fi-
nancial Officer of the newspaper known as Sun -Post and
has full knowledge of the facts stated below:
(A) The newspaper has compiled with all of the requirements constituting qualification as a
qualified newspaper, as provided by Minn. Stat. §331A.02, §331A.07, and other applic-
able laws, as amended.
(B) The printed public notice that is attached was published in the newspaper once each
week, for one successive week(s); it was first published on Thursday, the 21 day
Of Aoril 2005, and was thereafter printed and publioed on every Thursday
to and including Thursday, the day of 2005; and printed below is
a copy of the lower case alphabet from A to Z, both inclusive, which is hereby acknowl-
edged as being the size and kind of type used In the composition and publication of the
notice:
abcd*Nklmnupgrstuvwzyz
BY:
6FO
Subscribed and swom to or affirmed before me
on this 21 st day of April 2005.
Notary P161c
plib
MARY ANN CARLSON
c ;no�.�x csrrr>ss
NOTARY PUSUC —MIAMI MOTH l!TSNOTICS
MY COMMISSION EXPIRES I-M-0
NOTICE D; GIVEN, that ml Lo Board ofAo
and $qulizaho,
LQ-ow'00004d ty,Il[ini of the of Brooklyn Center m
Counnesota, wfll most at the ofceofthe
CityClark in said CityCounc lChambers,ateev dctotk
RATE INFORMATION ou mdnda the lad day dMak, 2006, for the purpose
wingaa oorrectmgtheeeeeaamentofsawCity .for
the a 2b06. Au t considering umo ashes ag-
(1) Lowest classified rate paid by commercial users 2.85 pe r line �of t that
for comparable space tisea to appear at said meeting and show cause for ring
such icorrected.
(2) Maximum rate allowed by law 6.20 li No eom that another p is asseiaea too le- win
�r-� be acted upon until the persgn eo assessed, or his agent,.
shall have been notified of sash oomplamt.
(3) Rate actually charged 1.30 n line Da��� �.darofAp &coos:
'Sharod Ifit+nteon'
City Clerk'
(Published in the Brooklyn Center3an PbstApril 2I 2(106
7tis at'xGsui Ix :L .siSlC vd bab=se ,3 .uuxidE Pei Xd nts
Local Board of Appeal and Equalization Record Pa 1 of 1
Date(s):
County: HENNEPIN Summary cf all Board Actions 05/02/05
State of parcels of parcels of parcels with class of parcels Total Change Jurisdiction Total Change in
City/Town Name: Brooklyn Center CT code: 27 appealed reduced increased changes not changed in EMV EMV Total EMV 05/16/05
1 141 51 1 91 279,6001 2,057,194,700 0.01 %1
P Appeal by property owner, W Appeal in writing; R Appeal by representative; 0 Other (miscellaneous board actions and assessor recommendations brought to the board for action)
'X" Valuation Appeals I Classification Appeals
Appeal if No Assessor's EMV I Board Ordered EMV Increase Decrease Assessor's Board Ordered
Name of Property Owner Code Parcel Number Change Comments Land I Improvements I Total I Land I Improvements I Total in EMV M in EMV M Class Class
William Kim Kenny P 25- 119 -21-44 -0023 Riverfront Property -RL 130,000 227,500 357,500 130,000 214,000 344,000 13,500
Daryl Diane Sannes P 25- 119 -21-44 -0005 Riverfront Property -RL 165,000 229,400 394,400 165,000 229,400 394,400
Stephen Cooper Usa
McNaughton P 36- 119 -21 -13 -0004 Riverfront Property -RL 190,000 269,800 459,800 190,000 269,800 459,800
Twin Lakes Properties LLP P 10- 118 -21 -12 -0056 Twin Lake Manor Apts 1,274,000 4,465,000 5,739,000 1,274,000 4,465,000 5,739,000
Twin Lakes Properties LLP P 10- 118 -21 -12 -0057 Twin Lake Manor Apts 1,226,000 4,296,000 5,522,000 1,226,000 4,296,000 5,522,000
ESA 3504 Inc. W 35- 119 -21 -23 -0088 Extended Stay America 715,000 2,585,000 3,300,000 715,000 2,585,000 3,300,000
La Quinta Properties Inc. W 35 -119 -21-42 -0011 Bavmont Inn Suites 720,000 1,519,000 2,239,000 720,000 1,519,000 2,239,000
DHM Mpls Hotel Inc W 35- 119 -21 -13 -0012 Holiday Inn Select 1,852,600 2,197,400 4,050,000 1,852,600 2,197,400 4,050,000
BC Leased Housing Assoc O 02- 118 -21 -23 -0015 Center Point Apts 2,016,000 10,044,000 12,060,000 2,016,000 10,044,000 12,060,000
Guenther Roth O 34- 119 -21-43 -0060 PBC Medical Office 375,000 299,000 674,000 375,000 194,000 569,000 105,000
2 00 409 000 689 0 -133 100
r 280 00 2 10 822,100 80 0 00
Mark Kirnker P 03- 118 -21-42 -0028 Brooklyn Peace Office 0 54 0
Robert Hildreth R 36- 119 -21 -14 -0005 Riverfront Property -RL 160,000 166,400 326,400 160,000 150,000 310,000 16,400
Brett Hildreth P 01- 118 -21-43 -0108 Residential SF 51,400 299,800 351,200 51,400 288,200 339,600 11,600
Todd Paulson P 36- 119 -21-41 -0004 Riverfront Propertv -RL 184,000 199,600 383,600 184,000 199,600 383,600
2005 Local Board of Appeal and Equalization Certification Form
The Local Board of Appeal and Equalization must complete and sign the Local Board of Appeal and Equalization Certification Form for each meeting of the local board. At the end of each local board meeting, the county assessor takes possession of the comp
County of: HENNEPIN
Jurisdiction Name (indicate city of town): Citv of Brooklvn Center
Meeting (check one): X� convened 05/02/2005 indicate date 7:00 p.m. indicate time (a.m. or p.m.) Meeting (check one): recessed 1 PI-4 (indicate a.m. p.m.)
Fi reconvened indicate date indicate time (a.m. or p.m.) F adjourned (indicate a.m. or p.m.)
Please note: The Local Board of Appeal and Equalization may not take action after adjourning. All issues must be resolved before the Scheduling for reconvene meeting (if needed)
meeting is adjourned. If issues still need to be considered, the board should recess until the next meeting. If a recess is called a quorum also
must be present at the reconvene meeting for the local board to take valid action. In order to verify that the quorum requirement was met, the Date of reconvene: 1 (0
4
local board must complete and sign a Local Board of Appeal and Equalization Certification Form for each reconvene meeting. The reconvene
must be held within 20 days (including the day of the initial meeting) unless the board requests a time extension in writing from the Time of reconvene: (indicate a.m.
meeting p.m.
9 Y 9 Y 9) q g
Department of Revenue and the time extension is granted by the department. The date and time for the reconvene meeting must be
determined before the initial meeting is recessed. Once the Local Board of Appeal and Equalization has adjourned they cannot reconvene.
Townshi /Ci Board Members Assessment Personnel Summary of Board
Please fist all voting members of the Local Board of Appeal and Equalization and indicate gf each member was present or absent. All members present at Please p p
list the names and titles of all assessment personnel resent for the Actions ,fior this.- Meeting
the meeting must sign this form. For each member present, you also must check "Yes' or 'No' indicating Local Board of Appeal and Equalization meetin. Please provide a summary of the actions taken
I Name (please print) Title I by the local board at this meeting.
you attended the Local Board of Appeal and Equalization meeting along with the other board members marked as present on this form;
the board heard appeals for the parcels listed and acted as indicated on the Local Board of Appeal and Equalization Record; and /,f of parcels
the board voted to take the summary actions as noted on this form. 11 44 G T �p� C� appealed:
of parcels
Training �ei��Q reduced:
Name (please print) Title Attendance Certified* Signature (for those in attendance only) of parcels
Present I Yes increased: Q
S fir^ Absent I �No /�f�/�/ (�tD of parcels
Present Yes with class changes: O
LC�.�e I mn_rr► n r' X Absent I No j of parcels
67 V Present Yes not changed:
Lar, r Absent I N Jurisdiction
0 5-/ l 9 700
Present I Y U total EMV:
1- Y) 1 d S Ln Absent I No
X I Present I �j� P U- (m h Absent �No w �I Please note Although'the Local Board of
Appeal and Equalization has the authority to
Present I 1Yes increase or, reduce individual assessrrients, the
Absent
I Nolocal boar) cannot reduce the jurisdiction total
I lAbse t lNo men
Yes amount of adjustt made by th total
Present Yes
Absent INo
For the 2005 Local Boards of Appeal and Equalization, this is for informational purposes only. Beginning with the 2006: Local Boards of Appeal and Equalization, it is a requirement that at least one member present at the meeting has attended the training
Section 274.014 within the last four years.
2005 Local Board of Appeal and Equalization Certification Form
The Local Board of Appeal and Equalization must complete and sign the Local Board of Appeal and Equalization Certification Form for each meeting of the local board. At the end of each local board meeting, the county assessor takes possession of the comp
County of: HENNEPIN
Jurisdiction Name (indicate city of town): City of Brooklvn Center
Meeting (check one): F-� convened indicate date indicate time (a.m. or p.m.) Meeting (check one): Q recessed (indicate a.m. or p.m.)
EK reconvened 5/16/2005 indicate date 5:30 P.m. indicate time (a.m. or p.m.) Q adjourned ca 3 9' (indicate a.m. (D.m.)
Please note: The Local Board of Appeal and Equalization may not take action after adjourning. All issues must be resolved before the Scheduling for reconvene meeting (if needed)
meeting is adjourned. If issues still need to be considered, the board should recess until the next meeting. If a recess is called a quorum also
must be present at the reconvene meeting for the local board to take valid action. In order to verify that the quorum requirement was met, the Date of reconvene:
local board must complete and sign a Local Board of Appeal and Equalization Certification Form for each reconvene meeting. The reconvene
meeting must be held within 20 days (including the day of the initial meeting) unless the board requests a time extension in writing from the Time of reconvene: 7L— S aO (indicate a.m. oe
Department of Revenue and the time extension is granted by the department. The date and time for the reconvene meeting must be
determined before the initial meeting is recessed. Once the Local Board of Appeal and Equalization has adjourned they cannot reconvene.
Towrship/Clty poard Members... Assessment Personnel Summary of Board
Please list all voting members of the local Board of Appeal and Equalization and indicate tf each member was present or absent. All members present at Please list the names and titles of all assessment personnel present for the Actions for this Meeting
the meeting must sign this form. For each member present, you also must check "Yes" or'No" indicating Local Board of Aoaeal and Eaualization meetino. Please provide a summary of the actions taken
Name (please print) I Title
you attended the Local Board of Appeal and Equalization meeting along with the other board members marked as present on this form; by the local board at this meeting.
the board heard appeals for the parcels listed and acted as indicated on the Local Board of Appeal and Equalization Record; and Nancy Wojcik Assessor of parcels
the board voted to take the summary actions as noted on this form. appealed:
of parcels 3
Training reduced: •.J
Name (please print) Title Attendance Certified* Signature (for those in attendance only) of parcels
Present increased:
t r� ,S Absent I JYes
No of parcels
n 0 1 Present Yes l/ with class changes:
Ka a) 0 o r) (Q I �in ►r I Absent I �No �Q� of parcels
O Present resent es J/ not changed:
[�4� C dr i r.t YYtn _mJ.2� I 1Absent t 1 Jurisdiction
Present Yes total EMV 2,057,194,700
J t Qt10 o_S� t;,,Ex, nC i PYIo M o-f (Absent 1 14o
lAbsent Present Yes l c+v c,y Please note Although the Local Board of
pa r U_ c h V1/) r (o h P,t No
Present Appeal and Equalization has the authority to
v Absent I JYes
No increase or reduce individual assessments, the
focal board cannot reduce the jurisdiction total:
Present I (Yes EMV by mare than 1 percent, If the total
Absent No amount of adjustments made by th
Present Yes
I 1 Absent lNo
*.For th e 5 Lo pp q purposes oses 200 L I Boards of Appeal and Equalization, this is for informational u only. Beginning with the 20061ocal Boards of Appeal and Equalization, it is a requirement that at least one member present at the meeting has attended the training
Y 9 9
Section 274.014 within the last four years.
Brett Hildreth
Statement for Hennepin County Appraiser
Regarding 6500 Willow Lane
May 2004 /Updated May 2005
Market Value: Purchased on January 2, 2004, 6500 Willow Lane sold for $265,000 ($270k $5k
in seller paid points toward closing costs). This sale price came after the house sat on the market
for 7 months being well marketed by Remax (and MLS listing) with many open houses. And with
interest rates among the lowest in years basically, a great market. House price was originally
advertised for $309k, then dropped to $289k part way through the listing and then ultimately de-
listed. This house is nicer and right next door to 6448. 1 know because I am an owner of both.
Another property is currently for sale at 6704 West River Road. It is 4 bedroom, 2 bath with
bigger lot, no apartment influence, less freeway impact, better school district, no flood zone issue,
1998 totally updated to brand new and it has been on the market for 60 days now and has had
one price reduction from $339,000 to $327,000 and it is still sitting on the market. This ultimately
sold for $318,000.
A market analysis by an area realtor shows that river houses in Brooklyn Center and Brooklyn
Park have a history of being over valued at time of sale and go through price lowering
adjustments prior to final sale. The assessment: Older river houses fill few of today's buyers
needs due to older layouts, more maintenance, and relatively high "price" requests.
I believe the factors below (among others) leads potential buyers to set a market value
lower than what the city /county arrived at.
6500 Willow Lane
School District Issue
o Property is in school district 286 one of the five worst in terms of performance
in the state of Minnesota according to a 1999 Department of Education Study I
have supplied this documentation to you. This is NOT to say the teaching or
offerings are poor, it is to say that students consistently scored very poorly in
both math and reading. Parents choose schools on both teaching caliber and
their children's peers. Relative to other neighborhoods, Brooklyn Center
students fair poorly. This is a driving factor in home purchase that can not be
avoided.
Note that the comparables which are only a few blocks away (or even
across the street) are in School District #11 (Anoka Hennepin) one with
substantially better performance by all measures you noted that
Brooklyn Center is in an "open enrollment district" which is a good
observation, however, that does not guarantee that a child can get into a
better school nor does it remove the hassle of trying to do so. I called
and asked Anoka Hennepin School District how this works they
said that in Middle school and high school, they have not accepted
open enrollees for years, are not accepting them now, and do not
expect to do so in the foreseeable future because they are "full
At the elementary school level, they said I needed to call whatever
elementary school I was interested in and that it was up to the
principle to admit or not and it also depended on whether the grade
level was full in other words (maybe, but not so likely).
r
Comparables chosen in Fridley and Coon Rapids are
acknowledged as poor comparisons because so many factors are
different:
First and foremost, different school district and
dramatically different performances
Different city
Different county
Different neighborhoods
Different freeway dynamics
Apartments /Crime /Drugs Issues
o Property is across the street from drugs, crime and violence associated with
lower income apartment complexes people buying $300,000+ houses do not
want to live in this close of proximity to this element it substantially devalues
property particularly in the "higher end of the market
"Comparable" houses just a few blocks away are in a traditional
"neighborhood" and by proximity just not exposed to the same issues
Note: one of my tenants in the past year had his car broken into AND I
understand one of the neighbors was held up at gunpoint in their own
front yard down the block to the south. This is a REAL issue.
I'm scared to walk over to those apartments
Freeway Issue
o As you mentioned both of these properties not only have substantial freeway
noise, but have very little in the way of barriers to prevent children from running
into highway 252.
Other "comparables again, just a few blocks away, have less noise
issue and much less direct access to highway 252 either by physical
barrier walls or just additional neighborhood space
This freeway issue combined with school district and real (or even
perceived) apartment crime issues makes these houses very unattractive
to families with children.
Comparables in other Cities
o While Fridley and Coon Rapids may have houses of similar size and shape
on the river, they are a different school district, city and county: The
reality is that the Brooklyn Center riverfront homes in your neighborhood
have had long marketing times and are not valued at the same rate by the
marketplace." Coldwell Banker Burnet letter.
Other Comparables Hennepin County 901® 105% of market value issue
o A house's market value needs to be valued based on its actual value as set
by the Market Place and not by a County policy about what the value
"should be
o Other comparables. Yes, I understand the use of averages, comparables,
etc... to arrive at an estimated value; however, nothing is more telling than
evaluating house individual) b what the sale rice is for that specific
g y y p p
house and by actually visiting each house individually to come up with the
value. For example, it is helpful to actual) have seen other houses that
P p y
these are being compared to vs, just compare them by the paperwork The
house for $412k a few blocks away (different school district, little freeway
noise or access, no apartment issues, different floodplain) was also in
absolutely amazing, totally updated condition inside. Unlike 6500
Willow.
Flood plain
o 1 actually just thought of a very important one that was a big issue in whether or
not I would buy the house the potential flooding issue. 5 years ago, the Army
Corp. of Engineers supplied sand bags for these properties. During that potential
flood time, one of the neighbors on the block told the story of his mother standing
at the river bank with the water one foot from coming over the top and invoking
God's intervention to save her house this is a real fear for buyers whether or
not the house is actually in the flood plain or not
The lower level is in the flood plain
As compared to townhouses directly across the street these seem
sufficiently "away" from the river that a potential buyer doesn't even give
river flooding a thought
Rental Income
o Does not support that high of valuation.
Street Reconstruction
o The street is in complete disrepair and has no curb and gutter. It needs
complete reconstruction scheduled in 2007 for additional assessment to
the home owner.
Bottom Line
Due to these factors, I respectively request that the valuation be modified to $300,000
which is still an 11.15% increase over the agreed upon value from prior year and the
actual market value based on an entire 7 month marketing time.
If you have any questions, please call me at (763) 227 -8614.
Brett Hildreth
City of Brooklyn Center
A Millennium Community
TO: 2005 Brooklyn Center Board of Appeal and Equalization
RE: Steven Cooper and Lisa McNaughton
6632 West River Road
PID 36- 119 -21 -13 -0004
Mr. Cooper scheduled an appointment for a physical review on Monday, May 16, 2005,
at 1:30 p.m. This review was completed by Nancy Wojcik, City Assessor. After
physical review, no changes were made to the current characteristics of the home.
It is staff's recommendation to sustain the 2005 estimated market value of $459,800 for
taxes payable in 2006. Mr. Cooper's taxable market value will remain at $434,800.
Respectfully,
_7 n
Nancy Wo ik, 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) 5694494
www.cityolbrooklyncenter.org
2005 Brooklvn Center Board of Appeal and Equalization
Reconvene
Mav 16, 2005
Meetina Aaenda:
1. Meeting called to order, roll call. (5:30 p.m.)
2. Appearances by taxpayers with appointments. Refer to attached
appeals.
Mr. Paulson. 6408 Willow Lane N.
An interior review was completed on 5/04/2005 and an appraisal report has been included.
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.
Complete the following process:
Owner(s) statement of estimated market value and presentation of factual information
regarding the property.
Questions addressed to the owner.
Assessor's statement of value and presentation of factual
information regarding the property.
Questions addressed to the Assessor.
Local Board of Appeal and Equalization considers the appeal and
selects one of the following:
Make no change and sustain the 2005 estimated market value.
Reduce the 2005 estimated market value.
Increase the 2005 estimated market value.
ti
Mr. Robert Hildreth. 6500 Willow Lane N.
An interior review was completed on 5/03/2005 and an appraisal report has been included.
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.
Complete the following process:
Owner(s) statement of estimated market value and presentation of factual information
regarding the property.
Questions addressed to the owner.
Assessor's statement of value and presentation of factual
information regarding the property.
Questions addressed to the Assessor.
Local Board of Appeal and Equalization considers the appeal and
selects one of the following:
Make no change and sustain the 2005 estimated market value.
Reduce the 2005 estimated market value.
Increase the 2005 estimated market value.
Mr. Brett Hildreth. 501 Bellvue La.
An interior review was completed on 5/03/2005 and an appraisal report has been included.
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.
Complete the following 9p rocess:
Owner(s) statement of estimated market value and presentation of factual information
regarding the property.
Questions addressed to the owner.
Assessor's statement of value and presentation of factual
information regarding the property.
Questions addressed to the Assessor.
Local Board of Appeal and Equalization considers the appeal and
selects one of the following:
Make no change and sustain the 2005 estimated market value.
Reduce the 2005 estimated market value.
Increase the 2005 estimated market value.
Mr. Steven Cooper Lisa McNauahton. 6632 West River Rd.
An interior review was not completed at the time of the packet printing. An interior review is
expected to be completed by 4/16/2005. An appraisal report has been included, should an
interior review not be completed the orooerty valuation can not be reduced.
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.
Complete the following process:
Owner(s) statement of estimated market value and presentation of factual information
regarding the property.
Questions addressed to the owner.
Assessor's statement eme t of value and presentation of factual
information regarding the property.
Questions addressed to the Assessor.
Local Board of Appeal and Equalization considers the appeal and
selects one of the following:
Make no change and sustain the 2005 estimated market value.
Reduce the 2005 estimated market value.
Increase the 2005 estimated market value.
Mr. Mark Klinkner. 5637 Brooklvn Blvd
An interior review was completed on 5/06/2005 and an appraisal report has been included.
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.
Complete the following process:
Owner(s) statement of estimated market value and presentation of factual information
regarding the property.
Questions addressed to the owner.
Assessor's statement of value and presentation of factual
information regarding the property.
Questions addressed to the Assessor.
Local Board of Appeal and Equalization considers the appeal and
selects one of the following:
Make no change and sustain the 2005 estimated market value.
Reduce the 2005 estimated market value.
Increase the 2005 estimated market value.
Review
Of
r 6408 Willow La
PI D# 36 -119- 2141 -004
For
Todd Jennifer Paulson
2005 Board of Appeal and Equalization
f
a
�a
City of Brooklyn Center
A ll
'VIieitnium, Community
X I
TO 2005 Brooklyn Center Board of Appeal and Equalization
RE: Todd Jennifer Paulson
6408 Willow Lane
PIN 36-119-21-41-0004
Mr. Paulson contacted our office regarding the 2005 valuation notice on the property
listed above. He was told that the deadline was April 15 for informal appeals, and an
appeal would need to be made in person or by letter at the Board of Appeal and
Equalization on May 2 in order to appeal the value on the property located at 6408
Willow La. At the Board on May 2 Mr. Paulson provided the assessing staff with a
copy of an appraisal dated January 1 e, 2005 that had been completed for a mortgage
refinance transaction. Copies of this appraisal have been included along with Mr.
Paulson's appeal application. Following his appearance at the Board, Mr. Paulson was
directed to set up an appointment with an appraiser to review the property. Assessment
records show no interior review has been completed on this property since 1997.
Mr, Paulson provided a copy of an appraisal completed by GJS Appraising, dated
January 19, 2005, In reviewing the comparable properties used in the appraisal, the
assessing staff found that comparables one, two and four are located on the Mississippi
River, while comparable number three backs to a creek and comparable number six
backs to a park. (see attached map) Comparable five is located on Twin Lake in
Brooklyn Center, The appraiser included comments regarding the locations of two
comparables having only a river view, but adjustments to site and view on these two
comparables were inconsistent and did not reflect an adjustment for water frontage but
rather view and size. It is staff's opinion that comparable one and comparable three are
very similar in size, located in the same jurisdiction, and in very close proximity to each
other. The difference in original sale price of these two properties, including a time
adjustment, is more representative of an adjustment amount for a waterfront adjustment.
For this reason, it is assumed that comparables three and six are lower than a typical
waterfront property, and that the adjustment was not adequate.
Comparable four, is a property that has a non-typical layout with the living, dining and
kitchen located in the lower level, along with a spiral staircase. This non-typical layout
would usually contribute to a functional influence against the property and indicate a
lower sale price than a typical home floor plan. The appraiser subtracted $1,000 from
comparable four for the quality of basement finish to be like the subject property, but
made no adjustment for the negative impact of the functionality of the layout.
Adjustments to comparables are a standard USPAP practice, and do involve a very
thorough study of the subject and comparables. For this reason, comparable four
appears to require additional positive adjustments for the functional layout and is not
reflective of an adjusted sale price.
Shingle Crerk.Parhwa Recreation and Communit ("enter .Phone TDD Number
Brooklyn Center, AIN 55430-2199 (763) 569-3400
City flull TDD Number (76,') 569-3300 FAX (763) 569-3434
FAX (76-7) 569-3494
Mr. Paulson called for a review and an appraiser from the Assessor's office reviewed the
exterior and interior of the property on May 4, 2005. The subject property is located
along the Mississippi River, in a neighborhood of similar properties along the river, with
an apartment complex located across the street. The subject property is currently
receiving a 4% negative influence adjustment for the proximity of the apartment
complex. The subject property has an oversized, generally rectangular lot with
approximately 90 feet of river frontage. The subject property is a brick rambler of above
average quality in very good condition. The property has a full rear walkout toward the
river. The property includes a brick, two car, detached garage with a tunnel connecting 4
to the basement of the house. The property was built in 1958, but due to remodeling,
has an effective age of 1980. Several changes to characteristics were noted including a
change in the foundation size, and an increase in the percentage of basement finished
since the lost interior review in 1997.
The new appraisal indicated a total market value of $401,300, reflecting changes in
characteristics, square footage and condition as of May 4, 2005. This market value is
within the indicated value range of adjusted comparable sales of $363,700 to $441,200.
As the completed appraisal indicated a valuation change of an additional 4.6%, it is
staff's recommendation to correct the changes in characteristics for the 2006
assessment and sustain the 2005 estimated market value at $383,600. Mr. Paulson's
taxable market value will remain at $297,500.
It is staffs recommendation to sustain the 2005 estimated market value of $383,600 for
taxes payable in 2006. Mr. Paulson's taxable market value will remain at $297,500,
Respectfully,
(Nancy WoJ SAMA
City Assessor
CITY OF BROOKLYN CENTER
LOCAL BOARD OF APPEAL AND EQUALIZATION
2005 Assessment
Walk -fin
APPLICATION FOR APPEAL
to be Placed on the Agenda for the
Local Board of Appeal and Equalization
May 2, 2005, 7:00 P.M.
Name(s)
Daytime Contact Number: 740 5C
Property Address_,& r vw' «r r.+
I I
Property Identification Number 3o' 11 47 Z c cos
2005 Estimated Market Value 3 'Co'd
2006 Limited Market Value J,,"
2005 Taxable Market Value If 2 Y 7. 70 0
What is the reason tar your 2005 assessment appeal?
4t 0 a g o
f ly
t
*/�Ss 1-f S Yoe
w 49X r4l .*�.r r ca it ALr 0WA-14 ile,
When did you purcha your home?
Date of Purchase .2000 Purchase Price c d
Have you chanced your property since the purchase? (maintenance, upgrades,
remodeling or structural damage) Please list a brief description below with an
estimated cost,
,mss r^
Have you had a runt appraisal for refinancing, purchase or a market analysis
by a real estate agent completed within the last year? Yes r No
If so, what-was the determination of value?
3 5a,
Please provide any documentation supporting your claim of overvaluation or
erroneous classification.
In order to appeal your valuation an appointment to view the property will be
required.
Marc
SUBJECT PROPERTY
6448 Willow La
Todd Jennifer Paulson
Pll)# 36 119 21 41 0004
f ig,
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Land Ch aracteristics
Land Area 39,750 sq. ft.
River Frontage Approximately 90 ft.
2005 Land Value $184,000
2005 Building Value 199.60
TOTAL 2005 EMV $383,600
Building Characteristics
Stale: Rambler 1,620 sq. ft. Full Bach Walkout
Above Grade Room Count: 6 l 2 f I Full Bath
Below Grade Room Count: 3121.75 Bath
Garage; 2 Car Detached
Fireplace: 2
Porches/Decks/Misc. Deck Gazebo Screen Porch
Central Air Conditioning. CAC
SUBJECT PROPERTY PHOTOS
6408 W llow Lane
PI T# 36 119 21 41 0004
REAR VIEW WITH FULL LOT
k"
SUBJECT PROPERTY VIEW
v
rr
Hennepin County, MN
Click on reap to view information on adjoining properties
Scroll down to see property address, value tax info
20" UNIX
RAN
ME
g
Last up&tc: 51342M5 at 1 :00 P
READ IMPORTANT DISCLAIMER INFORMATION BELOW
Property M Approximate Approximate
Property Perimeter Propert Area
36-1119-21-41-0004 i ft 39,750 sqJL 0.918
acres
Property Address
6408 WILLOW LA N
BRROQ$ELYN G`KN'" R, MN
55430
Click on Property Information Button below to view main
tax inforrnation page for the property you have selected
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 perforrned 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.
Please report any map discrepancies to Bob Moulder (Hennepin County Survey Division) at (612) 348 -26118 or via email at
Bob. Moulder(&co. hen neotn. mn. u
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Copyright C 2004 Hennepin County
PROPERTY DATA SYSTEM
TAXPAYER INQUIRY CURR 319
PROPERTY ID NEXT
36- 119 -21 -41 -0004
Pt.Con: Mt.Adr:
HOUSE#€ FRACTION STREET NAME UNIT ZIP +4 Front: 180 Back: 90
6408 1/— WILLOW LA N 55430+ Right: 408 Left: 420
Ownerl: PAULSON TURD R Owner3:
Owner2: PAULSON JENNIFER L Owner4:
Zoning: R1 Prim/sec: Yr.blt: 1958 Area: 39727 Acres: 1.00
Sch.Ost: 286 W hd: 00 Gr /OslEx: Subrecs: 01 Width: 95 Depth: 414
Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own
2005: 184000 199600 383600 2915 H RL 100
2004: 184000 181000 365000 2552 H RL 100
2003: 99000 176300 275300 2187 H RL 100
Legal Description: NO LOT AND BLACK GIVEN
UNPLATTED 36 119 21
COM AT A PT DIS 536 FT SLY PAR WITH
THE CTR LINE OF W RIVER ROAD FROM
A PT IN THE N LINE OF GOVT LOT 3
DIST 542 5110 FT E ALONG SAME FROM ..MORE LEGAL
woe PID or ADDRESS: cress ENTER: or Fl. F2, FS
PROPERTY DATA SYSTEM
LIMITED MARKET VALUE UPDATE CURB 11
NEXT
PID 36- 119 -21 -41 -0004 ASSESSMENT YEAR 2005 SUB -REC k1
HOUSE## 6408 F/A 11_ STREET WILLOW LA N UNIT
CALCULATE LMV (Y(N) PROPERTY TYPE RL HMSTD CODE H
PART CONST GRIOSIEX REL HMSTD IND
CONTIG IND
MARKET LAND VALUE 184000
MARKET BUILDING VALUE 199600
MACHINERY VALUE
TOTAL MARKET VALUE 383600
IMPROVEMENT AMOUNT
LIMITED MARKET VALUE 297500
GUALIFYING IMPROVEMENT AMOUNT
MARKET VALUE SUBJECT TO TAXATION 297500
TAXABLE MARKET VALUE TAX CAPACITY 2975
Make chanaes: cress ENTER: or Fl. F2. F4. F5. F8
PROPERTY DATA SYSTEM
COMPUTER AIDED APPRAISAL INQUIRY 05/06/05 CURB 436
NEXT
PROPERTY ID: 36- 119 -21 -41 -0004 YEAR: 2005
ADDRESS 6405 WILLOW LA N CLASS: A04 DT: SF
STYLE ONE LEVEL MANUAL: NO
GBA 1520 (SO.F7.) AGE: 25 YRS ZONED R1
BASIC RATE 99.54
ADJ.. RATE $109.49 EXT. WALL; 8.0% SHAPE: 2.05
ADJ.RATE *GBA: 166424 ADD BSMT 18240 1520 SgFt 9 $12.00 Rate
DED UNF.GBA: SgFt $65.00 Rate
ADJUSTED TOT: 184664
ADDITIVE AMT: 59528 GARAGE 10216 DORMERS: PAT.DOORS:
WALKOUT: 6500 AIRCOND: 1824 DECKS 5790
PATIOS PORCHES: 1694 POOLS
BATHS 12000 FIR PLC: 6000 FIN.BSMT.: 15504
TOTAL COST 244192
ADJUSTMENTS 89.0% DEPRECIATION: 93.0% INFLUENCES: -4
FUNCTIONAL ECONOMIC
BLDG VALUE 2173€30 BLDG MARKET VALUE 217300
FLAT CHGS LAND MARKET VALUE 184000
TOTAL MARKET VALUE: 401300
_jyDe PID. Press ENTER: or F1. P2. F8
PROPERTY DATA SYSTEM
COMPUTER AIDED APPRAISAL INQUIRY 05104105 CURR 436
NEXT
PROPERTY ID: 36- 119- -21 -41 -0004 YEAR: 2005
ADDRESS 6408 WILLOW LA N CLASS: A04 DT: SF
STYLE ONE LEVEL MANUAL; NO
GSA 1472 (SQ.FT.) AGE: 30 YRS ZONED: R1
BASIC RATE $100.24
ADJ. RATE $110.26 EXT. WALL; 8.0% SHAPE: 2.0
ADJ.RATE *GSA: 162302 .a ADD BSMT 17664 1472 SgFt $12.00 Rate
DED UNF,GiBA: SqFt 6 $65.00 Rate
ADJUSTED TOT: 179966
ADDITIVE AMT: 50844 GARAGE 10216 DORMERS. PAT.DOORS:
WALKOUT: 6500 AIRCOND; 1766 DECKS 5780
PATIOS PORCHES: 2400 POOLS
BATHS 12000 FIREPLC: 6000 FIN.B$MT.: 6182
TOTAL COST 230810
ADJUSTMENTS 86.5% DEPRECIATION: 90.5% INFLUENCES: -4
FUNCTIONAL ECONOMIC
BLDG VALUE 199600 BLDG MARKET VALUE 199600
FLAT CHGS LAND MARKET VALUE 184000
TOTAL MARKET VALUE: 383600
Tine PID. Press ENTER; or F1. F2. F8
PROPERTY DATA SYSTEM
LIMITED MARKET VALUE UPDATE CURR 118
NEXT
PID 36- 119 -21 -41 -0034 ASSESSMENT YEAR 2005 SUB -REC 01
HOUSE# 6408 F/A 11_ STREET WILLOW LA N UNIT
CALCULATE LV (Y(N) PROPERTY TYPE RL HMSTD CODE H
PART CONST GR10S /EX REL HMSTD IND
CONTIG IND
MARKET LAND VALUE 184000
MARKET BUILDING VALUE 199600
MACHINERY VALUE
TOTAL MARKET VALUE 383600
IMPROVEMENT AMOUNT
LIMITED MARKET VALUE 297500
QUALIFYING IMPROVEMENT AMOUNT
MARKET VALUE SUBJECT TO TAXATION 297500
TAXABLE MARKET VALUE TAX CAPACITY 2975
Make chanaes: cress ENTER: or F1. F2, F4, F5. F8
PROPERTY DATA SYSTEM
RESIDENTIAL CHARACTERISTICS PART1 05105105 CURR 209
PROPERTY ID Address NEXT
36- 119 -21-41 -0004 6408 If WILLOW LA N
ZONING R1 MODEL: DWELLING TYPE SF
AREA RATING 2 SITE RATING t ADJ PROP I FL VIEW 1
ARCHIAPPEAL 2 QUALITY A04 SHAPE 2 STYLE 1
DORMER LENGTH DORMER QUAL CONSTRUCTION 1 MAIN EXT WALL 2
TRIM EXT WALL ROOF TYPE 2 ROOF COVER 1 WINDOW TYPE1 2
WINDOW TYPE2 1 PATIO DOORS WALKOUT 1 AIR COND 1
DECK AREA 579 DECK QUAL 3 PATIO AREA PATIO QUAL
GLAZED AREA GLAZED QUAL SCREEN AREA 121 SCREEN QUAL 3
OPEN AREA OPEN QUAL
GAR1 AREA 528 GAR1 EXT WALL 2 GAR1 CAMS 2 GAR1 COND 1
GAR1 PLACEMENT GAR2 AREA GAR2 EXT WALL GAR2 CARS
GAR2 COND GAR2 Pt ACEMNT POOH. AREA POOL {QUAL
BSMT AREA 1520 BSMT TYPE BSMT FINISH`S 060 BSMT OVAL 3
BSMT BATH SPA BSMT BATH DLX BSMT BATH FULL_ BSMT BATH 314 1
BSMT BATH 1/2 BSMT BATH OL 3 BSMT FPLC NBR 1 BSMT FPLC. DUAL 2
NO BSMT FPLC ELECT SVC 1 HEATING k11 BSMT TOT RMS 3
BSMT BEDROOMS 2 BSMT FAM ROOMS 1 BSMT KITCHENS BSMT OTH RMS
Make chances; press ENTER: or anv valid function kev
PROPERTY DATA SYSTEM
RESIDENTIAL CHARACTERISTICS PART2 05105105 CURR 209
PROPERTY ID NEXT
36- 119 -21 -41 -0004 MANUAL CONDITION 2
1st KIT QUAL 2 1st INTERIOR 3 1st TRIM f 1st FLOOR 1
1st BATH SPA 1st BATH DLX ist BATH FULL 1 1st BATH 3f4
1st BATH 1 {2 1st BATH QUAL 1st FPLC NBR 1 1st FPLC DUAL 2
NO 1st FPLC 1ST TOT ROOMS 5 1st BEDROOMS 2 1st FAIL ROOMS
1st LIV RMS 1 1st DINE ROOMS 1 1st KITCHENS 1 1st OTH ROOMS
2nd INTERIOR 2nd TRIM 2nd FLOOR 2nd BATH SPA
2nd BATH DLX 2nd BATH FULL 2nd BATH 3/4 2nd BATH 1/2
2nd BATH QUAL 2nd FPLC NBR U 2nd FPLC QUAL NO 2nd FPLC 1
2nd TOT ROOMS 2nd BEDROOMS 2nd OTH ROOMS TNT. LAYOUT t
ACT YR BLT 1958 EFF YR BLT 1980 FUNCTIONAL ECONOMIC
TOT BEDROOMS 04 TOT FAM ROOMS 1 TOT LIV ROOMS 1 TOT DIN ROOMS 1
TOT KITCHENS 1 TOT OTH ROOMS 0 TOT BATHROOMS 2 TOTAL ROOMS 8
ist FL UNF AREA 2nd FL UNF AREA TOTAL UNF GBA
DIM1 48.Ox 29.0= 1392.0 DIM2 32.Ox 4.0- 128.0 DIMS x
DIM4 x DIMS x M OIM6 x
DIM7 x
1st FL AREA 1520 2nd FL AREA TOTAL GSA 1520 PART /COMP
INT. INSP 1 FLAT CHARGE ADD. SUBTRACT:
Make chances: cress ENTER: or anv valid function kev
PROPERTY DATA SYSTEM
RESIDENTIAL CHARACTERISTICS PART3 05/45/45 CURB 249
NEXT
PROPERTY ID
36- 119 -21 -41 -0004
N O T E S
Line 1: TUNNEL IN BASEMENT TO
Line 2: DET GAR.LG KITCH W /UPDTD
Lane CT FLOR.ISLAND W /COOKTOP,
Line 4: NEWER CABS COUNTERS.
Line 5: LG MAIN BATH. ALL CT.
Line 6: LG LEVEL LOT W /VIEW OF
Lane 7: RIVER FROM BOTH LEVELS..
Line 8: FULL BACK WALKOUT
Line 9: NO RESPONSE /EXT ONLY
Line10: ASSUMED 2443
Make chaneaes; press ENTER: or anv valid function kev
PROPERTY DATA SYSTEM
LAND CHARACTERISTICS UPDATE PART 1 CURB 214
PROPERTY ID NEXT
36- 119 -21 -41 -0004 6408 1/ WILLOW LA N
Zoning: R1 Area Rating: 2 Site Rating: 1
Appraiser 21 Appr Date: 85/04/2005 Interior Insp. Y
Permit Date; 4412 Last Int. Insp. Date: t85/U4/2005
Frontage: 100 Left: 420 Rear: 90 Right: 408
Eff Width: 95 Eff Depth; 414 Sgft; 39727 Acres: 1.04
Irreg Shape: Y On Lake: Lake Rating: Landscape:
Paved Street: 1 Curb Sidewalk: Sewer Avail: 1
Water Avail: 1 Gas: 1 Buried Else: Alley:
On River: 1 Raver Rating: Wooded; Influences; 42
NON RESIDENTIAL
Allow Units: Trackage: Soil Correct:
P
Tyaae ID: oress ENTER:. or any valid function kev
RESIDENTIAL SALES COMPARABLE ADJUSTMENT GRID
APPRAISAL Of 6408 WAlow La N
Brooklyn center
PlD#!' 36-119-21-4 1 00 I
a�,sas ssnvte=t,anrx
SUBJECT COMP. #4 COMP, #2 COMP. 03 COMA. $4
NAM Toddf.Jsee**rPatdswt 6704 RIVER RR $402 MISSISSIPPI BLVD 189 HARTMAN CIR. 6234 RIVERVIEW TERRACE
Rxss WRAOW LA N BROOKLYN CENTER COON RAPIDS FRIDLEY FRIDLEY
ewo ac II9 3I it 36115 2112 0018 0430 24110032 15 30 2412 0066 16 30 2443 0096 rya
swTUCk $318,600 $339,900 $376,000 $460,000 &ALE mce
6nancsc� Finu,�i,x�Ac4ui,tmmat
Prue $318 $330,900 $376,000
«xa nt .peg $460 ,000 Sate 0 N' t
eaves!
SALE DATE Aug-04 17,400 Nov-04 $2,000 Oct-04 $4400 Aug-04 $10,600 SAUDAM
Sate Pelee $326,500 $341,900 $380,400 34134,500 sale Prue
IAal d fnr Tn*1
ra, 'H -WI
LOCATION VERY GOOD SIMILAR i SIMILAR, SIMILAR SIMILAR L4GATtON
FRONTAGE ^7s0 S.f t APx 90 40 4$3 S.F. IAPX 00 aeax "400 *.a
s Ai'ti 158 PRT i4AM #S trpa a,�S at+x #i» FORT .RPR arxat r: F.t1V+A ri FHT 1,07 aiZE
TY! E R41NTA RAMBLER RAMBLER RAMBLER
MHLER RAM B
e
$ME (XFf Htww ws" 1,620 S.F.1612 1,124 S.FJ 613 tis.x94 1229 S11) 612 x12,0017 1,630 S. F. 1613 Lv6 S.FJ 4I 2 813,tiM■aeze (6 1,) AM vs cR,yos
OR
acar
Room Ca„ ,d t eA
Ii? t
L BATH t FULL BATH 1 FULL S i 112 BATH IiQO Heave
HA" aaa BATN9 1 Ftilt BATH 1 FULL BATH 1 FULL uau SATNtt
YEAR BUILT J9i56 1156 19113 1959 1973 r aaaua r
S8, »BE
I}tiR
LITYICOND, ASICNEAVERAGE INFERIOR la,s� INFERIOR 54 INFEROR SIMILAR t&IAUTYdG0e r5iTKSRt
2 3 2
FIREPLACES
HEAT I C GFR N 1 CAC GFAt I C RCY GAC S2,b GFAICAC GFAICAG
SSMT FtILt#IA4XOUT FULLIBEL6 ttka" FULUSELOW GRADE $16,000 FULUSELOWGRAOE 516,000 FUTAJWALICOUT eaaeT
FINIRMSIBATNS 60% 131914 BATH 60% 11 t 112 BATH Wx t r M FOR 6ATrt $000 i V t FULL eATk 9S% 13 I 1 FULL BATH I.._... (Sffi Uiled assn r a rasa r aATN 11 I'll 11-11,
ARAGE (dcanr) CAIt PET 2 CAR ATT 1 CAR ATT
54900 CARA7T 2C.ARATT
CR W
UPOATFS AitINE S3,Oa0 NONE fta DECK SANA_ AHrxlT'taa f
btitT
m GENERAL GLAZED 56
Eretw you REri 162§ a,
THFR BELOW DAM BELOW DAM BELOW DAM SELOW f1AM BELOW DAM OTHER
Net Ad 199, 800 $60,610 $39,000
t sdVa1U.1 WAS $01" now oi $363,700 $4112,4011 $419,400 $441,211$4 �adsei&s�wslw
R Valuation Reconciliation: Value Rome $363.700 to U41.200. SuBwn EMV of 5381600
COMMENTS: Subject property is located along the Mississippi River in a neighborhood of simbf properties along Ow river, with an apartment complex acruss the street. The subject Property a currently receiving a 4
tyre influence for the! prox of these
prox it3` apartments to Ghe sub ProFnY Subject has a oversized gerraily rectangular lot With agrProximatety 90 feel of liver fto111age. Interstate 684 is to the south *f subject
f approxirnat y 112 a block, Property is a brick rambler with a full back walkout of above average quality in very good condition, A review of the subject property on May 4th itu11^,.ated several changes to charactertstics
reflecting a revi value of $401,300 for the 2905 assessment This market value is withan the indicated range of adjusted sales of $363,70010 $441,200,
As the appraisal Indicated a valuation change of 4.6 it is staffs reco„.,....3atlon to sustain the 2006 estimated market value at 1383,600. The limited and taxable maAst value would remain st $287,8€10.
E
,4BOAR nutsTUt .rct, as ,i
061aw"06
COMPARABLE SALES PHOTOS
Comparable 1
6704 West River Rd Brooklyn Center
PID# 36 119 2112 0018
a
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Land Characteristics
Land Area; 40,483 sq. ft
River Frontage: Approximately 90 ft.
Permanent Frontage Easement
Scald: August, 2004
Sale Price $318,500
Building Characteristics
Style: Rambler 1,124 sq. ft.
Main Level Room Count; 8 13 11 Full Bath
Below Grade Room Count: 1 l Bath
Garage: 2 Car Attached
Fireplace: 3
Porches /Deck$1Misc: Glazed Porch
Central .Air Conditioning: CAC
COMPARABLE SALES PHOTOS
Comparable 2
8402 Mississippi Blvd Coon Rapids
P1D 44 30 24 110032
Land Characteristics
Land Area: Approximately 25,210 sq. ft.
River Frontage: Approximately 100 f
Sold: November, 2004
Sale Price: $339,900
Building Characteristics
Style: Rambler 1,220 sq. ft.
Main Level Room Count: 51211 Pull Bath
Below Grade Room Count: 1 1 Rough In For Bath
Garage: 1 Car Attached
Fireplace: 2
Porches /Decks /Mist.: Glazed Porch
Central Air Conditioning: None
COMPARABLE SALES PHOTOS
Comparable 3
169 Hartman Circle Fridley
PID# 15 30 2412 0055
I
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s
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l
a n s yawl
t
Land Ch aract eristics
Land Area. Approximately 13,000 sq. ft*
River Frontage: Approximately 100 ft.
Sold: October, 2004
Sale Price: $376,000
Building Characteristics
Style. Rambler 1,530 sq. ft.
Alain Level Room Count. 613 l 1 Full Bath
Below Grade Room Count. 211 Full Bath
Garage: 2 Car Attached
Fireplace: 2
Porches /Decks/Misc.: Deck and Patio
Central .Air Conditioning: CAC
COMPARABLE SALES PHOTOS
Comparable 4
6230 Riverview Terrace Fridley
Pill# 16 30 24 43 4016
R
r 2
5
n
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i� .ryiYnl'
Y
.and Characteristics
Land Area: Approximately 20,264 sq. ft.
River Frontage: Approximately 79 ft.
View of Island
Sold: August, 2004
Sale Price: $460,000
Building Characteristics
Style: Rambler
Main Level Roam Count: 4121 I Full 1 Bath
Below Grade Room Count. Walkout 13121 1 Full Bath
Garage: 2 Car Attached
Fireplace; 2
Porches/Decks/Misc.: Check and Sauna
Welcome ancy Wojci
Wednesday, May 04, '4
Home a'c1 My Matrix Fin Roster Tax Open House History Home Base Help Logout
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Construction Cost Estimate
This is an estivate for a single family residence built under
competitive conditions in or near Minneapolis, Minnesota in
May 2005. This estimate includes a foundation as required for normal
soil conditions, excavation for foundation and piers on a prepared
building pad, floor, wall, interior and exterior finishes, roof cover,
interior partitions, doors, windows, trim, electric wiring and fixtures,
rough and finish plumbing, built-in appliances, supervision, design
fees, permits, utility book-ups, the contractor's markup, overhead
and profit, Highly decorative, starkly original or exceptionally
well-appointed residences will cost more. Add the cost of the land,
government-mandated site development fees and the cost of
bringing utility lines to the site.
Number Of Corners 6
Total living area 1520
Foundation quality claps 2
Exterior walls quality class (wood or ligh; metal) 2
Exterior finish quality class 2
Windows doors quality 2
Roofing, soffit, fascia quaiity class 2
interior finish quality class 2
Flooring quality class 1
Bathroom quality class 2
Kitchen quality class 1
Plumbing quality class 2
Balcony area, wood frame slt,4
Finished basement area 912
Unfinished basement area 608
Detached garage, area 528
Recessed porch area, finished ceiling 121
Forced air central ducated heating and cooling True
1 story 6 base masonry fireplace, decorative 2
Typical Cost Breakdown
item Material Labor Equipment Total
Excavation 0 2,168 556 2,724
Foundation, Piers, Flatwork 4,617 7,347 1,132 13,096
Rough Hardware 451 718 ill 1,280
Masonry Frame 15,397 21,457 1,192 36,046
Insulation 2,796 1,934 0 4,730
Exterior Finish 7,949 4,802 585 13,336
Exterior Trim 538 857 Q3 1,528
Doors 1,365 1 0 2,523
Windows 2,350 1,616 0 3,966
Finish hardware 227 193 0 420
Garage Door 644 266 0 910
Roofing, Flashing, Fascia 6,243 5,297 0 11,540
Finish Carpentry 829 4,222 0 5,051
Interior Wall Finish 3,977 6,213 0 10,190
Painting 2,376 5,612 0 7,988
Wiring 2,413 4,608 0 71021,
Lighting Fixtures 11809 576 0 2,385
Flooring 1,932 2,773 0 4,705
Carpeting 3,844 1, 38 7 0 5,231
Bath Accessories 876 546 0 1,422
Shower a Tub Enclosure 559 474 0 1,033
countertops 1,839 1,559 0 3,398
Cabinets 6,045 1,923 0 7,968
Built in Appliances 2,941 415 0 3,356
Plumbing Rough-in and Connection 2,539 6,237 366 9,142
Plumbing Fixtures 5,158 1,653 0 6,811
Heating and Cooling Systems 3,269 4,904 0 8,173
Fireplace and Chimney 2,806 4,210 0 7,016
Subtotal Direct Job Costs 85,!89 95,125 4,075 184,989
Final Cleanup 0 775 0 775
Insurance 5,426 0 5,426-
Permits Utilities 3,294 0 0 3,294
Plans Specs 775 0 0 775
Subtotal indirect job Costs 9.495 775 0 10,270
Contractor Markup 24,223 0 0 24,223
Total CQst 119,507 95,900 4,075 219,482
GJS Appraising (651)287 -0606
70- 01668652
ro arty Descript UNIFORM RESIDENTIAL APPRAISAL REPORT File No. 050041
Pro_oe_rtv Address 6408 Willow Lane North City Brooklyn Center State MN Zfo Code 55430
L'itescriotion See Attached Countl Hennepin
Ass ssor's Parcel No. 3611921410004 Tax Year 2004 R.E. Taxes S 3.497.33 SnecialAssessmenN S 0.00
Borrower Paulson Current Owner Paulson Occuoant N Owner n Tenant n Vacant
Property ri hts a praised i�I Fee Simple I Leasehold Project Type I PUD I_J Condominium (HUDIVA only) HOA S N/A /Mo.
Nelahborhood or Project Name N/A Mao) Reference 78. C4 Census Tract 202
Sale Price S N/A Date of Sale N/A Descrindon and S amount of loan charnes/concesslons to be oald by seller N/A
Lender/Client TCF National Bank Address 2950 Counts Road 10. Brooklvn Center. MN 55430
ADDralser William J. Smith, Jr Address 1120 East 80th Street, Suite 103, Bloomington. MN 55420
Location U Urban A Suburban U Rural Predominant S le family h�� Present land use Land use change
Built up Over 75% 25.75% Under 25% occupancy E( One family 80. Not likely Likely
Growth rate Rapid Stable Slow Owns 150 Low 5 24 family 10 In process
Property values increasing Stable Declining Tenant 400+ HI h 65+ Multi- family 5 To:
Demand/supply F1 Shortage in balance El over supply Vacant (0.5X) Predominant Commercial 5
Marketing time n Under 3 mos. R 3 -6 mos. I Over 6 mos. I Vac.faver 5%) 225 35 I
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood boundaries and characteristics: The market area is generally defined as that area along the Mississippi river lying north of Interstate
694 and south of 85th Avenue.
Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.):
Subject is located In Brooklyn Center. a northern suburb of the Twin CIN metropolitan area. SUBJECT IS A RIVERFRONT PROPERTY.
Sho schools, parks, and other recreational facilities are located within a one mile radius. Area envoys typical suburban amenities.
Average commuter time to employment is 15 minutes. Main freewav access Is by Interstate 694. located lust south of the subject Droperty.
Market conditions in the subject neighborhood (including support for the above conclusions related to the Vend of property values, demand/supply, and marketing time
such as data on competitive properties for sale In the neighborhood, description of the prevalence of sales and financing concessions, etc.):
Employment levels in the area have been stable over the oast few veers. Well maintained RIVER FRONTAGE properties that are competkiveh
priced usually sell at or near the asking price within 0-6 months. Interest rates have recently stabilized, being near the 40 year lows
experienced In June of 2003. Financing is readtiv available at attractive Interest rates, and no seller concessions are needed. Housing supply
and demand are in balance.
Project Information for PUDs of applicable) Is the developer/builder in control of the Home Owners' Association (HOA)9 U Yes U No N/A
Approximate total number of units in the subject project N/A Approximate total number of units for sale in the subject project N/A
Describe common elements and recreational facilities: N/A
Dimensions 100 x 415 x 100 x 405 Topography Slopes down to river
Site area 41.000 SF Comet' Lot E] Yes No Size Typical of river frontage
Specific zoning classification and description R 1. Sinale Family Residential Shape Typical of market area
Zoning compliance Legal El Legal nonconforming (Grandfathered use) E) Illegal No zoning Drainage Appears adeauate
H t d best use as knoraved: S Present use [l Other use ex)lain l View Good /River
Utilities Public Dow Off-ske Improvements Type Public Private Landscaping Average
Electricity Street Asphalt Driveway Surface Snow covered
Gas Curb/gutter None noted Apparent easementsj(picai drainage /utility
Water Sidewalk No E] FEMA Special Flood Hazard Area Yes No
Sanitary sewer 0 Street lights Yes E] FEMA Zone C.B. Al Map Date 2 -17 -1982
Storm sewer R Alley None n n FEMA MaD No. 270151- 0002 -B
Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.): Site conforms to
current zoning regulations. Site adjoins R -5 Zoning (Multiple Family Residence) across the street. Site Is river frontaae less than 1/4 mile north
of Interstate 694. Traffic noise has been taken Into consideration.
GENERAL DESCRIPTION D(TERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION
No. of Units One Foundation Concrete Block Slab No Area Sq. R. 1.472 Roof
No. of Stories One Exterior Walls All Brick Crawl Space No Finished 70 Ceiling Conc.
Type (Det /Att) Detached Roof Surface AsohattShin Ill a Basement Full Ceiling DW Walls Conc.
Design (Style) Rambler (Gutters Dwnspts. YES/YES Sunup Pump YES Walls DW.Panelhng Floor
Existing/Proposed ExlsUno Window Type Double Huno Dampness None noted Floor Carpet None
Age (Yrs.) 47 Storm/Screens Yes/Yes Settlement None noted Outside Entry Yes Unknown Conc.
Effective Aoe rs.) 15 Manufactured House No Infestation None noted also egress BR window Concealed
ROOMS Fover I Livino I Dinlno I Kitchen I Den r Rm. I Rec. Rm. IBedroomsl Baths Laundry I Other I Area So. FL
Basement I I I I I 1 1 I I 2 1 0.75 x I 1.472
Level) I I 1 1 1 1 I I 1 I 2 I 1 I 1,472
Level
Finished area above Grade contains: 5 Rooms: 2 Bedroom(s): 1 Bath(s): 1.472 Square feet of Gross Livina Area
INTERIOR Materials /Condition HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE:
Floors Caraet.Hdwd /Good Type FHA Refrigerator None Fireplace(s) Two None
Walls Plaster /Good Fuel Gas Range/Oven Stairs Patio Concrete Garage of cars
TdrrVRnlsh Wood /Good Condition Good Disposal Drop Stair Deck Wood Attached 2 SDancrt
Bath Floor Ceramic Tile/Avg+ COOLING Dishwasher Scuttle Porch Gazebo Detached
Bath Wainscot Ceramic Tile /Avg+ Central Yes Fan/Hood Floor Fence No Built -In
Doors Hollow Core /Ava Other N/A Microwave Heated Pod No Carport No
Condition Good Washer/Diver iP Finished n None n Driveway Ample
Additional features (special energy efficient Items, etc.): 1) Deck .2)Gazebo.3)Patio.4)SDancrete 2 car detached garage with lower level walkway from
basement to a storage area beneath the oaraae.5)Budt In bookshelves and buffet.
Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, renwdelingtadditions, etc.: Subject is In
Good condition. Physical deoreclation and condition are reflected In the effective age. No functional obsolescence was observed during the
Inspection. Subject Is a river front property. and Is less than 1/4 mile north of Interstate 694. causing freeway noise and views of traffic over the
river. Location near the Interstate has been taken Into account.
Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the
Immediate vicinity of the subject property.: No adverse environmental condltlons that affect the sublect's marketablilty were observed during the
inspection. See attached Statement of Limitlno Conditions.
Freddie Mac Form 70 6/93 PAGE 1 OF 2 Fannie Mae Form 1004 6/93
Form UA2 'TOTAL for Windows' appraisal software by a la mode, Inc. —1- 800- ALAMODE
70 -01668652
vet ation Se UNIFORM RESIDENTIAL APPRAISAL REPORT File No. 050041
ESTIMATED SITE VALUE 125.000 Comments on Cost Approach (such as, source of cost estimate, site value,
ESTIMATED REPRODUCTION COST- NEW -OF IMPROVEMENTS: square toot calculation and for HUD, VA and FmFA, the estimated remaining
Dwelling 1.472 Sq. FL 120.00 176,640 economic life of the property): Cost approach fiqures were obtained
1.028 Sq. FL 40.00 41.120 from the Marshall Swift valuation service, local builders. and
Two Fireplaces, Deck, Gazebo 20,000 office files. The extraction method was used to determine the
Garage/Carport 528 Sq. FL 40.00 21.120 estimated site value. Land to value ratio's of up to 40% are
Total Estimated Cost New 258.880 typical for riverfront properties in this market area. No functional
Less Physical Functional External obsolescence was noted or observed during the Inspection.
Depreciation 55.478 1 1 12,944 68.422 External obsolescence taken for close oroxlmity to freeway. The
Depreciated Value of Improvements 190.458 estimated remaininq economic life of the property is 55 years.
"As is' Vane of Site Improvements 15.0001
INDICATED VALUE BY COST APPROACH _f 330,4581
ITEM I SUBJECT I COMPARABLE NO.1 i COMPARABLE NO.2 i COMPARABLE NO.3
6408 Willow Lane North 169 Hartman Circle 6704 West River Road 185 Hartman Circle
Address Brooklyn Center Fridley Brooklyn Center Fridley
Proximity to Subiect 1.45 miles 0.27 miles 11.40 miles
Sales Price I N/A 1 376,000 318,500 290,000
Pdce/Gross Llvina Area q 1S 245.75 05 S 204.69 S 185.90
Data and/or Inspection MLS(DOM )-105 MLS(DOM)40 CDOM: 114 MLS(DOM) -73
Verification Source MLS /County MLS /County Data MILS /County Data MILS /County Data
VALUE ADJUSTMENTS DESCRIPTION I DESCRIPTION +l- S Adjust. N DESCRIPTION +f Adjust. DESCRIPTION 1 -1 Adjust
Sales or Financing Conventional CASH Conventional
Concessions None noted None noted None noted
Date of SalaMme 10 -27 -2004 18-6 -2004 i 4 -16 -2004 +13.100
Location I Suburban/Avq+ I SuburbardAvq+ I Suburban/Avq+ Suburban/Avo+
Leasehold/Fee Simple I Fee Simple i Fee Simple I Fee SlmDle Fee Simple
Site 141.000 SF 143.000 SF 1 39.560 SF f i 22.800 SF +5.000
View I Good /River I VGood /River 13,000 1 Good /River t 1 Ayq +Nlew only +25,000
Design and ADDeal I Rambler /Good I Rambler /Good I Rambler /Good Rambler /Good
Quality of Construction Very Good I Very Good I Very Good Very Good
Aae 147 148 149 136
Condition I Good I Very Good 20,000 1 Good 1 Good
Above Grade I Total Bdrms: Baths i Total :Bdrms Baths Total:Bdrms: Baths Total ;Bdrrns; Baths
Room Court 5 2 1 I 6: 3: 1 7: 3 1 6. 2 1.75 -3,000
Gross Livine Area 1.472 So. Ft. I 1.530 So. Ft 1.556 So. Ft 1.560 So. Ft
Basement Finished Full/Walkout Full/Walkout FuIVWalkout Full/Walkout
Rooms Below Grade FR.2BR's.3 /4Bt FR.AM.FullBath +3,000 FR.AM.BR.3 /48t FR,3BR.FullBt -5.000
Functional Utlllty I Average I Average I Average I Average
Heating/Cooling I FHA/C -Air I FHA/C -Air I FHA/C -Air I FHA/C Air
Enerov Efficient items I Typical I Typical I Typical 1 Typical
GaraodCamort 2 Car SDancrete 12 Car 1 2 Car i 2 Car
Porch, Patio, Deck, Dk,Pat,Gazebo Dk,Pat,Gazebo Deck +5,000 Deck,Patto +5,000
AreDiace(s). etc. Two Fireplaces Two Fireplaces Three Fireplaces -2.500 Two Fireplaces
Fence. Pool, etc. I Extras I Similar Extras 1 Similar Extras I Similar Extras
Special Features I Eoual I Egual Equal
Net Adi. total) 30.000 2,500 40,100
Adjusted Sales Price
of Comparable 348,000 321.000 t) x 330.100
Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.): See attached addenda.
ITEM j SUBJECT 1 COMPARABLE NO.1 j COMPARABLE NO.2 j COMPARABLE NO.3
Date, Price and Data Close 7 -28 -2000 No prior sales or No prior sales or No prior sales or
Source, for prior sales $242,000 listings In 3 yrs listings in 3 yrs listings in 3 yrs
within vear of appraisal MLS /County MLS /County Data MLS /County Data MLS /County Data
Analysis of any current agreement of sale, option, or listing of subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal:
The sublect was not listed or under contract at the time of inspection. Increase in value since purchase In July of 2000 Is due to Increasinq
values In this market area.
INDICATED VALUE BY SALES COMPARISON APPROACH 330.000
INDICATED VALUE BY INCOME APPROACH (11 ADDlicablel Estimated Market Rent S N/A /Mo. x Gross Rent MulliDlier N/A
This appraisal Is made as is U subject to the rep airs, alterations Inspections or conditions listed below U sub ject to com p er Ian
j p p I mp p p lan s &specifications.
Conditions of Appralsai: This is a Complete Appraisal Summary Report which compiles with LISPAP guldeiines.
Final Reconciliation: The Market Approach was given Drfmary consideration In determinlna estimated market value. with the Cost Approach
supporting the final value estimate. The Income Approach is generaliv not utilized in determining estimated market value for single family
homes In this market due primarily to a lack of relevant data. Structures of this tvoe are tvDically used for owner occuoled single family use.
The purpose of this appraisal is to estimate the market value of the real property that Is the subject of this report, based on the above conditions and the certification, contingent
and limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/FNMA form 1004B (Revised 6/1993
I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF January 19. 2005
(WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE 330,000
APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED):
Signature Signature ❑Did F] Did Not
Name William�h�� Name Inspect Property
Date Reoort Signed January 1 005 Date Report Sloned
State Certification 20141803 State MN State Certification State
Or State License State Or State License State
Freddie Mac Form 70 6/93 PAGE 2 OF 2 Fannie Mae Form 1004 6 -93
Form UA2 'TOTAL for Windows" appraisal software by a la mode, Inc. —1- 800- ALAMODE
UNIFORM RESIDENTIAL APPRAISAL REPORT
MARKET DATA ANALYSIS
These recent sales of prouewes aree mmoost similar and p roximate to subject and have been consideredTn the market an y T7ne descript on Includes do liar adjustment, reelecting
market reaction to those items of significant variation between the subject and comparable properties. if a sign icantwem In the cort�ara le pro superior to, or more
favorable than, the subject property, a minus Q adjustment Is made, thus reducing the Indicated value of the subject. If a signircant item In tfie comparable Is Inferior to, or less
favorable than, the subject property, a plus adjustment is made, thus Increasing the indicated value of the subject.
ITEM I SUBJECT I COMPARABLE NO. 4 1 COMPARABLE NO. 5 I COMPARABLE NO. 6
6408 Willow Lane North 7948 Mississippi Lane 5225 Twin Lake Blvd. East 7866 Alden Way
Address Brooklvn Center Brooklvn Park Brookivn Center Fridlev
Pro)dmkv to Subject 1.90 miles 2.80 miles 2.65 miles
Sales Price is N/A 350,000 ININ1 s 318 000 316 000
Pdce/Gross Living Area 1$ S 312.50W S 190.88 d� 200.00
Data and/or Inspection MLS(DOM)48 CDOM: 96 MLS(DOM) -142 MLS(DOM) -39 CDOM:77
Verification Sources MLS /County MLS /County Data MLS /County Data MLS /County Data
VALUE ADJUSTMENTS I DESCRIPTION DESCRIPTION -)S Ad st I DESCRIPTION S Ad st DESCRIPTION -1S Adjust
Sales or Financing FHA Conventional Conventional
Concessions None noted None noted None noted
Date of Sale/Time 7 -27 -2004 14 -23 -2004 +14,300111-29-2004
Location 1 SuburbanlAva+ Suburban/Ava+ I Suburban/Ava+ Suburban/Avo+
Leasehold/Fee Simple I Fee Simple 1 Fee Simple Fee SlmDle 1 Fee Simple
Site 141.000 SF 1 1.4 Acres -5.000 25.000 SF +5.000121.000 SF +5.000
Vlew I Good /River I VGood /River 13.0001 Good /LAKE Frt t I VGood /River 13,000
Deslan and ADDeal 1 Ranhbler /Good I Rambler /Good I Rambler /Good i I Rambler /Good
Quality of Construction I Very Good I Very Good I Very Good I Very Good
Aae 147 145 154 148
Condition I Good I Good I Good I Above Average +20,000
Above Grade Total ;Bdrms: Baths 1 Total ;Bdrms Baths Total ;Bdrms; Baths Total ;Bdrms; Baths
Room Count 5 2 1 1 4 4 1 6: 3: 1 6 3 1
Gross Livina Area 1,472 So. Ft 1 1.120 So. Ft: +12.300 1.666 SD. R. -6,800 1.580 SD. FL -3,800
Basement Finished Full/Walkout FUIVWalkout Full/Walkout Full/Walkout
Rooms Below Grade FR,2BR's.3 /4Bt LR,DR,KR.Full -1.000 FR.2BR.AM.Bt -4,000 FR,2BR's,3 /4Bt
Functional Willy 1 Average I Average 1 Average 1 Averaoe
Heatina /Cooilno 1 FHA/C -Air 1 FHA/C -AIr 1 FHA/C -Ak 1 FHA/C -Air
Enerav Efficient Items I Tvoical I Tvalcal I T VDic al 1 Typical
Garaae/Camort 12 Car Soancrete 12 Car 12 Car 12 Car
Porch, Patio, Deck, Dk,Pat,Gazebo Dk,Pat,Gaz,3Sea -7,500 Deck +5,000 Dk,Pt,HTub,Saun
Fireoiace(s). etc. Two Fireplaces One Fireplace +2.500 Two FlreDlaces Two Fireplaces
Fence. Pool. etc. Extras 1 Similar Extras I Similar Extras I Similar Extras
Soecial Features 1 Equal I Equal 6&1
Net Adl. total) S 11.700 -is 13.500 S 8.200
Adjusted Sales Price
of Comparable S 338.300 S 331 5, 00 324,200
Date, Price and Data Close 7 -28 -2000 No prior sales or No prior sales or No prior sales or
Source for prior sales $242,000 listings in 3 yrs listings in 3 yrs listings In 3 yrs
within year of appraisal MLS /County MLS /County Data MLS /County Data MLS /County Data
Comments: See attached addendum for comments on the Sales Comparison Approach.
Market Data Analysis 6 -93
Form UA2.(AC) 'TOTAL for Windows' appraisal software by a la mode, Inc. —1- 800 ALAMODE
i
Supplemental Addendum File No. 050041
Borrower /Client Paulson
PrODerty Address 6408 Willow Lane North
City Brooklvn Center Countv Henneoin State MN Zlo Code 55430
Lender TCF National Bank
LEGAL DESCRIPTION:
Part of unpiatted Section 36, Township 119, Range 21 com at a pt 536ft sly par with the center line of West River Road from a
point in the N line of Govt lot 3 dist 542.5 ft east along same from the center line of said road thence sly 1 00f par with said
center line thence east par with said north line of lot 3 to river thence niy along river to a point in a line running est par with said
north line from point of beg thence west to beg.
URAR: Sales Comparison Comments
The comparables used were the best available homes of similar style, size, age, appeal, and amenities to the subject property,
and were superior to all other comparables; analyzed. All comparables are river frontage, lake frontage, or river view.
P P Yz P 9 9
Comparables #1, #3, and #6 are located across the river in the adjoining community of Fridley, and are influenced by similar
market forces. Comparables #2 and #5 are both from Brooklyn Center. Comparable #4 is located in the adjoining community
of Brooklyn Park, and provides an additional west side of the river comparable. Brooklyn Park is influenced by similar market
forces to those experienced by the subject property.
Due to river frontage, there are few available comparables within a one mile radius, with comparable #2 being the only
comparable within a one mile radius. Comparable #3 was used In order to have a 2 bedroom above grade comparable, even
though it closed over six months prior to this inspection. Comparable #5 gives an additional comparable from Brooklyn Center,
even though it closed more than six months prior to this Inspection, and Is located more than one mile from the subject property.
Comparables #3 and #5 are both adjusted at 1/2% per month (4.5 due to age of the sales.
Comparables #3, #4, #5, and #6 are all adjusted for site size differences. The subject has what is considered good river
frontage with close proximity to Interstate 694 slightly diminishing the sites value. Subject's site is considered equal to
comparable #2, which has the same Interstate 694 Influence. Comparable #5 is lake frontage and considered to be of equal
view. Comparables( #1, #4, and #6 are considered to be superior river frontage locations. Comparable #3 has a river view
only, and is not river frontage, and Is adjusted for accordingly.
Comparable #1 is listed as fabulous, and is adjusted accordingly for superior condition. Comparable #6 lacks the condition of
the subject, and is adjusted for accordingly for condition. All other adjustments are considered to be self explanatory. These
sales are considered to be reliable Indicators of the subject's market value, when adjusted for Items of variation. All
comparables are closed sales.
DIGITAL IMAGES:
It is hereby certified that the digital images contained in this report are original and have not been significantly manipulated or
altered. The digital signatures are computer generated images of the appralser's original signature. These digital signatures
are encrypted and password protected, thus ensuring authenticity.
THIS APPRAISAL REPORT IS INTENDED FOR USE IN A MORTGAGE FINANCE TRANSACTION ONLY. THIS REPORT IS
NOT INTENDED FOR ANY OTHER USE.
Form TADD 'TOTAL for Windows' appraisal software by a la mode, Inc. —1- 800- ALAMODE
Supplemental Addendum File No. 050041
Borrower /Client Paulson
Prooefir Address 6408 Wifiow Lane North
City Brooklyn Center County Henneoln State MN An Code 55430
Lender TCF National Bank
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Form TADD 'TOTAL for Windows' appraisal software by a la mode, Inc. —1- 800- ALAMODE
DEFINITION OF MARKET VALUE: The most probable price which a properly should bring in a competitive and open market under all conditions
requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price Is not affected by undue stimulus. Implicit In this
definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are
typically motivated; (2) both parties are wel informed or well advised, and each acting In what he considers his own best Interest; (3) a reasonable Ume Is allowed
for exposure in the open market (4) payment is made In terms of cash In U.S. dollars or In terms of financial arrangements comparable thereto; and (5) the price
represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with
the sale.
Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary
for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily Identifiable
since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the
comparable property by comparisons to financing terms offered by a third party Institutional lender that Is not already Involved in the
property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession
but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the
appraiser's judgement.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears In the appraisal report is subject to the following
conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the tide to iL The appraiser assumes that
the title is good and marketable and, therefore, wig not render arty opinions about the title. The property is appraised on the basis of it being under responsible
ownership.
2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the Improvements and the sketch Is included only to assist
the reader of the report In visualizing the property and understanding the appraiser's determination of Its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted
In the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes
no guarantees, express or Implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property In question, unless specific arrangements to do
so have been made beforehand.
5. The appraiser has estimated the value of the land In the cost approach at its highest and best use and the Improvements at their contributory value. These
separate valuations of the land and improvements must not be used In conjunction with amr other appraisal and are Invalid if they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic
substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research Involved In pertorr ing
the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or
adverse environmental conditions (Including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and
has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The
appraiser wig not be responsible for any such conditions that do exist or for arty engineering or testing that might be required to discover whether such
conditions exist Because the appraiser Is not an expert In the field of environmental hazards, the appraisal report must not be considered as an
environmental assessment of the property.
7. The appraiser obtained the information, estimates, and opinions that were expressed In the appraisal report from sources that he or she considers to be
reliable and believes them to be he and correct. The appraiser does not assume responsibility for the accuracy of such Items that were furnished by other
parties.
8. The appraiser will not disclose the contents of the appraisal report except as provided for In the Uniform Standards of Professional Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that Is subject to satisfactory completion, repairs, or
alterations on the assumption that completion of the improvements will be performed In a workmanlike manner.
10. The appraiser must provide his or her prior written consent before the lender/client specified In the appraisal report can distribute the appraisal report
(Including conclusions about the property value, the appraiser's Identity and professional designations, and references to any professional appraisal
organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or Its successors and assigns; the mortgage
Insurer, consultants; professional appraisal organizations; any state or federally approved financial Instittion; or arty department, agency, or instrumentality
of the United States or any state or the District of Columbia; except that the lender /client may distribute the property description section of the report only to data
collection or reporting service(s) without having to obtain the appraiser's prior written consent The appraiser's written consent and approval rust also
be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
Freddie Mac Form 439 6 -93 Page 1 of 2 Fannie Mae Form 10048 6 -93
GJS Appraising (651)287 -0606
Form ACR `TOTAL for Windows' appraisal software by a la mode, Inc. —1- 800 ALAMODE
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that
1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property
for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those hems of significant
variation. 9 a significant ftem in a comparable property Is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce
the adjusted sales price of the comparable and, If a significant Item In a comparable property Is inferior to, or less favorable than the subject property, i have made
a positive adjustment to Increase the adjusted sales price of the comparable.
2. 1 have taken Into consideration the factors that have an Impact on value in my development of the estimate of market value In the appraisal report I have not
knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the
appraisal report are true and correct.
3. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent
and timlting conditions specified in this form.
4. 1 have no present or prospective Interest in the property that Is the subject to this report, and I have no present or prospective personal Interest or bias with
respect to the participants In the transaction. I did not base, either partially or completely, ny analysis and/or the estimate of market value in the appraisal report
on the race, color, religion, sex, handicap, famiial status, or national origin of either the prospective owners or occupants of the subject property or of the present
owners or occupants of the properties in the vicinity of the subject property.
5. 1 have no present or contemplated future Interest In the subject property, and neither my current or future employment nor my compensation for performing this
appraisal is contingent on the appraised value of the property.
6. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the vakie estimate,
the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. l
did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage ban.
7. 1 performed this appraisal In conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal
Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those
Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value
and the estimate I developed is consistent with the marketing time noted In the neighborhood section of this report, untess 1 have otherwise stated in the
reconciliation section.
8. 1 have personally Inspected the Interior and exterior areas of the subject property and the exterior of all properties listed as comparables In the appraisal report
I further certify that I have noted any apparent or known adverse conditions in the subject Improvements, on the subject she, or on any site within the Immediate
vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that
I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property.
9. 1 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report 9 1 relied on significant professional
assistance from any individual or individuals In the performance of the appraisal or the preparation of the appraisal report, I have named such individuals) and
disclosed the specific tasks performed by them In the reconciliation section of this appraisal report I certify that any Individual so named is qualified to perform
the tasks. I have not authorized anyone to make a change to any item In the report; therefore, if an unauthorized change Is made to the appraisal report, I will take
no responsibility for IL
SUPERVISORY APPRAISER'S CERTIFICATION: it a supervisory appraiser signed the appraisal report, he or she certifies and agrees that:
I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser,
agree to be bound by the appralser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report
ADDRESS OF PROPERTY APPRAISED: 6408 Willow Lane North, Brooklyn Center, MN 55430
APPRAISER: SUPERVISORY APPRAISER (only if required):
Signature: &&ZYZ 4 Signature:
Name: Wltilam Smith, Jr Name:
Date Signed: January 19, 2005 Date Signed:
State Certification 20141803 State Certification
or State License or State License
State: MN State:
Expiration Date of Certification or License: 8/31/2005 Expiration Date of Certification or License:
Did Did Not Inspect Property
Freddie Mac Form 439 6 -93 Page 2 of 2 Fannie Mae Form 1004B 6 -93
Form ACR 'TOTAL for Windows" appraisal software by a la mode, Inc. —1- 800- ALAMODE
I
MULTI- PURPOSE SUPPLEMENTAL ADDENDUM
FOR FEDERALLY RELATED TRANSACTIONS
GJS Appraising (651)287 -0606
Borrower /Ghent Paulson
Property Address 6408 Willow Lane North
CRY Brookivn Center County HenneDin State MN Do Code 55430
Lender TCF National Bank
This Multi- Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a convenient way to comply with the current
appraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of Currency (OCC), The Office of Thrift
Supervision (OTS), the Resolution Trust Corporation (RTC), and the Federal Reserve.
This Multi- Purpose Supplemental Addendum Is for use with any appraisal. Only those
statements which have been chocked by the appraiser apply to the property being appraised.
PURPOSE FUNCTION OF APPRAISAL
The purpose of the appraisal is to estimate the market value of the subject property as defined herein. The function of the appraisal Is to assist the above -named
Lender In evaluating the subject property for lending purposes. This Is a federally related transaction.
EXTENT OF APPRAISAL PROCESS
The appraisal is based on the information gathered by the appraiser from public records, other identified sources, Inspection of the subject property and
neighborhood, and selection of comparable sales within the subject market area. The original source of the comparables is shown in the Data Source section
of the market grid along with the source of confirmation; If available. The original source is presented first. The sources and data are considered reliable.
When conflicting Information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not Included in the report nor
used as a basis for the value conclusion.
The Reproduction Cost is based on Marshall Swift Cost Guide. local builders/contractors. and office files.
supplemented by the appraiser's knowledge of the local market
Physical depreciation is based on the estimated effective age of the subject property. Functional and/or external depreciation, N present, is specifically
addressed In the appraisal report or other addenda. In estimating the site value, the appraiser has retied on personal knowledge of the local market. This
knowledge is based on prior and/or current analysis of site sales and/or abstraction of site values from sales of Improved properties.
The subject property Is located in an area of primarily owner occupied single family residences and the Income Approach is not considered to be meaningful.
For this reason, the Income Approach was not used.
The Estimated Market Rent and Gross Rent Multiplier utilized In the Income Approach are based on the appraiser's knowledge of the subject market area.
The rental knowledge is based on prior and/or current rental rate surveys of residential properties. The Gross Rent Multiplier is based on prior and/or current
analysis of prices and market rates for residential properties.
For income producing properties, actual rents, vacancies and expenses have been reported and analyzed. They have been used to project future rents,
vacancies and expenses.
SUBJECT PROPERTY OFFERING INFORMATION
According to MLS Listings, Owner, and Countv Records the subject property:
has not been offered for sale In the past: 30 days 1 year 3 years.
Is Curren ly offered for sale for
was offered for sale within the past: 30 days 1 year 3 years for
Offering information was considered in the final reconciliation of value.
Offering information was not considered In the final reconciliation of value.
Offering information was not available The reasons for unavailability and the steps taken by the appraiser are explained later in this addendum.
SALES HISTORY OF SUBJECT PROPERTY
According to MLS Listino service. Owner. and Countv Records the subject property:
Has not transferred In the past twelve months. in the past thirty -six months. in the past 5 years.
Has transferred in the past twelve months. In the past thirty -six months. in the past 5 years.
AD prior sales which have occurred in the past 5 yrs are listed below and reconciled to the appraised value, either in the body of the report or In the addenda.
Date Sales Price Document Seller Buyer
7 -28 -2000 242.000 MLS /County N/A Paulson
FEMA FLOOD HAZARD DATA
Subject property is not located in a FEMA Special Flood Hazard Area.
Subject property is located in a FEMA Special Flood Hazard Area.
Zone FEMA Map/Panel Map Date Name of Community
C.B. Al2 270151 -0002 -B 2 -17 -1982 Brooklvn Center
The community does not participate in the National Flood Insurance Program.
The community does particip In the National Flood Insurance Program.
It is covered by a regular program.
It is covered by an emergency program.
Page 1 of 2
Form MPA3 'TOTAL for Windows' appraisal software by a la mode, Inc. —1- 800 ALAMODE
CURRENT SALES CONTRACT
The subject property Is currency not under contract
The contract and/or escrow instructions were not available for review The unavailability of the contract is explained later In the addenda section.
The contract and/or escrow Instructions were reviewed The following summarizes the contract:
Contract Date Amendment Date Contract Price Seller
The contract Indicated that personal property was not included in the sale.
The contract Indicated that personal property was included It consisted of
Estimated contributory value is
Personal property was not included in the final value estimate.
Personal property was Included in the final value estimate.
The contract indicated no financing concessions or other Incentives.
The contract Indicated the following concessions or incentives:
If concessions or Incentives exist, the comparables were checked for similar concessions and appropriate adjustments were made, h applicable, so
that the final value conclusion Is in compllance with the Market Value defined herein.
MARKET OVERVIEW Include an explanation of current market conditions and trends.
0 -3 months is considered a reasonable marketing period for the subject property based on MLS Statist
ADDITIONAL CERTIFICATION
The Appraiser certifies and agrees that
(1) The analyses, opinions and conclusions were developed, and this report was prepared, In conformity with the Uniform Standards of Professional
Appraisal Practice ('USPAPI, except that the Departure Provision of the USPAP does not apply.
(2) Their compensation Is not contingent upon the reporting of predetermined value or direction In value that favors the cause of the client, the amount
of the value estimate, the attainment of a stipulated resuti, or the occurrence of a subsequent event
(3) This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan.
ADDITIONAL (ENVIRONMENTAL) LIMITING CONDITIONS
The value estimated Is based on the assumption that the property Is not negatively affected by the existence of hazardous substances or detrimental
environmental conditions unless otherwise stated in this report. The appraiser Is not an expert In the identification of hazardous substances or detrimental
environmental conditions. The appraiser's routine Inspection of and Inquiries about the subject property did not develop any information that indicated
any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise stated
In this report. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of
hazardous substances or detrimental environmental conditions on or around the property that would negatively affect its value.
ADDITIONAL COMMENTS
Subiect Is a river front orODerty. with flood zone mao being vacua and determination of flood zone showinq zones Al2. B. and C.
Site does slooe down to the river. Aithouah river frontace, the dwelling Is well above the river level. which Is tvolcal for the area.
APPRAISER'S SIGNATURE LICENSE/CERTIFICATION
�lJt/I►+�.
Appraiser's Signatur ffe a e January 19. 2005- Date Prepared January 19, 2005
Appraiser's Name (print) William J. S Jr Phone 651 287 -0606
State MN License Certification 20141803 Tax ID 41- 1877465
CO- SIGNING APPRAISER'S CERTIFICATION
The co- signing appraiser has personaly inspected the subject property, both Inside and out, and has made an exterior inspection of all comparable sales
listed in the report. The report was prepared by the appraiser under direct supervision of the co- signing appraiser. The co- signing appraiser accepts
responsibility for the contents of the report including the value conclusions and the limiting conditions, and confirms that the certifications apply
fully to the co- signing appraiser.
The co- signing appraiser has not personally Inspected the Interior of the subject property and:
has not inspected the exterior of the subject property and all comparable sales listed in the report.
has Ins ell cted the exterior of the subject property and all comparable sales listed in the report.
The report was prepared by the appraiser under direct supervision of the co- signing appraiser. The co- signing appraiser accepts responsibility for the
contents of the report, Including the value contusion and the limiting conditions, and confirms that the certifications apply fully to the co- signing
appraiser with the exception of the certification regarding physical Inspections. The above describes the level of inspection performed by the
co- signing appraiser.
The co- signing appraiser's level of Inspection, involvement In the appraisal process and certification are covered elsewhere in the addenda section
of this appraisal.
CO SIGNING APPRAISER'S SIGNATURE LICENSE/CERTIFICATION
Co- Signing
Appraiser's Signature Effective Date Date Prepared
Co- Signing Appraiser's Name (print) Phone
State License Cert'ficadon Tax ID
Page 2 of 2
Form MPA3 'TOTAL for Windows' appraisal software by a la mode, Inc. —1- 800- ALAMODE
i
Building Sketch (Page 1)
Borrower /ClIent Paulson
Prooertv Address 6408 Willow Lane North
Clty Brookivn Center Countv HenneDin State MN Do Code 55430
Lender TCF National Bank
Gazebo
BR LR DR
Deck 2 Car
Kitch Spancrete
Bath BR Garage
1
SKETCH CALCULATIONS
Al At :48.0 x 28.0 1344.0
A2: 32.0 x 4.0 128.0
First Floor 1472.0
Total Living Area 1472.0
A3
A3: 24.0 x 22.0 528.0
Detached Garage 528.0
Total Garage Area 528.0
Form SKT.BidSId 'TOTAL for Windows' appraisal software by a la mode, Inc. —1- 800 ALAMODE
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Welcome Nanc y Wojcik
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Thursday, May OS, 2005
Home oSearchil My Matrix f Finance Roster t Tax Open House History Home Base Help Logout
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Property Full Display, Single Family Residential, MLS 2215149
17 185 Hartman Circle NE Fridley, Minnesota 55432 -4112
Status: Sold List Price:$290,000 Sold Price: $290,000 Original List Price: $310,000
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More Dhotos are available for this DfDDe Map Page: 78 Map Coord: D3
SuoDlements are available for this Drooertv. Directions:
GEOVISTA Neiahborhood Tour 1 -1/2 MI N OF 694 ON E RIVER RD.
(Click icon to add to Watched Listings) HARTMAN CIR IS THE 1ST WEST TURN
Total Bed /Bath: 4/ 3 Garage: 2 Year Built: 1969 NORTH OF MANOMIN COUNTY PARK.
TAX INFORMATION
MLS Area: 768 Fridley Property ID: 153024120060
Style: (SF) One Story Tax Year: 2003
Const Status: Previously Owned Tax Amt: $2,321
Foundation Size: 1,560 Assess Bat:
AbvGrdFinSgFt: 1,560 Tax w /assess: $2,321
BelGrdFinSgFt: 1,560 Assess Pend: No
Total Fin F
Sq t. 3,120 Homestead: Yes
Acres: 0
Lot Size: 95X224X94X241
List Date: 12/03/2003 Received By MLS: 12/03/2003 Days On Market: 73
Off Market Date: 02/13/2004 Selling Agent: Lvnn J. Seward
Date Closed: 04/16/2004 Selling Office: TheMLSonline.com. Inc.
General Property Information
Legal Description: LOT 22 BLOCK 2 SANDHURST ADDN
County: Anoka
School District: 14 Fridley, 763 502 -5000
Complex /Dev /Sub: Common Wall: No
Restrictions /Covts:
Lot Description: City Bus (w /in 6 biks), Irregular Lot, Tree Coverage Heavy
Association Fee: Assoc Fee Frequency: N/A
Assoc Fee Includes: N/A
Road Frontage: City, Curbs, Paved Streets
Zoning: Residential Single Accessibility: None
Lake /Waterfront: Creek Lake /WF Name:
Remarks
Agent Remarks: CREATIVE DESIGN; OUTSTANDING CURB APPEAL; EXCEPTIONAL PARK SIDE
LOCATION/ BEAUTIFUL LOT; AND, QUALITY- CUSTOM CONSTRUCTION HIGHLIGHT THIS
SPACIOUS HOME. INTERIOR FRESHLY PAINTED. SHOWS WELL; EASY -TO -SHOW! SEE
SUPPL FOR ADD'L INFORMATION.
Public Remarks: CREATIVE DESIGN; OUTSTANDING CURB APPEAL; EXCEPTIONAL PARK SIDE
LOCATION/ BEAUTIFUL LOT; AND, QUALITY- CUSTOM CONSTRUCTION HIGHLIGHT THIS
SPACIOUS HOME. INTERIOR FRESHLY PAINTED. SHOWS WELL; EASY -TO -SHOW! SEE
SUPPL FOR ADD'L INFORMATION.
Structure Information
Room Level Dimen Other Rooms Level Dimen Heat: Forced Air
Living Rm Main 25X16 Den Main 16X10 Fuel: Electric
Dining Rm Main 12X10 Family Room Lower 29X11 Air Cond: Central
Family Rm Main 17X14 Computer Room Main 8X6 Water: City Water Connected
Kitchen Main 10X10 Foyer Main 12X6 Sewer: City Sewer Connected
Bedroom 1 Main 13X12 Garage: 2
Bedroom 2 Lower 21X13 Bathrooms Oth Prkg:
Bedroom 3 Lower 12X11 Total: 3 3/4: 1 1/4: 0 Pool: None
Bedroom 4 Lower 12X11 Full: 1 1/2: 1
Bath Description: 3/4 Master, Full Basement, Main Floor 1/2 Bath, Private Master, Two Basement
Baths
Dining Room Desc: Separate /Formal Dining Room
Family Room Char: 2 or More, Family Room, Lower Level, Main Level
Fireplaces: 2 Fireplace Characteristics: Family Room, Living Room, Master Bedroom, Wood
Burning
Appliances: Dishwasher, Disposal, Exhaust Fan /Hood, Range, Water Softener Owned
Basement: Drain Tiled, Finished (Livable), Full, Sump Pump, Walkout
Exterior: Metal /Vinyl, Wood
Fencing: None
Roof: Asphalt Shingles, Pitched
Amenities -Unit: Deck, Kitchen Window, Natural Woodwork, Patio, Washer /Dryer Hookup
Parking Char: Attached Garage, Driveway Concrete, Garage Door Opener
Special Search: 3 BR on One Level, Main Floor Bedroom
Financial
Cooperating Broker Compensation
Buyer Broker Comp: 2.7 Sub -Agent Comp: 0% Facilitator Comp: 2.7%
Variable Rate: N List Type: Exclusive Right To Sell
Sale Mortgage Information
Sale Financial Terms: Conventional
Sale Loan Amount: $275,500
Seller Contribution:
Financial Remarks:
Sellers Terms: Adj. Rate /Gr Payment, Cash, Conventional
Existing Financing: Free and Clear
Agent is Owner No
Contact Information
Listing Agent: June M Stuhr 612- 788 -5322 Appointments: 952 887 -1208
Listing Office: RE /MAX Real Estate Guide Office Phone: 952- 884 -8404
MLS 2215149 Address: 185 Hartman Circle NE Fridley, Minnesota 55432 -4112
Information Deemed Reliable But Not Guaranteed. Copyright Regional MLS of Minn., Inc.
All Rights Reserved.
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Property Full Display, Single Family Residential, MLS 2312718
F 7866 Alden Way NE Fridley, Minnesota 55432 -2406
Status: Sold List Price:$319,900 Sold Price: $316,000 Original List Price: $329,900
Map
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GEOVISTA Neiahborhood Tour EAST RIVER RD TO OSBORNE RD, WEST
(Click icon to add to Watched Listings) ONE BLOCK ROAD CURVES AND
Total Bed /Bath: 3/ 3 Garage: 2 Year Built: 1966 BECOMES ALDEN WAY
TAX INFORMATION
MLS Area: 768 Fridley Property ID: 033024340042
Style: (SF) One Story Tax Year: 2004
Const Status: Previously Owned Tax Amt: $2,301
Foundation Size: 1,580 Assess Bal:
AbvGrdFinSgFt: 1,580 Tax w /assess: $2,301
BeIGrdFinSgFt: 1,480 Assess Pend: No
Total Fin SgFt: 3,060 Homestead: Yes
Acres: O
Lot Size: 9OX30X20OX10OX210
List Date: 08/13/2004 Received By MLS: 08/13/2004 Days On Market: 39
Off Market Date: 09/19/2004 Selling Agent: Eric M. Hood
Date Closed: 11/29/2004 Selling Office: RE /MAX Associates Plus
General Property Information
Legal Description: LOT 1, BLK 5, PEARSONS CRAIGWAY ESTATES 2ND ADD SUBJ TO EASE OF RECORD
County: Anoka
School District: 14 Fridley, 763 502 -5000
Complex /Dev /Sub: Common Wall: No
Restrictions /Covts:
Lot Description: Tree Coverage Heavy
Association Fee: Assoc Fee Frequency: N/A
Assoc Fee Includes: N/A
'Road Frontage: City
Zoning: Residential Single Accessibility: None
Remarks
Agent Remarks: A GREAT HOME IN A GREAT LOCATION! THIS HOME HAS BEEN METICULOUSLY
MAINTAINED, PRIDE OF OWNERSHIP SHOWS THROUGHOUT THIS WONDERFUL HOME.
BACKS TO MISSISSIPPI RIVER PARK WITH MILES OF TRAILS. AGENTS TO VERIFY ALL
MEASURMENTS. MOTIVATED SELLERS! BRING OFFERS!
Public Remarks: WOW! WHAT A GREAT HOME IN A GREAT LOCATION! HOME BACKS TO MISSISSIPPI
RIVER PARK WITH MILES OF TRAILS. HOME FEATURES A SAUNA, SPA TUB, NEW
CARPETING, LARGE DECK, AND A HUGE MASTER SUITE. MOTIVATED SELLERS, QUICK
CLOSE POSSIBLE, MOVE IN AND ENJOY!
Structure Information
Room Level Dimen Other Rooms Level Dimen Heat: Forced Air
Living Rm Main 19X12 Guest Room Lower 27X15 Fuel: Natural Gas
Dining Rm Main 12X10 Spa or Sauna Room Lower Air Cond: Central
Family Rm Lower 19X12 Water: City Water Connected
Kitchen Main 15X12 Bathrooms Sewer: City Sewer Connected
Bedroom 1 Main 18X15 Total: 3 3/4: 2 1/4: 0 Garage: 2
Bedroom 2 Main 13X10 Full: 1 1/2: 0 0th Prkg:
Bedroom 3 Main 12X11 Pool:
Bedroom 4 Lower 17X11
Bath Description: 3/4 Basement, 3/4 Master, Main Floor Full Bath
Dining Room Desc: Informal Dining Room
Family Room Char:
Fireplaces: 2 Fireplace Characteristics: Family Room, Gas Burning, Living Room, Wood
Burning
Appliances: Dishwasher, Dryer, Exhaust Fan /Hood, Range, Refrigerator, Washer
Basement: Full, Walkout
Exterior: Brick /Stone, Wood
Fencing:
Roof: Age 8 Years or Less, Asphalt Shingles
Amenities -Unit: Deck, Hot Tub, Kitchen Window, Patio, Sauna, Skylight
Parking Char: Attached Garage
Special Search: 3 BR on One Level
Second Unit: Existing In -Law w /Kitchen
Financial
Cooperating Broker Compensation
Buyer Broker Comp: 2.7% Sub -Agent Comp: 0% Facilitator Comp: 0 0 /0
Variable Rate: N List Type: Exclusive Right To Sell
Sale Mortgage Information
Sale Financial Terms: Conventional
Sale Loan Amount: $252,800
Seller Contribution:
Financial Remarks:
Sellers Terms: Cash, Conventional
Existing Financing:
Agent is Owner No
Contact Information
Listing Agent: Eric M. Hooper 651- 484 -8800 Appointments: 651 415 -3242
Listing Office: RE/ MAX Associates Plus Office Phone: 651 -484 -8800
MLS 2312718 Address: 7866 Alden Way NE, Fridley, Minnesota 55432 -2406
Information Deemed Reliable But Not Guaranteed. Copyright Regional MLS of Minn., Inc.
All Rights Reserved.
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All information contained herein is for the exclusive use of authorized MLS subscribers;
Copyright (c) 2001 -2004 Regional Multiple Listing Service of Minnesota, Inc. All Rights Reserved.
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Tarasoft MAI RIX, build 1.01.3..1.1, compiled March 25, 2005. Copyright 2005 Tarasoft Corporation.
Review
Of
6 500 Willow La
"ID# 36- 119 -21 -14 -0005
For
Robert Hildreth
2005 Board of Appeal and Equalization
3
'^3,i fir..- ��F" nF sa R
s
ity of Brooklyn Center
A Millennium, CommunitY
TO: 2005 Brooklyn Center Board of Appeal and Equalization
RE: Robert Hildreth
6500 Willow Lane
PID# 36-119-21-14-0005
Mr, Brett Hildreth, as a representative for Robert Hildreth, contacted our office April 21 st,
2005, regarding the 2005 valuation notice on the property listed above. He was told that
the deadline was April 15'' for informal appeals, and an appeal would need to be made
in person or by letter, at the Board of Appeal and Equalization on May 2 `d in order to
appeal the value on the property located at 6500 Willow La. Following Mr, Hildreth's
appearance at the Board, Mr. Hildreth was directed to set up an appointment with an
appraiser to review the property. Mr. Hildreth was informed that he should also have a
market analysis completed by a local realtor and forward a copy to the Assessor's office
for inclusion with the packets to be presented at the re-convene of the board. To date,
the assessing staff has not received any supporting documentation from Mr. Hildreth.
The subject property is located along the Mississippi River, in a neighborhood of similar
properties along the river, and detached townhomes across the street. There is an
apartment complex located across the street, and south of W h Ave N. The subject
property is currently receiving a 4% negative influence adjustment for the proximity of
the apartment complex to the subject property. The subject property has an irregularly
shaped lot with 123.86 feet of river frontage and 54 feet of road frontage. The property
is a split entry home in overall average condition with a full rear walkout toward the river.
The property is currently receiving non-homestead classification and is used as a rental
property. Owner indicated a rent of $1,650 per month on this property. Properties
located along the river are typically not used as rental, so comparable rental sales of
riverfront properties were not found.
An appraiser from the Assessor's office reviewed the exterior and interior of the property
on May 3, 2005. No changes to property characteristics were noted however, an
adjustment was made to the basement calculation of the entryway. The appraisal
indicated a total market value of $330,600, as of that date. This market value is within
the indicated value range of adjusted comparable sales of $329,900 to $422,500. As the
completed appraisal indicated a valuation change of an additional 1.28% it is staffs
recommendation to sustain the 2005 estimated market value at $326,400. Mr, Hildreth
was informed that the assessing staff would recommend to the board that his 2005
estimated market value of $326,400 be sustained.
It is staffs recommendation to sustain the 2005 estimated market value of $326,400 for
taxes payable in 2006. Mr. Hildreth's taxable market value will remain at $265,900.
Respectfully,
Nancy Wojeik, SAt
City Assessor
6,301 Shbi Creek Parkwav Recreation and Commutzift Center Phone TDD Number
Brookl (A.--tite MAT55430-2199 (763) 569-340(J
Cit Hall 'IDD Number TAX (763) 569-3434
FAX (76 3') 569-3494
wwti,,.cit,y(jfbrooklyn(,,eii,ter,org
n
CITY OF BROOKLYN CENTER
LOCAL BOARD OF APPEAL AND EQUALIZATION
2005 Assessment
Walk4n
APPLICATION FOR APPEAL
to be placed on the Agenda fear the
Local bard of Appeal and Equalization
May 2, 2005, 7.00 P.M.
Name {s *fit l t4
Daytime Contact Number. 6 3
Property Addresaj <w r y
Property Identification Number IM
2005 Esttimated Market Value
2005 Limed Market Value
2005 Taxable Market Value �f
What is the reas for your 2005 assessment appeal?
r a'Me rice. 10- Ns r''.a* t,0$
Avt- 44
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4 f �s
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C* 4 4A4
When did you purchase your home?
Date of Purchase-- av o q Purchase Price
tll
Have you changed your property 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 estate agent completed within the last year' Yes or No
If so, whatwas the determination of value?
Please provide any documentation mention supporting your claim of overvaluation or
erroneous classification.
In order to appeal your valuation an appointment to view the property will be
required.
Marc
SUBJECT PROPERTY
6500 Willow La
Robert Hildreth
PIN 36 =119 -21 -14 -0005
IJ
v..
F
Land Characteristics
Land Area 18,660 sq. ft.
River Frontage 123.88 ft.
Irregularly Shaped
2045 Land Value $160,000
2006 Building Value 166.400
TOTAL. 2006 EMV $328
Building Characteristics
Style: Split Entry 1,192 sq. ft*
Main Level Room Count: 5 12 11 Full 1 Bath
Below Grade Room Count: 41211 Bath
Garage. 2 Car Attached
Fireplace: 1
Porches /Decks/Misc.. Deck and Fall Back Walkout
Central Air Conditioning: {CAC
SUBJECT PROPERTY PHOTOS
6500 Willow Lane
PID# 3$119 2114 00 06
SUBJECT PROPERTY REAR
vP
z
SUBJECT PROPERTY VIEW
own
a
t
Hennepin County
M.
Click on map to view information can adjoining; properties
Scroll down. to see property- address, value tax inib
Wt
kk
6
1031 lq;
188 -40
429J2 AM
1
Last update: Sf31M5 at 1:00 P
READ IMPORTANT DISCLAIMER INFORMATION BELOW
Property I D Ap proximate Approximat
Property Perimeter Property Area
36- 116 -21 14 -0005 627 ft. 18,660 sq.ft. 0.428
acres
Property Address
6500 WILLOW Lh N
BRWXLYN CENTER, Ma
55430
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The data contained on this page is derived from a co mpilati on of rec ords and ma ps and may contain discrepancies that can only
be disclosed by an accurate survey performed by a licensed land surv eyor. The perimeter an area (square footage and acres)
are approximates and may contain discrepancies. The information on this page should be used for reference purposes truly.
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..
Please report any map discrepancies to Bob Moulder (Hennepin County Survey Division) at (612) 346 -26118 or via e-mail at
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Copyright C 2004 Hennepin County
PROPERTY DATA SYSTEM
TAXPAYER INQUIRY CURB 319
PROPERTY ID NEXT
36-119 -21 -14 -0005
Pt.Con: Mt.Adr:
HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front. 75 Back:
6500 11_ WILLOW LA N 55430+ Right: Left:
Ownerl: HILDRETH ROBERT J Owner3:
Ower2: Owner4:
Zoning: R1 Prim/sec: Yr.blt: 1980 Area: 20250 Acres: .46
Sch.Dst: 2€36 Ishd: 00 Gr/Os /Ex: Subrecs: 01 Width: Depth: 202
Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own
2005: 160000 166400 326400 2659 RL 0
2004: 160000 109900 269900 2313 RL 0
2003; 99000 170900 269900 2012 H RL 100
Legal Description: LOT 5 BLOCK 1
WILLOW BLUFF
_T De PID or ADDRESS: press ENTER: or F1. F2. FS
PROPERTY DATA SYSTEM
LIMITED MARKET VALUE UPDATE CURB 118
NEXT
PID 36- 119 -21 -14- 0105_ ASSESSMENT YEAR 2005 SUB -SEC 01
HOUSE# 6500 F/A 1/_ STREET WILLOW LA N UNIT
CALCULATE LMV (YIN) PROPERTY TYPE RL HMSTD CODE
PART CONST GR/OS /EX REL HMSTD IND
CONTIG IND
MARKET LAND VALUE 160000
MARKET BUILDING VALUE 166400
MACHINERY VALUE
TOTAL MARKET VALUE 326400
IMPROVEMENT AMOUNT
LIMITED MARKET VALUE 265900
QUALIFYING IMPROVEMENT AMOUNT
MARKET VALUE SUBJECT TO TAXATION 265900
TAXABLE MARKET VALUE TAX CAPACITY 2659
Make chances: cress ENTER: or F1. F2. F4. F5. F8
PROPERTY DATA SYSTEM
COMPUTER AIDED APPRAISAL INQUIRY 04{26105 CURR 436
NEXT
PROPERTY ILA: 36- 119 -21 -14 -.0005 YEAR: 2005
ADDRESS 6500 WILLOW LA N CLASS: 606 DT: S
STYLE SE 1 SF MANUAL: NO
GSA 1192 (SQ FT.) AGE: 20 YRS ZONED: R1
BASIC RATE 90.01
ADJ. RATE 94.06 EXT. WALL: 2.5% SHAPE: 2.0%
ADJ.RATE *GBA: 112119 ADD BSMT 13728 1144 SgFt $12.00 Rate
ADJUSTED TOT: 125842 DED UNF.CBA: SgFt $50.00 Rate
ADDITIVE AMT: 56044 GARAGE 8896 DORMERS: PAT.00ORS: 2000
WALKOUT: 6500 AIRCOND: 1500 DECKS 2400
PATIOS PORCHES: 864 POOLS
BATHS 18500 FIREPLC: 2000 FIN.BSMT.: 13384
TOTAL COST 181891
ADJUSTMENTS 91.5% DEPRECIATION: 95.5% INFLUENCES: «4
FUNCTIONAL ECONOMIC
BLDG VALUE 166400 BLDG MARKET VALUE 166400
FLAT CHGS LAND MARKET VALUE 160000
TOTAL MARKET VALUE: 326400
Tvoe PID. Press ENTER: or F1. F2. F8
PROPERTY DATA SYSTEM
RESIDENTIAL CHARACTERISTICS PART1 05/03/05 CURR 209
PROPERTY ID Address NEXT
36- 119 -21 -14 -0005 6500 11 WILLOW LA N
ZONING R1 MODEL: DWELLING TYPE SF
AREA RATING 2 SITE RATING 1 ADJ PROP INFL 2 VIEW 3
ARCH /APPEAL 2 QUALITY BOB SHAPE i STYLE 2
DORMER LENGTH DORMER QUAL CONSTRUCTION 1 MAIN EXT WALL 3
TRIM EXT WALL 1 ROOF TYPE 1 ROOF COVER WINDOW TYPE1 1
WINDOW TYPE2 PATIO DOORS 2 WALKOUT 1 AIR COND 1
DECK AREA 240 DECK QUAL 3 PATIO AREA PATIO DUAL
GLAZED AREA GLAZED QUAL SCREEN AREA SCREEN QUAL
OPEN AREA 144 OPEN DUAL 3
GAR1 AREA 528 GAR1 EXT WALL 3 GAR1 CARS 2 GAR1 COND 3
GAR1 PLACEMENT i GAR2 AREA GAR2 EXT WALL GAR2 CARS
GAR2 COND GAR2 PLACEMNT POOL AREA POOL DUAL
BSMT AREA 1144 BSMT TYPE BSMT FINISH% 075 BSMT DUAL 3
BSMT BATH SPA BSMT BATH DLX BSMT BATH FULL BSMT BATH 3/4 1
BSMT BATH 1/2 BSMT BATH QL 2 BSMT FPLC NBR 1 BSMT FPLC DUAL 3
NO BSMT FPLC ELECT SVC 1 HEATING 21 BSMT TOT RMS 4
BSMT BEDROOMS 2 BSMT FAM ROOMS t BSMT KITCHENS BSMT OTH RMS 1
Mahe than es: cress ENTER, or anv valid function kev
PROPERTY DATA SYSTEM
RESIDENTIAL CHARACTERISTICS PART2 05/03/05 CURB 209
PROPERTY ID NEXT
36-119-21-14-0006 MANUAL CONDITION 2
1 KIT QUAL 2 1st INTERIOR 2 1st TRIM 1 1st FLOOR 1
1st BATH SPA 1st BATH DLX 1st BATH FULL 1 1st BATH 314 1
1st BATH 1/2 1st BATH QUAL 2 1st FPLC NBA 0 1st FPLC QUAL
NO 1st FPLC 1ST TOT ROOMS 5 1st BEDROOMS 2 1st FAM ROOMS
1st LIV RMS 1 1st DINE ROOMS i 1st KITCHENS 1 1st OTH ROOMS
2nd INTERIOR 2nd TRIM 2nd FLOOR 2nd BATH SPA
2nd BATH DLX 2nd BATH FULL 2nd BATH 3/4 2nd BATH 112
2nd BATH DUAL 2nd FPLC NBA 0 2nd FPLC QUAL NO 2nd FPLC 1
2nd TOT ROOMS 2nd BEDROOMS 2nd OTH ROOMS INT. LAYOUT 1
ACT YR BLT 1980 EFF YR BLT 1985 FUNCTIONAL ECONOMIC
TOT BEDROOMS 04 TOT FAM ROOMS 1 TOT LIV ROOMS 1 TOT DIN ROOMS �1
TOT KITCHENS 1 TOT OTH ROOMS 1 TOT BATHROOMS 3 TOTAL ROOMS 9
1st FL UNF AREA 2nd FL UNF AREA TOTAL UNF GBA
DIM1 44.0x 26.0 1144.0 DIM2 8.0x 6.0= 48.0 DIM3 x
DIM4 x DIM5 x DIM6 x
DIM7 x
1st FL AREA 1192 2nd FL AREA TOTAL GBA 1192 PART /COMP
INT. INSP 1 FLAT CHARGE ADD. SUBTRACT:
Make chancaes: press ENTER: or anv valid function kev
PROPERTY DATA SYSTEM
RESIDENTIAL CHARACTERISTICS PART3 05/03105 CURR 209
NEXT
PROPERTY ID
35- 119 -21 -14 -0005
N O T E S
Line 1: f= ianitral SEC SY
Line 2: brinks security system
Line 3: large triple Datio door
Line 4: ct floor kitchen area
Line 5: 1st flr bath. WETBAR
Line S: off FR in bsmt.
Line 7: LRG YD/TREES RIVER VIEW
Line 8: view or rivertaradual
Line 9: she /DEF MAIN WINDOWS
LinelO: BSMT HEAT VENTS /CEILING
Make chances: cress ENTER: or anv valid function kev
PROPERTY DATA SYSTEM
LAND CHARACTERISTICS UPDATE PART 1 CURB 210
PROPERTY ID NEXT
36-119-21-14-0005 6500 1I WILLOW LA N
Zoning: Al Area Rating: 2 Site Rating:
Appraiser: 21 Appr Date: 04/(1212004 Interior Insp. Y
Permit Date: 0010 Last Int. Insp. Date: 041022/2004
Frontage: 75 Left: Rear: Right:
Eff Width: Eff Dearth: 202 Sqft: 20250 Acres: .46
Irreg Shape: N On Lake: Lake Rating: Landscape: A
Paved Street: 1 Curbs: Sidewalk: Sewer Avail.: 1
Water Avail.: 1 Gas: 1 Buried Elec: Alley:
On River: 1 River Rating: 3 Wooded: Influences: 02
NON RESIDENTIAL
Allow Units: Trackage: Soil Correct:
TXpe PID: press ENTER. or anv valid function kev
RESIDENTIAL SALES COMPARABLE ADJUSTMENT GRID
APPRAISAL OF 6500 Willow La N
RrooWyn Center
P ier# 36 1 19.21.14.0tT05
a"& rags it 2 is: stdQ aasnua{}y
SV IECT COMP. #I COMP. #2 COMP. COUP, #4
RAW RO RT "ILMETH 6704 W RIVER RD $02 MISSISSIPPI BLVD 169 HARTMAN CIR 6230 RIVERVIEW TERRACE NAW
sours 5500 WILLOW LA N BROOKLYN CENTER COON RAPIDS FRIDLEY FRIDLEY mss
I m 36 il5 2i 140"$ 36 119 21 12 0418 04 30 24 11 4032 16 30 2412 0035 15 30 24 41006 PM
SALE Met $318,500 $339,900 $376,000 $450,004 SM E P* Wt
Sale Prlcs $318,500 $339,900 $376,000 $460,000 Sate Price
S Adfotod Ru Fkranest
BALE DATE Aug -04 $7,400 Nov -04 $2,000 tact -04 $4,400
Aug -04 $10,500 t)Art
Sale Price $325,900 $341,41(0 $380,400 $480,500 Sale Price
)Adtuaatea ter Thmel 14W Timw
LOCATOR VERY Clow SIMILAR SiMItAR „SIMILAR SIMILAR ;AtArltMr
SITE 1 FRONTAGE 14,86* S,FJAPX 124 FRT +IOR43 S.f, rAPX" APX 2,5.200 S.PFAPX 13 frt1 APx MOM ILTJ APX iM Fin APX 2b,264 &FJAPX 7s For tea aaz€
STYLE SPLIT ENTRY RAMBLER RAMBLER RAMBLER RAMBLER saYZ�
,525E it E) Ab w r»xde 1,162 S,F, 1,124 S.FJ 813 122* 8 F.1 612 1,53* S. F. X r3 (613,600) 1,176 S,PJ 4 t 2 ,5x&25 F■ rI At e sews
?Boom Cawntl BR
AdtTVE 090 aAtNa FULL t 1314 BATH„ 1 FULL BATH $5,044.: 1 FULL BATH (5,408 1 FULL BATH $S,00 1 FULL, 3 1142 BATH ASOW Oft eAtM
YEAR BUILT 1954 1868 1953 1967 1973 YEAR expta
f 1CONO AVERAGE SIMILAR SIMILAR SIM (S1.t#ta) SUPERIOR 151 0 MP RIOR (!14.400) QUAUir�or�Ny
rw
Ifs�444I 2,.. IS1,*44j
HEAT I N�Pr,ACeII
AIR G FAXAC
BSMT% Cv FULLJIMALIt>SUT FtiLVII ELSTVli GRADE 124,008 FULL�ELOW GRAOE $19 ftltUBELCARt raRAt1E 318234*„ FUL ABC 0.0 W tl AT1 AM
AtCAC HWINOCAC $262HI GFAtCA1 GF
AtlKOUT Baler
FINMMSIRATHS TB t 41 314 BATN t 11112 BATH {ffi 400 I 1 i nn FOR eATif $8,000 34x 12 r rULL M AT" $2.5,30 76% FULL BATH ,5,5,5,51 x, rvi t r mans
GARAG aa� CAR (644441 GL/ E CH
($1fl4*1t1} OEGK PATI
GAR 2 CAUR ATT 2 CA I ATT
AG 8wclrmrsr t+ca*s}
xa a )?$CK GLAZEO PORCH DECK, SAUNA
REMODELING TES GENERAL UPDATES {52000} AieEtaxrlEa
._2i14,OG?I a RE31tdilELEO t #X8,1 �etnsry
OTHER SOW DAM BELONI DAwF- AsemENT BELtFA+*SAM BELOW t3AM BELOW DAM oax2a
NetA*aUnent $4,000 $24,500 $9,M
($36,00) ate {�szm.n
Indicated Value I $329,900 $396,400 $399,400 $422,5001
VaCuat #on Recorfc #t #ego {!a #tie range $329. 900 to 942 1,NL t,Pdica#ed Sublect EAfy V30.6t;'fJ
COMMENTS; Subject property is located eking the Mississippi River in a ria4ghborhood of simiter properties al the river, and detached t€swnhomea across the street, There is an apartment complex heel across the
street, and south of 65th Ave N. The subject Property is currently receiving a 4% negative influence for the proximity of the apartment complex to the subject property, The subject property has an irregularly shaped kit with
12386 feet of river frontage and 54 feet of road frontage. The property is a split entry home with A full boa waftut of overall average condition, The property is currently non- homestead and used as a rental property.
Owner indicated a rent of $1,650 per month on this property. An interior review was completed on May 3 2005 and would indicate a total,, value of $330,600, as of that date. This market value is within the indicated
range of adjusted sales of $329,900 and $422,500.
As the appraisal Indicated a valuation change of 1.28% it Is stafrs recommendation to sustain the 2005 estimated market value at $326,400. The taxable market value will remain
at $266,900.
[CL��TN £rid 4 wdr.i. .7tL AIIYO
a�ttl512st
COMPARABLE SALES PHOTOS
Comparable 1
6704 'Feat River Rd Brooklyn Center
I IQ# 36 119 21 12 0018
vF
AIM
a
Land Characteristics
Land Area: 40,483 sq. ft
River Frontage: Approximately 80 ft.
Permanent Frontage Easement
Sold: August, 2004
Sale Price: $318,500
Building Characteristics
Style: Rambler 1,124 sq. fL
Blain Level Room Count: C 311 Full Bath
Below Grade Room Count: 1 I Bath
Garage: 2 Car Attached
Fireplace: 3
Porches /Deeks/Misc: Glazed Porch
Central Air Conditioning: CAC
COMPARABLE SALES PHOTOS
Comparable 2
8402 Mississippi Blvd Coon Rapids
PID# 04 38 24 110032
e
M•
a I
7
Land Characteristics
Land Area: Approximately 26,200 sq. ft.
River Frontage. Approximately 100 ft.
Sold: November, 2004
Sale Price. $339,900
Building Characteristics
Style. Rambler 1,220 sq. ft.
Main Level Room Count: 5 211 Full Bath
Below Grade Room Count. 1 Rough In For Bath
Garage: 1 Car Attached
Fireplace: 2
Porches/Decks/Misc.: Glazed Porch
Central Air Conditioning: None
COMPARABLE SALES PHOTOS
Comparable 3
169 Hartman Circle Fridley
PID# 15 30 24 12 0055
Land Characteristics
Land Area: Approximately 13,000 sq. ft.
River Frontage: Approximately 100 ft.
Sold: October, 2004
Sale Price: $376,000
Building Characteristics
Style: Rambler 1,530 sq. ft.
Main Level Room Count: 5 l 3 11 Full Bath
Below Grade Room Count: 2 I 1 Full Bath
Garage: 2 Car Attached
Fireplace: 2
Porches /Decks/Misc.: deck and Patio
Central Air Conditioning: CAC
COMPARABLE SALES PHOT
Comparable 4
6230 Riverview Terrace Fridley
P1D# 15 30 24 43 0016
e
9
Land Ch aracteristics
Land Area. Approximately 20,254 sq. ft.
River Frontage. Approximately 79 ft.
View of Island
Sold: August, 2004
Sale Price: $450,000
Building Characteristics
Style. Rambler
Main Level Room Count: 4 12 11 Full "I Bath
Below Grade Room Count: Walkout 13121 1 Full Bath
Garage: 2 Gar Attached
Fireplace, 2
Porches/Decks/Misc.: Beck and Sauna
FF I Wednesday, May 04, 2 005
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Construction Cost Estimate
This is an estimate for a singles f amily residence built under
competitive conditions in or near Minneap Minnesota in
May 2005. This st ima:,e? incl udes a foundation as required for normal
soil conditions, excavation foi founda;ion and piers on a prepared
building pod, f loor a,a «1 inverior and exte r for i ni.wshes, roof cover,
i nterior partitions, doors, windows, trim, eiectTi.c wiring and fixtures,
rough gh an finish plumbing, i It in appliances, ?uper 'iS;L n. desig
.ee«`^"., permits, utility hook-u the contractor's markup, ove rhead
an.d,pr.atit.,. Highl d starkly o g Z.a.�... or exceptionally
wel residences w ill `st. IT.,,re. _sCl.d the cost of the land,
government-mandated site to d... fEi;-*.s and the C "ost of
bringing utility lines to the site.
Number Of Corners 8
T otal living area 1192
F oundation ual i t y class 2
Exte walls quality ciass {trFood or light a` eoa 2
Exterior f i ni sh quz1.1,..i.ty class 2
Windows doors quality class 3
Roofing, s offit, fascia quality 1.ity c 3
interio fi quality ty rass
Flooring quality class 2
Bathroom qual class 2
Kitchen quality c las s 2
Plumbing qual glass 2
Balcony area, good frame 240
Finished basement area 1112]
A ttached garage. unfinished interior. area 528
Porch area, no ceilWj 144
Forced air cen ducatEa'.,t` heating and cooling Tru
s tory 8 base m i it e raise hea h I
Typical Cost Breakdown
1fi.em Material labor Equipment Total
Excavation 0 1,682 432 2,114
Foundatio Piers, Fl atwor k 3,0 5,699 E78 10,15
Rough Hardware 350 557 86 99
Rou Carper 11,582 17, r, 28, 877
insulation 2,1 1 0 3, 66.
Exterior F .,a, slh C m 3, 454 10,345
Exterior 'Trim 438 x,65 1 03 1 166
Doors 966 820 6 i,786
Wind 1 6 64 1 ,1 4 5 0 2&09
Finish Har'dwar:4, 16 1:37 Q 293
Garage Door 456 i86 0 644
Roofing, Flashing, Fascia 4,421 3,751 0 8,172
Finish Carpentry 643 3,275 0 3,918
i n t er i o r W all Finish 3,085 85 4, 81 0 7 ,904
P ainting 1,843 4.354 0 6,197
Wiring 1,B72 3,574 '4 0 5,446
Lighting Fixtures 1, 403 446 Q 1,849
Flooring 1, 379 1, 979 r, 3,358
Car 2,7 990 0 3,73
B ath Accessories 680 423 0 1,103
Shower Tub E nclosure 434 368 0 802
Countertops 1,312 1,132 C 2.424
Cabinets 4,313 1,372 0 5
Built in Appliances 2,099 296 0 2,395
Flushing Rcugh-in and Connection i,969 4,84 284 1 091
Flushing Fixtuies 4,001 !,M 0 5,283
Heating and Cooling Systems 2,6 4,048 0 6,747
Fir"plac; and Chimney 1 2,938 0 4,896
Subtotal Direct Job Costs 64,366 13,270 2,237 139,SS3
Final Cleanup 0 588 0 58S
insurance 4 a 0 4,115
Permits Utilitiws 2,498 0 0 2,498
Ilans Specs 588 0 0 W
Subtotal indirect Job Costs 7,201 50 0 7,709
Contractor Markup, 10,369 0 0 18,369
Total Cost 04,930 73.S66 2.237 166,04-1
Maple Grove Office
13700 Reimer Dr. N., Ste. 100
Maple Grove, MN 55311
763 420 -6300
Fax 763- 420 -9704
BUR �I LT www.cbburnet.com
May 12, 2005
Brett Hildreth
Dear Brett,
I am writing in regards to your request for a market price analysis of your property at 6500
Willow Lane in Brooklyn Center.
I reviewed the MLS and found one comparable listing that has sold in the past 18 months. This
property is located at 6704 West River Road, and sold for $318,500 in August of 2004 (see
attached copy of MLS listing). This home spent over 100 days on the market, and was originally
listed at 339, 000. There are two adjustments that affect the value of your property compared to
this comparable sale. First, 6704 West River Road has a bigger lot (almost 1 acre) than your
Willow Lane home does. Secondly, the West River Road property is located farther away from
the freeway and multifamily rental property than your home is. Based on these adjustments here
is how I would price your property:
$318,500 comparable sale price at 6704 West River Road
$23,000 smaller lot at Willow Lane home
$10,000 location of your property vs. 6704 West River Road location
8.000 aooreciation since August 2004 sale of 6704 West River Road
$293,500 Recommended Sale Price for 6500 Willow Lane
You asked during our meeting if the homes on the Fridley side of the Mississippi River would be
comparably priced to your river home in Brooklyn Center. While it is true that those homes are
located on the same river, based on the research I did my opinion is that the Fridley properties
are valued much differently than your home in Brooklyn Center. The homes in Fridley are not
only located in a different city, they are also in a different county and different school district,
and each of these variables affects value. In addition, the 6 MLS riverfront home sales in Fridley
over the past year are all located much further north of the freeway than your house is located,
which provides a quieter and more residential setting. While I would like to list your home at the
higher price of the Fridley homes, the reality is that the Brooklyn Center riverfront homes in
your neighborhood have had long marketing times and are not valued at the same rate by the
marketplace.
I would be pleased to proceed with listing your home if you decide to sell it. If you have any
questions, please call me at 763 -232 -1758.
Jv—
Hubert
Realtor
Owned And Operated By NRT Incorporated. Q IR
L
http: /matrix.northstarmis.com/ Matrix/Public/Email.aspx ?ID= 473597520
Sent By Agent
Result 1 of 2.
Previous I Next 1 [1] 2 1 Bottom
Property Full Display, Single Family Residential, MLS 2285502
6704 W River Road, Brooklyn Center, Minnesota 55430 -1324
Status Sold List Pricl Sold PriCt$318 ,500 0 riginal List Price: $324,900
S•
Evergreen MapPoinr
Perk Fm`s`
z
64th Ave p
6704 River WW
Brooklyn
Brooklyn
Center
1
-C2s2
VS! �4 to
o t
65th Ave N
.i.
zoos :.R Cup ®zooawo �aprmru��� ,Fridley
More ohotos are available for this orooerty. Map Page: 78 Map Coord: C4
Directions:
Total Bed /Bath: 4/ 2 Garage: 2 Year Built: 1956 252 N TO 66TH AVE E TO W RIVER RD N
TO HOME
MLS Area: 363 Brooklyn Center TAX INFORMATION
Style: (SF) One Story Property ID: 3611921120018
Const Status: Previously Owned Tax Year: 2004
Foundation Size: 1,268 Tax Amt: $3,119
AbvGrdFinSgFt: 1,556 Assess Bal:
BelGrdFlnSgFt: 628 Tax w /assess: $3,119
Total Fin SgFt: 2,184 Assess Pend: No
Acres: 0.910 Homestead: Yes
Lot Size: 86X460
List Date: 06/10/2004 Received By MLS: 06/14/2004 Days On Market: 40
Off Market Date: 07/19/2004 Selling Agent: Seth H Johnson
Projected Close Date: 08/06/2004
Date Closed: 08/06/2004 Selling Office: Coldwell Banker Burnet
General Property Information
Legal Description: AUDITORS SUBD NO 310 LOT 008
County: Hennepin
School District: 11 -Anoka /Hennepin, 763 506 -1000
Complex /Dev /Sub: Common Wall: No
Restrictions/Covts:
Lot Description: Tree Coverage Medium
Association Fee: 8 Assoc Fee Frequency: N/A
Assoc Fee Includes: N/A
Road Frontage: County, Paved Streets
Zoning: Residential- Single Accessibility: None
Lake /Waterfront: River Front Lake /WF Name: Mississippi
Remarks
Public Remarks: LARGE LOT ON THE MISSISSIPPI! THIS HOME BOASTS A CUSTOM BUILT 4 SEASON
PORCH OVERLOOKING THE RIVER. NEW FURNACE AND CA IN 2000. COMPLETELY
REMODELED IN 1998. CONVENIENT LOCATION TO DOWNTOWN MPLS. MOVE IN
ENJOY!
Structure Information
Room Level Dimen Other Rooms Level Dimen Heat: Forced Air
Living Rm Main 18X13 Amusement Room Lower 34X13 Fuel: Natural Gas
Dining Rm Main 11X10 Sun Room Main 16X18 Air Cond: Central
Family Rm Dining Room Main 14X11 Water: City Water Connected
Kitchen Main 16X10 Work Shop Lower 10X12 Sewer: City Sewer Connected
Bedroom 1 Main 13X10 Garage: 2
1 of 2 5/12/2005 9:04 AM
http: matrix. northstannls. com /Maftix/Public/Email.aspx ?ID= 473597520
Bedroom 2 Main 13X10 Oth Prkg:
Bedroom 3 Main 13X10 Bathrooms Pool:
Bedroom 4 Lower 14X9 Total: 2 3/4: 1 1/4: 0
Full: 1 1/2: 0
Bath Description: 3/4 Basement, Main Floor Full Bath
Dining Room Desc: Eat In Kitchen, Separate /Formal Dining Room
Family Room Char: Family Room, Lower Level
Fireplaces: 3 Fireplace Characteristics: Amusement Room, Family Room, Gas Burning, Living
Room, Wood Burning
Appliances: Dishwasher, Microwave, Range, Refrigerator, Water Softener Owned
Basement: Daylight /Lookout Windows, Full
Exterior: Metal /Vinyl
Fencing:
Roof: Age 8 Years or Less, Asphalt Shingles, Pitched
Amenities -Unit: Deck, Hardwood Floors, Tiled Floors, Vaulted Ceiling(s), Washer /Dryer Hookup
Parking Char: Attached Garage
Special Search: 3 BR on One Level, Main Floor Bedroom
Financial
Cooperating Broker Compensation
Buyer Broker Comp: 2.7% Sub -Agent Comp: 0% Facilitator Comp: 2.7%
Variable Rate: N List Type: Exclusive Right To Sell
Sale Mortgage Information
Sale Financial Terms: Cash
Sale Loan Amount:
Seller Contribution:
Financial Remarks:
Sellers Terms: Cash, Conventional
Existing Financing:
Agent is Owner No
Contact Information
Listing Agent: Bruce J. McAlnin 612/669 -6324 Appointments: 763 295 -3456
Listing Office: Edina Realtv. Inc Office Phone: 763 295 -3456
MLS 2285502 Address: 6704 W River Road, Brooklyn Center, Minnesota 55430 -1324
Information Deemed Reliable But Not Guaranteed. Copyright Regional MLS of Minn., Inc.
All Rights Reserved.
Previous Next 1 [1] 2 Toe
2 of 2 5/12/2005 9:04 AM
Review
Of
501 Beltvue La
PtD# q1 -118-2143-0108
For
Brett Zoe Hildreth
2005 Board of Appeal and Equalization
q
A
it of Brooklyn Center
A Alillennium, Communit
TO: 2005 Brooklyn Center Board of Appeal and Equalization
RE: Brett Zoe Hildreth
501 Bellvue La
PID# 01-118 -21-43 -0108
Mr. Hildreth was directed to provide a copy of this appraisal should he want it
included with the board packets.
Mr. Brett Hildreth contacted our office April 21 2005 regarding the 2005
valuation notice. He was told that he had missed the deadline of April 1 5 th for
informal appeals, and would need to appeal in person or by letter at the Board of
Appeal and Equalization on May 2 "d in order to appeal the value on the property
located at 501 Bellvue La. Following Mr. Hildreth's appearance at the Board, Mr.
Hildreth was directed to set up an appointment with an appraiser to review the
property. Mr. Hildreth was informed that he should also have a market analysis
completed by a local realtor and forward a copy to the Assessor's office for
inclusion With the packets to be presented at the re-convene of the board. To
date, the assessing staff has not received any supporting documentation from
Mr. Hildreth.
The subject property is located on Bellvue La, a two block street running parallel
and directly north of 53` Ave N, our border with Minneapolis, just east of
interstate 94. Bellvue Lane has both two story and rambler homes primarily
constructed in 1999. These homes are typically larger and of a higher quality
than those of the surrounding neighborhoods, both in Brooklyn Center and
Minneapolis. Subject property is a two story home in overall good condition with
an attached garage. The property is currently receiving the non-homestead
classification and is used as a rental property. The owner indicated a rent of
$1995 per month on this property. The assessing staff has taken comparable
sales from the Humboldt Greenway development in Minneapolis, as well as
newly constructed two story homes in both Brooklyn Center and Minneapolis.
An appraiser from the Assessor's office reviewed the exterior and interior of the
property on May 3, 2005. Several changes to property characteristics were
noted including a change to bathroom quality, and a reduction of 2 "d floor finished
square footage. The appraisal indicated a total market value of $339,600, as of
the appraisal date, May 3, 2005, This market value is within the indicated value
range of adjusted comparable sales of $332,300 to $369,500.
6�'
,?Of Shingle (,reek Parluvqy Recreation and Con Center Phone TDD Number
Brookhn Center, MN55430-2199 (763) 569-3406)
ity Hall TDI) Number (763) 569-3300 TAX (763) 569-3434
F.AX (763) 569-3494
i.il,ii,,i.t�,t,ity(,fbrookI..vfi(,enter.oiyc,,
As the completed appraisal indicated a valuation reduction of $11,600, it is staff's
recommendation to reduce the 2005 estimated market value on this property
from $351,200 to $339,600. The taxable market value would remain at
$320,100.
Respectfully,
Nancy Wojcik, SAMA
City Assessor
TIC OF BROOKLYN CENTER
LOCAL BOARD OF APPEAL AND EQUALIZATION
ATION
2005 Assessment
Walk4n
APPLICATION FOR APPEAL
to be planed on the Agenda for the
Local Board of Appeal and Equalization
May 2, 2005, 7:00 P.M.
Name(s) t
Daytime Contact Number.
Property ,Address_
Property Identification Number 6 l
2005 Estimated Market value's
2005 Limited Market Value
2005 Taxable Market Value
What i s the reason for your 2005 assessment appeal?
are
When did you purchase your home?
Cate of Purchaser,, 4 Purchase Price
Have you changed your property since the purchase? (maintenance, upgrades,
remodeling or structural damage) Pease list a brief description below with an
estimated rest.
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?
Phase provide any documentation supporting your claim of overvaluation or
erroneous classification.
In order to appeal your valuation an appointment to view the property will be
required.
Marc
SUBJECT PROPERTY
501 Befivue La
Bret# i& Zoe H ldreth
Pty# 01-118-21-43-0108
s
F s v
3
R
Z
l
Land Characteristics
Land Area 12,155 sq. f#.
2005 Land Value 51,400
2005 Building Value 299.800
TOTAL 2005 E $351,200
Building Characteristics
Style: 2 Story 1,936 sq. ft,
Above Grade Room Count: 51312 Full 1 112 Batty
Below Grade Room Count: 211 11 Bath
Garage: 2 Car Attached
Fireplace: 1
Porches/Decks /Mist.: Front Open Porch and Wet Bar in Berm
Central Air Conditioning: CAC
SUBJECT PROPERTY PHOTOS
501 B livue Lane
PICA# 01118 2143 0108
SUBJECT PROPERTY REAR VIEW
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Hennepin CountV., MN
Click on map to view information on adjoining properties
Scroll down to see property address. value lax info
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Last update: 5r3J W3 at 1.00 PM
READ IMPORTANT DISCLAIMER INFORMATION BELOW
Property lid Approximate Approximat
Property Perimeter Prra arty Area
01-118-2143-0108 464 ft. 12,166 sq.ft. 0.279
acres
Property Add— BZLLVU& LA
BROOKLYN MMR,
55430
Click on Property Information Button below to view main
tax information page for the property you have selected
it
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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.
Please report any map discrepancies to Bob boulder (Hennepin County Survey Division) at (612) 348 -26118 or via e-mail at
Bob. boulder(aco.hennep*n.M pins
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Copyright 0 2004 Hennepin County
PROPERTY DATA SYSTEM
TAXPAYER INQUIRY CURB 319
PROPERTY ID NEXT
01- 118 -21 -43 -0108
Pt.Con: Mt.Adr:
HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front. 80 Back: 80
501 1/_ BELLVUE LA 55430+ Right: 152 Left: 152
Onerl: HANSON HILDRETH ZOE M Owner3:
Owner2: HILDRETH BRETT Owner4.
Zoning: R2 Prim /sec: Yr.blt: 1999 Area: 12150 Acres: .28
ch.Dst: 286 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Death:
Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tat Tx Capacity Hd PT %Own
2005: 51400 299800 351200 3201 R 0
2044: 41400 253600 295400 2784 R 0
2003: 31400 263600 295000 2421 H R 100
Legal. Description: LOT 5 BLOCK 2
SELLVUE LA ADON
._.jyoe_PTO or ADDRESS: dress ENTER: or Fl. F2. F8
PROPERTY DATA SYSTEM
LIMITED MARKET VALUE INQUIRY CURB 318
NEXT
PID 01- 118 -21 -4 -0108 ASSESSMENT YEAR 2005 SUB -REC 01
HOUSE## 501 F/A 1/ STREET BELLVUE LA UNIT
CALCULATE LMV (Y /N) PROPERTY TYPE R HMSTD CODE
PART CONST GR /OS /X REL HMSTD IND
CONTIG IND
MARKET LAND VALUE 51400
MARKET BUILDING VALUE 299800
MACHINERY VALUE
TOTAL MARKET VALUE 351200
IMPROVEMENT AMOUNT
LIMITED MARKET VALUE 320100
QUALIFYING IMPROVEMENT AMOUNT
MARKET VALUE SUBJECT TO TAXATION 324100
TAXABLE MARKET VALUE TAX CAPACITY 3201
Make chances: press ENTER:. or Fl. F2_ F4. F5_ F8
PROPERTY DATA SYSTEM
COMPUTER AIDED APPRAISAL INQUIRY 05/05/05 GURR 4365
NEXT
PROPERTY ID: 01 118 21 43 0108 YEAR: 2005
ADDRESS 501 BELLVUE LA CLASS: A04 DT: SF
STYLE TWO STORY MANUAL: NO
GBA 1936 fSO.FT. AGE: 5 YRS ZONED: R2
BASIC RATE $103.65
ADJ. RATE $107.79 EXT. MALL: SHAPE: 4.0
ADJ.RATE*CUBA: 208681 ADD BSMT 12384 1032 SgFt 0 $12.00 Rate
DED UNF.GBA: SgFt $65.00 Rate
ADJUSTED TOT: 221065
ADDITIVE AMT: 66219 GARAGE 11311 DORMERS: 8000 PAT.DOORS:
WALKOUT: AIRCOND: 2323 DECKS
PATIOS PORCHES: 1152 POOLS
BATHS 20000 FIREPLC: 3000 FIN.BSMT.: 20433
TOTAL COST 287284
ADJUSTMENTS 99.3% DEPRECIATION: 99.3% INFLUENCES:
FUNCTIONAL ECONOMIC
BLDG VALUE 285200 BLDG MARKET VALUE 288200
FLAT CHGS 3004 LAND MARKET VALUE 51400
TOTAL MARKET VALUE: 339600
_j Ape PID. Press ENTER: or F1. F2� FS
PROPERTY DATA SYSTEM
RESIDENTIAL CHARACTERISTICS PART1 05/05/05 CURB 209
PROPERTY ID Address V-------------- NEXT
01- 118- -21 -43 -0108 501 1/ BELLVUE LA
ZONING R2 MODEL: DWELLING TYPE SF
AREA RATING 2 SITE RATING 2 ADJ PROP INFL 2 VIEW
ARCH /APPEAL 2 QUALITY A04 SHAPE !I STYLE 7
DORMER LENGTH 110 DORMER QUAL 2 CONSTRUCTION 1 MAIN EXT WALL
TRIM EXT WALL ROOF TYPE 1 ROOF COVER 1 WINDOW TYPE1 2
WINDOW TYPE2 1 PATIO DOORS WALKOUT AIR COND 1
DECK AREA DECK DUAL PATIO AREA PATIO QUAL
GLAZED AREA
GLEE• lUAL SCREEN AREA SCREEN tIUAL
OPEN AREA 144 OPEN QUAL 2
GAR1 AREA 720 GAR1 EXT WALL GAR1 CARS 2 GAR1 COND 2
GAR1 PLACEMENT 1 GAR2 AREA GAR2 EXT WALL GAR2 CARS
GAR2 COND GAR2 PLACEMNT v POOL AREA POOL QUAL
BSMT AREA 1082 BSMT TYPE BSMT FINISH 090 BSMT QUAL
BSMT BATH SPA BSMT BATH OLX BSMT BATH FULL BSMT BATH /4
BSMT BATH 1/2 BSMT BATH OL 2 BSMT FPLC NBR 1 BSMT FPLC QUAL 2
NO BSMT FPLC ELECT SVC 1 HEATING 21 BSMT TOT RMS 2
BSMT BEDROOMS 1 BSMT FAM ROOMS 1 BSMT KITCHENS T BSMT OTH RMS
Make chances: cress ENTER: or anv valid functio ke v
PROPERTY DATA SYSTEM
RESIDENTIAL CHARACTERISTICS PART2 05/05/05 CURB 209
PROPERTY ID NEXT
01- 118 -21 -43 -0108 MANUAL CONDITION 1
1st KIT QUAL 1 1st INTERIOR 2 1st TRIM 1 1st FLOOR 1
1st BATH SPA 1st BATH DLX 1st BATH FULL 1st BATH 3/4
1st BATH 1/2 1st BATH QUAL 1St FPLC NBR 1st FPLC QUAL
NO 1st FPLC 1 1ST TOT ROOMS 5 1st BEDROOMS 1st FAM ROOMS
1st LIV RMS I 1st DINE ROOMS 1 1st KITCHENS 1 1st OTH ROOMS 2
2nd INTERIOR 2nd TRIM 1 2nd FLOOR 2 2nd BATH SPA
2nd BATH DLX 2nd BATH FULL 2 2nd BATH 3/4 2nd BATH 112
2nd BATH QUAL 3 2nd FPLC NBR 2nd FPLC QUAL NO 2nd FPLC 1
2nd TUT ROOMS 3 2nd BEDROOMS 2 2nd OTH ROOM, INT. LAYOUT 1
ACT YR BLT 1999 EFF YR 8LT 2000 FUNCTIONAL ECONOMIC
TOT BEDROOMS 04 TOT FAM ROOMS i TOT LIV ROOMS 1 TOT DIN ROOMS 1
TOT KITCHENS 1 TOT OTH ROOMS 2 TOT BATHROOMS 4 TOTAL ROOMS 10
1st FL UNF AREA 2nd FL UNF AREA TOTAL UNF GBA
DIM1 1 .Ox 31.0= 372.0 DIM2 24.Ox 27.0 548.0 DIMS 4.Ox 15.0= 60 >O
DIM4 x DIMS x DIM6 x
DIM7 x
1st FL AREA 1080 2nd FL AREA 856 TOTAL GBA 1936 PART /COMP
INT. INSP 1 FLAT CHARGE ADD: 3000 SUBTRACT:
Make chanaes: press ENTER' or anv valid function kev
PROPERTY DATA SYSTEM
RESIDENTIAL CHARACTERISTICS PART3 05/05105 CURB 209
NEXT
PROPERTY ID
01- 118 -21 -43 -0108
N O T E S
Line 1: 3 EGRESS WINDOWS f11000
Line 2: EA) 05asmt /assume no restl
Line 3:
Line 4: F =PAYNE
Litre 5: WALK IN CLOSET IN MSTR
Line 6: BDRM
Line 7: CARPET ONLY IN LS AREA
Line 8: 02 LL FINISHED W /FAM W
Line 9: WET BAR FPL. BR W /HUGE
Line10: WIG
Make channe stress ENTER: or anv valid function kev
PROPERTY DATA SYSTEM
LAND CHARACTERISTICS UPDATE PART 1 CURB 210
PROPERTY ID NEXT
01- 118 -21 -43 -0103 5 501 11 BELLVUE LA
Zoning: A2 Area Rating: 2 Site Rating:
Appraiser: 21 Appr Date: 05/g3/2005 Interior Insp. Y
Permit Date: 1102 Last Int. Insp. Date: PI/03/2005
Frontage: 80 Left: 152 Rear: 80 Right: 152
Eff Width: Eff Depth: Sqft: 12160 Acres: .28
Irreg Shaper. On Labe: Lake Rating: Landscape:
Paved Street: i Curbs: i Sidewalk: i Sewer Avail: 1
Water Avail: 1 Gas: 1 Buried Elea: 1 Alley:
On River: River Rating: Wooded: Influences:
NON- RESIDENTIAL
Allow Units: Trackage: Sail Correct:
T;y.De PID: cress ENTER: or anv valid function kev
RESIDENTIAL SALES COMPARABLE ADJUSTMENT GRID
APPRAISAL Of 51 1 Belivue Lane
Brooklyn Center
lID# 01 118 -21-43 -01
71i< grovcet#+fram u,
811 ECT COMP„ *1 COMP. #2 COMP. #3 comp #r4
a e aratt H4dreer $030 France Ave N 8201 Humboldt Ave N 5231 Humboldt Ave N 611 Dowling Ave N NA
ADDRESS sat 00 we Larne Brooklyn Center Minneapolis Minneapolis Minneapol
at.tta t�taa
10 119 21 13 0070 11 118 21 11 10243 11 118 21110237 03 029 24 33 0620 PID
SALE r $269,900 5343 $310,000 $287000 SALE E
Fwtaneirta AtBnratotent Financing Ad}ustntent
are Price $269,900 $343,000 $310,000 $287,000 sate Ptxca
�d nor Ftrnattea} fAa tat Poiarrt i
SA LE DATE Apr-04 $12,600 Nov-04 $2,000 Apr -05 Jun *04 $10,000 SALE DAB
t
Sale Price $282,500 SUS,000 $310,000 "$297,000 sate Price,
Adiustad for Tknet
(A4-Ud for r-)
LOCAT Average 3ltrt8tar S ittaar Similar Similar LOCATION 3
STYLE Two Stacy Two Starr Two Story Two Story Two Story ta,400 SdTE sit
ITF SIZE 12,166 S.F. 9,$38 S F. 4,370 S F= -t0 teals 4 s. P. 90,000 4,3
ROOM SST Abe" Grado 31312A 31312,5 81312.5 61311.5 91512 ROOM COUNT Abo"
tow 4W 1 fu#is tirade TepI ASR! Baths
iIE €s.t.j 1,933 sq. ft 1,742 sq, ft. $7, 1,933 sq. tL 1,500 sq. R 117,400 1,876 sq. ft. age (45.)
Year Built 1999 2003 2043 2002 2003 YEAR BUILT
QUALITY iCtNNNTION Very G0ox1 tnforl ._116,000 Simitar Similar fnfar(ortModuiar S1SAW QUAUTYACOKUTiON
FIREPLACES m 1 82 1,_- 0 0 m $2,000 eFIREPLACES
HEAT f AIR C. GFA 1 CAC GFA t CAC GFA I CAC OFA CAC ELBC SSSD8 HE
NO CAC $2,500 AT f Am C
OSMTI FIN, X51 OR
S A 12111 FULL a 01010 $96, FULL 12 11 t 1 FULL i o 0 f 0 $28 000 NO 1010 f 0 $36,000 BSMT t F'� RM0 t SR t BA
CaARA 2 Car Att None e.
C'E Sara} 3 Car Attactiad 2 C f?eL 2 Cat
000 GARAGE 4°fta,,..
rttEhNTtES [(pen, Pweb 79 S.F, ctpmtt Fsrtach 24 B.F. None
_02 040 OPea Porch AMENT8E8
MODELING ttEMtiQ> LIMt3
R Barn(veA»t bar
Net Adjustment $49,860 $10,00 $56,400 $72,00 NoAaiustowni
Indicated Value $332,300 $356,000 $366,400 $369,600 bnditratedVarua
Valuation Reconciliation: Value Pange $332.300 to $369.x. Indicated Subtect EAfV of $339.6(70
COMMENT& Subject is located along Bel#vue La„ a 2 block area of homes Constnicted in 1999, backing to 53rd .Ave Id, on Brookty4n Center's border with Mpls, and near
interstate 94. Subject is a 2 story home of above average quality, in good condition- The comparables in the grid above are all 2 story homes. Comp 1 is located in Brooklyn
Center Wthin 3 miles of the subject property. Comps 2 3 are in the Humboldt Creenwayr addition to Minneapolis and within 9 blocks of the subject property- Comp 4 is also
located in Minneapolis, and has a similar location to the subject property based on proximity to the freeway. Comps 1 and 4 are modular homes of an inferior quality to the subject
property. Comp 4 has no basement and no garage.
A review of the subject property on May 3rd, 2005 indicated several oranges to characteristics reflecting a revised value of $339,600 for the 2045 assessmen This value falls
within the indicated range of adjusted values in the above grid.
Staff recommendation, reduce 200SEW on $01 Belivue tram from $351,200 to $339,600, 2006 Limited and Taxable market value would remain at 5320,100.
:uTt'DA a#ioaaih Grit i si th 05
COMPARABLE SALES PHOTOS
Comparable 1
5030 France Ave N Brooklyn Center
PlD# 10 118 2113 0070
4o
u
Land Characteristics
Land Area. 9,838 sq. ft.
Sold: April, 2004
Sale Price: $269,900
Building Characteristics
Style: 2 Story
Above trade Room Count: 81312.8 Baths
Below Grade Room Count: 0 1 D 14
Garage: 2 Car [detached
Fireplace: 0
Porches/Decks/Misc.: Open Porch
COMPARABLE SALES PHOTOS
Comparable 2
5201 Humboldt Ave N Minneapolis
PlD# 11 118 21 11 0243
k
S d
E.
Land Characteristics
Land Area: 4,370 sq. ft.
Sold: November, 2004
Sale Price: $343,000
Building Characteristics
Style. 2 Story
Above Grade Room Count: 81312.5 Baths
Below Grade Room Count. 211 11
Garage: 2 Car Attached
Fireplace: 1
Porches /Decks /Misc.; Open Porch
COMPARABLE SALES PHOTOS
Comparable
5231 Humboldt Ave N Minneapolis
PIQ# 11 118 21110237
R
b
qq 4.A
Land Characteristics
Land Area. 4,550 seq. ft.
Sold: April, 2005
Sale Price: 310,000
Building Characteristics
Style. 2 Story
Above Grade Room Count: 5 311.5 Baths
Below Grade Roam Count: Q 1010
Garage: 2 Car Attached
Fireplace: a
Porches/Decks/Misc.: None
COMPARABLE SALES PHOTOS
Comparable 4
611 Dowling Ave N Minneapolis
PICT# 03 029 24 33 0020
u
Land Characteristics
Land Area: 4,318 sq. ft.
Sold: June, 2004
Sale Price: 297,000
Building Characteristics
Style: 2 Story
Above Grade Room Count: 91512 Baths
Below Grade Room Count: No Bsmt 0 1 0 10
Garage: None
Fireplace: a
Porches /Decks /Misc.: Open Porch
W elcome fancy Wojcik
y
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APPRAISAL REPORT
OF
t
z
501 Bellvue Lane
Brooklyn Center, MN 55430
PREPARED FOR
First Residential Mortgage
511 East Travelers Trail
Burnsville, MN 55337
AS OF
April 30, 2004
PREPARED BY
Bowler Appraisals, Inc.
PO Box 158
Jordan, MN 55352
Bowler Appraisals, Inc,Milt Haddock
PO Box 158
Jordan. MN 55352
May 3, 2004
First Residential Mortgage
511 East Travelers Trail
Burnsville, MN 55337
RE: Brett Zoe Hildreth
501 Bellvue Lane
Brooklyn Center, MN 55430
File No. 20276(1)MH
Case No.
Dear Krista
in accordance with your request, I have personally inspected and prepared an appraisal report or the real
property located at:
501 Bellvue Lane, Brooklyn Center, Minnesota 55430
The purpose of this appraisal is to estimate the market value of the property described in the body of this
appraisal report.
Enclosed, please rind the appraisal report which describes certain data gathered during our investigation
of the property. The methods of approach and reasoning in the valuation of the various physical and
economic factors of the subject property are contained in this report.
An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of
neighborhood data, led the appraiser to the conclusion that the market value, as of April 30, 2004
is:
295,000
The opinion of value expressed in this report is contingent upon the limiting conditions attached to this
report.
It has been a pleasure to assist you. If I may be of further service to you in the future, please let me know.
Respectfully submitted, f r
Signature s'
Milt Haddock
Bowler Appraisals, Inc
APPRAISAL AND REPORT IDENTIFICATION File No, 20276(1)MH
Case No.
Borrower Brett Zoe Hildreth
Property Address 501 Befivue Lane
City Brooklyn Center County Henneuin State_ MN Zia Code 55430
LenderlClient First Residential Mortoacie Address 511 East Travelers Trail Burnsville. MN 55337
This Appraisal conforms to one of the following. definitions:
Efl Complete Appraisal
The act or process of estimating value, or an opinion of value, performed without invoking the Departure rule.
Limited Appraisal
The act or process of estimating value, or an opinion of value, performed under and resulting from invoking the Departure Rule.
This Report is one of the following types:
Self Contained
A written report prepared under Standards. Rule 2 -2(A) of a Complete or Limited Appraisal performed under Standard 1,
C I Summary
A written report prepared under Standards Rule 2 -2(B) of a Complete or Limited Appraisal performed under Standard 1.
Restricted
A written report prepared under Standards Rule 2 -2(C) of a Complete or Limited Appraisal performed under Standard 1
for client use only.
Comments on Standards Rule 2 -3
f certify that to the best of my knowledge and belief:
The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my
personal, impartial, and unbiased professional analyses, opinions and conclusions.
I have no (or the specified) present or prospective interest in the property that is the subject of this report, and no (or the specified)
personal interest with respect to the parties involved.
I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.
My engagement in this assignment was not contingent upon developing or reporting predetermined results.
My compensation for completing this assignments is not contingent upon the development or reporting of a predetermined value or
direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the
occurrence of a subsequent event directly related to the intended use of this appraisal.
My analyses, opinion and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards
of Professional Appraisal Practice.
1 have (or have not) made a personal inspection of the property that is the subject of this report.
No one provided significant real property appraisal assistance to the person signing this certification. (if there are exceptions, the
name of each individual providing significant real property appraisal assistance must be stated.)
Comments on Appraisal and Report Identification
Note any departures from Standards Rules 1- 3,1-4, plus any USPAP- related issues requiring disclosure:
This is Summary ADnraisal Reoort which is intended to comoly with the retwrtino reouirements set forth under
(Standards Rule 2 -20 of the Uniform Standards of Professional A ooraisal Practice for a Summary Aooraisal Reoort. I
As such. it presents only summary discussions of the data reaspninn, and analysis t hat w ere used in the appraisal
process to develoD the aooraiser:s oomion of value. Suprmrtrnn documen ined to tation is reta the aooraiser's file.
IThe depth of discussion contained in this reoort is specific to the needs of the client and for the intended use
stated in this reoort. The aooraiser is not resoonsible for unauthorized use of this reoort.
ITo develop the opinion of value, the aooraiser oerformed a comolete appraisal process, as defined by the Uniform 1
Standards of Professional Aooraisal Practice. This means that no deoarturec from Ctandard 1 were invoked I
I
I
SUPERVISORY APPRAISER it required)
APPRAISER;--'
Signature: Signature:
Name: Mitt Haddock Name: EdMund C. Bowler
Date Signed: May 3. 2004 Date Signed: May 13. 2004
State Certification 400975 State Certification 4002505
or State License or State License
State: MN State: MN
Expiration Date of Certification or License: 08 31 05 Expiration Date of Certification or License: 8/3112004
Did FX_J Did Not Inspect Property
ClickFORMS Appraisal Software 800- 622 -8727 Page 1 of 16
Bowler Appraisals, Inc
SUMMARY OF SALIENT FEATURES
File No. 20276 (1)MH
Case No.
SU9JECT "FORMATION
Subject Address 501 Bellvue Lane
Legal Description Lot 5, Block 2, Bellevue Lane Add.
City Brooklvn Center
State MN
Zip Code 55430
Census Tract 203.03
Map Reference 92 -C1
SALES PRICE
Sale Price Refinance
Date of Sale N/A
CLIENT
Borrower /Client Brett Zoe Hildreth
Lender First Resident Morwaae
DESCRIPTION OF IMPROVEMENT
Size (Square Feet) 2,028
Price per Square Foot 0.00
Location Averaqe
Age 5a/3e
Condition Avq -Good
Total Rooms 8
Bedrooms 4
Baths 2.50
APPRAISER
Appraiser Mill Haddock
Date of Appraised Value April 30, 2004
VALUE
Final Estimate of Value 295,000
C1ickFORMS Appraisal Software 800 -622 -8727 Page 2 of 16
Bowler Appraisals, Inc
File No. 20276(1)MH
Property Description UNIFORM RESIDENTIAL APPRAISAL REPORT Case No.
Property Address 501 Belivue Lane City Brooklvn Center State MN he Code 55430
Least Description Lot 5, Block 2. Belle Lane Add. Count Henneoin
Assessor's Parcel No. 0111821430108 Tax Year 2003 R.E. Taxes R 3.954.00 Special Assessments 0
13nnower Brett Zoe Hildreth Current Owner Same Occupant F_ IOwner IX ITenant I IVacant
Property nahts appraised I X I Fee Simale 1 1 Leasehold Protect Tvoe 1 I PUD I I Condominium 1 HUDNA onlvl HOA$ N/A /Mo.
Neighborhood or Pmiect Name N/A Mao Reference 92 -C1 Census Tract 203.03 I
Sale Price Refinance Date of Sale N/A Descripion and S amount of ban chamesleon—,„ to be paid by seller NIA 1
Lender/Client First Residential Mortaaae Address 511 East Travelers Trail, Burnsville, MN 55337 I
Aooraser Milt Haddock Address PO Box 158, Jordan. MN 55352
Location Urban X Suburban Rural Predominant Singe family housV Preset tlad use% I Land use than
Built up X Over 25 -75% Under 25% occupancy U.) One family
100 BNotlikely Likely
Growth rate Rapid X Stable Slow qX Owner 150 Low New 2-0 family I In process
Property values Increasing X Stable Declining Tenant 1 375 HIM 60 1 Multi- family To
Demand/supply Shortage X In balance Over supply acant (0-5%)l Predonanant I I Commerc al I
Marketino time X Under 3 mos. 3-6 mos Over 6 mos. 200 1 30 1 1
Note: race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood boundaries and characteristics: Hiqhwav 100 is 1114 mile W. Hiowav 94 is 114 mile E. Minneapolis is 2 blocks S. Highway
100 is 1 mite N -NW.
Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.):
"Subject is located in a residential area that consists mainly of existino sinale familv residences with a few "soot lots"
available for developinq. Most of the homes are similar to the subiect in desion. and duality of construction. There were
no adverse conditions observed. Freeway access and all su000rt. facilities are within a reasonably close oroximity. The
subject is the 1 st of 3 homes constructed on this block. There were no other homes that were new that could be used as
comp data, therefore, the comps used were the very best available. There is are resturants and a sh000 mail within 1
Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time
such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.):
I have considered relevant competitive listings and /or contract offerings in the Performance of this appraisal and in the trending
information reported in this section. If a trend is indicated_. I have attached an addendum orovidino relevant competitive
listinq /contract offerinq data. Marketino time is relatively stable at 90 120 days. Listino /Sale ratio is aonroximateW: 98% in the I
past 12 month period per MLS statistical data. Indicated aonreciation rate is .5% ner month. No financino concessions are
evident. E]
Yes Information for PUDs (It applicable --Is the developer/builder in control of the Home Owner' u s Association (HOA)? Yes U No
Approximate total number of units in the subject project Approximate total number of units for sale in the subject project
Describe elements and recreational facilities
Dimensions 80.02x152.04 I Topography Level I
Site area 12,166 Soft Comer Lot "Yes U No Size Typical for area
Specific zoning classification and description Residential Shape Rectanoular
Zoning compliance ❑X Legal Legal nonconforming (Grandfathered use) "I llegal UNo Zoning I Drainage Adequate to lot line
Hiahest best use as improved: X Presernt use F use fexolainl View Typical for the area
Utilities Public Other Off-site Improvements Type Public Private Landscaping Typical for area
Electricity n Street Asphalt X Driveway Surface Asphalt
Gas I X I 1 Curb/gufler Concrete X Apparent easements Utility. Typical for the area
Water X I Sidewalk None FEMA Special Flood Hazard Area Yes U No
Sanitary sewer I X 1 I Street lights Mercury Vapor X FEMA Zone C Map Date 02 -17 -82
Sloan sewer I X I I Allev None FEMA Mao No, 270151 00038
Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.): No encroach- menu or
adverse conditions were observed. Easements are tvoical for the neig hborhood and do not adversehr e ffect the value of the
property.
No. o ERAL DESCRIPTION 1 Foundation DESCRIPTION Bfk. I FODUNDATION No Area MEN 794 I INSULATION
No. of Stories 2 Exterior Walls Vinyl I Crawl Space No I %Finished 80% 1 Ceiling
Type (Det. /Ad.) Detached I Roof Surfaces Comp Sh t Basement Full 1 Ceiling Drywall I Walls
Design (Style) 2 Storv/Avg Gutters Dwnspts. None Sump Pump No I Walls Drywall 1 Floor
Existing/Proposed Existinq Window Type Casement Dampness No 1 Fluor Carpet 1 None
Age (Yrs.) 5 I Storm/Screens Yes I Settlement No Outside Entry No I Unknown Ix
Effective Me (Yrs.) 3 1 Manufactured House No I Infestation No I
ROOMS Fover I Livino I Dinmo I Kitchen I Den I Fmngv Rm. I Rec. Rm. I Bedroom I Baths I Laundry I Other I Area Sa. Ft
ment I I I 1 I 1 1 1 1.00 I I I 794
Level t I 1 1 I 1 I 1 I 1 I I I I 0.5 I 1 I I 992
Level 1 1 I I I 4 1 2.00 i 4 1.036
Finished area above grade contains: 8 Rooms; 4 Bedroomfsl 2.50 Bathfsl 2.028 S mare Feet of Gross Living Area
INTERIOR Materials/Condition i HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE
Floors Carpet/Good Type F.A. l Retrgerabr P None Fireplace(s) 1 X None
Walk Drywall/Good I Fuel Gas 1 Re P Stairs Patio None Garage 2 of cars
Trim /Finish Wood /Good I Condition Good I Disposal X Drop Stair Deck Wood X Attached 2
Bath Floor VinvVGood I COOLING j Dishwasher X Scuttle X Porch Open X Detached
Bath Wainscot Fiberqlass /Good 1 Central CAC i Fan/Hood X Floor Fence None Built -in
Doors Hallow Core Other NIA I Microwave I Heated Pool None Carport
Condition Good I Washer/Dwer P Finished Whrlol None Drvewav
Additional features (special energy efficient items, etc.): Closet storage space is adequate tvoical for this tvoe of dwelling__ The kitchen
has adequate cabinets and counter space. The lower level finish is comp arable to the main level.
Condition of the improvements, depreciation (physical, tunclfonsl, and external), repairs needed, quality of consWdion, remodelirgiaddi ions. etc.: The subject has
less than average depreciation for its aoe (well maintained) -see interior ohotooranhs- The roof condition appears adequate
no siqns of leakinq observed. Accrued depreciation lane -life method) is based on the su biect's observed condition. I
Adverse environmental conditions (such as, but not limited to, hazardous wades, toxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity
of the subject property.: No adverse environmental conditions were observed.
Freddie Mac Form 70 6.93 ClickFORMS Appraisal Software 800 -622 -8727 Fannie Mae Form 1004 (6 -93) Page 3 of 16
Bowler Appraisals, Inc File No. 20276MMH
Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT Case No.
ESTIMATED SITE VALUE 65,00d Comments on Cost Approach (such as, source of cost estimate, site value,
ESTIMATED REPRODUCTION COST -NEW-OF IMPROVEMENTS: square fool calculation and for HUD, VA and FmHA, the estimated remaining
Dwelling 2,028 Sq. Ft 85.00 172,380 economic Iffe of the property): The calculated S. F. of G.L -A. is
Bsmt. 794 Sq. Ft. 35.00 27,790 considered an approximation, with minor variations in
Porch,FpI,CAC,Misc. 10,000 lacteal S.F. beino insianificant as to the subject value.
Garage/Carport 720 Sq. Ft 30.00 21,600 IAII cost figures are based on the Marshall Swift cost
Total Estimated Cost New 231,770 Iservice, modified for local conditions then rounded.
Less Physical 3 Functional External !The ratio of estimated land to value falls within the 1
Depreciation 6,953 1 0 0 6,953Itvoicat ranoe for the competing or substitute orooerties
Depreciated Value of Improvements 224,8015within this submarket of aopeal. I
'As is' Value of Site Improvements 6,50q 1
INDICATED VALUE BY COST APPROACH s 296.= Est. Remainino Ecm. Life: 100 vrs 1
ITEM I SUBJECT COMPARABLE NO.1 I COMPARABLE NO. 2 COMPARABLE NO. 3
501 Bellvue Lane 5418 Bryant Ave N 5135 Humbofl Ave N 5127 Humboft Ave N
Address Brookivn Center, MN 554301 Brooklyn Center, MN 55430 Minneapol MN 55430 Minneapolis, MN 55430
Proximity to Subject I I I I I I 1 0.18 miles I 0.67 miles 0.67 miles
Sales Price S Refinance 1 235,000 1 k 325,000 1 1S 266,935
Price/Gross Liv. Area 0.00 S 102.17 I I 168.92 .1 IS 148.30 1'
Data andlor Inspection Realtor I MLS /Realtor I MLS /Realtor
Verification Source Pinpoint County Pinpoint Pinpoint
VALUE ADJUSTMENTS DESCRIPTION I DESCRIPTION olds Adiustment I OFSCRtPTION (-IS Adjustment I DESCRIPTION -.0S Adjustment
Sales or Financing I Conventional I Conventional Conventional
Commissions I None None I None
Date ofSaleRme 1 I 08 -04 -03 +6,80d 07 -11 -03 +10,4001 12 -30 -03 I +4,0001
lTnfion I Averaae 1 Average I Average I Averaoe 1
Leasehold; Fee Simple Fee Simple I Fee Simole 1 1 Fee Simple 1 I Fee Simple I I
Site 12,166 Soft 1 13,244 I t 5.950 i +7,00d 5,950 1 +7,000
View River I Average 1 I Average I Average l
Desinn and Aweal I 2 Storv/Avg I 2 Storv/Avg I 2 StorvlAvo I 2 Storv/Avq I I
Quality of Construction I Average -Good I Averaoe -Good I I Superior I 25,00d Averaoe -Good
Aae New I 5a /3e I 76a /10e +14,00d New 1 -6.00d New I 6,0001
Condition I Avq -Good 1 Totaav Renovated Avo -Good 1 1 Ava -Good I I
Above Grade I Total IBdrmsl Baths I TotallBdms Baths ll 1 Total Baths I I TptaliBdrmsl Baths I I
Room Count 1 8 1 4 1 2.501 7 1 4 1 2.50 I 1 6 3 1 2.50 16 I 3 1 2.50 I I
Gross Livino Area I 2,028 So. Ft.1 2,300 So, Ft. I -6,8001 1.924 So. Ft.1 +2,6001 1,800 So. Ft. l +5,700
Basement Finished Full/794 sf Full, 0 Finished +12,9 Full, 800 Fin I Full, 0 Finished +12,900
Rooms Below Grade 2 -1 -1 I None 2 -1 -1 I i None
Functional Utility Averaoe I Averaoe I Average I I Averaoe
Heatina /Cooling FA/CAC I FA/CAC I FA/CAC I 1 FA/CAC I I
Enemy Efficient Items I None I None 1 None I I None i
Garage/Carport 1 2 cars I 5 cars 2 cars I 2 cars I
Porch, Patio, Deck, Deck,Porch Deck +2, None +4,001 None
FireDlace(s), etc. 1 None +2, 1 I I 1
Fence, Pool, etc. I None I None 1 None I None I
I I I I I
Net Adi. (total) 1 I 1X1+ l- s 30,900 1 I7+ (X1- -7,000 1 1 X I+ I I- S 27,600 1
Adjusted Sales Price Net =13% `Net -2% Net =10%
of Comm ratNe I Gross =19% 265,900 lfross =17% S 318,000 �ross =15% S 294,535
Comments on Sales Comparison (including the subject propertys compatibility to the neighborhood, etc): The MLS was searched for comparable sales. All I
similar sales were studied and 10 were singled out for further analvsis. Eight comoarables were viewed and analvzed by the I
appraiser. Of the comparable sales viewed, three were considered the most appropriate. Net dross adjustments fell within
accepted guidelines. The sales bracketed the subiect's appraised value. Drovidino a balanced analvsis of the subiect's
value.The comps chosen were newer than 10 Years. The subject is a soot lot construction. Which means that the subject is a i
newer construction in the midst of older homes.The comps used were the best in this market ar ea. I
ITEM I SUBJECT I COMPARABI F NO.1 I r,OMPARABL E NO.2 1 COMPARABLE NO.3
Date, Price and Data No previous sale it No previous sale in the past No previous sale in the past No previous sale in the past
Source, for prior sales the past 3 years. year. year. year.
within Year of aDorajsal
Analysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior saw of subject and oor parables within one year of the date of appraisal
The subject is under a purchase agreement. Recent oast sales history for the subject and comoarables was examined and
is included above.
INDICATED VALUE BY SALES COMPARISON APPROACH
295,000
INDICATED VALUE BY INCOME APPROACH (if Aodicable) Estimated Market Rent s 2,100 lMo.x Gross Rent Multiplier 140.00 as 294.000
This appraisal is made U'as is" u subject the repairs, alterations, inspections or conditions listed below 1J subject to completion per plans and specifications.
Conditions of Appraisal: The subject is in good marketable condition. The "as is" value of the subject oroperty is the same a the
appraised value. Most weiqht was oiven to the Market Anoroach. I
Final Reconciliation: Anv financing concessions were oiven consideration and Anorconate adjustments made. The cost aooroach I
supports the value indicated by the sales comoarison aooroach. A lack of similar rentals in the area pre vented the I
formulation of a GRM and an income aooroach. Personal oro oertv was not inch,ded in the final value estimate. I
The purpose of this appraisal is to estimate the market value of the real property that is subject to this report, based on the above conditions and the certification, contingent
and limiting conditions, and market value defiri Ioate stated in the attached Freddie Mac Form 4391Fannie Mae Form 10D46 (Revised 6193 1.
1(WE) ESTIMATE THE MARKET VALUEA D
YANED, OF THE f;EAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF April 30, 2004
(WHICH IS TjiE'DATE OFPSPE6T10N ID-THE E.FFWrivE OF THIS REPORT) TO BE 295,000
APPRAISER,' SUPERVIS RAfSER f IF IRE
Signature Signature n Did [X Did Not
Name ,1' Milt Haddock Name Edm nd C. Bowler Inspect Property
Date ReDoft Soned May 3, 2004 Date Report Stoned Mav 13, 2004
State Certification 9 400975 State MN State Certification k 4002505 State MN I
Or State License It State Or State License it State I
Freddie Mac Form 70 6 -93 ClickFORMS Appraisal Software 800 622 -8727 Fannie Mae Form 1004 (6 -93) Page 4 of 16
Bowler Appraisals, Inc
SINGLE FAMILY COMPARABLE RENT SCHEDULE File No. 20276(1)MH
Case No.
This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be
made only for hems of significant difference between the comparables and the subject property
I ITEM I SUBJECT i (`(WPARABLF NO. i I COMPARABLE NO. 2 1 COMPARABLE NO. 3
Address 501 Bellvue Lane 5505 Lyndale Ave N 3916 Orchard Ave N 6389 Xenium Ln
i Brooklyn Center, MN 55430 Brooklyn Center Robbinsdale Maole Grove
Proximity to Subject I 1(8 Mile SW 2 1/2 Miles SW 8 Mites NW
Date Lease Begins I Ongoing 04 -01-04 I 04 -15 -04
Date Lease Exoires Onooino 04 -01 -05 04 -15 -05
MonthlyRenial If Currently Rented 1,675 1,600 l$ 2,399
1,995
Less: Utilities 0 p
Furniture S, 0 i s 0 0 1 D
Adjusted
MonihlvRent 1,995 1,675 1,600 I$ 2,399
Data Source Inspection Inspection i Home Rent Search I Home Rent
Pinpoint I
I RENT ADJUSTMENTS] DESCRIPTION I DESCRIPTION i +l -1 A Wmentl DFSCRIPTI(NJ 1 +!-1 s Adiustmentl DES
Rent +f-1$ Adiustmen°
Rent 1 0 0 l I 0
Concessions 0 0 0
Location Average Average Average I Superior -200
view River Residential/Rive -100. Residential I Residential
Design I 2 Story/Avg I Rambler l I 2 Story I 12 Story /Avg
Aooeal Average Aver-- I Averane Averaoe
Age 5a /3e 51 a120 +170 84a/20e +1701 New -100
Condition Ava -Good Ava -Good I Avn -Good 1 Ava -Good
Above Grade Total Bdrm Baths] Total) BdmhJ Baths 1 Totals Bdrms I Baths 1 Total Bdrm1 Bethel
Room Count 8 4 250 5 T1 1.00 1 1 7 1 4 1 2.00 1 10.1 6 1 3 2.501
Gross Livinq Area 2,028 Sa. Ft.1 1,248 So FL I +390 1,6 So, Ft. l +186 2.050 So. Ft. .11
Other (e.g., basement, i Full, 794 1 Full, 1,040 Fin. I -49 Full +15 Full, 700 +19
etc.) i FR.BR.Bth I FR,BR,Bth 1 None FR,Dn,Bth
Other: I I _I -I I I
�Net Adj. (total) 1 it X 1+ B 411 Ir�X I 1 I.$ 505 11 I+ I X 1 -292
I Indicated Monthly �et= 25% et =32% t fi let= 712%
Market Rent ross= 42% 2,086 ross= 33% 2,105 Ih ross 14% 1$ 2,107
Comments on market data, including the range of rents for single family properties, an estimate of vacancy for single family rental properties, the general trend of rents
and vacancy, and support for the above adjustments. (Rent concessions should be adjusted to the market, not to the subject property.)
Propertv management companies typically m anage rental oronerties in the Minneapolis /St. Paul metro area, therefore,
due to confidentiality. it is very difficult to verify rental data. The data and figures provided were the best available.
All three of the comparables are iudoed to be similar to the subject. They are similar in size, oualtty, type of
neiqhborhood, and functional utility. The above rents stionort the rents indicated below and accurately represent the
rental market. The approximate averaoe rent for orooerties in this market is nooroximateiv $1.00 Der scuare feet above
grade and $33 below grade. To be conservative I used $.5 fo r the adisutment for the m ain level and $.20 for the lower
level. There are very few available rentals in this market, therefore, the ones used were the very best available.
Final Reconciliation of Market Rent:
All three of the comoarables are judged to be the most reliable to compared to the subiect. They are similar in tvoe of
neighborhood, and functional utility. The a bove rents su000n the rents indicated below and accurately represent the
rental market. Very Limited Data available. In the Brooklvn Center Minneapolis metro almost all sinale family rental
homes are managed through a management comoanv and dee it cofidential information. Therefore, since there
are very few sources to access needed info rmation, the rentals used were all the aocraiser could find.
1(WE) ESTIMATE THE MONTHLY MARKET gNT (�FP'fHE SUBJECT P OF April 30, 2004 TO BE 2.095
l >F
Appraisers) ,as Review Appraiser
SIGNATURE "v SIGNATURE 9L
NAMVMilt Haddock (If applicable) NAME Edmund C. Bowlbr
Date Property inspected 04 -30 -04 Report Signed 05 -10 -04 Date Property inspected Report Signed 511312004
State Certification or License 4000975 State MN Stale Certification or License 4002505 State MN
Expiration Date of License or Certification 08 -31 -05 Expiration Date of License or Cerffieation 8/31/2004
Freddie Mac Form 1000 (8/88) Fannie Mae Form 1007 (8188) ClickFORMS Appraisal Software 800- 622 -8727 Page 5 of 16
Bowler Appraisals, Inc
COMMENT ADDENDUM
File No. 20276(1)MH
Case No.
Borrower Brett Zoe Hildreth
ProDertv Address 501 Bellvue Lane
City Brooklyn Center Countv Henneoin state MN Zio Code 55430
Lender /Client First Residential Mortaaae Address 511 East Travelers Trail. Burnsville, MN 55337
APPRAISAL PURPOSE:
The purpose of the appraisal is to estimate the market value of the subject property as defined herein. The
function of the appraisal is to assist the above -named lender in evaluating the subject property for lending
purposes. This is a federally related transaction.
APPRAISAL DEVELOPMENT AND REPORTING PROCESS:
At the request of the client, I conducted a Complete Appraisal intended to comply with standard 1 of the
Uniform Standards of Professional Appraisal Practice USPAP). No departures from Standard 1 were
invoked. The report itself is intended to meet the requirements of a Complete Summary Appraisal Report
as outlined in Standards 2 -2(b) of USPAP that became effective as of July 1, 1994. This appraisal report
still meets all prior guidelines normally required for a FNMA/FHLMC appraisal. The report presents
summary discussions of the data, reasoning, and analyses that were used in the appraisal process to
develop the appraisers opinion of value. Supporting documentation that is not provided with the report
concerning the data, reasoning and discussion contained in this report is specific to the needs of the client
and for the intended use as stated in this report. The appraiser is not responsible for unauthorized use of
this report.
DATA SOURCES:
The appraisal is based on the information gathered by the appraiser from public records, other identified
sources, inspection of the subject property and neighborhood, and selection of comparable sales within the
subject market area. The original source of the comparable is shown in the data source section of the
market edit along with the source of confirmation, if available. The original source is presented first. The
sources and data are considered reliable. When conflicting information was provided, the source deemed
most reliable has been used. Data believed to be unreliable was not included in the report nor used as a
basis for the value conclusion. Site values indicated were derived from one of the following methods:
comparable land sales, allocation, or market extraction. The reproduction cost is based on the Marshall
Swift Cost Handbook supplemented by the appraiser's knowledge of the local market.
SCOPE OF THE APPRAISAL:
The purpose of this report is to estimate market value, as defined, for use in a federally related mortgage
loan. This scope of the appraisal is intended to summarize the extent of the process used to collect,
confirm, and communicate data that is the basis of my value estimate. I personally inspected the subject
property on the effective date indicated on the appraisal report. Market data on comparable sales were
taken from the MLS unless otherwise noted in the report. All appropriate valuation methods were
considered, analyzed and reconciled, and are the basis for my final opinion of value. Exceptions, if any,
are discussed in this supplement. 1 believe may analysis of the subject's value was thorough and complete,
but this appraisal is by no means an exhaustive market study of the property. As previously noted this
Complete Appraisal /Summary Report is intended to meet FNMA appraisal guidelines as well as the
requirements of USPAP.
Comments on the inspection process My interior and exterior inspection of a typical residence takes
about 112 to 1 hour to complete. My inspection is for valuation purposes only and is not intended for code
compliance. Please be aware that 1 did not inspect unfinished attic areas nor any foundation crawl space,
if such areas required access through scuttle doors or were otherwise not readily accessible. My inspection
was limited to areas which would be considered part of the gross building area (GBA). In regards to
insulation, please be aware that I did not verify the presence, or the amount of insulation in the ceiling or
walls unless the insulation was readily visible from the gross building area. My inspection and comments
on various components such as the roof shingle, furnace, and so forth, should not preclude the opinion of
an expert building inspector if so desired.
The Income Approach was considered, Nonetheless, the lack of reliable rental data in the subject's market
area made the income approach inappropriate for this appraisal. Single Family homes are typically not
purchased for investment purposes in the subject's market area.
ClickFORMS Appraisal Software 800- 622 -8727 Page 6 of 16
Bowler Appraisals, Inc
COMMENT ADDENDUM
File No. 20276(1)MH
Case No.
3orrower Brett Zoe Hildreth
ProoertvAddress 501 BellvueLane
Citv Brooklvn Center County Henneai Stag MN bir Code 55430
LenderlClient First Residential Morlaaae Address 511 East Travelers Trail, Burnsville. MN 55337
The purpose of this report is solely valuation. Given this narrow scope, the appraiser is neither qualified nor
attempting to provide information beyond what is required for ascertaining a value. Any decision
incorporating the use of this report must understand the following limitations and assumptions.
The appraiser is not qualified to perform a survey of this property and accepts no responsibility in
connection with such matters. Maps, plats, Flood zone determinations, or drawings, are reliable but are not
guaranteed to be correct. A surveyor should be consulted on concerns of boundaries, setbacks,
encroachments, lot dimensions, elevations, or Flood zone determinations.
Physical condition comments result from a casual inspection and are only intended as a broad general
guide in ascertaining value. Such items as foundation and roofing materials, insulation, heating, cooling,
plumbing, and electrical systems were not carefully examined for deficiencies. The appraiser is not
qualified to render a detailed professional opinion on the adequacy, safety, or condition of these items. A
professional specializing in these areas should be consulted for thorough inspections of these items.
Additionally, the appraiser is not offering an opinion on conformance to building codes or compliance with
the Americans with Disabilities Act, as those issues fall outside the purview of this report. Items not exposed
to casual view (e.g., attics, locked closets, furnace interior) were not examined.
No engineering or percolation tests were conducted and water /septic systems are assumed to be in
adequate condition and capacity. The appraiser's lack of expertise in environmental hazards detection
limits statements in this area to obvious, public knowledge issues.
Physical and economic constraints (the fee for this appraisal does not allow for unlimited investigation)
confine the investigative stage of the appraisal. Before relying on any statement in this report, interested
parties should contact the appraiser for details on the extent of the data collection.
Comparables sales information is taken from such sources as: MLS listings, tax records, builders, and
Realtors. These sources are considered reliable but not guaranteed. No responsibility for the accuracy of
these information sources is accepted. If new, more correct information is made available, the value
indicated in this report is subject to change without notice. Further, the appraiser has not inspected the
interior or rear of the Comparables unless otherwise stated. It is assumed that the quality and condition of
the home's interior is congruent with the exterior and appropriate adjustments made. In the event that a
comparable property has been destroyed, or the appraiser's photograph is severely limited (e.g., due to
poor weather conditions, profuse vegetation, camera malfunction) a Moore data digital image is provided.
No party other than the indicated client has the right to use this report for any purpose. The liability of
Haddock and Associates, its employees and /or agents is limited to the client stipulated in this report and to
the amount of the fee received by Haddock and Associates. The appraiser will not appear in court or
pretrial proceedings, unless adequate preparation notice is given and additional fees are paid by the client
($200 per hour US) for travel, preparation, and appearance, as well as concomitant expenses. Further, this
report is not to be used in the valuation of other properties by inclusion in databases or artificial
intelligence programs without the additional written consent of the appraiser. The appraisal is good for a
one time usage unless approved by the appraiser.
The property title is assumed to be marketable and no opinion of title is rendered. A comprehensive
examination of applicable zoning and environmental laws was not conducted and it is assumed that the
property is in compliance unless noted in this report.
DIGITAL TRANSMISSION OF APPRAISAL REPORTS: All electronic signatures on this report have a
security feature maintained by individual passwords for each signing appraiser. No person can alter the
appraisal with the exception of the original signing appraiser(s).
BATHROOM NUMBERING ADJUSTMENTS:
This market appears to place a similar value on three quarter full bathrooms. Additionally, there seems to
be a slight market preference for a shower as opposed to a tub only regardless of installation costs. The
bathroom numbering found in this report reflects the the similar value the market places on full 3/4
bathrooms. Therefore a home with a full bathroom and a half bath is shown as "l -1" not "1.5 A home with
a 3/4 bathroom and a half bathroom is also indicated as 1 1-1 Additionally this avoids the awkward
bathroom numbering system that is often seen, e.g., a 3/4 bathroom and a half bath .75 .5 "1.25
but then is totaled as "1.5
APPLIANCES:
Appliances were included in the purchase agreement and therefore addressed as per required FIRREA
USPAP supplemental addendum. Appliances, which are considered to be personal property, is a typical
inclusion for this market. Since no market value was given for appliances, the value of the included
CtickFORMS Appraisal Software 800- 622 -8727 Page 7 of 16
Bowler Appraisals. Inc
COMMENT ADDENDUM
File No. 20276(1)MH
Case No.
Borrower Brett Zoe Hildreth
Prooertv Address 501 Bellvue Lane
Citv Brooklyn Center Cwnty Henneoin State MN Zip Code 55430
Lendericlient First Residential Mortoaae Addmcs 511 East Travelers Trail. Burnsville, MN 55337
MECHANICAL SYSTEMS ASSUMPTION:
Unless stated to the contrary all mechanical and electrical systems are assumed to be in proper working
order. The subject was inspected by observation as far as possible. No warranties are made or implied.
HAZARDOUS SUBSTANCE DISCLAIMER:
In this appraisal assignment the presence of hazardous substances such as (but not limited to) Urea
Formaldehyde foam insulation, Asbestos, Radon gas, and /or Toxic Waste has not been considered; nor
suspected. The appraiser has no knowledge of the existence of such substances on or in the subject
property. Furthermore, the appraiser is not qualified to detect such substances. Therefore, it is assumed
that no hazardous material or detrimental environmental conditions exist that would negatively affect the
subject property's value. The appraiser reserves the right to revise the Final Estimate of Value if evidence
of such a negative influence is later made known. The lender /client is advised to consult experts on
hazardous substances if desired.
INSULATION ASSUMPTION:
The insulation quality of the subject property is assumed to be adequate and typical for its submarket
unless stated to the contrary. The insulation was not observed directly because it is concealed behind walls
or ceiling coverings. The source of any specific R -Value factors in this report were provided by the home
owner, or other sources so stated, and are assumed to be accurate and reliable enough for the intended
purpose of this appraisal report. There were also no observed conditions, relating to insulation, which
would negatively impact marketability.
It was determined that the value of the sites varied with size, therefore, it was necessary to make an a
predetermined adjustment to reflect the market reaction to the differences in lot size.
There was a wide chronological age range, however, due to updating and routine maintenance the
effective ranges were very close. The market does not recognize a significant difference between the
chronological age and therefore responds to the effective age. Due to the market reaction, little or no
value adjustment was made for the chronological age difference. An age adjustment was made to the
comp(s). This adjustment was made at $2,000 per effective year to reflect the market reaction to the
differences in age. Also an adjustment was made for condition to reflect the market reaction to the
differences in structural condition apart from the effective age.
There are variations between 2 story and Split Level homes, however, the market does not recognize a
significant difference between the styles which are similar in demand and utility for this sub market.
A thorough search was made of the subject area and the comps used were the very best available. The
subject area is very stable and there have been a limited number of sales over the past 6 months which
were similar enough to be considered. It was therefore necessary to use comps from competing areas over
112 mile and/or dated sales over 6 months old, being the very best available to the appraiser. However,
the subject market has not changed significantly over the past year. Therefore dated sales are considered
reliable indicators of value for the subject. All sales would effectively compete with the subject within the
same submarket
The Subject is a very unique home in that it is a newer construction on a 2 block long newer
development.The only Home that has sold from this development in the last couple of years is a rambler.
Due to it being much smaller over 50 is couldn't be used because it wouldn't properly relect the market.
Comps 2 and 3 are new construction about 7 blocks from the subject and were the only comps found that
were near the actual age of the subject. Though they are located in Minneapolis they are within a mile
and have similar market appeal to the homes in Brooklyn Center. They too support the Final Estimate of
Value.
ClickFORMS Appraisal Software 800 -622 -8727 Page 8 of 16
Bowler Appraisals, Inc
MULTI PURPOSE SUPPLEMENTAL ADDENDUM
FOR FEDERALLY RELATED TRANSACTIONS
File No. 20276(1)MH
Case No.
Bonower/Client Brett Zoe Hild
Property Address 501 Bellvue Lane
City Brookhm Center County Henneotn State MN 7m Code 55430
Lender First Residential Mortaaae Addres< 511 Fast Travelers Trail Burnsville. MN 55337
This Multi- Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a con-
venient way to comply with the current appraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC),
the Office of the Controller of Currency (OCC), The Office of Thrift Supervision (OTS), the Resolution Trust C,,, (RTC)
and the Federal Reserve.
This Multi- Purpose Supplement Addendum is for use with any appraisal. Only those
statements which have been checked by the appraiser apply to the proper" being appraised.
IPURPOSE FUNCTION OF APPRAISAL
The purpose of the appraisal is to estimate the market value of the subject property as defined herein. The function of the appraisal is to
assist the above -named Lender in evaluating the subject property for lending purposes. This is a Federally related transaction.
01EXTENT OF
❑X The appraisal is based on the information gathered by the appraiser from public records, other identified sources. inspection of the
subject property and neighborhood, and selection of comparable sales within the subject market area. The original source of the com-
parables is shown in the Data Source section of the market grid along with the source of confirmation, if available. The original source
is present first. The sources and data are considered reliable. When conflicting information was provided, the source deemed mos
reliable has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion.
,7X The Reproduction Cost is based on Marshall and Swift Valuation Services and Indeoendent studies
supplemented by the appraisers knowledge of the local market.
X Physical depreciation is based on the estimated effective age of the subject property. Functional andlor external depreciation, if
present, is specifically addressed in the appraisal report or other addenda. In estimating the site value, the appraiser has relied on
personal knowledge of the local market. The knowledge is based on prior /or current analysis of site sales and /or abstractions of site
values from sales of improved properties.
I X u The subject property is located in an area of primarily owner occupied single family residences and the Income Approach is not consi-
dered to be meaningful. For this reason, the Income Approach was not used.
❑X The Estimated Market Rent and Gross Rent Multiplier utilized in the Income Approach are based on the appraiser's knowledge of the
subject market area. The rental knowledge is based on prior and/or current rate surveys of residential properties. The Gross Rent
Multiplier is based on prior and /or current analysis of prices and market rates for residential properties.
For income producing properties, actual rents, vacancies and expenses have been reponed and analyzed. They have been used to pro-
ject future rents, vacancies and expenses.
X OPERTY OFFERING INFORMATIO
According to the subject property:
X has not been offered for sale in the past 30 days.
is currently offered for sale for
was offered for sale within the past 30 days for
Offering information was consideredin the final reconciliation of value.
Offering information was not considered in the final reconciliation of value.
Offering information was not available. The reasons for unavailability and the steps taken by the appraiser are explained later in
this addendum.
7 7 1SALE HISTORY OF SUBJECT PROPERTY
According to Henepin Countv Records the subject property:
has not transferred in the past twelve months. X8 has not transferred in the past 36 months.
has transferred in the past twelve months. has transferred in the past 36 months,
All prior sales which have occurred in the past months are listed below and reconciled to the appraised value, either in the body
of the report or in the addenda.
I Date Sales Price Document# Seller Buver
I
I
E 3 1FEMA FLOOD HAZARD DA
�X Subject property is not located in a FEMA Special Flood Hazard Area.
Subiect Drooertv is located in a FEMA Special Flood Hazard Area._
Zone FEMA Mao /Panel# Mao Date Name of Communav
i C 270151 0003B 02 -17 -82 Brookivn Center I
The community does not participate in the National Flood Insurance Program.
X The community does participate in the National Flood Insurance Program.
X It is covered by a regular program.
It is covered by an emerciencv orooram.
Fw 70NI Nm•ember 1991 ClickFORMS Appraisal Software B00 -622 -8727 Page 9 of 16
;Wh -Pixp a s.ppl.. i rddnW-, P� I ore
Bowler Appraisals, Inc
File No. 20276(1)MH
Case No.
XICURRENT SALES CO NTRACT
The subject property is currently not under contract
I F_ i l The contract and/or escrow instructions were not available for review. The unavailability of the contract is explained later in the
addenda section.
The contract and /or escrow instructions were reviewed. The following summarizes the contract:
1 Contract Date Amendment Date Contract Price Seller
The contract indicated that personal property was not included in the sale.
The contract indicated that personal property was included. it consisted of
Estimated contributory value is
Personal property was not included in the final value estimate.
Personal property was included in the final value estimate.
The contract indicated no financing concessions or other incentives.
The c.,....—indicated the following concessions or incentwes:
U If concessions or incentives exist, the comparables were checked for similar c--: -as and appropriate adjustments were made, if
applicable, so that the final value conclusion is in compliance with the Market Value defined herein.
.1 31MARKET O VERVIEW
1 -4 month(s) is considered a reasonable marketing period for the subject property based on Multiple Listino Service
Sold Market Reports
W ADDITIONAL
The Appraiser certifies and agrees that:
(1) Their analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of
Profressional Appraisal Practice "USPAP and in accordance with the regulations developed by the Lender's Federal Regulatory
Agency as required by FIRREA, except that the Department Provisions of the USPAP do not apply.
(2) Their compensation is not contingent upon the reporting of predetermined value or direction in value that favors the cause of the
client, the amount of the value estimate, the attainment of a stipulated result, or the occurence of a subsequent event.
(3) This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan.
X NMENTAL) LIMITING CONDITIO
The value estimated is based on the assumption that the property is not negatively affected by the existence of hazardous substances or
detrimental environmental conditions unless otherwise stated in this report. The appraiser is not an expert in the identification of
hazardous substances or detrimental environmental conditions. The appraiser's routine inspection of and inquires about the subject
property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental
conditions which would affect the property negatively unless otherwise stated in this report. It is possible that tests and inspections made
by a qualified hazardous substance and envi..,,.,,. —ai expert would reveal the existence of hazardous substances or detrimental
environmental conditions on or around the property that would negatively affect its value.
_1 31ADDITIO NAL
Values for properties similar to the subiect have been shown historical increases. This trend is oroiected to
continue.
E
X :EI IAPPRAISEFUS
Appraiser's Signature Efivbate,. April 30, 2004 Date Prepared May 3, 2004
Appraiser's Name (print) Milt Haddock Phone 952 894 -3735
State MN LJLicense LXJCertification 4000975 Tax ID 509 -56 -3032
7"CO APPRAISER'S CERTIFICATION
The co- signing appraiser ttas personally inspected the %9*a property, bah inside and out, and has made an exterior inspection of
all comparable sales listed in the report The report was prepared by the appraiser under direct supervision of the co- signing appraiser.
The co- signing appraiser accepts responsibility for the contents of the report including the value conclusion and the limiting condi-
tions, and confirms that the certifications apply fully to the co-signing appraiser.
X the co- signing appraiser has not personally inspected the interior of the subject property and:
X has not inspectedthe exterior of the subject property and all comparable sales listed in the report
has inspectedihe exterior of the subject property and all comparable sales listed in the report.
The report was prepared by the appraiser under direct supervision of the co- signing appraiser. The co- Signing appraiser accepts
responsibility for the contents of the report, including the value conclusions and the limiting conditions, and confirms that the
certifications apply fully to the co- signing appraiser with the exception of the certification regarding physical inspections. The above
describes the level of inspection performed by the co- sigining appraiser.
FI The co- signing appraiser's level of inspection, involvement in the appraisal process and certification are covered elsewhere in the
addenda section of this appraisal.
LICENSE/CERTIFIC
Co- Signing //(J ipr
Appraiser's Signature �a01�a•A l 1 e Date April 30, 2004 Date Prepared May 13, 2004
Co- Signing Appraisers Name (print) E mund C. Bowler phone 952 492 -2000
State MN 7License n Certification 4002505 Trainee Tax ID 41- 1616909
Fly 70M November 1991 ClickFORMS Appraisal Software 800- 622 -8727 Page 10 of 16
Multi Propose Supple -1 Add mku N., 2 of 2
Bowler Appraisals, Inc
File No. 20276(1)MH
Case No.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and
open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a
specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically
motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest;
(3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars
or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the
property sold unaffected by special or creative financing or sales concessions' granted by anyone associated with the sale.
'Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments
are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market; these costs
are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party
institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated
on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should
approximate the market's reaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF LIMITING CONDITIONS
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is
subject to the following conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or
the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions
about the title. The property is appraised on the basis of it being under responsible ownership.
2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements
and the sketch is included only to assist the reader of the report in visualizing the property and understanding the
appraiser's determination of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special
Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding
this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand.
5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements
at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with
any other appraisal and are invalid it they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence
of hazard wastes, toxic substances, etc.) observed during the inspection of the subject properly or that he or she became
aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report,
the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions
(including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable,
and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding
the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any
engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expen
in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of
the property.
7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources
that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility
for the accuracy of such items that were furnished by other parties.
8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of
Professional Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a
workmanlike manner.
10. The appraiser must provide his or tier prior written consent before the lender /client specified in the appraisal report
can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional
designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated)
to anyone other than the borrower; the mortgage or its successors and assigns; the mortgage insurer; consultants;
professional appraisal organizations; any state or federally approved financial institution; or any department, agency,
or instrumentality of the United States or any state or the District of Columbia; except that the lender /client may distribute
the property description section of the report only to data collection or reporting service(s) without having to obtain the
appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal
can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
Freddie Mac Farm 439 (6 -93) ClickFORMS Appraisal Software 800- 622 -8727 Fannie We Form 10048 (6 -93)
Page 11 of 16
Bowler Appraisals, Inc
USPAP COMPLIANCE ADDENDUM Fite No. 20276(1)MH
Case No.
APPRAISER'S CERTIFICATION:
The following Certification statements are in addition to and may supercede the signed Appraiser's Certification attached to this appraisal report.
This Appraiser's Certification is compliant with the current edition of the Uniform Standards of Professional Appraisal Practice.
I certify that, to the best of my knowledge and belief:
The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal,
impartial, and unbiased professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involvec
1 have no bias with respect to the property that is the subject of this repon or to the patties imroved with this assignment.
My engagement in this assignment was not contingent upon developing or reporting predetermined results.
My compensation for completing this assignement is not contingent upon the development or reporting of a predetermined value or direction in
value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent
event directly related to the intended use of this appraisal.
My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of
Professional Appraisal Practice.
1 ❑X have have not made a personal inspection of the property that is the subject of this report. (If more than one person signs this certification
the certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraised property.)
No one provided significant real property appraisal assistance to the person signing this certification. (if there are exceptions, the name of eacl
individual providing significant real property appraisal assistance must be stated.)
PURPOSE, INTENDED USE, AND INTENDED USER OF THE APPRAISAL:
The purpose of the appraisal is to estimate the market value of the subject property, as defined in this report, as of the effective date of this report.
The intended use of the appraisal is to assist the client and any other intended users in the underwriting, approval, and funding of the mortgage loan.
The intended users of this report are the stated client and any other institutions involved in the underwriting. approval, and funding of the mortgage
loan. No one else, including the purchaser and seller, should rely on the estimate of value or any other conclusions contained in this appraisal report.
ANALYSIS AND REPORT FORM:
The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject property
and neighborhood, and selection of comparable sales, listings, andfor rerrtals within the subject market area..
The original source of the comparable data described in the Data Source section of the market grid along with the source of confirmation provided,
where available, the original source is presented first. The sources and data are considered reliable. When conflicting information was provided,
source deemed most reliable has been used. Data believed to be unreliable was not included in the report or used as a basis for the value
conclusion. The extent of the analysis to this assignment is stated in the Appraiser's Certification included above and attached to this report.
DEFINITION OF INSPECTION:
The term "Inspection as used in this report, is not the same level of inspection that is required for a "Professional Home Inspection The appraise:
does not fully inspect the electrical system, plumbing systems, mechanical systems, foundation system, floor structure, or subfloor. The appraiser i
not an expert in construction materials and the purpose of the appraisal is to make an economic evaluation of the subject property. If the client
needs a more detailed inspection of the property, a home inspection, by a Professional Home Inspector, is suggested.
DIGITAL SIGNATURES:
The signature(s) affixed to this report, and certification, were applied by the original appraiser(s) or supervisory appraiser and represent their
acknowledgements of the facts, opinions and conclusions found in the report. Each appraiser(s) applied his or her signature electronically using a
password encrypted method. Hence these signatures have more safeguards and carry the same validity as the individual's hand applied signature.
If the report has a hand applied signature, this comment does not apply.
OPINION OF MARKET VALUE VS ESTIMATE OF MARKET VALUE:
The current Uniform Standards of Professional Appraisal Practice defines the market value conclusion as an opinion of market value and not an
estimate of market value.
THREE YEAR SALES HISTORY FOR THE SUBJECT PROPERTY:
The appraiser has complied with Standards Rule 1 -5b and 2 -2b (ix) requiring the appraiser to analyze and report all sales of the subject property
that occurred within the three (3) ears prior the effective y to e e e date of the appraisal. If this information was available to the appraiser(s), it is re
Pr oiled
PP PP P
in the subject column of Safes Comparison Analysis section of the appraisal report.
EXPOSURE PERIOD:
By studying the sales of similar compara41 $sidentiai properties with value ranges as identified in the Neighborhood section of this report and
discussions with individuals knowledgeable al current nei hborhood trends in the subject area, the appraiser feels that the exposure time for the
subject p ropertyis equal to (%Jmdr�ated'M rketi Ti identified in the Neighborhood section of this appraisal report.
Sionatur '°''r Signature �X Did Not
Name,` Milt Haddock Name Edm nd C. Bowler Inspect Property
Date Renort Sinned Mav 3, 2004 Date Report Signed May 13, 2004
State Certification 400975 State MN State Certification 4002505 State MN
Or State License fi State Or State License State
ClickFORMS Appraisal Software 800- 622 -8727 Page 12 of 16
Bowler App Inc
SKETCH ADDENDUM File No. 20276(1)MH
Case No.
Borrower Brett Zoe Hildreth
Property Addtm 501 Bettvue Lane
City Brookivn Center County Henneoin State MN 7ro Code 55430
Lender /Client First Residential Monuaoe Address 511 East Travelers Trail, Burnsville, MN 55337
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LOCATION MAP ADDENDUM File No. 20276(1)MH
Case No.
3ormer Brett Zoe Hildreth
Property Address 501 Belivue Lane
Citv BrooklvnCenter Countv Henneoin State MN Zan Code 55430
Lender /Client First Residential Mortaaae Add ess 511 East Travelers Trail, Burnsville, MN 55337
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Bowler Appraisals, Inc
SUBJECT PHOTO ADDENDUM File No. 20276(1)MH
Case No.
Borrower Brett Zoe Hildreth
PfoDerty Address 501 Belivue Lane
City Brooklvn Center Countv Henneoin Ffate MN Zio Code 55430
Lender /Dent First Residential Mortoaae Address 511 East Travelers Trail, Burnsville. MN 55337
FRONT OF
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COMPARABLES 1 -2 -3 File No. 20276(1)MH
Case No.
sonower Brett Zoe Hildreth
?rooerty Address 501 Bellvue Lane
City Brookivn Center County Henneoin slate MN bo Code 55430
enderlGient First Residential Mortaaae Address 511 East Travelers Trail, Burnsville, MN 55337
COMPARABLE SALE 1
5418 Bryant Ave N
x Brooklyn Center, MN 55430
COMPARABLE SALE 2
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Minneapolis, MN 55430
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5127 Humbolt Ave N
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Maple Grove Office
13700 Reimer Dr. N., Ste. 100
Maple Grove, MN 55311
763- 420 -6300
Fax 763 -420 -9704
BURT ww w6burnet.com
May 12, 2005
Brett Hildreth
Dear Brett,
I am writing in regards to your request for a market price analysis of your property at 501
Bellvue Lane in Brooklyn Center.
I reviewed both comparable MLS listings and the copy of the appraisal from April 30 1 2004 that
you provided to me. As you know, the appraiser valued your property at $295,000. I found one
comparable MLS sale in your neighborhood at 711 Bellvue Lane, which sold for $242,050 in
April of 2004 (see attached). Since your home has a finished basement and the 711 Bellvue
home had an unfinished basement family room I would recommend adding $30,000 to the value
of your home. I would also add 10% appreciation for the one year of time that has passed since
that sale ($25,000). To summarize, here is how I would value your property:
$242,050 comparable sale price at 711 Bellvue
$30,000 added value of your finished basement compared to unfinished 711 Bellvue
$25.000 appreciation since April 2004 sale of 711 Bellvue
$297,050 Recommended Sale Price for 501 Bellvue
I would be pleased to proceed with listing your home if you decide to sell it. If you have any
questions, please call me at 763 232 -1758.
Jim Hubert
Realtor
Owned And Operated By NRT Incorporated. Q
http: /matrix.northstarmis.com/ Matrix /Public/Email.aspx ?c= AAE...
Sent By Agent
Result 2 of 2.
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Property Full Display, Single Family Residential, MLS 2264044
711 Bellvue Lane, Brooklyn Center, Minnesota 55430 -3593
Status Sold List Prio$244,900 Sold Prici$242,050original List Price: $244,900
'Maoftnr
56th Ave N
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cent8F Ad
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®2005 MNewsoRCwp 02oDeN6v1EQ,awOprQDT,Me
More Dhotos are available for this orooertv. Map Page: 92 Map Coord: C2
Directions:
Total Bed /Bath: 4/ 2 Garage: 2 Year Built: 1999 I -94 -53RD AVE N. WEST CAMDEN RIGHT
ON CAMDEN, LEFT ON BELLVUE
LN- PROPERTY
MLS Area: 363 Brooklyn Center TAX INFORMATION
Style: (SF) One Story Property ID: 0111821340139
Const Status: Previously Owned Tax Year: 2004
Foundation Size: 1,305 Tax Amt: $2,985
AbvGrdFinSgFt: 1 Assess Bai:
BelGrdFinSgFt: 1,225 Tax w /assess: $2,985
Total Fin SgFt: 2,530 Assess Pend: No
Acres: 0.260 Homestead: Yes
Lot Size: 75X150
List Date: 04/28/2004 Received By MLS: 04/28/2004 Days On Market: 22
Off Market Date: 05/28/2004 Selling Agent: Michael R. Hunstad
Projected Close Date: 07/16/2004 Selling Office: Counselor Realt Inc.
Date Closed: 08/16/2004
General Property Information
Legal Description: BELLVUE LANE ADDN BELLVUE LANE ADON LOT 007 BLOCK 001
County: Hennepin
School District: 286 Brooklyn Center, 763 561 -2120
Complex /Dev /Sub: Common Wall: No
Restrictions /Covts:
Lot Description:
Association Fee: Assoc Fee Frequency: N/A
Assoc Fee Includes: N/A
Road Frontage: City
Zoning: Residential Single Accessibility: None
Remarks
Agent Remarks: BEAUTIFUL 4 BEDROOM 2 BATH RAMBLER STYLE HOME LOCATED IN THE BELLVUE
NEIGHBORHOOD OF BROOKLYN CENTER. FEATURES 2 BED, 2 BATH ON MAIN LVL AS
WELL AS LAUNDRY. 2 MORE BEDS IN LL. FAM. RM CAN BE EASILY FINISHED FOR
INSTANT EQUITY. BSMT HAS 3/4 BATH ROUGH IN.
Public Remarks: BEAUTIFUL 4 BEDROOM 2 BATH RAMBLER STYLE HOME LOCATED IN THE BELLVUE
NEIGHBORHOOD OF BROOKLYN CENTER. FEATURES 2 BED, 2 BATH ON MAIN LVL AS
WELL AS LAUNDRY. 2 MORE BEDS IN LL. FAM. RM CAN BE EASILY FINISHED FOR
INSTANT EQUITY. BSMT HAS 3/4 BATH ROUGH IN.
Structure Information
1 of 2 5/12/2005 8:21 AM
http: /matrix.northstarmis.com/ Matrix /public/Email.aspx ?c= AAE...
Room Level Dimen Other Rooms Level Dimen Heat: Forced Air
Living Rm Main 15X13 Fuel: Natural Gas
Dining Rm Main 14X11 Bathrooms Air Cond: Central
Family Rm Lower 28X19 Total: 2 3/4: 0 1/4: 0 Water: City Water Connected
Kitchen Main 14X12 Full: 1 1/2: 1 Sewer: City Sewer Connected
Bedroom 1 Main 14X12 Garage: 2
Bedroom 2 Main 13X11 Oth Prkg:
Bedroom 3 Lower 16X11 Pool:
Bedroom 4 Lower 13X12
Bath Description: Main Floor 1/2 Bath, Master Walk -Thru, Rough In
Dining Room Desc: Living /Dining Room
Family Room Char: Lower Level
Fireplaces: 1 Fireplace Characteristics: Living Room
Appliances: Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer, Water Softener
Owned
Basement: Full
Exterior: Metal /Vinyl
Fencing:
Roof: Asphalt Shingles
Amenities -Unit: Porch, Tiled Floors, Vaulted Ceiling(s)
Parking Char: Attached Garage, Driveway Asphalt, Garage Door Opener
Special Search: Main Floor Laundry
Financial
Cooperating Broker Compensation
Buyer Broker Comp: 2.7% Sub -Agent Comp: 2.7% Facilitator Comp: O%
Variable Rate: N List Type: Exclusive Right To Sell
Sale Mortgage Information
Sale Financial Terms: Conventional
Sale Loan Amount: ;193,640
Seller Contribution: $7,050
Financial Remarks:
Sellers Terms: Cash, Conventional
Existing Financing:
Agent is Owner No
Contact Information
Listing Agent: Michael R. Hunstad 763 427 -8850 Appointments: 763 427 -8850
Listing Office: Counselor Realtv. Inc. Office Phone: 763 -427 -8850
MLS 2264044 Address: 711 Bellvue Lane, Brooklyn Center, Minnesota 55430 -3593
Information Deemed Reliable But Not Guaranteed. Copyright Regional MLS of Minn., Inc.
All Rights Reserved.
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2 of 2 5/12/2005 8:21 AM
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City of Brooklyn Center
A Millennium Community
TO: 2005 Brooklyn Center Board of Appeal and Equalization
RE: Steven Cooper and Lisa McNaughton
6632 West River Road
PID 36- 119 -21 -13 -0004
r
Mr. Cooper contacted our office on April 11, 2005 regarding the 2005 valuation notice.
His concern was the valuation of his land, based on a court proceeding regarding an
eminent domain acquisition that took a permanent easement on their river frontage.
Mr. Cooper indicated that the city removed all trees, flowering shrubs, bushes, plant life,
deck, stairs and other items on or near the riverbank, and also dumped hundreds of tons
of rock on the riverbank. His contention is that the riverbank has been destroyed along
with his ability to use it, and his privacy.
In previous conversations with Mr. Cooper, the Assessor's office indicated that an
adjustment would be made regarding all properties included in this area, when
condemnation proceedings were completed. The 2005 valuation included an equitable
adjustment for seven properties involved in the river project.
As indicated at the meeting on May 2, 2005, the Local Board of Appeal and Equalization
addresses estimated market value only, and not the separation of land and building. Mr.
Cooper was informed that if he disagreed with the 2005 estimated market value that we
would need to set up an interior review to complete a new appraisal of the property. Mr.
Cooper contacted our office Wednesday, May 11 cn., and requested an appointment for
Monday, May 16` Mr. Cooper was notified May 12 th that an interior review after
Thursday would not allow time for documentation to be presented to the board in
advance. No documentation of an estimated market value by appraisal or market
analysis has been provided.
Following the Local Board of Appeal and Equalization meeting, the Assessor's office
contacted Corrine Thomson, from Kennedy Graven, Chartered, regarding the
perpetual and temporary easement total award described in the Final Certificate for
Court File No. CD -2717. This document was provided by Mr. Cooper at the first meeting
of the board. Mr. Cooper contended that the $97,000 award was representative of the
value of the land usage lost, and felt that his valued should be adjusted by this amount.
The court document provided by Mr. Cooper identifies the $97,000 as damages. Ms.
Thompson responded to the Assessor's concerns with a memo identifying key facts from
a letter brief that Mr. Cooper provided to the court commissioners and comments
regarding testimony during the case. As stated by Ms. Thomson, Mr. Cooper provided a
letter brief to the commissioners in which he suggested that the value of the temporary
easement was $20,000, loss of market value for deck and stairs, $20,000 and loss of
trees and privacy $15,000. Documentation Mr. Cooper provided (Exhibit A) indicates
that the temporary easement expired December 31, 2004. Ms. Thomson also indicated
that Mr. Cooper offered no appraisal evidence of a before or after value of his property.
However, Ms. Thomson indicated that a realtor testified on Mr. Cooper's behalf that he
would have listed the property in the mid to high $600,000 range before the taking and
$450,000 after. No one testified to land value vs. building value. Ms. Thomson
6301 Shin amag�5re�e a 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.cityolbrooklyncenter.org
including the value of the permanent easement, value of the temporary easement, and
damages to remainder due to the permanent easement.
The original adjustment to all river lots located within the river stabilization project was
based on the copies of appraisal reports provided to the Assessor's office. The city's
appraisal of Mr. Coopers easement, prior to the commissioners hearing estimated a total
damage of $17,200 of which $2,943 was attributed to the temporary easement and
$5,750 for replacing a dock. At the time of assessment, January 2, 2005, the temporary
easement had expired.
As Mr. Cooper's property has not had an interior review completed at the time of this
writing, Mr. Cooper's property characteristics for the structure are based on the last
review on April 12, 2004, which was a full review for an appeal.
The subject property is a two plus story home, of above average quality, with 3,050 sq.
ft. above grade, situated on approximately 1.27 acres, fronting the Mississippi River.
The property was constructed in 1940 but has had extensive remodeling and has an
effective age of 1985. The property has a partial basement of 1,092 sq. ft. with no
finishing. Property amenities include two fireplaces, deck, porch and a two car detached
garage.
A sales grid identifying properties that have sold on the river, located both above and
below the dam, in Brooklyn Center and surrounding communities is included for
informational purposes. These sales include properties that have large lots and
structure square footage similar to Mr. Cooper's property. The sales comparables
include properties with easements and negative influences. Comparable six is a sale
that occurred on a property that had an existing easement across the center of the lot
extending the entire width. The six comparable sales, as adjusted to the subject
property, indicate a value range from $409,900 to $569,000. Mr. Cooper's estimated
market value of $459,800 falls within the value indicated range, as does Mr. Coopers
realtors testimony of an after easement market value of $450,000. Mr. Coopers'
valuation growth of 3.3% is less than the average 4.26% for river properties.
As Mr. Cooper's interior review has not been completed as of today, May 12` it is staffs
recommendation to sustain the 2005 estimated market value of $459,800 for taxes
payable in 2006. Mr. Cooper's taxable market value will remain at $434,800.
Respectfully,
Nancy Wojcik, SAMA
City Assessor
Ffl X
Crra-33 ��3�RCl
FECD APR 1 5 2005
CITY OF BROOKLYN CENTER
LOCAL BOARD OF APPEAL AND EQUALIZATION
2005 Assessment
APPLICATION FOR APPEAL
March 25, 2005 through April 15,2005
You must return this armlicafion by April 15. 2005
to be placed on the Agenda for the
Local Board of Appeal and Equalization
May 2, 2005, 7:00 P.M.
Name(s) Stenhen Coo per and Lisa McNauehton
Daytime Contact Number: (612) 338 -3533
Property Address 6632 West River Road
Property Identification Number 36 119 21 13 0004
2005 Estimated Market Value %:r9, 'Yoo
2005 Limited Market Valued 9. 8`O
2005 Taxable Market Value S'�3y, 8'00
What is the reason for your 2005 assessment appeal?
The City, using eminent domain, took a permanent easement over our land.
The City then removed all trees, flowering bushes, shrubs, plant life, decks, stairs
and any other items on or near the river bank and dumped hundreds of tons of rock
on the bank.
This completely destroyed the sand beach that we previously enjoyed as
i
well as the natural landscape, which provided bird and animal habitat. This also
caused a significant loss of privacy. It also cut -off access to the-river. We are
now separated from the river by the wall of loose rock. The City also removed
several other mature trees from our property, which had provided privacy for our
yard from the street and neighbors.
The City claimed the damage done to our property was about $16,000.00.
We contested this. A hearing was held and the three court appointed
commissioners, who heard two days of testimony, concluded the damage was
approximately $90,000.00.
4
This conclusion was based on testimony from a realtor, two appraisers, city
officials, DNR representatives, landowners, various market comparisons, and
other data presented by both sides. The City did not appeal and thus, this
determination is binding on the City for all purposes.
Prior to this hearing, at the time of last year's property tax increase, we
contested the portion that had to do with the land. The City Appraiser's office
indicated in that the matter was already being contested and was set for a hearing,
we should both await the hearing outcome and that number would be used for the
taxes increase or decrease. We agreed to this. Our next door neighbor, who had
experienced similar harm, contested the City's figure with the County and
obtained a substantial reduction from the County Appraiser. When the hearing
panel subsequently concluded that the property had lost approximately $90,000.00
in value as a result of the City's action, I called the City Assessor. I was told it
was too late to change last year's tax, only an abatement could be used. I assumed
that the City, as agreed, would thus, reduce the taxable value of the land by
$90,000.00 on this year's tax.
They did not, but, instead used the same approximate value they had used
last year that had been rejected by the District Court Commissioners, who
determined the loss of value to the property was approximately $90,000.00, not
$17,000.00.
I called the City Appraiser's Office, assuming this was an oversight, but,
was told it was intentional. Despite losing at the hearing, I was told the City was
again using its discredited number as the basis for the loss in property value. I
was also told, "You didn't expect us to pay you that money and reduce your
taxes." I reminded them that was not only our agreement, but, the determination
of the loss in value of the land was binding on the City and based on ample
evidence.
I was told the City would do nothing, so I am filing this Appeal.
I also contest the dramatic increase in value to the structure. Other houses
that have actually sold on this section of West River Road have not experienced
the hypothesized dramatic market value the City claims. This number is not
supported by actual in market value.
When did you purchase your home?
Date of Purchase November of 1994 Purchase Price $135.500.00
Have you changed your property since the purchase? (maintenance, upgrades,
remodeling or structural damage) Please list a brief description below with an
estimated cost.
Several improvements of significance since initially vurchased. none in 2004.
Have you had a recent appraisal for refinancing, purr or a market analysis
b a real estate agent completed within the last
Y 8 p year? or No
If so, what was the determination of value?
In 2004 there was a fullv contested hearing. in which it was determined the land had lost
$90.000.00 in value due to the Citv's actions.
Please bring all documentation supporting your claim of overvaluation or
erroneous classification with you to the Local Board of Appeal and Equalization.
We will need to make an appointment to view your property with you.
RespectfulA submitted,
Stephen W. C oper
r
ra
j` of Brooklyn Center
A Millennium Community
April 19, 2004
Mr. Steven Cooper
6632 West River Rd
Brooklyn Center, MN 55430
RE: 2004 Valuation
Dear Mr. Cooper.
Thank you for your cooperation during my inspection of your property on April 12, 2004.
As mentioned in our phone conversatio
y
estimated market v n, I have determined a reduction in our 2004
alue from
8
$4 2 Z
00
to $444900.
remain at $380,200. An amended value notice has been included for your arket
dsue will
Brooklyn Center will wait to adjust your lot values until the condemnation proceedings
currently working their way through the court system are finalized. At that point, we will
review findings to arrive upon an equitable value for all the lots affected by the corps of
engineers project. It is typical in condemnation proceedings to appeal land valuation by
the abatement process after condemnation hearings are complete. Lot values for the
2004 assessment can be changed via abatement through December 31, 2005. We will
contact all parties involved as soon as we are able to proceed with the abatement
application process.
Should you wish to continue your appeal, your petition rights are still open with the Local
Board of Appeal and Equalization. Should you wish to make an appearance with the
board on Monday, May 3rd, please call our office to schedule yourself on the agenda as
soon as possible.
If you have any further questions regarding you property please contact our office a
7 63 569 -3310 for further assistance. t
Sincerely,
Jill Brenna C
MA
Appraiser Nancy jcik SAMA
City Assessor
6301 Shingle Creek Parkway
Brooklyn Center, MN 55430 -2199 Recreation and Community Center Phone TDD Number
City Hall TDD Number (763) 569 -3300 (763) 569 -3400
FAX (763) 569 -3494 FAX (763) 569 -3434
wwra cityo fbrooklyncenterorg
Case Type: Condemnation
STATE OF MINNESOTA IN DISTRICT COURT
COUNTY OF HENNEPIN FOURTH JUDICIAL DISTRICT
City of Brooklyn Center, a municipal Court File No. CD -2717
corporation under Minnesota Law,
Petitioner, FINAL CERTIFICATE
AS TO PARCEL 4
vs.
Brendan J. McCarthy and Tara L. McCarthy,
husband and wife; et al.,
Respondents.
This is to certify that:
I A petition was filed by the City of Brooklyn Center, a Minnesota municipal
corporation, with the Hennepin County District Court on May 5, 2003, which stated the necessity of
acquiring perpetual and temporary easements to certain lands as further described in the attached
Exhibit A in order to implement a riverbank stabilization project of the Mississippi River bank for
the purpose of protecting an existing sanitary sewer line. The riverbank stabilization project is
commonly known as the City Project No. 1999 -11 (the "Project
2. The Hennepin County District Court issued Findings of Fact, Conclusions of Law
and Order Transferring Title and Possession dated August 6, 2003 (the "Order Pursuant to the
Order and Minnesota Statutes, Section 117.042, the Petitioner acquired title to and possession of the
easements affecting Parcel 4 as of August 7, 2003.
3. An Award of Commissioners as to Parcel 4 was filed with the Hennepin County
District Court on August 4, 2004, as follows:
CAH- 254687v1
BR291 -231
1
t
TO:
Stephen W. Cooper, a single person Damages $97,000
Lisa K. McNaughton, a single verson
Appraisal fees 1,500
TO:
City of Brooklyn Center NONE
County of Hennepin
All other parties unknown, together with
unknown heirs or devisees and spouses, if
any, of the above -named respondents
TOTAL AWARD $98,500
4. The appeal period has expired and no appeals have been taken.
5. Petitioner has paid the damage award made by the commissioners and has settled
and compromised the appraisal fee award. The amounts so paid represent the full amount due
and owing as damages or otherwise to be paid to any interested parties as a result of the taking
herein as to Parcel 4.
6. The real estate interest acquired by the Petitioner through this proceeding is a
perpetual easement and temporary easement as to Parcel 4 as described in the attached Exhibit A.
The perpetual easement includes the right of the petitioner, its contractors, agents, and employees to
clear, cut, fell, remove and dispose of any and all timber, trees, underbrush, buildings,
improvements and/or other obstructions there from; to excavate, dredge, cut away, and remove any
or all of said land and to place thereon dredge or spoil material; and for such other purposes as may
be required in connection with said work of improvement; reserving however, to the owners, their
heirs and assigns, all such rights and privileges as may be used without interfering with or abridging
the rights and easement hereby acquired; subject, however, to existing easements for public roads
and highways, public utilities, railroads and pipelines. The temporary construction easement
includes the right of the petitioner, its contractors, agents, and employees to move, store and remove
equipment and supplies, and erect and remove temporary structures on the land and to perform any
CAH- 254687v1
BP291 -231
2
other work necessary and incident to the construction of City Project No. 1999 -11, together with the
right to trim, cut, fell and remove there from all trees, underbrush, obstructions, and any other
vegetation, structures, or obstacles within the limits of the right -of -way; reserving, however, to the
landowners their heirs and assigns, ll such rights and privileges as may be used without interfering
�s P g Y g
with or abridging the rights and easement hereby acquired; subject, however, to existing easements
for public roads and highways, public utilities, railroads and pipelines incident to the construction of
City Project No. 1999 -11.
No state deed tax is due the State of Minnesota on this instrument.
Dated: October C2,1' 2004. KENNEDY GRAVEN, CHARTERED
By: 44
Corrine H. Thomson (149743)
200 South Sixth Street, Suite 470
Minneapolis, MN 55402
(612) 337 -9300
ATTORNEYS FOR PETITIONER
STATE OF MINNESOTA
ss.
COUNTY OF HENNEPIN
The foregoing instrument was acknowledged before me this 4j�day of October, 2004, by
Corrine H. Thomson, attorney for the petitioner the City of Brooklyn Center, a Minnesota municipal
corporation.
Notary Public
This instrument drafted by:
KENNEDY GRAVEN, CHARTERED
200 South Sixth Street, Suite 470 i a JEAN M. SHORT
Minneapolis, MN 55402 NOTARY PUBLIC MINNESOTA
(612) 337 -9300 My Commission Expires Jan. 31, 20053
CAH- 254687v1
BR291 -231
3
ORDER
The foregoing Final Certificate is hereby approved, and the court administrator is hereby
directed to enter judgment as to Parcel 4 and the parties respondent identified in the attached
Exhibit A.
BY THE COURT:
Dated: October 2004.
LaJune T. Lange
Judge of District Court
CAH- 254687A
BR291 -231
4
EXHMIT A
Parcel 4 (P.I.D. No. 36- 119 -21 -13 -0004) (Abstract)
Property Address: 6632 West River Road, Brooklyn Center, Minnesota.
Description of Subiect Property:
Lot 13, AUDITOR'S SUBDIVISION NO. 310, Hennepin County, Minnesota,
according to the recorded plat thereof.
Easements to be acquired:
A permanent easement for channel purposes over, under and across that part of the
Property which lies easterly of a line 10.00 feet easterly of and parallel with a line
that connects a point on the south line of said Lot 13, a distance of 475.00 feet east
of the southwest corner thereof, to a point on the north line of said Lot 13, a distance
of 459.00 feet east of the northwest corner thereof.
A temporary easement for construction purposes over, under and across that part of
the Property, being a 20.00 foot wide strip of land, the easterly line of which is
described as being a line 10.00 feet westerly of and parallel with a line that connects
a point on the south line of said Lot 13, a distance of 475.00 feet east of the
southwest corner thereof, to a point on the north line of said Lot 13, a distance of
459.00 feet east of the northwest corner thereof.
Together with:
A temporary easement for construction purposes over, under and across that part of
said Lot 13, being a 30.00 foot wide strip of land, which lies westerly of the westerly
line of the aforementioned strip and which the northwesterly and northerly line and
its easterly extension is described as commencing at the southwest corner of said Lot
13; thence easterly, along the south line of said Lot 13, a distance of 305.00 feet to
the point of beginning of the line to be described; thence northeasterly, deflecting to
the left, 57 degrees 30 minutes 00 seconds, a distance of 43.00 feet; thence easterly,
deflecting to the right, 50 degrees 30 minutes 00 seconds, a distance of 110.00 feet
and said line there terminating.
Except:
Those parts of the aforementioned strips being within that part of the southerly 10.00
feet of the easterly 162.00 feet of the westerly 475.00 feet of said Lot 13.
Said temporary easements expire on December 31, 2004.
CAB- 254687A
BR291 -231
A -1
Subject to easements of record. Also subject to rights of the public and of the State in and to that
part of the premises lying below the natural high water mark of the Mississippi River.
Names and Description of Interests to be Acquired
Name Nature of Interest
Stephen W. Cooper, a single person Fee Owner
Lisa K. McNaughton, a single person Fee Owner
City of Brooklyn Center Special assessments
County of Hennepin Real estate taxes
All other parties unknown, together with Any right, title or interest in the Subject Property
unknown heirs or devisees and spouses, if any, of
the above -named respondents
Notwithstanding the foregoing attempt to identify all interests held by a party named herein, it is
Petitioner's intention herein to encumber all interests owned by the named respondents in the above
described real estate.
CAH- 254687v1
BR291 -231
A -2
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Hennepin County Map Server Page 1 of 1
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Last update: 4[52005 at 9:00 AM
READ IMPORTANT DISCLAIMER INFORMATION BELOW
Property ID Ap �pr0x _Iaata Approximate
Property Per:imater Property Area
36- 119 -21 -13 -0004 1,151 55,465 sq.ft. =1.273
acres
Property Address
6632 WEST RIVER RD
BROOKLYN CENTER, MN
55430
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The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that
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Copyright 2004 Hennepin County
PROPERTY DATA SYSTEM
TAXPAYER INQUIRY CURR 319
PROPERTY ID NEXT
36- 119 -21 -13 -0004
Pt.Con: Mt.Adr:
HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: Back:
6632 1/_ WEST RIVER RD 55430+ Right: Left:
Ownerl: COOPER STEVEN W Owner3:
Owner2: MCNAUGHTON LISA K Owner4:
Zoning: R1 Prim /sec: Yr.blt: 1940 Area: 55444 Acres: .00
Sch.Dst: 11 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: 121 Depth: 460
Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own
2005: 190000 269800 459800 4348 H RL 100
2004: 207000 237900 444900 3802 H RL 100
2003: 120000 204400 324400 2983 H RL 100
Legal Description: LOT 13 BLOCK
AUDITOR'S SUBDIVISION NO. 310 HENNEPIN
COUNTY, MINN
SUBJECT TO ROAD
TVDe PID or ADDRESS: oress ENTER: or F1. F2� F8
PROPERTY DATA SYSTEM
LIMITED MARKET VALUE UPDATE CURB 118
NEXT
'PID 36- 119 -21 -13 -0004 ASSESSMENT YEAR 2005 SUB -REC 01
HOUSE# 6632 F/A 1/_ STREET WEST RIVER RD UNIT
CALCULATE LMV (Y /N) PROPERTY TYPE RL HMSTD CODE H
PART CONST GR /OS /EX REL HMSTD IND
CONTIG IND
MARKET LAND VALUE 190000
MARKET BUILDING VALUE 269800
MACHINERY VALUE
TOTAL MARKET VALUE 459800
IMPROVEMENT AMOUNT
LIMITED MARKET VALUE 459800
QUALIFYING IMPROVEMENT AMOUNT 25000
MARKET VALUE SUBJECT TO TAXATION 434800
TAXABLE MARKET VALUE TAX CAPACITY 4348
Make chanoes: Dress ENTER: or F1. F2. F4. F5. F8
PROPERTY DATA SYSTEM
RESIDENTIAL CHARACTERISTICS PART1 04/25/05 CURR 209
PROPERTY ID Address NEXT
36- 119 -21 -13 -0004 6632 1/ WEST RIVER RD
ZONING R1 MODEL: DWELLING TYPE SF
AREA RATING 1 SITE RATING 1 ADJ PROP INFL 2 VIEW 3
ARCH /APPEAL 4 QUALITY A04 SHAPE 4 STYLE 7
DORMER LENGTH 8 DORMER QUAL 1 CONSTRUCTION 1 MAIN EXT WALL 8
TRIM EXT WALL ROOF TYPE 1 ROOF COVER 1 WINDOW TYPE1 2
WINDOW TYPE2 PATIO DOORS 6 WALKOUT AIR COND 1
DECK AREA 392 DECK QUAL 2 PATIO AREA PATIO QUAL
GLAZED AREA GLAZED QUAL SCREEN AREA SCREEN QUAL
OPEN AREA OPEN QUAL
GAR1 AREA 576 GAR1 EXT WALL 8 GAR1 CARS 2 GAR1 COND 1
GAR1 PLACEMENT 2 GAR2 AREA GAR2 EXT WALL GAR2 CARS
GAR2 COND GAR2 PLACEMNT POOL AREA POOL QUAL
BSMT AREA 1092 BSMT TYPE BSMT FINISH% 000 BSMT QUAL
BSMT BATH SPA BSMT BATH DLX BSMT BATH FULL BSMT BATH 3/4
BSMT BATH 1/2 BSMT BATH QL BSMT FPLC NBR 0 BSMT FPLC QUAL
NO BSMT FPLC 1 ELECT SVC 1 HEATING 21 BSMT TOT RMS
BSMT BEDROOMS BSMT FAM ROOMS BSMT KITCHENS BSMT 0TH RMS
Make chanaes: press ENTER: or anv valid function kev
PROPERTY DATA SYSTEM
RESIDENTIAL CHARACTERISTICS PART2 04/25/05 CURR 209
PROPERTY ID NEXT
36- 119 -21 -13 -0004 MANUAL CONDITION 2
1st KIT QUAL 2 1st INTERIOR 2 1st TRIM 1 1st FLOOR 1
1st BATH SPA 1st BATH DLX 1st BATH FULL 1st BATH 3/4
1st BATH 1/2 1 1st BATH QUAL 3 1st FPLC NBR 3 1st FPLC QUAL 2
NO 1st FPLC 1ST TOT ROOMS 4 1st BEDROOMS 1st FAM ROOMS 1
1st LIV RMS 1 ist DINE ROOMS 1 1st KITCHENS 1 1st 0TH ROOMS
2nd INTERIOR 2° 2nd'TRIM 1 2nd FLOOR 1 2nd BATH SPA 1
2nd BATH DLX 2nd BATH FULL 1 2nd BATH 374 2nd BATH 1/2
2nd BATH QUAL 2 2nd FPLC NBR 0 2nd FPLC QUAL NO 2nd FPLC 1
2nd TOT ROOMS 4 2nd BEDROOMS 3 2nd 0TH ROOMS 1 INT. LAYOUT 1
ACT YR BLT 1940 EFF YR BLT 1985 FUNCTIONAL ECONOMIC
TOT BEDROOMS 03 TOT FAM ROOMS 1 TOT LIV ROOMS 1 TOT DIN ROOMS 1
TOT KITCHENS 1 TOT 0TH ROOMS 1 TOT BATHROOMS 3 TOTAL ROOMS 8
1st FL UNF AREA 2nd FL UNF AREA TOTAL UNF GBA
DIM1 26.Ox 30.0= 780.0 DIM2 12.Ox 26.0= 312.0 DIMS 18.Ox 18.0= 324.0
DIM4 3.Ox 10.0= 30.0 DIM5 17.Ox 34.0= 578.0 DIME x
DIM7 x
1st FL AREA 2024 2nd FL AREA 1026 TOTAL GBA 3050 PART /COMP
INT. INSP 2 FLAT CHARGE ADD: 500 SUBTRACT:
Make chanaes: press ENTER: or anv valid function kev
PROPERTY DATA SYSTEM
RESIDENTIAL CHARACTERISTICS PART3 04/25/05 CURR 209
NEXT
PROPERTY ID
36- 119 -21 -13 -0004
N 0 T E S
Line 1: 2 FRONT 4FT DORMERS
Line 2: EGRESS IN BSMT =F /NO FIN
Line 3: 1ST FLR FPLS 11GAS &1WOOD
Line 4: MBR W /LOFTf168SF1 &DLX BAT
Line 5: 03oerm /17x34 ADDN W /FLOOR
Line 6: HEAT /SEP AC /6PATIO DOORS
Line 7: GAS FPL. SLATE FLOOR
Line 8: CALL 1st floor area
Line 9: DECK 12X30 &4x8 unr flr
Line10: REROOF 2002
Make chanoes: oress ENTER: or anv valid function kev
PROPERTY'DATA SYSTEM
LAND CHARACTERISTICS UPDATE PART 1 CURR 210
PROPERTY ID NEXT
36- 119 -21 -13 -0004 6632 1/ WEST RIVER RD
Zoning: R1 Area Rating: 1 Site Rating: 1
Appraiser: 21 Appr Date: 04/15/2005 Interior Insp. N
Permit Date: 0095 Last Int. Insp. Date: 04/12/2004
Frontage: Left: Rear: Right:
Eff Width: 121 Eff Depth: 460 Sgft: 55444 Acres:
Irreg Shape: N On Lake: Lake Rating: Landscape
Paved Street: 1 Curbs: 1 Sidewalk: Sewer Avail: 1
Water Avail: 1 Gas: 1 Buried Elec: Alley:
On River: River Rating: Wooded: Influences: 01
NON- RESIDENTIAL
Allow Units: Trackage: Soil Correct:
Tvoe PID: press ENTER: or anv valid function kev
Y.
RESIDENTIAL SALES COMPARABLE ADJUSTMEN'
APPRAISAL OF 6632 WEST RIVER RD
Brooklyn Center
PID# 36- 119 -21 -13 -0004
7%ararth from IOW to 2006 mmWN
SUBJECT COMP. 61 COMP. #2 COMP. #3
NAME Sawn Cooper 6704 W RIVER RD 10818 MISSISSIPPI BLVD NW 6230 RIVERVIEW TERRACE
eoeMEaa 0032 West Rim Rd BROOKLYN CENTER BROOKLYN PARK FRIDLEY
Pro 04 t19 21 a 0004 36119 2112 0018 03119 21 21 0064 15 30 24 43 0016
MLLE PRICE $318,600 $460,000 $460,000
Ad)t,.Mmeat
sale Price $318,500 $460,000 $450,000
SALE DATE Aug-04 $7,400 Mar -06 Aug-04 $10,500 N
Sale Price $325,900
[Adjusted for Tina 5460,000 $460,600
LOCATION I SUPERIOR I SIMILAR I I SIMILAR I INFERIOR I St
SITE FRONTAGE 166.406 S.FJAD2121 FRONT 1 40.4-7 S.FJAPX 00 FKT i 1 40,760 e.FJAPX 123 FRT I I APx 20,264 S.FJAPx» Par I lAP1t IA S.F.
STYLE I Z+ STORY f RAMBLER I I RAMBLER I I RAMBLER I 1 2+
E (.A) Above Grad. 2,060 S.FJ 012 1,124 S.FJ 013 $77,000 1,640 S.F.1612 600,000 1.1711 SFJ 412 674,00 2.2M
cowu eR
Above Grads Bodw I 1 SPA.1 FULL a 11/2 BATH 1 1 FULL BATH I 618.000 1 2 FULL a 1 112 BATH I I 1 FILL a 1 112 BATH I $8.0001 2 FULL
r Built EFF Aae I Ismael; I 1956H 950 1 1 1940/1900 I I 1973H906 I I 10:
OUALITY/CONO I ABOVE AVERAGE I INFERIOR I 60.000 1 SIMILAR i I SIMILAR I 1 Sul
9 FIREPLACES 1 2 f 3 I (51.00011 2 I I 2 I 1
HEAT 1 AIR C. I GFAICAC I GFAICAC I I GFAINO CAC 1 6200 I GFAICAC I I GFA
BSAIrr I PARTIAL 1.092 S.F. I FULL 1.124 S.F. I I FULL WALKOUT 1640 S.F. I ($21-00011 FULL WALKOUT 1.176 S.F. 1 (217.000)1 PARTiA
IWRMSIBATHS 0 %1010 I 50% 11/ 112 BATH 1 ($10.00011 90%1611/ 3/4 BATH I 1$2 ;0001[ 75 %131 FULL BATH I ($16.0ooll 40%1'
GARAGE (ftars) I 2 CAR DET 1 2 CAR ATT I 1 1 CAR ATT a 3 CAR DET 1 (60.004)1 2 CAR ATT I 1 2Q
MEamES OEM PORCH R RNERUNK I PORCH I I DECK. PATIO I aa04ml DECK, SAUNA 1 ($6.00011 POR(
MODELING I REMODELED GENERAL UPDATES I I GENERAL UPDATES I I REMODELED I I FAML)
OTHER I BELOW DAM/EASEMENT 1 BELOW DAMIEASEMENT I f ABOVE DAM I I BELOW DAM I I ABC
Not Adjusbris d 1 564,000 I 53,600 I $41,00G
Indicated Valuei I $409,900 I $463,500 I $501,500 I
Valuation Reconciliation: Value Ranoe 5409.900 to 5569.000. Sustain E
COMMENTS: Subject property is located along the Mississippi River on a 1.27 acre lot with a permanent easement consisting of a strip of la
property One of the subject property containing 2,273 a.f. No permanent building structures can be constructed within the permanent sesame
with a sound wall across West River Road creating a buffer between the homes and Hwy 252. Subject property has had substantial remodelli
Value $459,800. 2005 Limited Market Value $459,800. 2005 Taxable Market Value $434,800
3:180ARD1 NkfCoep.r ors TO MAY Wm(06. UMN COOPER
COMPARABLE SALES PHOTOS
Comparable 1
6704 West River Rd Brooklyn Center
PlD# 36 119 21 12 0018
3
Land Characteristics
Land Area: 40,483 sq. ft.
River Frontage: Approximately 90 ft.
Permanent Frontage Easement
Sold: August, 2004
Sale Price: $318,500
Building Characteristics
Style: Rambler 1,124 sq. ft.
Main Level Room Count: 6 13 11 Full Bath
Below Grade Room Count: 1 Bath
Garage: 2 Car Attached
Fireplace: 3
Porches /Decks /Misc: Glazed Porch
Central Air Conditioning: CAC
COMPARABLE SALES PHOTOS
Comparable 2
10818 Mississippi Blvd NW Brooklyn Park
PID# 03 119 21 210054
rr
Land Characteristics
Land Area: 46,759 sq. ft.
River Frontage: Approximately 123 ft.
Sold: March, 2005
Sale Price: $460,000
Building Characteristics
Style: Rambler 1,540 sq. ft.
Main Level Room Count 512 2 Baths
Below Grade Room Count: Walkout 611 /1 Bath
Garage: 1 Car Attached 3 Car Detached
Fireplace: 2
Porches /Decks /Misc.: Deck and Patio
COMPARABLE SALES PHOTOS
Comparable 3
6230 Riverview Terrace Fridley
PID# 15 30 24 43 0016
r :S is y
Land Characteristics
Land Area: Approximately 20,254 sq. ft.
River Frontage: Approximately 79 ft.
View of Island
Sold: August, 2004
Sale Price: $450,000
Building Characteristics
Style: Rambler 1,176 sq. ft.
Main Level Room Count: 4 2 1 Full 1 Bath
Below Grade Room Count: Walkout 3 2 1 Full Bath
Garage: 2 Car Attached
Fireplace: 2
Porches /Decks /Misc.: Deck and Sauna
COMPARABLE SALES PHOTOS
Comparable 4
450 Rice St Anoka
PID# 12 31 25 12 0047
Land Characteristics
Land Area: Approximately 44,741 sq. ft.
River Frontage: Approximately 105 ft.
Sold: November 2004
Sale Price: $550,000
Building Characteristics
Style: 2+ Story 2,385 sq. ft.
Above Grade Room Count 9 3 2 Full 1 Bath
Below Grade Room Count: 1 0 0 Bath
Garage: 2 Car Attached
Fireplace: 3
Porches /Decks /Misc.: Porch and Patio
Current improvements is n
p of reflected in sale pace.
Refer to attached listing at time of sale.
Property Full Display, Single Family Residential, MLS 2334126
F 450 Rice Street,. Anoka, Minnesota 55303 -2128
Status: Sold List Price:$579,900 Sold Price: $550,000 Original List Price $579,900
Park 3t
Anoka
cf Fremont
Benton
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More .otos are _available for_thi "gip rty. Map Page: 49 Map Coord: C4
Directions:
GEOVISTA Naighjj9rhood Tour Ferry st (169) to Benton St W to Green
t% (Click icon to add to Watched Listings) Ave S one bik to Rice left to home
Total Bed /Bath: 3/ 3 Garage: 2 Year Built: 1933
TAX INFORMATION
MLS Area: 769 Anoka Property ID: 13125120047
Style: (SF) More Than Two Stories Tax Year: 2004
Const Status: Previously Owned Tax Amt: $3,889
Foundation Size: 1,120 Assess Bal: $3,400
AbvGrdFinSgFt: 2,385 Tax w /assess: $3,889
BelGrdFinSgFt: 425 Assess Pend: Yes
Total Fin SgFt: 2,810 Homestead: Yes
Acres: 1.000
Lot Size: 100 x 455 x 105 x 418
List Date: 10/01/2004 Received By MLS: 10/01/2004 Days On Market: 20
Off Market Date: 10/20/2004 Selling Agent: -Martiin E Campio►�
Date Closed: 11/30/2004 Selling Office: Martin E Campion
General Property Information
Legal Description: LOT 3 AUD SUB 44 SUBJECT TO 15' SEWER AND WATER EASEMENT OVER N 255'
County: Anoka
School District: It Anoka /Hennepin, 763- 506 -1000
Complex /Dev /Sub: Common Wall: No
Restrictions /Covts:
Lot Description: City Bus (w /in 6 biks), Irregular Lot, Tree Coverage Heavy
Association Fee: Assoc Fee Frequency: N/A
Assoc Fee Includes: N/A
Road Frontage: City, Curbs, Paved Streets
Zoning: Residential Single Accessibility: None
Lake /Waterfront: River Front Lake/WF Name: Mississippi
Remarks
Agent Remarks: A rare opportunity! Home has had 2 owners in 71 yrs. Charm character are captured in
its original design then enhanced with 1st floor faro room addition that offers 'old
world' architecture panoramic views of the Miss nestled on a premier river lot.
Public Remarks: A rare opportunity! Home has had 2 owners in 71 yrs. Charm character are captured
in its original design then enhanced with 1st floor fam room addition that offers 'old
world' architecture panoramic views of the Miss nestled on a premier river lot.
Structure Information
Room Level D"emen Other Rooms Level Dimen Heat: Forced Air
Living Rm Main 17x25 Office Main 10x12 Fuel: Natural Gas
Dining Rm Main 14x15 Informal Dining Rm Main 8x10 Air Cond: Wall
Family Rm Main 15x25 Porch Main 12x14 Water: City Water Connected
Kitchen Main 11x14 Amusement Room Lower 17x25 Sewer: City Sewer Connected
Bedroom 1 Upper 13x20 Garage: 2
Bedroom 2 Upper 13x13 Bathrooms Oth Prkg:
Bedroom 3 Upper 11x13 Total: 3 3/4: 1 1/4: 0 Pool:
Bedroom 4 Full: 2 1/2: 0
Bath Description: 3/4 Master, Main Floor Full Bath, Upper Level Bath
Dining Room Desc: Eat In Kitchen, Separate /Formal Dining Room
Family Room Char: Main Level
Fireplaces: 3 Fireplace Characteristics: Family Room, Gas Burning, Living Room, Master
Bedroom
Appliances:
Basement: Finished (Livable), Partial
Exterior: Brick /Stone, Stucco, Wood
Fencing: None
Roof: Age Over 8 Years, Slate
Amenities -Unit: Hardwood Floors, Natural Woodwork, Patio, Security System, Tiled Floors,
Washer /Dryer Hookup
Parking Char: Attached Garage, Garage Door Opener
Financial
Cooperating Broker Compensation
Buyer Broker Comp: 2.7% Sub -Agent Comp: 0% Facilitator Comp: 2.7%
Variable Rate: N List Type: Exclusive Right To Sell
Sale Mortgage Information
Sale Financial Terms: Conventional
Sale Loan Amount: $440,000
Seller Contribution:
Financial Remarks:
Sellers Terms: Cash, Conventional, DVA, FHA
Existing Financing: Free and Clear
Agent is Owner No
Contact Information
Listing Agent: S Your=ui�53- 792_ 0-3—. Appointments: 763 792 -6483
Listing Office: Coldwell BaRke Burnet Office Phone: 763 -754 -5400
MLS 2334126 Address: 450 Rice Street, Anoka, Minnesota 55303 -2128
Information Deemed Reliable But Not Guaranteed. Copyright Regional MLS of Minn., Inc.
All Rights Reserved.
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Search Criteria: This search was narrowed to a specific set of listings.
Ordered by Status, Area, List Price
All information contained herein is for the exclusive use of authorized MLS subscribers;
Copyright (c) 2001 -2004 Regional Multiple Listing Service of Minnesota, Inc. All Rights Reserved.
u r For help or to submit suggestions, email matrixhelp @northstarmis.com or call 651 -251 -5456.
i Tarasoft MATRIX, build 1013.11, compiled March 25, 2005. Copyright 2005 Tarasoft Corporation.
COMPARABLE SALES PHOTOS
Comparable 5
7712 Mississippi Lane Brooklyn Park
PID# 24 119 21 44 0011
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Land Characteristics
Land Area: 54,204 sq. ft.
River Frontage: Approximately '150 ft.
Sold: October, 2003
Sale Price: 638,000
Building Characteristics
Style: 2 Story 4,648 sq. ft.
Above Grade Room Count: 10 513 Full Baths
Below Grade Room Count: Walkout 1 0 1 Bath
Garage: 3 Car Attached
Fireplace: 3
Porches /Decks /Misc.: Porch and Deck
COMPARABLE SALES PHOTOS
Comparable 6
11215 Dakotah St NW Coon Rapids
PID# 18 3124 11 0019
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Land Characteristics
Land Area: Approximately 73,790 sq. ft.
River Frontage: Approximately 115 ft.
Permanent Sewer Easement see attached map
Sold: January, 2005
Sale Price: $575,000
Building Characteristics
Style: 2 Story 2,800 sq. ft.
Above Grade Room Count: 9 3 2 and 1 f2 Bath
Below Grade Room Count: 211 /1 Bath
Garage: 2 Car Built In
Fireplace: 3
Porches /Decks /Misc.: Porch and Patio
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Wednesday, April 20, 2005
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Construction Cost Estimate
This is an estimate for a single family residence built under
competitive conditions in or near Minneapolis, Minnesota in
April 2005. This estimate includes a foundation as required for normal
soil conditions, excavation for foundation and piers on a prepared
building pad, floor, wall, interior and exterior finishes, roof cover,
interior partitions, doors, windows, trim, electric wiring and fixtures,
rough and finish plumbing, built -in appliances, supervision, design
fees, permits, utility hook -ups, the contractor's markup, overhead
and profit. Highly decorative, starkly original or exceptionally
well- appointed residences will cost more. Add the cost of the land,
government- mandated site development fees and the cost of
bringing utility lines to the site.
Number Of Corners 10
Total living area 2882
Foundation quality class 2
Exterior walls quality class (wood or light metal) 2
Exterior finish quality class 2
Windows doors quality class 2
Roofing, soffit, fascia quality class 2
Interior finish quality class 1
Flooring quality class 2
Bathroom quality class 1
Kitchen quality class 1
Plumbing quality class 2
Living area above the second floor 168
Balcony area, wood frame 392
Unfinished basement area 1092
Detached garage, area 576
Forced air central ducated heating and cooling True
2 story prefab metal fireplace, brick face 1
2 story 6 base masonry fireplace, decorative 1
Single room wall furnace 1
Typical Cost Breakdown
Item Material Labor Equipment Total
Excavation 0 2,636 676 3,312
Foundation, Piers, Flatwork 5,614 8,932 1,376 15,922
Rough Hardware 548 873 135 1,556
Rough Carpentry 18,152 27,107 0 45,259
Insulation 3,399 2,351 0 5,750
Exterior Finish 9,664 5,838 711 16,213
Exterior Trim 655 1,042 161 1,858
Doors 1,659 1,408 0 3,067
F Windows 2,857 1,965 0 4,822
Finish Hardware 276 235 0 511
Garage Door 783 323 0 1,106
Roofing, Flashing, Fascia 7,590 6,440 0 14,030
Finish Carpentry 1,174 5,980 0 7,154
Interior Wall Finish 5,633 8,800 0 14,433
Painting 3,366 .7,949 0 11,315
Wiring 3,417 6,526 0 9,943
Lighting Fixtures 2,562 815 0 3,377
Flooring 2,161 3,101 0 5,262
Carpeting 4,299 1,551 0 5,850
Bath Accessories 1,241 773 0 2,014
Shower Tub Enclosure 792 672 0 1,464
Countertops 2,395 2,031 0 4,426
Cabinets 7,876 2,505 0 10,381
Built In Appliances 3,832 541 0 4,373
Plumbing Rough -in and Connection 3,087 7,583 445 11,115
Plumbing Fixtures 6,270 2,009 0 8,279
Heating and Cooling Systems 5,546 8,319 0 13,865
Unit Heating and Cooling 303 454 0 757
Fireplace and Chimney 2,342 3,514 0 5,856
Subtotal Direct Job Costs 107,493 122,273 3,504 233,270
Final Cleanup 0 975 0 975
Insurance 6,828 0 0 6,828
Permits Utilities 4,145 0 0 4,145
Plans Specs 975 0 0 975
Subtotal Indirect Job Costs 11,948 975 0 12,923
Contractor Markup 30,481 0 0 30,481
Total Cost 149,922 123,248 3,504 276,674
Brooklyn Peace Center
5637 Brooklyn Boulevard
PID 02- 118 -21 -42 -0028
Zoning: Cl
Land Area: 46,613 Sq. Ft.
Year Built: 1980
GBA: 14,973 Sq. Ft.
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East Side of Building
Inspection 05/06/2005 Nancy Wojcik
City of Brooklyn Center
A Millennium Community
TO: 2005 Brooklyn Center Board of Appeal and Equalization
RE: Mark Klinker
Brooklyn Peace Center
5637 Brooklyn Boulevard
PID 02- 118 -21-42 -0028
Per the direction of the board, Mr. Klinkner contacted the Assessor's office regarding the
physical review of the Brooklyn Peace Center. Mr. Klinkner set up an appointment for a
review on May 6, 2005.
At the time of inspection Mr. Klinkner provided the Assessor's office with a list
documenting the items requiring repair and /or replacement. The inspection was
completed on Mr. Klinkner's property on May 6, 2005. The appraisal of the office
building indicated a first floor area of 4,973 sq. ft. and a total gross building area of
14,973. The structure is a three story building with rear level walkout, concrete block
construction with brick and wood exterior finish. The structure has a flat roof with pitch
and gravel finish. Property includes typical plumbing, heating and electrical service.
Property is considered in average condition with some signs of deferred maintenance.
Areas in need of general maintenance include ceramic tile entry, carpeting, wall
coverings and counter in shared office area. The exterior of the building has an egress
area supported by wood timbers that have deteriorated and show signs of dry rot. The
cedar exterior of the building has begun to warp and separate from the building. The
effective age of the structure remains at 1980, as there have been no improvements to
the structure since construction.
After review of the physical characteristics of the Brooklyn Peace Center, the property
would be considered inferior to the three comparable sales that are representative of
office properties of that size.
In reviewing Mr. Klinkner's income and expense data a reconstructed income approach
was completed. Mr. Klinkner was informed that mass appraisal of income producing
properties does not include depreciation, debt service, income taxes, personal expenses
and property taxes as an operating expense. The income approach to valuation is the
analysis of typical expenses, therefore, actual expenses are used, with some items not
considered applicable. This is typical appraisal practice statewide. For this reason, Mr.
Klinkners expense ratio and the expense ratio used in the income approach by the
Assessor's office will not be identical.
As the office property is a multi- tenant building, more weight has been placed on the
income approach to valuation. The information enclosed indicates a 2005 estimated
market value of $689,000, 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. cityo fbrooklyncenter. org
It is staffs recommendation that the 2005 estimated market value for taxes payable in
2006 be reduced from $822,100 to $689,000.
Respectfully,
Nancy Wojci SAMA
City Assessor
CITY OF BROOKLYN CENTER
LOCAL BOARD OF APPEAL AND EQUALIZATION
2005 Assessment
Wa
APPLICATION FOR APPEAL
to be placed on the Agenda for the
Local Board of Appeal and Equalization
qy� M ay 2, 2005, 7:00 P.M.
Name(s) 0 t a4-q
Daytime Contact Number. 76 3 0 O
Property Address
Property Identification Number 3 i Z o o ;k?
2005 Estimated Market Value C. o x�� Ion
2005 Limited Market Value 7 e 7 1
2005 Taxable Market Value r a a o c)
What is the reason for your 2005 assessment appeal?
U A 5L F 7 r Soo D "o�
When did you purchase your home?
Date of Purchase Ci G Purchase Price ��S-
o
Have you changed your property since the purchase? (maintenance, upgrades,
remodeling or structural a dams Please list a brief description below with 9) p 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?
Please provide any documentation supporting your claim of overvaluation or
erroneous classification.
In order to appeal your valuation an appointment to view the property will be
required.
Marc
PROPERTY DATA SYSTEM
TAXPAYER INQUIRY CURB 319
PROPERTY ID NEXT
03- 118 -21 -42 -0028
Pt.Con: Mt.Adr:
HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 166 Back:
5637 1/_ BROOKLYN BLVD 55429+ Right: Left:
Ownerl: KLINKNER MARK D Owner3:
Owner2: Owner4:
Zoning: C1 Prim /sec: Yr.blt: 1980 Area: 46613 Acres: 1.07
Sch.Dst: 281 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: 262
Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own
2005: 280000 542100 822100 15692 C 0
2004: 256500 417300 673800 12726 C 0
2003: 245000 520800 765800 14566 C 0
Legal Description: LOT 1 BLOCK 1
LAWYERS ADDITION
Tvge PID or ADDRESS: press ENTER: or F1. F2. F8
PROPERTY DATA SYSTEM
*PUBLIC DISPLAY COMMERCIAL CHARACTERISTICS PART 1 CURR 311
PROPERTY ID BLDG NEXT
03- 118 -21 -42 -0028 A
ADDRESS: 5637 1/ BROOKLYN BLVD
PROP NAME Brooklyn Peace Center DIST 14 NBRHOOD 0011
FRONTAGE 166 DEPTH 262 AREA 46613 IRREG SHAPE YES
ZONING C1 AREA RATING GOOD SITE RATING GOOD ALL.UNITS
TRACKAGE NO SEWER YES WATER YES STREET YES
EXCESS LAND NO SOIL CORRECT NO CONSTR QUAL GOOD
USE CODE1 344 C USE PCT1 100 USE CODE2 USE PCT2
USE CODE3 USE PCT3 USE CODE4 USE PCT4
ARCH APPEAL AVER FUNC DEPR PC ECON DEPR PCT P DEPR PCT
CONST YEAR 1980 EFFECT YEAR 1980 CONDITION AVG CONST. CONC BLK
EXT. WALLS BRICK ROOF STR. STEEL ROOF COVER PIT &GRVL
HEAT1 TYPE PKG U HEAT1 PCT 100 HEAT2 TYPE HEAT2 PCT
HEATS TYPE HEAT3 PCT FF AREA 4973 GB AREA 14973
NR AREA MEZZ AREA PERIM AREA 331 TF AREA 009946
AIR1 TYPE PKG AIR2 TYPE AIR3 TYPE AIR PCT 100
BSM PCT 100 BSM USE 121
PLUMBING AVG ELECTRICAL AVG AVG /STORY 10.0 STORIES 2.0
CLEAR HGHT 9.0 ELEVATOR NONE SECURITY SYSTEM
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i Owner I Assess/Sales I Property I Zoning 1 Land Use Permits
Parcel ID 0311821420028
Address 5637 1 BROOKLYN BLVD
Owner 1 KLINKNER MARK D
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City of Brooklyn C... ►�(�J;1��1�1�('i 11:39 AM
INCOME WORKSHEET 2005 PAY 2006
PID 03- 118 -21-42 -0028
PROJECT NAME Brooklyn Peace Center
ADDRESS 5637 Brooklyn Blvd Reconstructed Income based on Actuals
ZONING C1
OWNER Mark Klinker 612- 531 -9269
Sale 12/1998 $625,000.
PROPERTY TYPE Office GROSS LEASES
C
YEAR BUILT 1980 INCOME ANALYSIS
GROSS BUILDING AREA 14,973 OFFICE INCOME $172,550
NET RENTABLE AREA 11,900
MISC. INCOME $650
OFFICE AREA 11,900 PGI $173,200
0
LESS: VACANCY $43,138
OFFICE RENTAL RATE $14.50 Note: no vacancy allowance to misc. income.
EGI (before concessions) $130,063
Miscellaneous income $0.00
LESS: RENT CONCESSIONS $0
VACANCY ALLOWANCE 25.00 FREE RENT $0
SQUARE FEET VACANT 2,975
SQUARE FEET OCC. 8,925 EGI $130,063
OF EGI
RENT CONCESSIONS 0.00% LESS: EXPENSES $45,815 35.23%
FREE RENT 0.00% LEASING $5,950 4.57%
TURNOVER RATE 40.00% TENANT IMPROVEMENTS $8,568 6.59%
TENANTS REMAINING 60.00% RESERVES $2,601 2.00%
AV. LEASING PERIOD 3 MANAGEMENT $6,503 5.00%
TOTAL EXPENSES 69,437 53.39%
EXPENSES /SQ.FT. $3.85 NOI $60,625
MANAGEMENT 5.00%
TENANT IMP. COST NEW $12.00 11CAPITALIZED VALUE $689,000
RENEWAL $8.00
EXPENDABLE VAL. OF TI 30.00% PER SQ.FT. GBA $46.02
PER SQ.FT. NRA $57.90
RES. FOR REPLACEMENT 2.00%
EXPENSE RATIO 53.39%
LEASE COMMISSIONS -NE" $2.75 SQ FT LAND AREA 46,613
RENEWAL $1.50 SQ FT EFFECTIVE TAX RATE 2.8000%
2004 EMV 673,800 45.00
CAP RATE 6.00% PERCENTAGE CHANGE 2.26% 56.62
TAX RATE 2.80% land value 280,000 6.01
OVERALL RATE 8.80% building value 409,000 34.37
G: ISPREDSH7L4ssessor12o05ciaVOFFSMALL .XLSJBrooklyn Peace Revised LAND TO BUILDING RATIO 3.11 1
05/06/2005
PROPERTY USE: Office Building MUNICIPALITY: BROOKLYN CENTER CODE 344 C RC 00
PROJECT NAME: COUNTY: HENNEPIN GBA 12008 WD
ADDRESS: 5930 Shingle Creek Parkway PIN 02- 118 -21 -21 -0002 Seq 1 RATIO Y COMP Y
AUDITOR ID: 867371 MULTIPLE PID: N COMMUNITY: NBRHOOD:
O 0 A
PROPERTY DESCRIPTION MARKET DATA
Year Built/ Effective Year Built: 1970 1990 Buyer. 5930 Shingle Creek Parkway MN, L.L.C.
Const Quality/ Condition: AVERAGE GOOD Seger: State Farm Mutual Automotive Insurance
Const Class/ No. of Bldgs: Masonry Bearing wan 1 Sale Data: Date of Sale: 7/23/04
Exterior Type Roof Type: Brick Flat Total Purchase Price: $850,000
2nd Exterior Type Roof Cvr. Buift-Up Membrane Terms
S Set 1 Assume Ind: DN PMT $850,000
I First Floor Area /GBA: 12,008 SF 12,008 SF
Z Total Floor Area: 12,008 SF
E PMT- INT- PMTS
E Bldg Perim. Shape No. Rms: 516 Ft L Shape BALLOON DATE
U Mezzanine Area Use: SF Set 2 Assume Ind:
S
E Bsmt Area %Fin W SF 0% 0% GBA PMT- INT- PMTS
S Bsmt Use: BALLOON DATE
Bsmt Fin W SF 0% GBA
First Floor Use: 344
First Floor SF 12,008 SF 100% GBA Cash Equivalent Price: 6.48% $850,000
2nd+ Floor Use: Cash Equivalent Adj:
2nd+ Floor SF SF 0% GBA LESS: Personal Property: $0
Tot Off Area: 9,990 SF 83% GBA PLUS: Special Assessments: Ind: Y $0
Cash Equivalent of Real Estate: $850,000
Primary Heating Pct: Forced Air 90 Sale Price Per Sq. Ft. TFA: $70.79
Secondary Heating/ Pct: Space Heaters 10 Sale
Analysis: Safe Price Per Sq. Ft. GBA: $70.79
Air Conditioning Pct: 90
Sprinklers /Elevators: 100 Safe Price Per Sq. Ft. Nf2A:
Safe Price Per Sq. Ft. Land Area: $10.62
Garage Ramp Spaces: 3
Surface Parking Space: 83 Sale Price Per Room:
Parking Surface Type: Asphalt
Multiple Tenancy: N Income
Data: PRIVATE DATA
Bldg Ht /Avg Clear Ht: 12.0 FT 9.0 FT
Stories: 1.0
Avg. Finished Ceiling Ht: 9.0 FT
Total Land Area Topography: 80,067 SF level
Useable Land Area: 80,067
Zoning Land Def Cd: c2 F
Trackage Utilities: N all
Land BlgRatio Excess Land: 6.67 to One N Rent
Schedule: PRIVATE DATA
Environmental Concern Ind: N
Other Amenities:
Summary Comments:
Property was actively marketed through CRESA Partners. Property is currently vacant. Had been a State Farm Insurance claims office with office and garage area.
Assumed to be become a local Jani -King Franchise office. No response from buyer or agent, main Jani -King offices in TX unaware of purchase.
Page 2
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PIN #:02- 118 -21 -21 -0002
Seq 1
MD C
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PROPERTY USE: Office Building MUNICIPALITY: CRYSTAL CODE 344 C RC 00
PROJECT NAME: COUNTY: HENNEPIN GBA 15748 WD
ADDRESS: 7000 North 57th Avenue PIN 05- 118 -21-42 -0063 Seq 2 RATIO Y COMP Y
AUDITOR ID: 878552 MULTIPLE PID: N COMMUNITY: NBRHOOD:
PROPERTY DESCRIPTION MARKET DATA
Year Built/ Effective Year Built: 1976 1980 Buyer. Don McCarville Dana McCarville
Const Quality/ Condition: AVERAGE AVERAGE Seller: Barry Krelitz
Const Class/ No. of Bldgs: Masonry Bearing wan 1 Sale Data: Date of Sale: 1017/04
Exterior Type Roof Type: Brick Flat Total Purchase Price: $1,028,000
2nd Exterior Type Roof Cvr. Tar and Gravel Terms
S First Floor Area /GBA: 15,748 SF 15,748 SF Set 1 Assume Ind: DN PMT -$0
1
Z Total Floor Area: 15,748 SF PMT- INT- PMTS
E
E Bldg Perim. Shape No. Rms: Ft Rectangle BALLOON DATE
U Mezzanine Area Use: SF Set 2 Assume Ind:
S Bsmt Area %Fin W SF 0% 0% GBA
E PMT- INT- PMTS
S Bsmt Use: BALLOON DATE
Bsmt Fin W SF 0% GBA
First Floor Use: office
First Floor SF 15,748 SF 100% GBA Cash Equivalent Price: 0% $1,028,000
2nd+ Floor Use: Cash Equivalent Adj:
2nd+ Floor SF SF 0% GBA LESS: Personal Property: $0
Tot Off Area: 13,484 SF 86% GBA PLUS: Special Assessments: Ind: Y $0
Cash Equivalent of Real Estate: $1,028,000
Primary Heating Pct: Package Unit 100 Sale Price Per Sq. Ft. TFA: $65.28
Secondary Heating/ Pct: Sad
Analysis: Sale Price Per Sq. Ft. GBA: $65.28
Air Conditioning Pd: 100 Sale Price Per Sq. Ft. NRA:
Sprinklers Elevators: 0
Sale Price Per Sq. Ft. Land Area: $17.25
Garage Ramp Spaces:
Surface Parking Space: 70
Sale Price Per Room:
Parking Surface Type: Asphalt
Multiple Tenancy: Y Income
Data: PRIVATE DATA
Bldg Ht /Avg Clear Ht: 12.0 FT 9.0 FT
Stories: 1.0
Avg. Finished Ceiling Ht: 9.0 FT
Total Land Area Topography: 59,584 SF Level
Useable Land Area: 59,584
Zoning Land Def Cd: C -2 F
Trackage Utilities: N All Public
Land BlgRatio Excess Land: 3.78 to One N Rent
Schedule: PRIVATE DATA
Environmental Concern Ind: N
Other Amenities:
Summary Comments:
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PROPERTY USE: Office Building MUNICIPALITY: ST. LOUIS PARK CODE 344 RC 00
PROJECT NAME: Beltline Bldg COUNTY: HENNEPIN GBA 17400 WD
ADDRESS: 4915 West 35th Street PIN 06- 028 -24 -31 -0014 Seq 1 RATIO Y COMP Y
AUDITOR ID: 858531 MULTIPLE PID: N COMMUNITY: NBRHOOD:
Lai WIA M
PROPERTY DESCRIPTION MARKET DATa
Year Built/ Effective Year Built: 1950 1980 Buyer. Sela Investments Ltd, L.L.P.
Const Quality/ Condition: AVERAGE AVERAGE
Seller. 4915 West 35th Street, L.L.C.
Const Class/ No. of Bldgs: RF concrete Frame 1 Sale Data: Date of Sale: 4130/04
Exterior Type Roof Type: Brick Flat Total Purchase Price: $1,205,000
2nd Exterior Type Roof Cvr Tar and Gravel Terms
S Set 1 Assume Ind: DN PMT $205,000
I First Floor Area !GBA: 8,700 SF 17,400 SF
Z Total Floor Area: 17,400 SF PMT- INT- PMTS
E BALLOON DATE
Bldg Perim. /Shape No. Rms: Ft
U Mezzanine Area Use: 0 SF Set 2 Assume Ind:
S
E Bsmt Area %Fin W 0 SF 0% 0% GBA PMT- INT- PMTS
S Bsmt Use: BALLOON DATE
Bsmt Fin W SF 0% GBA
First Floor Use:
First Floor SF W 8,700 SF 50% GBA Cash Equivalent Price: 5.77% $1,205,000
2nd+ Floor Use: Cash Equivalent Adj:
2nd+ Floor SF W 8,700 SF 50% GBA LESS: Personal Property: $0
Tot Off Area: 17,400 SF 100% GBA PLUS: Special Assessments: Ind: Y $0
Cash Equivalent of Real Estate: $1,205,000
Primary Heating Pct: Forced Air 100 Sale Price Per Sq. Ft. TFA: $69.25
Secondary Heating/ Pct: Sale
Analysis: Sale Price Per Sq. Ft. GBA: $69.25
Air Conditioning Pct: 100
Sprinklers! Elevators:
Sale Price Per Sq. Ft. NRA:
Garage Ramp Spaces: 0 0 Sale Price Per Sq. Ft. Land Area: $27.49
Surface Parking Space: 61 Sale Price Per Room:
Parking Surface Type: Asphalt
Multiple Tenancy: Y Income
Bldg Ht /Avg Clear Ht: 10.0 FT 8.0 FT Data: PRIVATE DATA
Stories: 2.0
Avg. Finished Ceiling Ht: 8.0 FT
Total Land Area Topography: 43,834 SF level
Useable Land Area: 43,834
Zoning Land Def Cd: IP F
Trackage Utilities: N all
Land BlgRatio Excess Land: 2.52 to One N Rent
Environmental Concern Ind: Schedule: PRIVATE DATA
Other Amenities:
Summary Comments:
Buyer, P.Sela owns a building at 4100 Excelsior Blvd., he needed more office space and this building "was the only one available Financed by Wells Fargo his
banker- no appraisal and the banker indicated this office probably would not appraise for $1,205,000. Sold 2/99 for $850,000.50% vacant at time of sale (buyer).M.
Amundson's (appraiser) value conclusion $680,000. Sale to owner -user as distinct from a sale to an "investor". Owner -user sale price higher.Property marketed by
broker -who set price Welsh Co.
Page 1 of 1
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https: /www2.co.hennepin.mn.us/ ace /main ?next= pimages &munic= 2746 &prop_id 060282431001... 05/06/2005
PROPERTY USE: OFFICE BUILDING MUNICIPALITY: Brooklyn Center CODE 0344 RC
PROJECT NAME: Brooklyn Peace Center COUNTY: Hennepin GBA 15,144 CD
i ADDRESS: n 5637 Brooklyn Blvd. PIN 03- 118 -21-42 -0028 RATIO Y COMP Y
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Year Built Effective Age: 19801 1980 Buyer: Mark D. Klinker Family Trust, Mark Klink er trustee
Const Quality Condition: C AVG. Good Seller: Dan Enterprises
Const Type No. of Bidgs: Steel Masonry One Sale Data: Date of Sale: 12/30/98
Exterior Type Roof Type: Brick/ Con Bik Flat Total Purchase Price: 625,000
S First Floor Area GBA: 5,048 SF 15,144 SF Terms: 150,000 DN PMT- 475,000 CD- 3075.93
I Total Floor Area NRA: 10,096 SF 11,204 SF PMT- 9.875 8.0% INT- 36 PMTS- BALLOON 3/11200
Z Bldg Perimeter /No Rms: 331 FT I 9.875% on $350,000.8% on $125,000
E Mezzanine Area /Use: SF i None Cash Equivalent Price: 0.00% 625,000
Basement Area %Fin 5,048 SF 69 33% GBA LESS: Personal Property: 0
U, Basement Use SF Office and Storage /3,468 SF /23 %GBA PLUS: Special Assessments: 0
S 1st Floor Use SF Office /5,048 SF /33 %GBA Cash Equivalent of Real Estate: 625,000
E 2nd+ Floor Use SF Office /5,048 SF /33 %oGBA Sale Sale Price Per Sq. Ft. TFA: 61.91
S Tot Off Area /Bldg Eff 9,615 SF 174% /63 %,GBA Analysis: Sale Price Per Sq. Ft. GBA: 41,27
Heating Air Conditioning: Package 1100% Sale Price Per Sq. Ft. NRA: 55.78
Sprinklers Elevators: 100% None Sale Price Per Sq. Ft. Land Area: 13.41
Ramp or Garage Stalls: None Sale Price Per Room:
Parking Surface /Area: Blacktop Income Potential Gross Income:
Interior Wails Floors: Drywall Carpet Data: Vacancy
Baths Fixtures: 6/ Other Income:
Stories Bldg Ht Clear Ht: 2 10 FT 8 FT Effective Gross Income:
Extra Features: Expenses:
Land Area Topography: 46,613 SF Slope to rear Reserves:
Zoning Neighborhood: C1 Stable Net Operating Income:
Trackage Utilities: None All Capitalization Rate:
Land BlgRatio /Excess Land: 3.08 TO ONE None Rent
Schedule:
This property was listed by Greg Maltby at Griffin Companies for $795,000. The basement level is at grade to the rear. Seller occupying
1,000 sq. ft but is planning to move. Previous sale to the seller was 8/1992 for $300,000.
Ratio Study Comments: CD terms slated to be short term bridge 1
a financing only. Interest Purchased: Lesed Fee
.-.I
Info Source: CRV I Towle Sec: 10 Map Code: 50 -5A Assmt Year: 1999 I Land MV: 209,800
Submitted By: Stephen Baker I Date: 06107199 Title: City Assessor 1 1 Phone: 612 569 -3355 Bldg MV: 284,400
Verified With: Dean Nvauist (seller) I Date: 06/07/99 1 Title: Seller I Phone: 612 531 -9269 i Total MV: 494,200
Colliers Turley Martin Tucker
Market Rnapol't
Minn
performance gap between Office Mar <et Gains S ow
the downtown and suburban
markets, with suburban
markets doing much better.
Introduction
Much of the space needed to U.S. office markets are experiencing their homes, they like the quality interio
accommodate employment slow improvement, hindered by finishes, garages, private bathrooms,
growth in recent years has disproportionately low employment growth. kitchenettes and the pride of ownership
come from sublease and This is described as the "jobless" economic Low interest rates have made the cost o
shadow space. recovery. The Twin Cities office market occupancy comparable to traditional offs
mirrored this national trend with a slight space. Most office condominiums have b
Asking rates were more vacancy decline of .4 2004 ended with constructed in the inner -ring suburbs. In
aggressive on average in an overall vacancy rate of 18.2 There 2004, office condominiums became avail
all sectors when compared was a wide performance gap between the in the St. Paul CBD, with developments
to last year, but that will downtown and suburban markets, which planned for completion in 2005 for the
reverse course in 2005. had overall vacancy rates of 22% and 14.5 Minneapolis CBD as well.
respectively. The Minneapolis and St. Paul
In 2004, office condominiums Central Business Districts (CBD) have 1 o wntown and Suburban
became available in historically lagged behind suburban markets s=
t
acancy Rates
he St. Paul CBD, with during periods of recovery.
developments planned for
R
completion ,1
completion in 2005 for the Much of the space needed to accommodate
Minneapolis CBD as well. employment growth in recent years has �o-
s
come from sublease and shadow space.
Downtowry Market �•+tSuburban Market.
Decreasing vacancy indicates that this
H W
excess space is beginning to run dry. The s
amount of sublease vacancy throughout the
metro saw a decline as well, failing rom 1.6�
g
million sq. ft. in 2003, to I million sq. ft. in
x €i
2004.
Asking rates were more aggressive on
average in all sectors when compared to %17
last year. Competition for tenants remains i
strong and concessions high, but those
landlords with strong occupancy are
reigning in the concessions. f y 4?;
w 9
Office condominiums continue to be x z}
COLLIERS popular in the suburbs, with developments
TURLEY completed or underway in several
INTERNATI TUCKER sectors. Small business owners buy office
condominiums not only as a real estate s`� Zpp3 Q2 2004
investment, but because they can control 4 <3 Q42004
their own HVAC, they are located close to
Commercial Real Estate Services �tk� Source: Col iers Turley Mortin 1
6 We know
Novo
M\
January 2005
4
Northwest Sector
20.9 a 3.7% increase over last year. The This small sector, consisting of only 15 Despite the fact that vacancies remain high
majority of the class B vacancy is located in buildings, improved slightly over the year, in the area, there is development taking
the Spectrum Commerce Center in Eagan. but remained in poor condition. Filling a place. OPUS Northwest is constructing
Without Spectrum, the class B vacancy small amount of space, it ended the year a total of 290,000 sq. ft. of office space
rating would be 9.1 with 28,000 sq. ft. of positive absorption in Maple Grove in the form of the Arbor
and a vacancy rate of 25 one of the Lakes Corporate Center (230,000 sq. ft.)
The area has a number of developments highest in our study. With a 27% vacancy in and the Arbor Lakes Office Center (60,000
planned and under construction. Projects class B buildings, which comprises I I out sq. ft.). LandCor, Inc. is engaged in the
under construction include the Inver Grove of the 17 properties in the area, this sector construction of the Bell Tower West office
Professional Building (44,000 sq. ft.) in Inver has significant ground to cover before
Grove Heights and Manley Plaza (46,000 sq. returning to a healthy market climate. contain 54 0 q. ft. of office space, a s in
ft.) in Eagan, which is approximately 75%
pre- leased. Proposed projects include the Maple Grove.
Blue Gentian Corporate Center (381,000
hogN Office Vacancy and Absorption By Class
sq. ft.) in Eagan and the Gateway Office Y
Plaza II (94,800 sq. ft.) in Burnsville. s
Northeast Sector
Market End of of Total Sublease Total i 6 Month Direct Total
onditions in this sector, which covers all o
Penod' Buildin s Rentable z Vacanc Vacanc i
8 Area Vacant Vacancy Absorption Y Y
tamsey County, remained fairly level with t" ��Tki a s r Rate Rate
1 small increase in vacancy from 16.4% last 4 SOU "e ssMetros A���,x¢�
ear to 16.9% and 15,000 sq. ft. of negative S y
Q4 2003 30 6 364 380 1 1 062 838 1 12 9%:f` F
Class P
lbsorption. This resulted from small tenant
z b' t� =F`� f
A ,Q2 z30�6 3�4 380 99(92270 916' 11% y az
osses in class B and C buildings. However,
Q4 2004 3
T p
0 6,364,3 80 92 562 534 3 265
G n ass A saw an improvement, moving down
Y i :k Y .y.,, =T °r•.RRB Js."t�.ib'�
rom 8.1 vacancy last year to 4.2 r F1�,�Q4 2003 d<...'w :3Rpr 9T 8 907535 39t 003 t� f
Class tip �`.:`,'c.�. t...., x.`, '�F'.c. �r �'.i�'. z3Tdp�"" s`
stB Q2 2004 97 8 907 535 1 r
1400948 9945 'j 145 %i
evelopments proposed for this sector k4 I�
\elude Interstate Crossing a 1 000 000 Q4 004 w 97 90 X 78 87
4 5 14 27, 462
g x Q4 2003 t 127 15,271 915
453 2 841 4 13 7%
q. ft. facility on the Northeast corner WE
f Interstates 694 and 35W in Arden p ace, t I Q2 2004 x27 15 271 915 2,392 8704
X 1 9 r
lilts. With a completed master plan i
Q4 2004 127 15 271 915 171437 2 154,944 237926 I2 6% a 14 I%
nd development approvals in p lace,
ffi
Wef o z oa a,us s,zq�r�,x�
Nom
to will be able to accommodate office, ,m it
achnology, medical and retail use. Also G a ;Q4 2003 14 r 2 983 728
'class 596 072 15 2%
e r �Q2� 4
0U�a 14�
lanned is the Northwest Quadrant Urban
illage Redevelopment, which is a mixed i Q4 2004 14
2 983 728 z ',592 1 290 440 r b3 902 3 6 9% i 9 7%
se development with a 525,000 sq, ft.
42001 4 222 447 742 558
Mice component located on the corner of Class rt
terstates 694 and 35W in New Brighton. Q22004;; 57 4222447 571,432 171 126 99%
-ws,.4-k
r3 r y F. as r.d ,�.°f yam. ,r?..y m',�y„ F
4l 2004 n 574 2,22 44T f- 97,849 760 81b f89 384
15.M
Q4 2003 71 7206 175 1 338 630 15 8
Subt is s Q2 2004 x 7,206 175 r
412 856
Q42004 71 7206175' 18244{ .1,051,256 125482 11.3% 14.6%
Source: Colliers Turley Martin Tucker
We know the State of Real EstateTM
9
COWL DENTIAL
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otr "Y
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y
.�sy a Ln T.�:.�..9,,1. =b'1 4'� v-7j G"� 1j1f"ljl �'^y -f i�� <`11k1t� +il+ +E +��1Y�+ +t
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A i P1.✓ l 9 y 3
NUIE. GA14NUT BE AC(:EllIEU Al fflu al Huper Uperating uaw
UNLESS COMPLETELY
FILLED OUT Date
Price i a a 0
q l n Loans i 3 5 go
Purpose 4 V [i X.u-e
Faulty i 6- 4:{ o
Name
Location CS, FINANCING
Type of Property 1 7 5.F tr (�y�.! Existing Balance Payment N PymGYr. Interest DuelDats
AssessedlApp►alsed Values lot i
Land i 2nd i
Improvement i 3rd i
P'°raonal Property i Potential
Total s too lot
Adjusted Basis as of i 2nd i
2 3 Comments
1 SCHEDULED RENTAL INCOME II9 9
2 Lou: Vacancy and Credit Losses Q rg s•s,c rt, ,SY
3 EFFECTIVE RENTAL INCOME 4
4 Plus: Other Income I
5 GROSS OPERATING INCOME
6 i Leas: Operating Expenses
7 Accounting and Legal I I i�tm
6 Advertising, Licenses and Permits
9 Property Insurance
10 Property Management
11 Payroll- Resident Management
12 Other
13 Taxes- Worker's Compensation
14 Personal Property Taxes I I
15 Real Estate Taxes
16 Repairs and Maintenance
17 Services- Elevator f
is Janitorial I 7 L
19 Lawn Q S n,n,.� 1 {LeQ
20 Pool
21 Rubbish I 1771
22 Other L I I`7 1
23 Supplies t
24 tltillties- Electricity i I_3 r'SL
25 Gas and Oil I
26 Sewer and Water 15P
27 Telephone i 1 kxl
?8 Other
'g Miscellaneous K y
31 TOTAL OPERATIN6 EXPENSES
92 I NET OPERATING INCOME Ll 5" a
M Less: Annual Debt Service .5.2� NOf vJ
34 CASH FLOW BEFORE TAXES I 7 y
4ATIONAL ASSOCIATION OF REALTORSO
In cooppeerration
"II he afNllata the The alatemente and Itpuns prasn»d
>r RIVELTORS NATIONAL MARxETINO II�STITIJTfs hen +n, while not pp wranteed, are Ncured
I975. 3l�f�t hom sources r.@ wthorhaitw. Prepared by
KLINKNER RENTAL
Profrt Loss by Class
Jnnaary through December 2004
5637 BROOKLYN BLVD
814.10
0.00
2,066.42
1553,087.99
t �53.968.51
0.00
5.980.00 i
1,171.30
0.00
i
908.71
908.71
26,379,28
26, 379.28
0.00
3,716.37
8,200.00
4,800.00
0.00
579.28
4,500.00
395.00
4,895.00 I
4,588.40
135.00
699.57
5,422.97
I
1
152.00
3,961.29 i
4,113.29
i
r
KUNKNER RENTAL 2003
12 PFA Profit Loss by Class
t 01113105 January through December 2004
6637 BROOKLYN BLVD
2,142.03
1,721.98
0.00
3,864.01
28,505.68
28,505.58
0 8,067.87
15,210.14
0.00
77255
1,557.49
73 17,540.18'
76 124,143.94
.61 31,824.57
81 31,824.51
i
1
1
1
t
7
1
1
1
y
2:25 PM KLiNKNER RENTAL 2003
01/19/04 Profit Loss by Class
Accrual Basis January through December 2003
5637 BROOKLYN BLVD
Ordinary Income/Expense
Income
Fee Income
RENTAL INCOME r173,375.li"
Total Fee Income 173,375.14
Total Income 173,375.14
Expense
ADVERTISING 31.95
Bank Service Charges 548.50
CONTRACTED SERVICES 5,520.00
Equipment Rental 234.25
Insurance
Liability insurance 4,627.73
Total Insurance 4,627.73
Interest Expense 30,137.81
LATE FEES 0.00
LAWN SNOW MAINTENANCE 6,528.30
Licenses and Permits 104.00
MAINTENANCE FEES 6,900.00
Management Fees 5,600.00
Payroll Expenses 25.40
Postage and Delivery 3,446.54
Professional Fees
Accounting 8,500.00
FINDERS FEE 750.00
Legal Fees 562.50
Total Professional Fees 9,812.50
Repairs
Building Repairs 12,700.58
MAINTENANCEIUPKEEP 1,102.41
Total Repairs 13,802.99
Security SERVICE
BACKGROUND CHECKS 0.00
Security SERVICE Other 4,296.35
Total Security SERVICE 4,296.35
Supplies
Office 4,097.94
Total Supplies 4,097.94
Page 1
2.25 PM KLINKNER RENTAL 2003
0 1119104 Profit Loss by Class
Accrual Bans January through December 2003
5837 BROOKLYN BLVD
Taxes
Property 21,359.07
Total Taxes 21,359.07
Telephone 7,495.57
Utilities
Gas and Electric 13,014.47
SANITATION 854.97
Water 2,077.32
Total Utilities 15,946.76
Total Expense 140,515:,
Net Ordinary Income (.32,859.48
Other Income/Expense
Other Expense
Other Expenses 0.00
Total Other Expense OAO
Net Other Income r
Net Income 32,859.48
Page 2
TWIN CITIE ktltJNtStJT.
CB RICHARD ELLIS INVESTMENT PROPERTIES
PRIVATE CLIENT GROUP NEWSLETTER
1 ST QUARTER 2045
WHO'S YOUR SWAMI$ 2004 Real Estate Value Gains
Bob Burke, Senior Managing Director Po` i G
"Fundamental Shift,' "A Permanent New Pricing Structure for Real 30%
Estate," 'The Weight of Capital Demand for Real Estate Will Not
Chang I start to get worried when I hear the market try to justify 26%
record cap rates and unprecedented demand in the marketplace as
a permanent shift. We heard some of this some jargon in the "new 20%
paradigm' technology stock run up in the late 90's. As Disraeli
said, "Beware of the man of one book," or in this case, one 15%
opinion.
Am I suggesfing that the current real estate market is equivalent to 10%
the tech wreck or that we ore on the verge of a significant 5
downfurn$ Absolutely not. However, cycles have been a natural
phenomenon of the real estate market for as long as most of us can 0%
remember and I don't see anything to change that trend. MURI- lousing Oltica Retail Industrfel
Real estate investors have always tended to travel in a herd. In soama: goal Capital Sefruo+rwall Simi Journal
some cycles where we have had rapid change in economic
conditions or a dysfunctional real estate finance market, the herd regional, and local level becomes of paramount important
shifts have been rapid with the herd running quickly in the opposite Historic demand and downwardly moving cap rates have cause
direction. My belief is that there is a strong sense of a change in investors to, in many cases, overlook these key metrics
the market. There is a growing, articulated perception thot we've underwriting over the post several years. This will change. Loc
reached a peak in valuations, both in the private equity market and market advice again becomes extremely important.
in the institutional market. As a recent example, Colpers, the
largest pension fund in the U.S., sold $6.5 billion in real estate 'Transparency of cap ital. Both buyers and sellers of commercial re
citing a "frothy" market. The herd is clearly moving but will move estate need to quickly and efficiently view capital markets across tl
more slowly and more cautiously than in the past. All indications United States. In particular, full exposure to motivated buye
at this time are that the shift in demand and pricing will be becomes much more importont in a moderated or transition
moderate. environment. The Private Client Group, throuz
www.pcglistings.corn and our national shared investor dotabas
What factors will be Important to watch over the next 18 month., shows that between 40% and 50% of the inquiries on our liste
assets come from outside that particular state. As we know, mo
Over the post several years, private equity has clearly driven value. demand, and in particular more motivated demand, equates to
Institutional capital has followed reluctantly as high net worth greater sales price and a more surety of close.
individuals, T.I.C. funds, etc., have made use of favorable
financing to drive cop rates to new lows. As interest rotes continue A recent example is cited by our Northwest Team: The team listed
to migrate upward, I believe we will see a movement to a more property that had been marketed locally by a competitor for a for
traditional bifurcation of Institutional and private capital, period of time. After receiving 13 offers, none of which were fro
the Northwest, through ex osure from the Hydra database, the ass
The private equity Investor Is not going awayl The average was acquired by on out- of -stote investor who had not invested in if
allocafion of high net worth individuals in real estate is 15 percent, Northwest for over 10 years. Identifying the most motivated capit
according to the World Wealth Report. Private Investors have made at the time, we exceeded both the seller's price expectations or
a permanent decision to make commercial real estate part of their timetable. Capital transparency, speed to market, and deep buy
investment portfolios, treated with the some or more respect as penetration will become more and more important in this market
stocks and bonds. Additionally, I believe we will see a new class of maximize value. "Catch the market trends as they develop not whc
private investors from Asia enter the U.S. market. This fact is they are reported."
brought home by the fact that Asia has 1.8 million high net worth
individuals representing 25% of the world's total and growing). The C8 Richard Ellie Private Client Group advantage
Value Stabilization. There has been a lot of focus in the last Maximum pricing through dramatically enhanced buyer demands
several years on cap rates. in fact, most appreciation has come
through cap race movement and very little through rent growth. As Speed to market via standardized electronic distribution
cap rates stabilize, and in some cases moderate, investors will need thousands of qualified and targeted investors,
to focus on rent growth as the primary way to maintain and drive Enhanced certainty through effective buyer qualification ihrouf
value. our network's knowledge and experience with private investors,
So what's Important for the remainder of 200511 Accountability through transparent prospect octivityy reporting
Six months ago, we advised our clients if they were planning to owners, real time at any time, credibility guaranteed by CB Richa
sell anytime in the next five years, now may be the appropriate Ellis' reputation for professionalism and quality,
time. We still believe this. Many investors who hove deemed -Unique access to national 1031 exchange investors.
themselves "market timers' have come to us to bring their assets to
market in the first quarter of this year. Again, clearly a perception It all combines to empower our people and our clients with if
that we are at a market peak. information they need to anticipate market opportunities, sei:
Market research is of utmost Importance. If valuations are to be competitive advantages, and execute the best possible real esto
strategies for our clients.
sustained by rental growth, market research at the national,
a
l a 4 T' may: t ^s_ Fri r_ e
n
i.,..s ti'' s .Rp^r. Srsl .may
i
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