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Appraisal Consultants <br />R.C. DuBay SRA/SRPA <br />2101 Hand Ave <br />Roseville, MN 55113 <br />September 4, 1999 <br />Mr. Joel Hanson, City Administrator <br />City of Little Canada <br />515 Little Canada Road <br />Little Canada, Mn, 55117 -1600 <br />Re: Review of appraisal of 2929 Country Drive, Little Canada, MN. <br />Dear Mr. Hanson; <br />As you requested I have completed a review of the appraisal completed by Mr. William <br />Peterson. The review process and the results of my analysis are found in the following <br />report. The date of the appraisal was June 30, 1999. The date of the review is <br />September 4, 1999. I visited the property on September 4, 1999. The purpose of the <br />appraisal is to estimate the market value (most likely sale price) of the property "as is" on <br />the date of the appraisal. The property is appraised "as is" and is a current valuation. <br />The purpose of the review is to form an opinion as to the accuracy of the value estimate. <br />The subject is an alternatively used residential property, ft has two primary <br />improvements; a residence /office and a garage. A portion of the site is fenced storage. <br />The site comprises 44,340 square feet and is zoned PUD. The site is assumed to be <br />uncontaminated. The appraiser's consideration of highest and best use is not <br />consistent with the valuation. See page 4 of this report for additional discussion. <br />The highest and best use section of the report should be rewritten for <br />consistency or the property should be reanalyzed. If highest and best use is <br />rewritten the value estimate of $162,500 is reasonable. <br />The following review report is written to conform with Standard 3 of the Uniform <br />Standards of Professional Appraisal Practice. Special attention was paid Standard 1 and <br />2. The report generally complies in all areas. <br />Based on my analysis of the subject and its relative position in the market I have <br />concluded that the value indicated in the appraisal is reasonable if the highest and best <br />use section is revised. If the highest and best use section is not revised a revaluation of <br />the property would result in a similar but slightly higher conclusion. As of September 4, <br />1999 the market value of the property under an alternate scenario is best represented in <br />the amount of $165,000. If 1 can be of any further assistance on this matter please call. <br />nc rely <br />Chard C. DuBa RPA <br />