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FROM : Panasonic FAX SYSTEM <br />PHONE NO. : Jul. 08 1997 12:30PM P2 <br />Based on The proposed remodeling plans given to me by C. D. Hart and the <br />proposed lot the subject home is to be relocated to, it is my opinion that a fair market <br />value is $117,900. <br />My market analysis is based on the attached comparable properties, the <br />information given to me by C. D. Hart, and my nine years real estate experience in the <br />North East metro area. <br />While the average sale price in Little Canada is around $150,000, the average sale <br />price in the subject area is around $110,000. The lower average price may due to one or <br />more of the following factors: <br />• Close proximity to railroad tracks <br />o Close proximity to Rice St. and commercial district <br />e High water table <br />• Close proximity to multi- family dwellings <br />Had this home been located on a "more desirable" lot and or location it would sell <br />for considerably more. <br />It appears that this area is made up of mostly splits and multi -level homes due to <br />the high water table. There are, however, several ramblers in the neighborhood and they <br />are generally located on higher elevation lots. This particular lot seems suitable for the <br />front walk out proposed. There is a similarly layed cut home on the adjacent lot. There <br />has been an increasing demand for ramblers of late due to the aging of the population, thus <br />ramblers typically have achieved a higher sale price than splits or multi- levels. Similar <br />homes in other areas of Little Canada, Vadnais Heights, and White Bear Lake have sold <br />between $130,000 and $150,000. <br />Scott Tessier <br />RE/MAX Specialists <br />White Bear Lake office <br />429 -7777 <br />Page 30 <br />