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SUITE 408 " MIDWEST FEDERAL BOLDING " ST. PAUL, MINNESOTA 55101 " (612) 227-8238 <br />APPRAISALS: RESIDENTIAL " COMMERCIAL <br />July 22, 1988 <br />Mr. Don Pauley <br />c/o CITY OF MOUNDS VIEW <br />2401 Highway 10 <br />Mounds View, Minnesota 55112 <br />Dear Mr. Pauley: <br />JAOOCC k1 TFS <br />(-*L " AGRICULTURAL <br />9� AL F <br />At your request we are furnishing to you information <br />relating to the process followed in obtaining the <br />comparables sales used in our valuation of the property on <br />Groveland Road for the City. Normally accepted appraisal <br />practice, for the valuation of vacant land, is to research <br />Courthouse records in the County Assessors Department where <br />the Certificates of Real Estate Value are filed. when a <br />piece of eal estate changes hands. This document lists <br />such imformation as the buyer, seller, legal description, <br />sales price, financing imformation, sales date and other <br />data. From this information and a plat map the appraiser is <br />able to determine a value per square foot, which is the <br />usual method of valuation for land while keeping in mind the <br />"site value". with valuea per square foot in mind, <br />adjustments are made to the comparable to make them equal <br />the subject and these adjustments in collars or cents, <br />lidivaLe 'values for the subject property. The basic premis <br />is if two lots are exactly the same and one sells for <br />$25,000.00 that would be a fair measure of the value of the <br />other site. Because no two lots are exactly the same and <br />the size alone may not be the only factor affecting value, <br />the process is very objective. <br />In addition to this imformation we were asked to determine, <br />ifpL)ssible, values for other properties supplied to us by <br />you. This imformation is as follows: <br />2185 Lambert Avenue- is an existing home several years old <br />so would not be relevant. <br />(Continued) <br />NATIONAL ASSOCIATION (��''�'�� SENIOR MEMBER <br />OF AMERICAN SOCIETY <br />REAL ESTATE APPRAISERS �� OF APPRAISERS A <br />SENIOR CERTIFIED VALUER <br />II TUNAL <br />INSTITUTE <br />TE OF OF VALUEAS <br />