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WHITE DOVE APPRAISALS
<br />LAND APPRAISAL REPORT
<br />
<br />File No. 01428
<br />
<br />Address XXXX Monroe Street
<br />
<br />Census Tract 0305
<br />
<br />Elk River County Sherburne
<br />
<br />See AEached
<br />
<br />State MN Zip Code 55330
<br />
<br />John & Rose Hansen
<br />
<br />Sale Price $ Date of Sate
<br />
<br />Mai
<br />
<br />"~ charges/concessions to be paid by seller $
<br />· Taxes $ 143.49 Tax Year 2001
<br />
<br />HOA S/Mo. --
<br />
<br />Lender/Client City of Elk River
<br />
<br />13065 Orono Parkwa~ MN 55330
<br />LOCATION Urban
<br />BUILT UP ~ Over 75%
<br />GROWTH RATE ~ Rapid
<br />PROPERTY VALUES [] Increasing
<br />DEMAND/SUPPLY [] Shortage
<br />
<br />[] Suburban
<br />[] 25-75%
<br />[~ Stable
<br />[~ Stable
<br />[] In Balance
<br />
<br />Reference 20, lA
<br />Property Rights Appraised
<br /> Fee Simple
<br />[] Leashold
<br /> Condominium (HUDNA)
<br /> PUD
<br />
<br />~ Rural
<br />E~ Under 25%
<br />[] Slow
<br />[~ Declining
<br />[~ Over Supply
<br />
<br />MARKETING TIME
<br />
<br />PRESENT LAND USE %
<br />Single Family 35%
<br />2-4 Family
<br />Multi-Family
<br />Commercial
<br />Industrial
<br />Vacant 659~
<br />
<br />[] Under 3 Mos.
<br />LAND USE CHANGE
<br />Not Ukaly []
<br />Likely []
<br />In process []
<br />To:
<br />
<br />[] 3-6 Mos.
<br />
<br />PREDOMINANT
<br />OCCUPANCY
<br />Owner []
<br />Tenant [] __
<br />Vacant (0-5%) []
<br />Vacant (over 5%) []
<br />
<br />[] Over 6 Mos.
<br />
<br />S~IGLE FAI~LY~
<br /> PRICE AGE
<br /> $(000) (yrs)
<br /> 100 Low New
<br /> 400 High 50+
<br /> Predominant
<br /> 150- 15
<br />
<br />LENDER DISCRETIONARY USE
<br />Sale Price $
<br />Date
<br />Mortgage Amount $
<br />Mortgage Type
<br />Discount Points and Other Concessions
<br />Paid by Seller $
<br />
<br />Source
<br />
<br />NEIGHBORHOOD ANALYSIS
<br />Employment Stability
<br />Convenience to Employment
<br />Convenience to Shopping
<br />Convenien~ to S~ools
<br />Adequaw of Publ~ Trans~ation
<br />R~eabon F~ilities
<br />Ad~uacy of Facii~ies
<br /> Pmp~ ~mpatibility
<br /> Pmte~ion Eom Detrimental C~d.
<br /> Poli~ & Fire ~otection
<br />' General ~pe~ance of Pmp~ies
<br /> Appe~ to Manet
<br />
<br />Note: Race or the racial composition of the neighborhood are not considered reliable appraisal fadom. COMMENTS.The subject is located in the northeast
<br />)art of the city of Elk. River, a community of about 17,000 on U S Highway 10 & 169 approximately 30 miles northwest of the Minneapolis
<br />metro area. Adequate shopping and services can be found in the city of Elk River.
<br />
<br />Dimensions See Sketch
<br />Site Area 70 Acres
<br />Zoning Classification Agricultural
<br />HIGHEST & BEST USE: Present Use
<br />
<br />UTILITIES Public
<br />,ctricity
<br />
<br />Water []
<br />Sanitary Sewer []
<br />Storm Sewer
<br />
<br />Comer Lot No
<br />Zoning Compliance In Compliance
<br />
<br /> Other
<br />In Street
<br />
<br />X Other Use
<br />
<br />SITE IMPROVEMENTS Type Public Pdvate
<br />Street Gravel [] []
<br />Curb/Gutter None [] []
<br />Sidewalk None [] []
<br />Street Lights None [] ~
<br />Nley None ~ []
<br />
<br />Topography Rolling and wooded
<br />Size Typical for Area
<br />Shape Irregular
<br />Drainage Appears Adequate, ditched
<br />View Typical, Pond
<br />Landscaping None
<br />Driveway None
<br />Apparent Easements None
<br />FEMA Rood Hazard Yes* X No
<br />FEMA* Map/Zone 270436-0010-D, Zone AE
<br />
<br />Comments (Apparent adverse easements, encroachments, special assessments, slide areas, etc.): Muc of the area is located in the flood zone, however all
<br />of the area is not mapped by FEMA. The site consists of a small pond surrounded by Iow land and some higher ridges. The area has
<br />been ditched for drainaqe.
<br />
<br /> undersigned has recited three recent sales of properties most similiar and proximate to subject and has considered these in the market analysis. The description includes a dollar
<br />adjustment, reflecting market reaction to those items of eigniticant variation between the subject and comparable properties. It a significant item in the comparable property is superior
<br />to, or more favorable than. the subject property, a minus (-) adjustment is made, thus reducing the indicated value of subjecl; if a significant item In the comparable is inferior to,
<br />or leae favorable than. the subject property, a plus (e) adjustment is made, thus increasing the indicated value of the subject.
<br />
<br />ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3
<br />
<br />Address
<br />
<br />Sales Price
<br />
<br />Pdco/Acre
<br />
<br />Data Source
<br />
<br />VALUE ADJUSTMENTS
<br />
<br />Sales or Financing
<br />Concessions
<br />
<br />XXXX Monroe St
<br />Elk River
<br />
<br />Inspection
<br />
<br />Date of Sale/Time ---
<br />Location Rural
<br />
<br />Site/View
<br />
<br />Wooded/Open
<br /> Land
<br />
<br />DESCRIPTION
<br />
<br />70 Acres~ Pond
<br />lO%Wooded
<br />
<br />Mostly Low
<br />
<br />Indicated Value
<br />
<br />Comments of Sales Comparison:
<br /> oct.
<br />
<br />XXXX 96th Street
<br />Zimmerman
<br />
<br />2 miles Northeast
<br />
<br />$ 10,750¢
<br />
<br />$ 430,000
<br />
<br />.;aunty Records
<br /> DESCRIPTION
<br />
<br />Conv- 0 pts
<br />
<br />4/26/2001
<br />
<br />,,,(-)$ Mjuslment
<br />
<br />Equal ~
<br />40 Acres --
<br />~uperior -105
<br />
<br />Superior
<br />
<br />-2,15O
<br />
<br />[] + [~]- iS 2,255
<br />C~oss: 21.0 $
<br />Net: -21.0 , 8,495
<br />
<br />XXXX County Road ~5
<br />Big Lake
<br />10 miles Southeast
<br />
<br />$ 435,000
<br />
<br />$ 11,441 ~
<br />County Records
<br />
<br />DESCRIPTION
<br />
<br />Cony - 0 pts
<br />
<br />5/09/2001
<br />
<br />Equal
<br />38 Acres
<br />Superior
<br />
<br />Superior
<br />
<br />-1,144
<br />-1,144
<br />
<br />El+ r~-iS 2,288
<br />Gross: 20.0 $
<br />Net: -20.0 9,153
<br />
<br />XXXX FresnoStreet
<br />Elk River
<br />
<br />3 miles Northwest
<br />
<br /> $ 685,560
<br />$ 5,713¢
<br />
<br />County Records DESCRIPTION
<br />
<br />Conv -- 0 pts : --
<br />9/12/2001 , ---
<br />
<br />Equal ! --
<br />
<br />120 acres
<br />Equal
<br />
<br />Equal ;
<br />
<br />Gross: 0.0
<br />Net: 0.0 $
<br />
<br />5,713
<br />
<br /> Due to the rural nature of the area, it was necessary to select comps that were qreater than one mile from the
<br />However all were in the same market area. The market indicates a value of $7,800 per acre.
<br />
<br />. Comments and Conditions of Appraisal: Please note the soils map included in this report. The areas highlighted ( 346,540,1288 ) are areas that
<br />'are Iow and marsh lands. These areas are ditched to control drainage but are still limited for usaqe.
<br />Final Reconciliation: The sales comparison approach best indicates the value of the subject and was weiqhed the most in the final
<br />determination of value. The 70 acres valued at $7,800 per acre = $546,000.
<br />
<br /> I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE SUBJECT PROPERTY AS OF November 13, 2001 to be $ 546,000
<br /> I (We) certify: that to the bast of my (our) knowledge and belief, the facts and data used herein are true and correct; that I (we) personally inspected the subject property
<br /> and inspe.~l~tl comparable sales cited in this report; and that I (we)have no undisclosed interest, present or prospective therein.
<br />
<br /> I~. ,ppraiser(~~~ Review Appraiser _____ E~Did [] Did Not
<br />· ,/~/erry~..,9~nith ' (if applicable) Inspect Property
<br />
<br /> ~,~,~L~ r~,~ Certified Residential Appraiser
<br />
<br />White Dove Appraisal
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