B Continuation of Board of Review
CITY OF
CHANHASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone 952.2271100
Fax 952.2271110
Building Inspections
Phone 952.2271180
Fax 952.227 1190
Engineering
Phone 952.227 1160
Fax 952.227 1170
Finance
Phone 952.2271140
Fax 952.227 1110
Park & Recreation
Phone 952.2271120
Fax 952.2271110
Recreation Center
2310 Coulter Boulevard
Phone 952.2271400
Fax 952.227 1404
Planning &
Natural Resources
Phone 952.227 1130
Fax 952.227 1110
Public Works
1591 Park Road
Phone 952.2271300
Fax 952.227 1310
Senior Center
Phone 952.2271125
Fax 952.227 1110
Web Site
www.ci.chanhassen.mn.us
B
MEMORANDUM
TO:
Todd Gerhardt, City Manager
FROM:
Justin Miller, Assistant City Manager
DATE:
~
'"
May 4, 2006
RE:
Continuation of Board of Review
BACKGROUND
At the April 24th Board of Review meeting, several property owners submitted
protests regarding their property valuation. The Board of Review continued the
hearing until May 8th to give the County Assessor time to meet with the
concerned property owners. Below is a table detailing the submitted protests and
the County Assessor's recommendations:
Name Address Initial Final $ Change
Recommendation Recommendation % Change
Cheng Qm 6991 County $487,000 $487,000 0%
and Oaks Road (protest
Qingshan WIthdrawn)
Niu
George and 311 W. 77th $149,600 $149,600 0%
Margaret Street
Shorba
Steven 1010 $608,400 $608,400 0%
Beddor Pleasantview
Road
Frank and No address - $890,000 $890,000 0%
Marilyn PID #25-
Beddor 1140010
Frank and No address - $980,000 $980,000 0%
Marilyn PID #25-
Beddor 2150050
Beddor No address - $277,500 $254,000 ($23,500)
Enterprises PID #25- (8.46% )
8710190
Beddor No address - $280,400 $280,400 0%
Enterprises PID #25-
8690130
Beddor No address - $391,100 $391,100 0%
Enterprises PID #25-
8700062
The City of Chanhassen · A growing community with clean lakes, quality schools, a charming downtown, thriving businesses, winding trails, and beautiful parks. A great place to live, work, and play
G'\ADMINVM\Board of Review\2006 Continuation Recommendation.doc
Beddor No address- $332,100 $332,100 0%
Enterprises Pill #25-
8700063
Beddor No address - $280,400 $280,400 0%
Enterprises Pill #25-
8690130
Robert and 7343 Frontier $1,054,100 $1,054,100 0%
Sally Trail
Horstman
Daniel and 111 Choctaw $727,200 $727,200 0%
Barbara CIrcle
Hectome
RECOMMENDA TION
Staff recommends that the Board of Review adopt the County Assessor's
recommendations. If the property owners wish to contest the decision of this
board, they can do so with the Carver County Board of Review. Approval of this
item requires a majority vote of the Board of Review.
G'\ADMIN\JM\Board of Review\2006 Continuation Recommendation.doc
BOARD OF APPEAL AND EQUALIZATION-2006
(Assessed in 2006/Payable in 2007)
APPEAL #
PID#
DATE
NAME
ADDRESS
255670090
5/4/2006
CHENG QIN & QINGSHAN NIU
6991 COUNTRY OAKS RD
EXCELSIOR MN
DISTRICT
PHONE
CHANHASSEN CITY
I WANT MY PROPERTY REVIEWED BECAUSE:
55331
Valuation increase in one year seems excessive
2006 ASSMT. LAND VALUE
2006 ASSMT. BLDG. VALUE
2006 ASSMT. TOTAL VALUE
$152,000
$335,700
$487,700
ACTION TAKEN BY ASSESSOR:
STEVE C
We were able to inspect the property and supply the property owner with current sales information from his neighborhood.
2006 NEW IMPRV. VALUE
2006 GA LAND VALUE
CLASS
$0
$0
201 I
DATE:
5/4/2006
We recommend no change to the value.
With this information, the owner has asked to withdraw his appeal.
ASSESSOR'S RECOMMENDATION:
LAND VALUE
BUILDING VALUE
NEW EMV
IAMOUNT OF ADJ (DIF+-) I [
$152,000
$335,700
$487,700
$0
NEW IMPRV. VALUE CHANGE
NEW GA LAND VALUE
NEW CLASS CODE
$0
$0
201 I
Approved as Recommended
Adjusted as noted:
ACTION TAKEN BY BOARD:
BOARD OF APPEAL AND EQUALIZATION-2006
(Assessed in 2006/Payable in 2007)
APPEAL #
PID#
DATE
NAME
ADDRESS
250500400
5/4/2006
SHORBA, GEORGE & MARGARET
311 77TH ST W
CHANHASSEN MN
I WANT MY PROPERTY REVIEWED BECAUSE:
Valuation increase in one year seems excessive
2006 ASSMT. LAND VALUE
2006 ASSMT. BLDG. VALUE
2006 ASSMT. TOTAL VALUE
$73,400
$76,200
$149,600
ACTION TAKEN BY ASSESSOR:
STEVE C
DISTRICT
PHONE
CHANHASSEN CITY
55317
2006 NEW IMPRV. VALUE
2006 GA LAND VALUE
CLASS
$0
$0
201 1
DATE:
5/4/2006
I have spoken on the phone with the Shorba's but we ws not able to schedule an interior inspection of the home before the last
meeting of the Board. (They had to go to Duluth to help after the birth ofa grandchild).
Recommend that no changes be made to the value. The Shorba's will still have an opportunity to appeal to the County Board
if they wish.
ASSESSOR'S RECOMMENDATION:
LAND VALUE
BUILDING VALUE
NEW EMV
[AMOUNT OF ADJ (DIF+-) I I
$734,000
$76,200
$149,600
$0
NEW IMPRV. VALUE CHANGE
NEW GA LAND VALUE
NEW CLASS CODE
$0
$0
201 1
Adjusted as noted:
ACTION TAKEN BY BOARD:
Approved as Recommended
BOARD OF APPEAL AND EQUALIZATION-2006
(Assessed in 20061Payable in 2007)
APPEAL #
PID#
DATE
NAME
ADDRESS
251140020
5/4/2006
BEDDOR, STEVEN
1010 PLEASANT VIEW RD
CHANHASSEN
DISTRICT
PHONE
CHANHASSEN CITY
MN
55317
I WANT MY PROPERTY REVIEWED BECAUSE:
Miscellaneous
2006 ASSMT. LAND VALUE
2006 ASSMT. BLDG. VALUE
2006 ASSMT. TOTAL VALUE
$163,800
$444,600
$608,400
2006 NEW IMPRV. VALUE
2006 GA LAND VALUE
CLASS
$0
$0
201 1
ACTION TAKEN BY ASSESSOR:
STEVE C
DATE:
5/4/2006
The Beddor Family has a number of vacant lots on the south shore of Christmas lake or across the street fiom the lake on
which they are questioning values.
This parcel is the only one that has a home on it. Mr Beddor has been out of town this past week and I have not had the
opportunity to do on interior inspeciton.
I recommend that the value be left unchanged. Mr Beddor can appeal to the County Board if he wishes.
ASSESSOR'S RECOMMENDATION:
LAND VALUE
BUILDING VALUE
NEW EMV
lAMOUNT OF ADJ (DIF+-) I
$163,800
$444,600
$608,400
NEW IMPRV. VALUE CHANGE
NEW GA LAND VALUE
NEW CLASS CODE
$0
$0
2011
$0
ACTION TAKEN BY BOARD:
Approved as Recommended
Adjusted as noted:
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BOARD OF APPEAL AND EQUALIZATION-2006
(Assessed in 2006/Payable in 2007)
APPEAL #
PID#
DATE
NAME
ADDRESS
251140010
5/4/2006
BEDDOR, FRANK & MARILYN
PO BOX 489
CHANHASSEN MN
I WANT MY PROPERTY REVIEWED BECAUSE:
Miscellaneous
2006 ASSMT. LAND VALUE
2006 ASSMT. BLDG. VALUE
2006 ASSMT. TOTAL VALUE
$890,000
$0
$890,000
DISTRICT
PHONE
CHANHASSEN CITY
55317
2006 NEW IMPRV. VALUE
2006 GA LAND VALUE
CLASS
$0
$0
206 0
ACTION TAKEN BY ASSESSOR:
STEVE C
5/4/2006
DATE:
The Beddor Family has a number of vacant lots on the south shore of Christmas lake or across the street from the lake on
which they are questioning values.
There are two lakeshore lots that I have grouped together for analysis: PIDs 25 1140010" and 25.2150050
This lake has been fully developed for quite a while and there are no vacant lakeshore land sales to use for comparison. In
order to estimate a value, I have used two vacant lakeshore sales in the southeastern portion of Lake Minnetonka, and an
improved sale (with an existing home) 2 doors west of the subject lots that is very simily in size, slope, and topography. For
this third comparable, you will note that the value of the house has been extracted from the sale price in order to separate a
value for the land only
No changes to these values is recommended.
The analysis indicates that these two properties have a value in excess of our current estimated values.
ASSESSOR'S RECOMMENDATION:
LAND VALUE
BUILDING VALUE
NEW EMV
[AMOUNT OF ADJ (DIF+-) I L
$890,000
$0
$890,000
$0
ACTION TAKEN BY BOARD:
NEW IMPRV. VALUE CHANGE
NEW GA LAND VALUE
NEW CLASS CODE
$0
$0
2060
Approved as Recommended
Adjusted as noted:
BOARD OF APPEAL AND EQUALIZATION-2006
(Assessed in 2006/Payable in 2007)
APPEAL #
PID#
DATE
NAME
ADDRESS
252150050
5/4/2006
BEDDOR, FRANK & MARILYN
PO BOX 489
CHANHASSEN MN
I WANT MY PROPERTY REVIEWED BECAUSE:
Miscellaneous
2006 ASSMT. LAND VALUE
2006 ASSMT. BLDG. VALUE
2006 ASSMT. TOTAL VALUE
$980,000
$0
$980,000
ACTION TAKEN BY ASSESSOR:
STEVE C
DISTRICT
PHONE
CHANHASSEN CITY
55317
2006 NEW IMPRV. VALUE
2006 GA LAND VALUE
CLASS
$0
$0
206 0
DATE:
5/4/2006
The Beddor Family has a number of vacant lots on the south shore of Christmas lake or across the street from the lake on
which they are questioning values.
There are two lakeshore lots that I have grouped together for analysis: PIDs 25.1140010" and 25.2150050
This lake has been fully developed for quite a while and there are no vacant lakeshore land sales to use for comparison. In
order to estimate a value, I have used two vacant lakeshore sales in the southeastern portion of Lake Minnetonka, and an
improved sale (with an existing home) 2 doors west of the subject lots that is very simily in size, slope, and topography For
this third comparable, you will note that the value of the house has been extracted from the sale price in order to separate a
value for the land only
No changes to these values is recommended.
The analysis indicates that these two properties have a value in excess of our current estimated values.
ASSESSOR'S RECOMMENDATION:
LAND VALUE
BUILDING VALUE
NEW EMV
[AMOUNT OF ADJ (DIF+-) I I
$980,000
$0
$980,000
$0
NEW IMPRV. VALUE CHANGE
NEW GA LAND VALUE
NEW CLASS CODE
$0
$0
2060
ACTION TAKEN BY BOARD:
Approved as Recommended
Adjusted as noted:
Comparable Land Grid for 25.1140010 Vacant lakeshore
Item Subiect Comoarable #1 Comoarable #2 Comparable #3
970 Pleasant View Rd, 5100 Meadville Street, 27040 Edgewood Rd, 6370 Pleasant View Curve,
Address Chanhassen Greenwood, MN Shorewood, MN Chanhassen
Property 10# 25.1140010 26-117-23-32-0024 29-117-23-33-0008 25.2150030
Proximity to ---
Subject -- ---- 1.75 miles north 4 miles northwest 1!8th mile west
Sale Price $1,075,000 $1,135,000 $1,660,000
Data Source InsoeclCo. Records InsoeclCo. Records InsoeclCo. Records
Descriotion Description +(-) Adi. Descriotion +(-) Adi. Descriotion +(-) Adi.
Vacant Vacant Vacant 3573sf good quality $542,000
home
House on lot
Adjusted sale $1,075,000 $1,135,000 $1,118,000
price
Adjustment for time of sale May-03 $389,900 Jan-04 $318,700 Jun-04 $235,500
Date of Sale at 14% !yr
City Sewer and Water! City Sewer and City Sewer and City Sewer and
Utilities! Needs driveway easement Water! No access ($100,000) Water! No access ($100,000) Water! No access ($100,000)
Street propblems propblems propblems
Access
Christmas Lake Lake Minnetonka ($268,800) Lake Minnetonka ($283,750) Christmas Lake $0
(25% adjustment) (25% adjustment)
Location
Slopes to lake, more level at Level lot $0 Level lot $0 Similar slope and $0
shoreline shoreline
Topography
1 .42 Acres, 115 FF 0.29 Acres, 98 FF $79,250 .8 Acres, 145 FF ($74,500) 1.75 Acres, 130 FF ($53,250)
Size
Site Wooded, Good lake views Similar Similar Similar
Amenities
Net Adiustment $100,350 ($139,550) $82,250
Indicated Value $1,175,350 $995,450 $1,200,250
Final Value Estimate I $1,124,000
~~'parable sale ~
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Comparable Land Grid for 25.2150050 Vacant lakeshore
Item Subject Comparable #1 Comparable #2 Comparable #3
10xx Pleasant View Rd, 5100 Meadville Street, 27040 Edgewood Rd, 6370 Pleasant View Curve,
Address Chanhassen Greenwood, MN Shorewood, MN Chanhassen
Property 10# 25.2150050 26-117-23-32-0024 29-117-23-33-0008 25.2150030
Proximity to ----
Subject --- --- 1.75 miles north 4 miles northwest 1/8th mile west
Sale Price $1,075,000 $1,135,000 $1,660,000
Data Source Inspec/Co. Records Inspec/Co. Records Insoec/Co. Records
Description Description +(-) Adi. Descriotion +(-) Adi. Description +(-) Adi.
Vacant Vacant Vacant 3573sf good quality $542,000
home
House on lot
Adjusted sale $1,075,000 $1,135,000 $1,118,000
price
Adjustment for time of sale May-03 $389,900 Jan-04 $318,700 Jun-04 $235,500
Date of Sale at 14% /yr
City Sewer and Water Same Same Same
Utilities
Christmas Lake Lake Minnetonka ($268,800) Lake Minnetonka ($283,750) Christmas Lake $0
(25% adjustment) (25% adjustment)
Location
Slopes to lake, more level at Level lot $0 Level lot $0 Similar slope and $0
shoreline shoreline
Topography
1 .93 Acres, 130 FF 0.29 Acres, 98 FF $136,000 .8 Acres, 145 FF ($17,500) 1.75 Acres, 130 FF $4,500
Size
Site Wooded, Good lake views Similar Similar Similar
Amenities
Net Adiustment $257,100 $17,450 $240,000
Indicated Value $1,332,100 $1,152,450 $1,358,000
Final Value Estimate I $1,280,850
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PID 25.8710190 Subject and Comparables Aerial Photos
Subject
Comparable #1
Comparable #2
Comparable #3
BOARD OF APPEAL AND EQUALIZATION-2006
(Assessed in 2006/Payable in 2007)
APPEAL #
PID#
DATE
NAME
ADDRESS
258710190
5/4/2006
BEDDOR ENTERPRISES
PO BOX 489
CHANHASSEN
DISTRICT
PHONE
CHANHASSEN CITY
MN
55317
I WANT MY PROPERTY REVIEWED BECAUSE:
Miscellaneous
2006 ASSMT. LAND VALUE
2006 ASSMT. BLDG. VALUE
2006 ASSMT. TOTAL VALUE
$277,500
$0
$277,500
2006 NEW IMPRV. VALUE
2006 GA LAND VALUE
CLASS
$0
$0
206 0
ACTION TAKEN BY ASSESSOR:
STEVE C
DATE:
5/4/2006
The Beddor Family has a number of vacant lots on the south shore of Christmas lake or across the street from the lake on
which they are questioning values.
This parcel is the smallest parcel of those across the street and unlike the other three would probably be purchased as a single
existing lot, and not as a property that would be subdivided.
Three comparable sales in Chanhassen were identified and the attached sales comparison indicates that our estimated market
value needs to be adjusted downward.
Recommend lowering the value to $254,000
ASSESSOR'S RECOMMENDATION:
LAND VALUE
BUILDING VALUE
NEW EMV
!AMOUNT OF ADJ (DIF+-) I
$254,000
$0
$254,000
NEW IMPRV. VALUE CHANGE
NEW GA LAND VALUE
NEW CLASS CODE
$0
$0
2060
($23,500) I
ACTION TAKEN BY BOARD:
Approved as Recommended
Adjusted as noted:
Comparable Land Grid for Seddor PID 25.8710190
Item Subiect Comparable #1 Comparable #2 Comparable #3
955 Pleasant View Rd.
Address Chan. 6896 Navaio Drive. Chan. 7564 Erie Ave. Chan. 7607 Frontier Tn. Chan.
Property 10# 25.8710190 25.1602250 25.2820070 25.2840020
Proximity to ---- ----
Subject ---- --- 6/10 mile southeast 1.5 miles south 1.5 miles south
Sale Price $225,000 $260,000 $230.000
Data Source Insoec/Co. Records Insoec/Co. Records Inspec/Co. Records Insoec/Co. Records
Descriotion Descriotion +(-) Adi. Description +(-) Adj. Description +(-) Adi.
!""
May-05 May-05
Date of Sale Feb-06
City Sewer and Water City Sewer and City Sewer and City Sewer and
Water available in Water available in Water available in
available in street street street street
Utilities
Northern Chanhassen, Northeastern Northeastern Northeastern
Location south of Christmas Lake Chanhassen Chanhassen Chanhassen
Level Lot
Topography Level land Gently Slope Slope to rear
.92 Acres .67 Acres .68 Acres
Size .47 Acres $22,000 $12,000 $12,000
Site Some Mature Trees Mature Trees Mature Trees
Amenities Mature Trees
Could be sub-divided with City Lot City Lot
Other abutting lot to west City lot
Gross Adjustment % 10% 5% 5%
Gross Adiustment $22,000 $12,000 $12.000
Net Adiustment% 10% 5% 5%
Net Adiustment $22.000 $12,000 $12,000
Indicated Value of the subiect orooerty after adjustments $247,000 $272.000 $242,000
Final Value Estimate I $254,000
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BOARD OF APPEAL AND EQUALIZATION-2006
(Assessed in 2006/Payable in 2007)
APPEAL #
PID#
DATE
NAME
ADDRESS
258690130
5/4/2006
BEDDOR ENTERPRISES
PO BOX 489
CHANHASSEN
DISTRICT
PHONE
CHANHASSEN CITY
MN
55317
I WANT MY PROPERTY REVIEWED BECAUSE:
Miscellaneous
2006 ASSMT. LAND VALUE
2006 ASSMT. BLDG. VALUE
2006 ASSMT. TOTAL VALUE
$280,400
$0
$280,400
2006 NEW IMPRV. VALUE
2006 GA LAND VALUE
CLASS
$0
$0
206 0
ACTION TAKEN BY ASSESSOR:
STEVE C
DATE:
5/4/2006
The Beddor Family has a number of vacant lots on the south shore of Christmas lake or across the street from the lake on
which they are questioning values.
There are three larger, vacant lots that I have grouped together for analysis: PIDs 25.8690130,25.8700062, and 25.8700063
My estimated values for all three are over our current estimated market values for assessment.
No changes to these values is recommended.
ASSESSOR'S RECOMMENDATION:
LAND VALUE
BUILDING VALUE
NEW EMV
$280,400
$0
$280,400
NEW IMPRV. VALUE CHANGE
NEW GA LAND VALUE
NEW CLASS CODE
$0
$0
2060
[.6.MOUNT OF ADJ (DIF+-) I I
$0
ACTION TAKEN BY BOARD:
Approved as Recommended
Adjusted as noted:
BOARD OF APPEAL AND EQUALIZATION-2006
(Assessed in 2006/Payable in 2007)
APPEAL #
PID#
DATE
NAME
ADDRESS
258700062
5/4/2006
BEDDOR ENTERPRISES
PO BOX 489
CHANHASSEN
MN
I WANT MY PROPERTY REVIEWED BECAUSE:
Miscellaneous
2006 ASSMT. LAND VALUE
2006 ASSMT. BLDG. VALUE
2006 ASSMT. TOTAL VALUE
$391,100
$0
$391,100
ACTION TAKEN BY ASSESSOR:
STEVE C
DISTRICT
PHONE
CHANHASSEN CITY
55317
2006 NEW IMPRV. VALUE
2006 GA LAND VALUE
CLASS
$0
$0
206 0
DATE:
5/4/2006
The Beddor Family has a number of vacant lots on the south shore of Christmas lake or across the street from the lake on
which they are questioning values.
There are three larger, vacant lots that I have grouped together for analysis: PIDs 25.8690130,25.8700062, and 25.8700063
No changes to these values is recommended.
My estimated values for all three are over our current estimated market values for assessment.
ASSESSOR'S RECOMMENDATION:
LAND VALUE
BUILDING VALUE
NEW EMV
~!JIOUNT OF ADJ (DIF+-) I [
$391,100
$0
$391,100
$01
NEW IMPRV. VALUE CHANGE
NEW GA LAND VALUE
NEW CLASS CODE
$0
$0
2060
ACTION TAKEN BY BOARD:
Adjusted as noted:
Approved as Recommended
BOARD OF APPEAL AND EQUALIZATION-2006
(Assessed in 2006/Payable in 2007)
APPEAL #
PID#
DATE
NAME
ADDRESS
258700063
5/4/2006
BEDDOR ENGERPRISES
PO BOX 489
CHANHASSEN
DISTRICT
PHONE
CHANHASSEN CITY
MN
55317
I WANT MY PROPERTY REVIEWED BECAUSE:
Miscellaneous
2006 ASSMT. LAND VALUE
2006 ASSMT. BLDG. VALUE
2006 ASSMT. TOTAL VALUE
$332,100
$0
$332,100
2006 NEW IMPRV. VALUE
2006 GA LAND VALUE
CLASS
$0
$0
206 0
ACTION TAKEN BY ASSESSOR:
STEVE C
DATE:
5/4/2006
The Beddor Family has a number of vacant lots on the south shore of Christmas lake or across the street from the lake on
which they are questioning values.
There are three larger, vacant lots that I have grouped together for analysis: PIDs 258690130,25.8700062, and 25.8700063
My estimated values for all three are over our current estimated market values for assessment.
No changes to these values is recommended.
ASSESSOR'S RECOMMENDATION:
LAND VALUE
BUILDING VALUE
NEW EMV
[AMOUNT OF ADJ (DIF+-) I
$332,100
$0
$332,100
NEW IMPRV. VALUE CHANGE
NEW GA LAND VALUE
NEW CLASS CODE
$0
$0
2060
~
ACTION TAKEN BY BOARD:
Approved as Recommended
Adjusted as noted:
Comparable Land Grid for Seddor PID 25.8690130
Item Subiect Comoarable #1 Comoarable #2 Comparable #3
Address 1015 Pleasant View Rd 6500 Chanhassen Rd, Chan. 3921 Aster Trail, Chan. 4001 Aster Trail, Chan.
Property 10# 25.8690130 25.0011900 25.7700130 25.0060400
Proximity to --- ~
Subject ---- --- 1 mile east 3 mies west 3 miles west
Sale Price $550,000 $317,500 $479,000
Data Source Inspec/Co. Records Inspec/Co. Records Inspec/Co. Records Inspec/Co. Records
Description Description +(-) Adi. Description +(-) Adi. Description +(-) Adi.
r'" Sep-05 Sep-05
Date of Sale Mav-05
City Sewer and Water City Sewer and City Sewer and City Sewer and
Water available in Water available Water available
available in street street nearby nearby
Utilities
Northern Chanhassen, Northeastern Northwestern Northwestern
Location south of Christmas Lake Chanhassen Chanhassen Chanhassen
Gently rolling Level land, Mature
Topography trees Gentlv Slope Gentle Slope
2.63 Acres total (.3 acres 2.09 Acres 3.49 Acres
Size pond) 2.59 Acres $0 $13,500 ($21,500)
Some mature trees, Small
Site Pond area along western lot Mature Trees Mature Trees
Amenities line Mature Trees
Small house Small house
Could be sub-divided Subdivided after this demo'd, land being demo'd, land being
Other sale subdivided subdivided
Gross Adiustment % 0% 4% 4%
Gross Adiustment $0 $13,500 $21,500
Net Adiustment% 0% 4% 4%
Net Adiustment $0 $13,500 ($21,500)
Indicated Value of the subiect property after adiustments $550,000 $331,000 $457,500
Final Value Estimate I $446,000
Comparable Land Grid for Beddor PID 25.8700062
Item Subiect Comoarable #1 Comoarable #2 Comoarable #3
Address 65xx Peacefull Lane, Chan 6500 Chanhassen Rd, Chan. 3921 Aster Trail, Chan. 4001 Aster Trail, Chan.
Property 10# 25.8700062 25.0011900 25.7700130 25.0060400
Proximity to --- ----
Subject ---- --- 1 mile east 3 mies west 3 miles west
Sale Price $550,000 $317,500 $479,000
Data Source Insoec/Co. Records Insoec/Co. Records Inspec/Co. Records Insoec/Co. Records
Descriotion Description +(-) Adi. Description +(-) Adi. Description +(-) Adj.
I".
Sep-05 Sep-05
Date of Sale Mav-05
City Sewer and Water City Sewer and City Sewer and City Sewer and
available in street Water available in Water available Water available
Utilities street nearby nearby
Northern Chanhassen, Northeastern Northwestern Northwestern
Location south of Christmas Lake Chanhassen Chanhassen Chanhassen
Gently rolling Level land, Mature
Topography trees Gently Slope Gentle Slope
5.86 Acres 2.09 Acres 3.49 Acres
Size 2.59 Acres $81,750 $94,250 $59,250
Site Some Mature Trees Mature Trees Mature Trees
Amenities Mature Trees
Could be sub-divided, City Small house Small house
Subdivided after this demo'd, land being demo'd, land being
Other watertower at sw comer sale ($25,000) subdivided ($25,000) subdivided ($25,000)
Gross Adjustment % 19% 38% 18%
Gross Adjustment $106,750 $119,250 $84,250
Net Adjustment% 10% 22% 7%
Net Adjustment $56,750 $69,250 $34,250
Indicated Value of the subiect propertY after adiustments $606,750 $386,750 $513,250
Final Value Estimate I $500,000
Comparable Land Sales
Comparable Sale #1 (left) is located near the
corner of 101 and Pleasant View Rd.
It has sUbsequently been platted as Fox Den
with six lots that are accessed from the road
ROW that existed on its southern lot line.
Comparable Sales 2 and 3 (below) are two
parcels similar in size and topography to the
subject lots that were purchased and plotted with
two more lots.
Comparable Land Grid for Beddor PIO 25.8700063
Item Subiect Comparable #1 Comparable #2 Comparable #3
Address 10xx Pleasant View Rd 6500 Chanhassen Rd, Chan. 3921 Aster Trail, Chan. 4001 Aster Trail, Chan.
Property 10# 25.8700063 25.0011900 25.7700130 25.0060400
Proximity to ---- ----
Subject --- --- 1 mile east 3 mies west 3 miles west
Sale Price $550,000 $317,500 $479,000
Data Source Insoec/Co. Records Inspec/Co. Records Insoec/Co. Records Insoec/Co. Records
Description Description +(-) Adi. Descriotion +(-) Adi. Descriotion +(-) Adi.
T' Sep-05 Sep-05
Date of Sale May-05
City Sewer and Water City Sewer and City Sewer and City Sewer and
available in street Water available in Water available Water available
Utilities street nearby nearby
Northern Chanhassen, Northeastern Northwestern Northwestern
Location south of Christmas Lake Chanhassen Chanhassen Chanhassen
Gently rolling Level land, Mature
Topography trees Gently Slope Gentle Slope
3.55 Acres total including 2.09 Acres 3.49 Acres
Size ROW (.4 acres pond) 2.59 Acres $24,000 $36,500 $0
Site Some mature trees, Small Mature Trees Mature Trees
Amenities Pond Mature Trees
Small house Small house
Could be sub-divided Subdivided after this demo'd, land being demo'd, land being
Other sale subdivided subdivided
Gross Adiustment % 4% 11% 0%
Gross Adiustment $24,000 $36,500 $0
Net Adiustment% 4% 11% 0%
Net Adiustment $24,000 $36,500 $0
Indicated Value of the subject orooertv after adiustments $574,000 $354,000 $479,000
Final Value Estimate I $469,000
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Comparable land Sales
Comparable Sale #1 (left) is located near the
comer of 101 and Pleasant View Rd.
It has subsequently been platted as Fox Den
with six lots that are accessed from the road
ROW that existed on its southern lot line.
Comparable Sales 2 and 3 (below) are two
parcels similar in size and topography to the
subject lots that were purchased and plotted with
two more lots.
BOARD OF APPEAL AND EQUALIZATION-2006
(Assessed in 2006/Payable in 2007)
APPEAL #
PID#
DATE
NAME
ADDRESS
250800320
04/21/2006
ROBERT & SALLY HORSTMAN
7343 FRONTIER TRL
CHANHASSEN MN
I WANT MY PROPERTY REVIEWED BECAUSE:
Valuation increase in one year seems excessive
2006 ASSMT. LAND VALUE
2006 ASSMT. BLDG. VALUE
2006 ASSMT. TOTAL VALUE
$645,000
$409,100
$1,054,100
ACTION TAKEN BY ASSESSOR: STEVE C
DISTRICT
PHONE
CHANHASSEN CITY
55317
2006 NEW IMPRV. VALUE
2006 GA LAND VALUE
CLASS
$0
$0
201 1
DATE: 4/24/2006
Last year (2005) this Lotus lakeshore home was remodeled, expanded, and updated. As part of the financing for this project,
an appraisal was completed by Robb's Real Estate Services. This appraisal indicated a value for the property of $800,000 as
of 10-26-2005
After reviewing the appraisal, it appears that the appraiser did not do a very thorough job. I suspect that the value of $800,000
was the amount needed to get the financing done, and the appraiser did just enough work to create an appraisal that met the
banks needs and satisfied the underwriters.
I have supplied for your review copies of part of that appraisal as well as my own comparable sales study using 3 sales on
Lotus Lake.
My research indicates a value over $1,100,000
(As additional support of this value, I included on the last page, information regarding the sale 2 years ago of the property
next door)
No changes to our estimated market value are recommended.
ASSESSOR'S RECOMMENDATION:
LAND VALUE
BUILDING VALUE
NEW EMV
IAMOUNT OF ADJ (DIF+-) I I
$645,000
$409,100
$1,054,100
$0
NEW IMPRV. VALUE CHANGE
NEW GA LAND VALUE
NEW CLASS CODE
$0
$0
201 1
Adjusted as noted:
ACTION TAKEN BY BOARD:
Approved as Recommended
Our appraisal was made by a Certified General Real Property Appraiser
(Robb's Real Estate Services) with a Minnesota license. So, just on the face of it, I have
every reason to place confidence in my appraisal.
I'd also like to point out our lake access issue. First, we have a very steep property (80
steps down to the lake). Second, we have a city easement for surface water runoff and
our property takes all of the surface water from much of the entire Chanhassen
Hills/Sunrise Hills development. This water spills out on to our shoreline, creating
muddy conditions, rocks, and debris. Finally, the conduit which houses the pipe for this
runoff visually detracts from our beach area. None of the other appraised or assessed
properties have this issue. I'll point out that even our appraisal didn't take this into
consideration, which means our property should even be appraised lower than $800,000.
Finally, there is another error on the assessors comp grid - we have a 2-car garage, not a
3-car garage.
In conclusion, while property values have certainly risen, there is nothing to indicate that
rates have increased 18-22% since the end of October 2005. ~I\ ) -1Al>M1.. reTl'oiL !.I
,,/
/'
",""
,"
Comparable Grid for Horstman
Item Subject Comparable #1 Comparable #2 Comparable #3
Address 7343 Frontier Trail 429 Pleasanat View Rd 6655 Horseshoe Curve 7644 South Shore Dr
Property 10# 25 0800320 25.6300180 25.6300290 25.8010230
Proximity -
Sale Price - $930,000 $1,040,000 $837,500
Price/SF - $415.18 $643.56 $363.18
Data Source Inspection Record Inspection Record Inspection Record Inspection Record
Adjustments Description Description +(-) Adj. Description +(-) Adj. Description +(-) Adj.
Date of Sale April 04 $65,000 Nov 05 June 05
Northshore Northshore Southshore
Location West Shore Lotus Lake Lotus Lake $0 Lotus Lake $0 Lotus Lake $0
SiteNiew 1 62Acl280 Frt Foot 1.28Acl82FrtFt $150,000 45Acl114FrtFt $150,000 .92acl182FrtFt $100,000
Design/Appeal One Story/Good One Story/Gd $0 One Story/Gd $0 1 &2Story/Gd $0
(Juauty ot
Construstion Abv Average Abv Avg $0 Abv Avg $0 Avg Avg $0
1967/1980
YrBuilUEffective 1964/1980 (remod/addn
age (addn/remodel 05) 2000) $0 1985/1990 ($10,000) 1990/1990 ($10,000)
Condition Avg for Age Avg for Age $0 Avg for Age $0 Avg for Age $0
Above Grade BR's Bth's Total BR Bth Tot BR Bth Tot BR Bth Tot
Room Count 5 3 8 4 3 7 $0 2 2 5 $3,000 4 3.5 5 ($1,500)
Living Area 2,751 2,240 $20,400 1,616 $45,400 2,306 $17,800
Basement Area 2,950 1,894 $9,500 1,596 $12,200 1,392 $14,000
% Bsmt Area Fin. 90% 63% $36,500 88% $31,300 83% $37,500
Walkout Walkout Walkout $0 Walkout $0 Walkout $0
Functional Utility Average Average $0 Average $0 Average $0
HeaUCooling ForcedAir/CentralAir ForcedAir/Cen $0 ForcedAir/Cen $0 ForcedAir/Cen $0
Lrg 3car att. &
Garage Large 2 car attached 1 car att ($6,000) Lrg 2car Att $6,000 Lrg 3car att $2,000
OpenFrt Por& OpenFrt Por& Open Frt Por &
Porches Open front porch Scm Por ($60,000) Scm Por ($6,000) 3seas Porch ($10,000)
Decks/other Large Deck Lrg Deck $0 Lrg Deck $0 Deck $1,000
Fireplaces 3 Fireplaces 2 Fireplaces $2,000 2 Fireplaces $2,000 2 Fireplaces $2,000
Gross Adjustment % 34% 23% 19%
Net Adjustment% 23% 22% 18%
Net Adjustment $217,400 $233,900 $152,800
Indicated Value $1,147,400 $1,273,900 $990,300
Final. Value Estimate $1,137,200 "
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, Parcel No 250800320
Address
SKETCH/AREA TABLE ADDENDUM
State
N
21'
24'
<b
26'
N
DKA 1964
23'
14'
20'
26'
(0
GAF2005
~ BU F2005
Co
N
ONB2005
6' 20'
N
N
(0 (0
....ONE1964....
15' 17'
(0
14'
5'
.... 14' F-.
N
.... POP2005 Co
19'
Zip
N
....
(0
SPL 1964
54'
18'
(:)
....
16'
Co
....
Scale: 1 =20
AREA CALCULATIONS SUMMARY
Code Description Factor Net SIze Perimeter Net Totals
c&IIla2 SPL19640 1.00 1232 1640
0019640 1.00 386 100
ORB2005 1.00 1133 150 2751
ca.a4o GAP2005 1.00 728 108
Bt1J'2005 1.00 728 108 14056
c&llla POP2005 1.00 172 62
DltA19640 1.00 619 1340 791
TOTAL LIVABLE
(rounded)
2751
-00lfty
APEX SOFTWARE 8OlHl5~
Apx7100.w Ap0x2
NAME:
APPEAL TO BOARD OF REVIEW 2006
(Assessed in 2006/ Payable in 2007)
t7~~~
PHONE:
, 54 -4 ~ 1 --t...~
DATE:
2ND PHONE:
ADDRESS: 1 ~L( 3 h-o"'1\'e,- ~M (
PARCEL ID# f./5". CK()O~db
CITY/ZIP:
'::f5~ ( 1
I WANT MY PROPERTY Rl~VIEWED BECAUSE:
(01)
_ Property c1assifieation is incorrect.
~ Valuation increase in one year seems excessive.
(02)
(03)
_ Cost to purchase was less than assessor's estimate of value.
~crease in valuation does not accurately reflect market value of similar homes in area.
(04)
(OS)
Valuation is higher than neighbors with similar homes.
(06)
Improvements made do not warrant amount ofyaluation increase.
(07)
No improvements made or improvements not yet complete.
(08)
Property has minor structural problems.
(09)
Property needs maintenance as follows:
(11)
Other: ~ ?lc..~ ~k..- ~ C~pM~
,?f1l riP.. (~ <St~-5 ci<:w1 --tt, ~ ") <j-
~<;"krty-to.-. Df ~ S-Y~ ~ ~~
Q ~s.-< rvv....S-
************************************************************************************************
(OVER)
ASSESSOR'S OFFICE USE ONLY
APPRAISER INITIALS:
DATE: :
ACTION TAKEN BY APPRAISER:
APPRAISER'S RECOMMENDATION:
CURRENT:
LAND VALUE:
ADJUSTED:
LAND VALUE:
BUILDING VALUE:
BUILDING VALUE:
NEW CONST. VALUE:
NEW CONST VALUE:
GR. ACRES VALUE:
GR. ACRES VALUE:
CLASS CODE:
CLASS CODE:
~M~il!l ~ ~0li E-2- 'TRAiL-
G\tl\~ ~'=>et.J 653 '1
Our home was appraised as of October 26, 2005 at $800,000 including improvements
recently made to the property. Our property was originally built in 1964. It is a rambler
style home built in an older neighbor hood in Chanhassen, surrounded by comparatively
modest homes of similar age. Our appraiser came on the site, measured each room, and
appraised the property based up Market Data and Cost data.
Our Carver County Assessor valuation for taxes payable in 2007 came up with a value of
$1,054,100. This is a difference of $254,000. This is a 32% difference from the value
we obtained just 6 months ago.
Obviously this is cause for our concern.
I have called the assessor, Steve Clay. Mr. Clay made a visit to my property last week.
And he has done his own assessment - coming up with an even higher valuation that
what our official notice had. His new valuation is $1,137,200 or 42% higher than my
appraisal. Cause for even more concern.
Our appraisal was based upon 4 comparison properties that have had recent sales - 3 of
which were on Lotus Lake. Two of the 3 Lotus Lake sales were in 2005, which is quite
recent.
I'd like to point out what I'm seeing from two of the comp properties are in common:
Property Sale Price October 2005 Assessor's Percentage
Appraised Appraisal Difference
Value
6655 Horseshoe $1,040,000 $988,540 $1,273,900 22% over sale
Curve - sold price
11/05
7644 South $837,500 $812,125 $990,300 18% over sale
Shore Drive -
sold 6/05
Our appraisal stated that the property on Horseshoe Curve "has been extensively
remodeled with high cost materials and finishing, creating much superior overall
quality." Additionally, you should note, this house is a much newer house, originally
built in 1985. I drove past this house this afternoon and noted that the lake access is
grassy and gently sloping down to the lake. (I'll come back to that point shortly.)
Our appraisal also stated about the property on South Shore Drive that it was a 1 ~ story
style dwelling (not a rambler) with more extensive interior upgrades and features,
creating superior quality. I'll point out that this house is also much newer that ours - it
was built in 1990.
,
/ ,
~ ROBB'S REAL ESTATE SERVICES
'. . Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT FileNo 05-15718
ESTIMATED SITE VALUE. . . ... . ... . . . . . .... . . .. .. " $ 475000 Comments on Cost Approach (such as. sourca 01 cost esllmate.
ESTIMATED REPRODUCTION COST.NEW OF IMPROVEMENTS: site value. square foot calculation and lor HUD, VA and FmHA. lhe
Dwelling 2,460 Sq. Fl. QP $ ~ . $ 282.900 estimated remaining economic life of the property):
1750 SF LL Fn Sq. Fl. QP $ 45.00 . 78,750 See Attached Addendum.
2 Flrenlaces/Deck . 20,000
Garage/Carpon U!L- Sq, Fl. QP S 38.00 . 27 .664
Total Estimated Cost New, . ., , , . . .. $ 409,314
Less 75 Physical Hi Functlona; I External Est. Remaining Econ. life: 65
Depreciation $54575 I SO 1$0 . S 54.575
Depreciated Value of Improvements, ,..,... . $
"As.is" Value 01 Site Improvements .O(iYIlW.a.y. .Wl!I)<~, . . .. . $
INOICATEO VALUE BY COST APPROACH ~Rounded).. . $
ITEM SUBJECT I COMPARABLE NO.1
7343 Frontier Trail 3728 Hickory Lane
Address Chanhassen Chanhassen 55331
Proxlmitv to Subiect 11!1l\t:,'~. 3.5 miles anoroximalelv
Sales Price $ Refinance $ 658 000
PrlcelGross Uv. Area $ 0,00 It! $ 321.29 It!
Data and/or Inspection Drive-by/MLS
VerlOcation Sources Cltv/Countv Rec. Cltv/Countv Reeords
VAWE ADJUSTMENTS DESCRIPTION DESCRIPTiON I. (.11 A~ul"''''
Sales or Financing Conventional :
Concessions -0- Costs :
Date 01 Salemme 5/06/2005:
Location Suburban Slmiler '
leaseholcUFeeSlrmle Fee Slmnle Fee Simnle :
Site 1.62 Acres 12400 So.Ft. :
View Lekeshore Similar
Desl 1'1 and Annoal Rambler/Good Rambler/Good :
OuaLIvolCoosllllCtion Good Inferior
Aoe 41 Years 1992
Condition Very Good Inferior :
Above Grade Tout I Bdrm5 1 81ths Totll I Bdfms I 8alm :
RoomCoum 3E 6: 1: 1.50 7: 3: 2.CiQi
Gross L1vino Area 2 460 SO.Fl. 2 048 Su,Fl. :
Basement&Finlshed 1750 Sq,Ft fn. 0 Sq.Ft fn.
Rooms Below Grade 1 BathlWO 0 Bath/No-WO
Functional Utility Full Basement No Basemenl
I HeaUna/Coolina Gas FA ClAir Gas FA ClAir
Enomv Efficlentltems Standard Similar
Garaoe/Caroorl Garaoe: 2 (+) Garaoe: 2
Porch, Patio, Deck, Deck No Deck
Flreolacelsl, etc. 2 Flrenlaces 2 Flrenlaces
Fence. Pool. etc. N/A N/A
I'"
354 739
15000
844 700
COMPARABLE NO.2
20250 Excelsior Boulevard
Shorewood 55331
2.25 miles aooroxirnatelv
$ 725 000
$ 368.96 It!
Drlve-by/MLS
Cltv/Countv Recore;!s
DESCRIPTION I. . I AdIU5lm."
Conventional
-0- Costs
2/1712005
Similar
Fee Slmole
1.4 Acres
Small Lake
Rambler/Good :
Similar
1977/Remodel.
Similar
COMPARABLE NO.3
7644 South Shore Drive
Chanhassen 55317
0.25 miles aooroximatelv
~ ., fi $ 837 500
$ 330.37 It! ;:~i'f",.~fr:;~~4::::/~
Drlve-by/MLS
Cltv/Countv Records
DESCRIPTION I. (.)1 A~VSlmenl
Conventional '
-0- Costs '
-0- 6/27/2005 :
Similar '
Fee Slmole :
..--:0: 1 Acre :
1 +50000 Similar '
-- __/ 1 1/2 Story/Good :
Suoerlor :
-0- 1990
Inferior
+10000
+25 000
+8 000
+8 000
Total' Bdrms l Bllhs :
5: 1: 1.50'
1 965 So. Ft. :
1150 Sq.Ft fn. :
1 BathlWO '
Full Basement :
Gas FA C/AIr :
Similar '
+2 500 Garaoe: 3 :
+1,500 Deck ,
1 Flreolace :
N/A :
-3,000
+14420
+26,250
+10000
+25 000
+5 000
-0-
-50 000
+10000
+10000
Total 1 Bdlms' B.lhs :
7: 2: 2,50'
+17325 2535 So.Ft. :
+9,000 1100 Sq.Ft fn. ,
1 BathlWO
Full Basement :
Gas FA ClAir
Similar
-2 500 Garage: 3
Deck
+2 500 2 Fireolaces
N/A
-5,000
-2 625
+9,750
: -2 500
,
:
:
25375
812125
Net Adi.llotall + "' $ 1276701ilil"' $ 76325Ifi11tX" $
Adjusted Sales Price
of Comnarable $ 785 670 $ 801 325 $
Comments on Sales Comparison (Including the subject property's compatibility to the neighborhood, etc.): ~;ee Attached Addendum.
ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO, 2 COMPARABLE NO, 3
Date, Price and Data No prior sale No prior sales No prior sales found No prior sales found
Source fOl prior sales within last within last 12 Months within last 12 Months within last 12 Months
within vear of annralsal 36 Months other than stated above. other than stated above, other than stated above.
Analysis of any current agreement of sale. option, or listing of the subject property end analysis of any prior sales 01 subject and comparables within one year 01 the date 01 appraisal:
No record of recent sale Ilstlno or ootlon was obtained from normal reoortlna services for the sublect for the last 36 months other than
renorted above.
INOICATED VALUE BY SALES COMPARISON,APPROACH . . .. ....,..... . . . . . . . , . . . . . . .. $ 800000
INDICATED VALUE BY INCOME APPROACH iiI Aooficable\ Estimated Market Rent ~ N/A 1M0, x Gross Rent Mullinlier N/A. $ -0-
This appraisal is made 0 "as is' (2g subject to the repairs. alterations. inspections 01 conditions Ilsled below ,,0 .subject to completion per plans and specilk:ations.
Conditions of Appraisal: The cost oer SQuare foot was derived from the Marshall & Swift Cost Handbook and or a survev of local builders
costs and adlusted for time and oualitv.
Final Reconciliation: The Cost Aooroach was Included however The Market Data Aooroach was considered the best Indicator of value. No
rental data was available to utilize the Income Annroach. Flnanclno charaes nald bv the buyer and seller were taken into consideration
in this annralsal. Comnarable nhotos are file nhotooranhs.
The purpose of this appraisal Is to astimate the market vaiue 01 the real property that Is the subject of this report, based on the above conditions and the cenirlcatlon, contingent
and limiting conditions, and market value definition that are stated i1 the attached Freddie Mac Form 4391FaMle Mae Form 1004B (Revised 6/93 ).
I (WE) ESTIMATE THE MARKET VALUE. AS OEFINEO. OF THE REAL PROPERTY THAT is THE SUBJECT OF THIS REPORT. AS OF 10/26/2005
(WHICH IS THE OATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORn TO BE $ 800,000
APPRAISER: r-- ~ SUPERVISORY APPRAISER (ONLY IF REQUiRED):
SIQnalure .. ~ ~ ~ SIQnature
Name DI':Vt KoSB - Name
Date Report SIQned 10/28/2005 Date Report Sloned
'State Certification' 4001054 State MN State Certification'
Or Slate License' State Or State License'
Freddl.M"FOIIIll0 ,.OJ Certified General Real Property PAGE 2 OF 2
Aporaiser
Prod\tt.d lISlt'll ACl toI\wlfI.lOO.num Wlwutlwtb.cDm
Robb's Real Estate Services
ODid ODld Not
Inspecl Properly
State
State
r,Mie Ma. Form 100~ $on
ROBB'S REAL ESTATE SERVICES
,1, Suoolemental Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT
ITEM I SUBJECT COMPARABLE NO.4 COMPARABLE NO.5
7343 Frontier Trail 6655 Horseshoe Curve
Address Chanhassen Chanhassen
Proximity to Sublecl ' ,,'." 0.50 miles a"nroximatelv
Sales Price $ Refinance ;,1':~I!ht:\r,1if{@~~'>. $ 1 050 000 h 'ii.. I;.; i;':" ",:\ $
PricelGross Liv. Area $ 0.00 In $ 649.7S In :'J1:;: ;"',.,:;~1~'i4,.j $ In ',,(.-:,,:C,
Data and/or Inspection Drlve-by/MlS
Verification Sources City/County Rec. City/County Records
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION T. '.1 S Mus"""
Sales or Financing Pending Sale '
Concessions N/A:
Date of SaleITlme N/A:
Location Suburban Similar
Leasehokl'FeeSimle Fee SlmDle Fee SimDle
Site 1.62 Acres 29 195 SO.Ft.
View lakeshore Similar
Deslon and Anneal Rambler/Good Rambler/Good :
OJafilvolConS1lUc1icr1 Good SUDerlor :
Aoe 41 Years 1985/Remodfll.'
Condition Verv Good Similar :
Above Grade lotll I Bdrm, I Blths 1atll I Bdrms I Blm, :
Room Count 6: 1: 1.50 7: 3: [QQJ
Gross L1vlno Area 2 460 Sn.Ft. 1 616 Sn,Ft. .
· BasementHinlshed 1750 Sq.Ft fn. 1450 Sq.Ft fn. ,
Rooms Below Grade 1 BathlWO 1 BathlWO '
Functional Utilitv Full Basement Full Basemert :
HeatlnnlCooiinn Gas FA ClAir Gas FA ClAir :
Enerov EWicienlllems Standard Similar
Garaoe/Caroort Garaoe: 2 (+ \ Garaoe: 2
Porch. Patio. Deck. Deck Deck
Fire lacels\. elC. 2 FlreDlaces 2 Flreolaces
Fence. Pool elC. N/A N/A
File No. 05.15718
COMPARABLE NO.6
'.~\',:
.:.'t' s
.\ .,
$
In
DESCRIPTION
I . '.\S,dIu,,,,,,,,
OESCRIPTION
I .'.\SMus"'enl
Tecall Bdrms I
81m,
:
:
,
,
:
,
:
Blths. :
+5 000
-100000
-0.
+2 500
:
So.Ft. :
,
:
:
:
:
:
Totlll Bdrms I
,
,
-3,000
+29 540
+4,500
Sn.Fl. :
,
:
:
Net Adi.ltotall + X '$ 614601ili(" '$ Olilil" '$
Adjusted Sales Pnce
of Comoarable $ 988 540 $ 0' $ 0
Comments on Sales Companson (including the subject property's compatibility to the neighborhood, etc.): ~ale #4 is a "Pend inn Sale" of a rambler stvle
dwellina an the same lake. The actual sale Drlce clln not be disclosed until the transaction has closed. Sale #4 has been extenslvelv
remodeled with hlah cast materials and finlshlna. creatlno much sUDerlor overall oualltv, Note: This oraoertv sold In one day eXDosed to
the market Dlace. Pendlno Sale #4 was orovided as additional support of the subject's Incf'easina value ranoe.
o
ITEM SUBJECT COMPAflABLE NO.4 COMPARABLE NO.5 COMPARABLE NO.6
Date, Price and Dala No prior sale No prior sales found
Source for pnor sales within last within last 12 Months
wllhin year or aooraisal 36 Months other than stated above.
Analysis of any current agreement of sale, option. or listing 01 the subjecl property and analysis of any prior sales of subject and comparables within one year of the dale of appraisal:
The sale data for the additional comnarablels\ orovided Is considered above. No unusual enticements to the buyers to oav more than
Market Value (seller concessions etc. \ were noted.
Plof~tt4IlWII ACI soli'll"., 100.114.1117 WIlIW.'tlWtb.tom
..
Vacant Lakeshore land sale:
516 Big Woods Blvd. Chanhassen
.68 Acre lot, with 146' oflakeshore
First Sale 7/8/2002
Second Sale 12/10/2004
$425,000
$575,000
Increase in sale value of35% over 29 months equals a 14% per year increase in value.
Most recent sale price December 2004 adjusted at 14% per year to January 2, 2006 is $655,500
Horstman Appeal- Additional Information:
By way of additional support for an estimated market value greater than the $800,000 indicated in the fee
appraisal completed for the Horstman's, I am including information on the sale of their neighbor's home
in January of2004.
The neighboring property that abuts their property to the north-west and has the same steep slope to the
lake (see map with 10' and 2' contour lines) sold two years ago for $589,000. The lot is .47 acres with 69
feet of lakeshore compared to the subject's 1.62 Acres with 280 feet of lakeshore. The house is of a lower
quality construction and sold in poorer condition than the subject. It is 1372 sfin above grade size
compared to the subject at 2751 sf.
The question to be considered is: If the neighboring property with a house of lower quality, half the size,
and sited on a lot has less than one-third the acreage and one-fourth lakeshore front footage sold two years
ago for nearly $600,000....is it reasonable to expect that the Horstman's property would be worth only
$800,000 today.
~'i"'''i'''''''''''''''-'''''--''1i
Subject
Neighbor
BOARD OF APPEAL AND EQUALIZATION-2006
(Assessed in 2006/Payable in 2007)
APPEAL #
PID#
DATE
NAME
ADDRESS
254200080
04/20/2006
DANIEL & BARBARA HECTORNE
III CHOCTAW CIR
CHANHASSEN MN
I WANT MY PROPERTY REVIEWED I3ECAUSE:
Valuation increase in one year seems excessive.
2006 ASSMT. LAND VALUE
2006 ASSMT. BLDG. VALUE
2006 ASSMT. TOTAL VALUE
$180,900
$546,300
$727,200
ACTION TAKEN BY ASSESSOR:
STEVE C
DISTRICT
PHONE
CHANHASSEN CITY
55317
2006 NEW IMPRV. VALUE
2006 GA LAND VALUE
CLASS
$0
$0
201 1
DATE:
4/24/2006
Mr. Hectorne has a contempory stryle one story walkout home located on a lot with lakeshore access to Lotus Lake. He is
concerned that the value of his home is too high.
This home has a rather unique feature, an indoor swimming pool enclosed in a 40x40 foot attached structure with a patio area
on the roof.
In order to verify the value of the indoor pool structure, a matched pair sales analysis was done using a sale of a home on
Lake Minnewashta with a simialar indoor pool.
The indicated value for the indoor pool was used in a sale comparison report using 2 sales from the owners lakeshore
associaiton neighborhood and a 3rd sale from the lake shore association directly south of the subject.
The sale comparrison indicates a value over $900,000.
No changes to the current estimated value are recommended.
ASSESSOR'S RECOMMENDATION:
LAND VALUE
BUILDING VALUE
NEW EMV
$180,900
$546,300
$727,200
IAMOUNT OF ADJ (DIF+-) I c= $0
NEW IMPRV. VALUE CHANGE
NEW GA LAND VALUE
NEW CLASS CODE
$0
$0
201 1
ACTION TAKEN BY BOARD:
Adjusted as noted:
Approved as Recommended
~
APPEAL TO BOARD OF FtEVIEW 2006
(Assessed in 2006/ Payable in 2007)
i\ r
DATE: L\'f'i'l d L\
NAME:L)ArJ ~-W~0~
PHONE: qSo--C\:S'l-oql d-
2ND PHONE:
ADDRESS: ) ) l CMC)~ C.\l<CLe. CITY/ZIP:L.+t~
PARCEL ID# ~ 0.-5: t..i (70 tXPYJ
'S~? ( ")
I WANT MY PROPERTY Rl~VIEWED BECAUSE:
(01)
Property classitic;ation is incorrect.
(02) ~ Valuation increase in one year seems excessive.
(03)
Cost to purchase was less than assessor's estimate of value.
(04) ~ Increase in valuation does not accurately reflect market value of similar homes in area.
(05)
Valuation is higher than neighbors with similar homes.
(06)
Improvements made do not warrant amount of valuation increase.
(07)
No improvements made or improvements not yet complete.
(08)
Property has minor structural problems.
(09)
Property needs maintenance as follows:
(11)
Other: k. \ se c;:k- M" 11.., ~.AiI~ <A-~r=s ~S
L\~\\e'Q ~AL..e D~ \-\-i.J.*~l?"-~-e1> +-'-€J.MeS-
f'<\~.....\let ~L-J.e ~ ~.e7 ~ \-oJ- -\-\\~e'- "J:t-Jle~\ ~"",--re
-1-~7 .f\ =3 ~ e_ ~....G D f'^- +\ C......l se W" t-\ \=' ) 4.-,\ 5~ '€ A S't'\-,-t't..J(
................................................................................................
(OVER)
+:~
+\t<ve
wll-
...
ASSESSOR'S OFFICE USE ONLY
APPRAISER INITIALS:
DATE: :
ACTION TAKEN BY APPRAISER:
APPRAISER'S RECOMMENDA nON:
CURRENT:
LAND VALUE:
ADJUSTEn:
LAND VALUE:
BUILDING VALUE:
BUILDING VALUE:
NEW CONST. VALUE:
NEW CONST VALUE:
GR. ACRES VALUE:
GR. ACRES VALUE:
CLASS CODE:
CLASS CODE:
Comparable Grid for Hectorne
Item Subject Comparable #1 Comparable #2 Comparable #3
Address 111 Choctaw Circle 121 Choctaw Circle 6805 Brule Circle 7020 Dakota Circle
Property ID# 25.4200080 25.4200440 25.4200110 25.2300110
Proximity - 2 doors north 1 block east 0.3 miles south
Sale Price - $625,000 $700,000 $502,000
Price/SF - $195.74 $428.92 $14467
Data Source Inspection Record Inspection Record Inspection Record Inspection Record
Adjustments Description Description +(-) Adj. Description +(-) Adj. Description +(-) Adj.
Date of Sale Sept. 04 $54,500 July 05 $24,500 May 04 $55,000
Lotus Lake Estates Sub- Colonial Grove
Location div Same Sub-Div Same Sub-Div @Lotus Lk
Lake access/Lk
SiteNiew Lake access/Lk View View Lake access/ Lake Access
Design/Appeal Contemporarty 1 story 2 Story Split Level 1.5 Story
Quality of
Construstion Good Quality Good Quality Good Quality Above Avg $10,000
Year
BuilUEffec.Age 1980/1983 1980/1985 ($2,000) 1990/1990 ($7,000) 1963/1980 $3,000
Condition Average for Age Avg for Age $0 Avg for Age $0 Avg for Age $0
Above Grade BR's Bth's Total BR Bth Tot BR Bth Tot BR Bth Tot
Room Count 3 3.25 7 4 3.25 8 $0 3 3 6 $800 4 3.5 6 ($800)
Living Area 2,448 3,193 ($29,800) 1,632 $32,600 3,470 ($40,900)
Basement Area 2,378 1,646 $6,600 1,240 $10,200 1,550 $7,500
% Bsmt Area Fin. 98% 60% $33,600 77% $34,400 0% $58,300
Walkout Walkout Walkout Look out $5,000 No Walkout $10,000
Functional Utility Average Average $0 Average $0 Average $0
HeaUCooling ForcedAir/CentralAir ForcedAir/Cen $0 ForcedAir/Cen $0 ForcedAir/Cen $0
1552sf Enclosed Porch with
Indoor Pool indoor pool None $225,000 None $225,000 None $225,000
Garage 828sf Att. Garage 816sf AU.Gar $0 576sf AU Gar $6,000 666sf AU Gar $4,000
261sf ScmPor,
Porches 390sf Open Porch 174sf Gazzebo $4,000 None $8,000 141 sf OpenPor ($3,000)
VeryLrg Deck,
Decks/other Lrg. Patio, Avg Deck VeryLrg Patio A vg Deck $4,000 Large Deck $2,000
Fireplaces Four Fireplaces Two Fireplcs $6,000 One Frplc $9,000 Three Frplcs. $3,000
Gross Adjustment % 52% 47% 73%
Net Adjustment% 48% 50% 66%
Net Adjustment $297,900 $352,500 $333,100
Indicated Value $922,900 $1,052,500 $835,100
,
Final Value Estimate $936,833
40'
o PEG1980
.q- DKP1980
22'
~ POP1980 10'
~
Q)C8 - 56'
"\: ~
O~~ ONE1980
~ ONW1980
Co
.q-
6'
1 R~~ 11\9JtO~
~ <?O<?
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o
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.....
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ocation Map for Comparable
I comp~
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Subject
Camp 1
'~
Camp 2
Camp 3
. .
Comparable Grid for
Item Subject Comparable #1 Comparable #2 Comparable #3
Address 3411 Shore Drive 2931 Washta Bay Rd 6631 Minnewashta Prkwy 3331 Shore Drive
Property ID# 25.4950730 25.6730020 25.6150670 25.6700140
Proximity
Sale Price $575,000 $682,500 $510,000
Price/SF - $394 92 $466.51 $401.26
Data Source Inspection Record Inspection Record Inspection Record Inspection Record
Adjustments Description Description +(-) Adj. Description +(-) Adj. Description +(-) Adj.
Date of Sale Mar 03 Aug. 03 $0 Nov 03 $0 Mar 03 $0
NE shore W shore North shore
Location north shore Minnewashta Minnewashta $0 Minnewashta $0 Minnewashta $0
.69acl106' 45acl125' .8acl86'
SiteNiew 71 ac /97'lakeshore Lakeshore ($16,000) Lakeshore ($50,000) Lakeshore $20,000
Design/Appeal Rambler/Good Rambler/Gd $0 Rambler/Gd $0 Split Level/Gd $0
Quality of
Construstion Average Average $0 Average $0 Average $0
Yr Built/Effective
Age 1958/1970 1967/1970 $0 1986/1986 ($16,000) 1974/1980 ($10,000)
Condition Avg for Age Avg for Age $0 Avg for Age $0 Avg for Age $0
Above Grade BR's Bth's Total BR Bth Tot BR Bth Tot BR Bth Tot
Room Count 5 3.5 10rms 4 175 8 $5,000 4 3 9 $1,500 2 1 75 8 $5,000
Living Area 2,082 1 ,456 $21,900 1 ,463 $21,700 1,271 $28,400
Basement Area 2,032 1,456 $5,200 1 ,463 $5,100 1,271 $6,800
% Bsmt Area Fin. 49% 75% ($2,400) 82% ($5,100) 59% $6,100
Walkout walkout walkout $0 walkout $0 walkout $0
Functional Utility Average Average $0 Average $0 Average $0
Heat/Cooling ForcedAir/CentralAir ForcedAir/Cen $0 ForcedAir/Cen $0 ForcedAir/Cen $0
1610sf Enclosed Porch with
Special Features indoor pool None None None
501sf AU Gar over
Garage basement storage 486sf AU Gar $0 576sf AU Gar ($1,000) 552sf AU Gar ($500)
105sfOpenPor,
Porches No other porches 240sf scrnPor, ($9,000) 264sf Encl Por ($12,000) None $0
340sf Deck, 70sfDeck,
Decks/other 1 OOOsf Deck 95sf Deck $7,000 568sf Patio $2,000 182sf Patio $4,500
Fireplaces 3 Fireplaces 2 Fireplaces $2,000 2 Fireplaces $2,000 2 Fireplaces $2,000
Gross Adjustment % 52% 45% 64%
Net Adjustment% 43% 21% 62%
Net Adjustment ~ $141,500 ~
Indicated Value
Final Value Estimate $824,000
.. ,~..
Location map for indoor pool analysis
~
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