HomeMy WebLinkAboutINNOVATION ISLAND - ODP - 40-05 - CORRESPONDENCE -Steveplt- fte: Innovation Island_ Page 1 j
From: Steve Olt
To: Adelbmt@aol.com
Date: 11 /17/2005 9:38:17 AM
Subject: Re: Innovation Island
Mr. Bruner,
I must apologize for my inability to provide clarification on the item you are referring to in your e-mail. I am
not sure what letter to one of the home owner's was discussed at last night's meeting, which I was not
aware of nor invited to. I do know that the letter did not come from the City's Current Planning Department
office. Therefore, I do not know how to respond to your questions at this time.
Stephen Olt
City Planner
>>> <Adelbmt@aol.com> 11/17 8:30 AM >>>
At a neighborhood meeting last night, several changes in Innovation Island's
proposal were presented. These had come in letter form to one of the home
owners in this subdivision.
There is an item that I would like clarification on. This letter stated
that an independent Realtor had placed a value of $185,000 on the larger units.
These units, incidentally, have gotten larger and now have basements.
I am a licensed Realtor in Colorado and attempted to verify these results on
the Multiple Listing Service. As I'm sure you are aware, the most generally
accepted way to place a value on a piece of property is to do a MLS search
on comparable properties that have sold recently in the same general area.
Ideally, you want to find properties that have closed within the previous 3
months, in some cases you need to extend that time period to find comparables.
I searched for closed properties that sold from 01/01/2005 thru 11/16/2005
and came up with 9 different properties that fit the broad category. These
ranged in square footage from 1212 sq ft to 1316 sq ft. None were larger. Sold
prices ranged from $169,000 to $178,500.The proposed development is now
supposed to have square footage ranging from 1184 to 1476 square feet.
None of the comparables have a basement, that is quite a rarity for attached
dwellings. However, all of the sold units were loaded with expensive
up -grades These included hardwood flooring in kitchen and dining room, tiled
bathrooms, up -graded carpeting and cabinets, lighting packages, fireplaces and air
conditioning. Most also had either a deck or patio. All had one car
garages. I would be happy to supply MLS numbers if so desired. My question is "Do
the proposed units have these up -grades? If not, what other criteria was
used to place the stated value on these units?" I am not questioning anyone's
ability, just looking for clarification for my own edification.
Thank you,
Keith Bruner
2008 Lookout Lane
Ft Collins, CO 80526
CC: Cameron Gloss; dhutchinson@fcgov.comh.ci.fort-collins.co.us; Gregory Byrne; Kurt
Kastein
Steve Olt -Re Innovation Island
From:
<Adelbmt@aol.com>
To:
<SOLT@fcgov.com>
Date:
11/17/2005 12:13:06 PM
Subject:
Re: Innovation Island
I guess that I wasn't really looking for a response from you, just wanted to
go on record as indicating that I had some reservations on how the price
was arrived at. It evidently wasn't by conventional records. I do believe
this may be brought up at the zoning meeting this evening.
Keith Bruner