The final offer was much higher than the market value. Patch explores why that’s the case.
If you look for the value of the 531 Blake Road duplex on Hennepin County property records, you’ll find a figure less than half the $340,000 that the city offered before the deal fell through. Those records put the market value for the property at $162,000. But that low figure mainly arises because there’s a lag from the time the appraisal was done until it’s published. Click here to read why the deal fell through. When the Metropolitan Council was trying to acquire the property in 2010 or 2011, it obtained an appraisal that came back with a $245,000 to $265,000 value, property owner David Gimberline said. That’s closer, but it’s still nearly $100,000 off the city’s final offer. An appraisal Gimberline had done in 2005 or 2006 comes much …
The City of Hopkins disagrees with the property owner about whether he should be able to continue collecting rent for a period after the sale.
The City of Hopkins and the owner of a duplex that is supposed to be part of the newly expanded Cottageville Park have hit an impasse in their negotiations, making it likely that park development will have to continue without the property. As recently as December, the city and David Gimberline, who owns both units in the 431 Blake Road duplex, appeared on the verge of a $340,000 deal. But Gimberline wants to be allowed to collect rent on the other unit in the property for a period after he sells the duplex He said he needs the rent as extra security since property values have fallen even as loans and other duplexes are harder to come by. The extra income would provide a safety net during the time it takes to find and a purchase a new …
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431 Blake Rd N, Hopkins, MN
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