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STRATEGIC GROWTH AND RURAL CONSERVATION PROGRAM <br />Draft (10.1.2007) <br />Figure 2-5. Density of Recent Development <br />X20 ... , , _ .~.,.. - .. <br />• <br />Density (Parcel Size) <br />One issue raised during this analysis was whether large-lot (10 acres or greater) <br />development can be more beneficial to developers than higher density development, <br />such as would be produced with the SGRC Program. There is some indication, as <br />discussed above, that there is a tendency to develop large-lot subdivisions in Orange <br />County, as evidenced by the relatively high number of 10+ acre parcels developed <br />recently. This type of development may, however, be the unintended result of a <br />different approval process for such subdivisions, rather than an indication of profitability <br />at different densities. <br />Two findings indicate that it still may be more profitable for a developer to develop at <br />higher densities. Land value per acre declines as parcel size increases, as discussed <br />above and illustrated in Figure 2-6. Figure 2-6 also illustrates that there are few <br />properties with a land value per acre higher than expected ("outliers"). In the figure <br />below, each dot represents one of the 916 recently developed parcels. Most of the <br />parcels are clustered near the axes, indicating either a large parcel size with low land <br />value per acre, or a small parcel size with high land value per acre. Just a few parcels <br />are farther from the axes, indicating ahigher-than-expected land value for parcels that <br />size. Both of these findings seem to support a more profitable development by <br />increasing density on any particular parcel. <br />• <br />Orange County, North Carolina <br />20 10 8 8 4 3 2 1 1.5 ac lac Sac 4ac Sac eac Tae eac Sac 10 ac >10ac <br />uniWac ~nifs/ae uiils/ac ur~ts/ac uniWac units/ac uiits/ac uritlac <br />