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MILL ' <br /> I E <br /> COMMERCIAL <br /> REAL ESTATE, LLC <br /> June 19, 2012 <br /> Mr. Jeff Aiken, Division President <br /> David Weekely Homes, LLC <br /> RE: Opinion of impact on adjacent land values, Dunhill subdivision, Orange County,NC <br /> Jeff, <br /> Millridge Real Estate has prepared our evaluation of existing land and home values adjacent to <br /> the proposed Dunhill subdivision and the resulting impact on future values of these properties. <br /> Understand existing home, land and property values were taken directly from Orange county tax <br /> records and that this opinion of impacted value is not to be considered an appraisal of property <br /> value. The methodology used below is commonplace in the real estate market and is an <br /> acceptable approach when researching property values. <br /> Scope: Utilizing the Orange County tax records adjacent property values were obtained and <br /> shown on the attached property list. Properties that were not vacant land with development <br /> potential (ie. Triangle Land Conservancy) or were currently used/rented for something other than <br /> single family residential ownership (ie. J & J mobile home park) were not similar and therefore <br /> not considered. Comparing similar adjacent property values with the proposed sales prices of <br /> completed lots and homes is a viable method to determine how the proposed development will <br /> influence similar adjacent property values. <br /> Adjacent property values: The attached "Dunhill Parcel Map" shows the adjacent parcels of land. <br /> Of these 19 parcels, eight are vacant residential lots, seven have homes, the Triangle Land <br /> Conservancy owns one and one is a mobile home park. <br /> A) Vacant residential lots: 8 lots with an average value of S48,997/acre <br /> B) Existing single-family homes: seven homes ranging in value from $59,781 to <br /> $3,286,725. The median home value of adjacent properties with existing houses is <br /> $285,100. With one home being more than 8450 SF in size and having a value in <br /> excess of three million dollars the average value of all seven homes is dramatically <br /> affected and therefore using this home to determine an average value will not be a fair <br /> representation of the value of the other six existing homes. The same can possibly be <br /> said for the lowest value home being 756 square feet in size and valued at $59,781. <br /> 152 CAPCOM AVENUE* SUITE 103. WAKE FOREST,NC 27587. P-919-554-4165.- F-919-554-0879 a WWW M1LRIDGEREALESTATE COM <br />