Agenda - 08-24-1992 - Laserfiche WebLink

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TRIMINTE� P R O P E R T I E S TO: Orange County Commissioners and Orange County Planning Board FROM: Connie Shuping, MBA, CREA* RE: Addition of 9 lots to Heartwood PUD DATE: August 24, 1992 In my opinion, the addition of more lots to Heartwood Subdivision will not in any way reduce property values or the quality of life for those already living in Heartwood. Instead, the following benifi_ts are likely to extend to the area: • In the neighborhood analysis portion of the standard Uniform Residential Appraisal Form (Fannie Mae Form), the subject neighborhood is evaluated and is considered more desirable for compatible properties and protection from detrimental conditions. Developing adjoining property into an extension of the neighborhood is a means of protecting it from less desirable uses. • Due to a change in subdivision requirements since the original, development of Heartwood, the additional lots will need to be larger on average than the earlier phases. These larger lots, having a higher value, are likely to have larger, more expensive homes built on them. This will increase the overall price range of the area and benefit all the existing homes. • The cc;r,;ron area would be approxamately doubled in size, which would increase the amenities far all residents of Heartwood. • More homeowners would be contributing to maintenance of the common areas; the increase in size of common area would likely not result in an increase of maintenance costs. Therefore homeowners dues per resident should decrease. I will be glad to discuss these comments with you. Feel free to call me at 929 -7100. *I was certified by the National Association of Real Estate Appraisers in April, 1989. Since that time I have performed true fee appraisals for area lending institutions, general contractors, and individuals. 1129 Weaver Dairy Rd.•Timberlyne Center•Chapel Hill, NC 27514•(919) 929 - 7100/683 -8030